New communities in Portola Springs

[usctrojancpa]

So now Sierra is starting to offer $15k incentives (for closing costs or rate buy down) as well.

Looks like Sierra also shows live availability & site map. They also have move-in ready homes. I don't even think their website had this stuff last week. They currently have 3 move-in ready homes.
https://calpacifichomes.com/neighborhoods/sierra/quick-move-ins

There?s two more on Redfin too that don?t match the addresses of the move in ready ones on the website. Crashing?..

Oh yeah you're right. And there are more that are unsold on their map too.

Oh wow. The map shows 16 available. All of these new PS tracts are going to take forever to sell out. The buyers have literally dried up. Guess that's what happens when you try to squeeze $2m from people in a value village

when they were building out orchard hills did they run into issues selling there?

They were building out OH at or just past the peak, so I don't think there were any issues selling there. But those last Ravello homes had really nice city view, so they had like $1.5M lot premium. The non-view lots were selling at about $2.5M and these were $3.9M or so.

https://www.redfin.com/CA/Irvine/110-Lustro-92602/home/169474570

^ this ravello lot closed at 3.45. Was initially asking for 3.8. Quite surprised this home can be worth 3.45m TBH. View is there but the front yard is so underwhelming.

And so is the interior flooring.  If you are going to ask for a premium price, don't go cheap on things like flooring.

 

[sleepy5136]

So now Sierra is starting to offer $15k incentives (for closing costs or rate buy down) as well.

Looks like Sierra also shows live availability & site map. They also have move-in ready homes. I don't even think their website had this stuff last week. They currently have 3 move-in ready homes.
https://calpacifichomes.com/neighborhoods/sierra/quick-move-ins

There?s two more on Redfin too that don?t match the addresses of the move in ready ones on the website. Crashing?..

Oh yeah you're right. And there are more that are unsold on their map too.

Oh wow. The map shows 16 available. All of these new PS tracts are going to take forever to sell out. The buyers have literally dried up. Guess that's what happens when you try to squeeze $2m from people in a value village

when they were building out orchard hills did they run into issues selling there?

They were building out OH at or just past the peak, so I don't think there were any issues selling there. But those last Ravello homes had really nice city view, so they had like $1.5M lot premium. The non-view lots were selling at about $2.5M and these were $3.9M or so.

https://www.redfin.com/CA/Irvine/110-Lustro-92602/home/169474570

^ this ravello lot closed at 3.45. Was initially asking for 3.8. Quite surprised this home can be worth 3.45m TBH. View is there but the front yard is so underwhelming.

And so is the interior flooring.  If you are going to ask for a premium price, don't go cheap on things like flooring.

I went to the open house for that and everything was pretty much standard besides the Kitchen... and maybe the master bathroom.

 

[CalBears96]

So now Sierra is starting to offer $15k incentives (for closing costs or rate buy down) as well.

Looks like Sierra also shows live availability & site map. They also have move-in ready homes. I don't even think their website had this stuff last week. They currently have 3 move-in ready homes.
https://calpacifichomes.com/neighborhoods/sierra/quick-move-ins

There?s two more on Redfin too that don?t match the addresses of the move in ready ones on the website. Crashing?..

Oh yeah you're right. And there are more that are unsold on their map too.

Oh wow. The map shows 16 available. All of these new PS tracts are going to take forever to sell out. The buyers have literally dried up. Guess that's what happens when you try to squeeze $2m from people in a value village

when they were building out orchard hills did they run into issues selling there?

They were building out OH at or just past the peak, so I don't think there were any issues selling there. But those last Ravello homes had really nice city view, so they had like $1.5M lot premium. The non-view lots were selling at about $2.5M and these were $3.9M or so.

https://www.redfin.com/CA/Irvine/110-Lustro-92602/home/169474570

^ this ravello lot closed at 3.45. Was initially asking for 3.8. Quite surprised this home can be worth 3.45m TBH. View is there but the front yard is so underwhelming.

And so is the interior flooring.  If you are going to ask for a premium price, don't go cheap on things like flooring.

I went to the open house for that and everything was pretty much standard besides the Kitchen... and maybe the master bathroom.

Standard flooring is such a turn off.

 

[sleepy5136]

So now Sierra is starting to offer $15k incentives (for closing costs or rate buy down) as well.

Looks like Sierra also shows live availability & site map. They also have move-in ready homes. I don't even think their website had this stuff last week. They currently have 3 move-in ready homes.
https://calpacifichomes.com/neighborhoods/sierra/quick-move-ins

There?s two more on Redfin too that don?t match the addresses of the move in ready ones on the website. Crashing?..

Oh yeah you're right. And there are more that are unsold on their map too.

Oh wow. The map shows 16 available. All of these new PS tracts are going to take forever to sell out. The buyers have literally dried up. Guess that's what happens when you try to squeeze $2m from people in a value village

when they were building out orchard hills did they run into issues selling there?

