New communities in Portola Springs

NEW -> Contingent Buyer Assistance Program
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usctrojancpa said:
More price declines are coming in 2023 so stay patient. The level of the declines will be significantly influenced on where interest rates are.
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I’m in the minority camp that mortgage rates have not seen their peak this cycle. 8% 30 year is still my target and I think it comes mid next year.
 
I actually like the smaller one, but it’s still too pricey and a bit too noisy for my liking.

Edit… wow… they are asking an insane amount of money for that unit
 
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CalBears96 said:
Well, it's SFR. Bluffs is also around $1.8M+ and it's detached condo. Highland is close to $2M now, I believe.
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Are people actually making good money on renting these? If so then high rates really is the only way to solve this… make bond yields so high that it makes more sense to buy bonds than real estate for cash.

From what I’ve seen rents have fallen the last few months on these larger units, but maybe I’m wrong.
 
Granted, if you want never lived in 100 pct brand new, these home prices are what you have to pay right now. If new isn't a requirement, there is a nice home in North Park (19 Inglenook) I'd probably look at. Mature trees, established neighborhood, bigger, plus a yard....

To each, their own.
 
Mawesome Sauce said:
Are people actually making good money on renting these? If so then high rates really is the only way to solve this… make bond yields so high that it makes more sense to buy bonds than real estate for cash.

From what I’ve seen rents have fallen the last few months on these larger units, but maybe I’m wrong.
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No, unless you bought back in 2020, when both the housing price and mortgage rate were low, you won't have positive cash flow on these homes.

I bought Bluffs 2 and my mortgage payment is about $5500 a month, and that's with 2.875% rate. With property tax and home insurance, it comes out to about $7600. The most I can rent out my house for is probably $5800, maybe less. That's about -$2k cash flow.
 
CalBears96 said:
Well, it's SFR. Bluffs is also around $1.8M+ and it's detached condo. Highland is close to $2M now, I believe.
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Highland Plan 1 is $1.85M. Plan 2 is $2.38M. We had been waiting for a Highland plan 2 for over 1.25 years on the priority list. When we were finally called both the price and interest rates were completely wrong. They gave us overnight to decide by 9:00 AM the following morning (no pressure) and we passed. That home has been listed by Irvine Pacific in the MLS for over 4 months now unsold. I guess there wasn’t quite the rush our salesperson had indicated.
 
CalBears96 said:
No, unless you bought back in 2020, when both the housing price and mortgage rate were low, you won't have positive cash flow on these homes.

I bought Bluffs 2 and my mortgage payment is about $5500 a month, and that's with 2.875% rate. With property tax and home insurance, it comes out to about $7600. The most I can rent out my house for is probably $5800, maybe less. That's about -$2k cash flow.
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Thank you. I don't think we'll be seeing foreclosures for at least another year, so this might just end upb eing a lot of nothing happening
 
Slevinkelevra said:
Highland Plan 1 is $1.85M. Plan 2 is $2.38M. We had been waiting for a Highland plan 2 for over 1.25 years on the priority list. When we were finally called both the price and interest rates were completely wrong. They gave us overnight to decide by 9:00 AM the following morning (no pressure) and we passed. That home has been listed by Irvine Pacific in the MLS for over 4 months now unsold. I guess there wasn’t quite the rush our salesperson had indicated.
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Yeah, I remember you wanted to get Plan 2X. I thought last time I saw Highland Plan 1, it was over $1.9M.

At $2.38M, you could just buy Azul. I think all 3 Azul Plans are nicer than Highland Plan 2, and I believe Azul Plans 1 and 2 are cheaper than $2.38M as well.
 
sgip said:
Granted, if you want never lived in 100 pct brand new, these home prices are what you have to pay right now. If new isn't a requirement, there is a nice home in North Park (19 Inglenook) I'd probably look at. Mature trees, established neighborhood, bigger, plus a yard....

To each, their own.
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I would never want to live in new build again...tiny lots, narrow streets, cookie cutter recycled to death floor plans and the density...every time I am back in Irvine, driving past these new villages, I am so glad I do not live in any of them.
 
CalBears96 said:
Got price sheets from Cielo and Azul today. As expected, a few homes that had extra designer upgrades had price increase according to the upgrade costs they added.

What I didn't expect, though, was the price sheet now states Release 2 when previous price sheet (11/19/22) stated Release 3. Previous price sheet had the listing price for homesite 9. I've never seen listing price for homesites 7 and 8, other than a post from marmott showing listing price for homesites 7 and 8 as part of Release 3 from an email from IP. Homesites 29 and 30 were also supposed to be apart of Release 3, but that never showed up.

Homesites 7-9 and 29-30 were shown on sales map in previous price sheet, but they have been removed from the sales map in the latest price sheet. I don't know what the heck that means since I see that homesites 7-9 are pretty far along. The structures are nearly complete.

But it does look more and more like IP is starting to pause construction and stopped releasing new homes.
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I got an email with the latest Ceilo pricing yesterday. Never had iPac reach out so intimately like that :)
 
sgip said:
Granted, if you want never lived in 100 pct brand new, these home prices are what you have to pay right now. If new isn't a requirement, there is a nice home in North Park (19 Inglenook) I'd probably look at. Mature trees, established neighborhood, bigger, plus a yard....

To each, their own.
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This plan is pretty much the previous version of these new Sierra floorplans too, so they're similar. The MR is super low in this tract and the HOA was only $80 before. This tract is one of the best kept secrets of the newer villages.
 
irvinehomeowner said:
Foreclosures are probably going to take more than a year if history is any indicator.
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Significant job losses need to occur before foreclosures can get under way. Even then, with the precedent set during the GR of leaving no underwater homeowner behind, the Feds may not allow many foreclosures to occur. Nearly every non-jumbo mortgage is controlled by the government now, so it will be even easier to start forgiving debt than it was the last time.
 
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Mawesome Sauce said:
Let's go Volcker 2.0 . I expect Powell to have mutiny like Volcker did and stand his ground. Mortgage rates to 8% and unemployment to 5%.
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While I would like that to happen, I believe the government will do what they did in 2020 and introduce forbearance again. Thus there will be no RE crash ever going forward. That forbearance program happened during a national emergency and if layoffs do happen in masses, I'm sure the government will save the day again. No president wants to be remembered as not doing anything about homeowners being foreclosed.

Before people bash at me for this, I actually do not like the forbearance program and TBH it prevented me from buying my current place at a cheaper price.
 
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