They were building out OH at or just past the peak, so I don't think there were any issues selling there. But those last Ravello homes had really nice city view, so they had like $1.5M lot premium. The non-view lots were selling at about $2.5M and these were $3.9M or so.

https://www.redfin.com/CA/Irvine/110-Lustro-92602/home/169474570

^ this ravello lot closed at 3.45. Was initially asking for 3.8. Quite surprised this home can be worth 3.45m TBH. View is there but the front yard is so underwhelming.

And so is the interior flooring.  If you are going to ask for a premium price, don't go cheap on things like flooring.

I went to the open house for that and everything was pretty much standard besides the Kitchen... and maybe the master bathroom.

Standard flooring is such a turn off.

Their guest showers have the white squared tiles too... gross...

 

[CalBears96]

Today, when we were taking some stuff to my son's birthday party at Highland Park, there was a Model X parked in the motor court blocking my wife. So my wife rang the door bell and ask her to move her car.

Later, when we got back from the park, the lady rang our door bell. She told my wife that she's the agent for the house in front of us (they're renting out the house). She told her that their fridge had been stolen. That's freaking weird. Must have been one of the people applying to rent the house stealing it. Maybe coming back in the middle of the night?

 

[BlueLabel]

Just received an email from Fiore.. thought was an interesting / funny tone. They seemed to acknowledge the market is changing, yet double down on their pricing / value. :
They still have outstanding homes from the 5 lots released in Phase One

Afternoon XYZ,
We understand the market is changing, however IRIVINE PACIFIC is not. We will be a forever part of Irvine and of your family if you choose it. We are not publicly traded on the stock market to earn investor's income. We prefer to earn your respect by building our homes locally and to last. Therefore, we challenge you to come back and explore our model homes in Portola Springs and the richness of our IRIVINE PACIFIC signature living experience.

FIORE has a few homes remaining in Phase One offering your family ultimate TLC if you are ready!

 

[CalBears96]

Just received an email from Fiore.. thought was an interesting / funny tone. They seemed to acknowledge the market is changing, yet double down on their pricing / value. :
They still have outstanding homes from the 5 lots released in Phase One

Afternoon XYZ,
We understand the market is changing, however IRIVINE PACIFIC is not. We will be a forever part of Irvine and of your family if you choose it. We are not publicly traded on the stock market to earn investor's income. We prefer to earn your respect by building our homes locally and to last. Therefore, we challenge you to come back and explore our model homes in Portola Springs and the richness of our IRIVINE PACIFIC signature living experience.

FIORE has a few homes remaining in Phase One offering your family ultimate TLC if you are ready!

Damn Irvine Pacific, get on with the program and start dropping prices on your homes like other builders. I'm waiting for your Cielo's pricing to drop.  ;D

 

[sgip]

IP will up broker co-ops and "upgrades" before price reductions. If price reductions come, they run the risk of new buyers passing signs on the way to the model complex saying in big bright letters "I GOT SCREWED BY IP". I've seen this done before, even in an HOA controlled community. Not good for biz so the quiet approach incentivizing brokers will be the path forward.

One IP tract near close out had a $40 "bonus" as a broker co-op for a specific home. It had the right street number, but was in the middle of the unit block with no view. By Mid October that $40k might just be goosed a bit higher - just my guess.

 

[CalBears96]

IP will up broker co-ops and "upgrades" before price reductions. If price reductions come, they run the risk of new buyers passing signs on the way to the model complex saying in big bright letters "I GOT SCREWED BY IP". I've seen this done before, even in an HOA controlled community. Not good for biz so the quiet approach incentivizing brokers will be the path forward.

One IP tract near close out had a $40 "bonus" as a broker co-op for a specific home. It had the right street number, but was in the middle of the unit block with no view. By Mid October that $40k might just be goosed a bit higher - just my guess.

I know IP most likely won't reduce price. Just don't freaking still increase now, so they would have to drop later. And yes, I'm sure they will give increase broker co-ops, give incentives and add pre-selected "upgrades" before dropping price. But I'm sure that at some point they will have to drop prices. I mean, it's not like IP is the only builder dropping price. If you see "I GOT SCREWED BY IP" signs, then you will see "I GOT SCREWED BY LENNAR/TB/SHEA HOMES/ETC".

I mean, everyone makes choices. Don't blame others for your own mistakes.

 

[sleepy5136]

Donald Bren can have a chat with JPowell to try to tell him not to raise rates unfortunately Powell thinks a big correction is coming in the housing market.

 

[marmott]

Cielo is a bit more upbeat in their latest email ;D

Cielo has such strong demand for our homes, we are releasing two of the homes in Phase Three a month ahead of our scheduled release date, homesites 7 and 8.

Latest release, phase 3 (partial release?):

Residence  Homesite  Address                Price
2                8                125 Sunnyslope      $2,685,000
3                7                127 Sunny slope    $2,816,000

 

[CalBears96]

Cielo is a bit more upbeat in their latest email ;D

Cielo has such strong demand for our homes, we are releasing two of the homes in Phase Three a month ahead of our scheduled release date, homesites 7 and 8.

Latest release, phase 3 (partial release?):

Residence  Homesite  Address                Price
2                8                125 Sunnyslope      $2,685,000
3                7                127 Sunny slope    $2,816,000

How did you get your hands on the lot maps? I thought they only give them out to buyers.

 

[potsticker]

Cielo is a bit more upbeat in their latest email ;D

Cielo has such strong demand for our homes, we are releasing two of the homes in Phase Three a month ahead of our scheduled release date, homesites 7 and 8.

Latest release, phase 3 (partial release?):

Residence  Homesite  Address                Price
2                8                125 Sunnyslope      $2,685,000
3                7                127 Sunny slope    $2,816,000

How did you get your hands on the lot maps? I thought they only give them out to buyers.

They send to those on the priority list

 

[Mawesome Sauce]

I must be the lone poor soul here who just would be happy if we went back to pre pandemic prices. Maybe Powell will send them lower? I can hope I guess. Been trying to get a home for years now and it looks like I'm going to be forced to move out just to get a home big enough for the famliy

 

[irvinehomeowner]

I must be the lone poor soul here who just would be happy if we went back to pre pandemic prices. Maybe Powell will send them lower? I can hope I guess. Been trying to get a home for years now and it looks like I'm going to be forced to move out just to get a home big enough for the famliy

Pre-pandemic prices?

Were you one of the ones who listened to the slowdowners in 2018 who said prices are going to drop so don't buy yet?

If pre-pandemic prices were over 20% lower than they are now... not sure if we will get there.

 

[CalBears96]

Cielo is a bit more upbeat in their latest email ;D

Cielo has such strong demand for our homes, we are releasing two of the homes in Phase Three a month ahead of our scheduled release date, homesites 7 and 8.

Latest release, phase 3 (partial release?):

Residence  Homesite  Address                Price
2                8                125 Sunnyslope      $2,685,000
3                7                127 Sunny slope    $2,816,000

How did you get your hands on the lot maps? I thought they only give them out to buyers.

They send to those on the priority list

Either priority list for Cielo is different from Bluffs/Highland or different now than before, because they never sent us anything. I even had to email sales ladies for price sheet when I expected a phase release. They only hand out lot map to the specific lot that you've reserved.

 

[Mawesome Sauce]

I must be the lone poor soul here who just would be happy if we went back to pre pandemic prices.

Pre-pandemic prices?

Were you one of the ones who listened to the slowdowners in 2018 who said prices are going to drop so don't buy yet?

If pre-pandemic prices were over 20% lower than they are now... not sure if we will get there.

I guess I will be counting on Powell to crush the global market and force the foreign investors to sell. No other way then.

 

[marmott]

Either priority list for Cielo is different from Bluffs/Highland or different now than before, because they never sent us anything. I even had to email sales ladies for price sheet when I expected a phase release. They only hand out lot map to the specific lot that you've reserved.

It's up to the sales person really, I like having it sent instead of having to ask for it. The lot maps are not a big secret, you see the setback (which for me is the most interesting) in the Irvine planning docs too.

 

[CalBears96]

Cielo is a bit more upbeat in their latest email ;D

Cielo has such strong demand for our homes, we are releasing two of the homes in Phase Three a month ahead of our scheduled release date, homesites 7 and 8.

Latest release, phase 3 (partial release?):

Residence  Homesite  Address                Price
2                8                125 Sunnyslope      $2,685,000
3                7                127 Sunny slope    $2,816,000

IP is full of shit.  ;D "Cielo has such strong demand for our homes" my ass.

We went to get the price sheet today.  We were only given up to phase 2, meaning no homesites 7 & 8, but guess what?

Homesites 31, 32, 33, and 35 are all still available. 31 and 32 are from phase 2, but 33 is from 1b and 35 is from 1a.

Construction for 33 and 35 has most likely got past stage 2 cutoff (probably stage 3 even) before the price includes "over $37,500 in upgrades".

The strong demand is for their view lots because those are sold out quickly. It works out for me because I don't need a view lot.

 

[irviniteeee]

Just received an email from Fiore.. thought was an interesting / funny tone. They seemed to acknowledge the market is changing, yet double down on their pricing / value. :
They still have outstanding homes from the 5 lots released in Phase One

Afternoon XYZ,
We understand the market is changing, however IRIVINE PACIFIC is not. We will be a forever part of Irvine and of your family if you choose it. We are not publicly traded on the stock market to earn investor's income. We prefer to earn your respect by building our homes locally and to last. Therefore, we challenge you to come back and explore our model homes in Portola Springs and the richness of our IRIVINE PACIFIC signature living experience.

FIORE has a few homes remaining in Phase One offering your family ultimate TLC if you are ready!

LOL I love that they spelled their own name wrong. ?IRIVINE PACIFIC?.