This is the one I mentioned earlier. It's a small lot with a mountain view. The agent made a Youtube video saying they would list it for ~$3.6M as soon as they got the keys from IP. $3.6M for a mountain view is ridiculous, but I guess some fool is going to buy it.
Any guesses as to what the builder closing price was? How much is this speculator thinking they will net?This is the one I mentioned earlier. It's a small lot with a mountain view. The agent made a Youtube video saying they would list it for ~$3.6M as soon as they got the keys from IP. $3.6M for a mountain view is ridiculous, but I guess some fool is going to buy it.
Doesn't even have that many upgrades inside such as the glass stair rail, waterfall edge island, hardwood flooring on stairs and second floor, etc.! @CalBears96 what is the base price for the Cielo view lots by Shea now? Also how does the Shea design center compare with the IP design center in terms of options and pricing for the upgrades?This is the one I mentioned earlier. It's a small lot with a mountain view. The agent made a Youtube video saying they would list it for ~$3.6M as soon as they got the keys from IP. $3.6M for a mountain view is ridiculous, but I guess some fool is going to buy it.
Such a joke lol....This is the one I mentioned earlier. It's a small lot with a mountain view. The agent made a Youtube video saying they would list it for ~$3.6M as soon as they got the keys from IP. $3.6M for a mountain view is ridiculous, but I guess some fool is going to buy it.
Yeah, it pretty much doesn't have much upgrades.
Based on how the builder pricing is currently going, maybe they will list the city view lots close to $5M like at Ravello. Some of the builders charge a lot for the upgrades through their design studios and am glad that you were able to bring down their price of the Sub-Zero upgradeYeah, it pretty much doesn't have much upgrades.
The first phase released by Shea was Phase 7 (they're using IP phase release). View lots won't be released until Phase 13 and the remaining view lots in Cielo are all city view, so who know what it will be by then. Maybe $4M? Olivewood is already already at $3.7M, but those are smaller homes (Olivewood Plan 3 is as big as Cielo Plan 1) and they're tiny lots too. But Olivewood does have superior view though, being at the top of PS.
In terms of design center options, Shea is better in some areas and worse in others, so I would say it's a wash. In terms of pricing, Shea is more expensive than IP. But the price they charged for the glass stair rail is quite reasonable at $25k. I had the guy who did my Bluffs glass stair rail come to the model home to do a quote and he quoted $27k. He couldn't believe Shea only charged $25k. But I guess Shea saved money from the wood rail and also doesn't need extra labor to remove the wood rail also.
For the Sub-Zero built-in fridge, they originally charged $16,935, but after I showed the designer the MSRP from Sub-Zero's website, which is $14,830, she sent it to whoever doing the pricing, and when we met again to continue with upgrades, they actually lowered the price to $13,760. So we chose that upgrade as well. All the Cielo buyers should thank me for that.
This quote can be used for all Irvine tract home sale price.
Mortgage rates have started dropping and will drop even more by the time they start listing the view lots. I'm expecting Phase 13 to be released April/May time frame. The Fed hinted at 3 cuts in 2024, and that's if we get a soft landing. If we go into recession instead, there will be 5-6 cuts. And as Martin said, even as the rates come down, inventory still levels won't increase materially, which will create a higher demand than supply.Based on how the builder pricing is currently going, maybe they will list the city view lots close to $5M like at Ravello. Some of the builders charge a lot for the upgrades through their design studios and am glad that you were able to bring down their price of the Sub-Zero upgrade
Irvine is a strong market and I doubt that prices will go down for new builds especially not until the FCB's stop buying in Irvine which I don't see happening anytime soon.
LL, as an example is:
what many here fail to comprehend is Powell is ok with money going into the market as that doesn't impact inflation but rising housing prices do. Expect spreads to stay where they're at or even widen as the dot plot starts to play out. I don't see rates going below 5.5% ayt t he very lowest ever again unless unemployment goes to 7% in which case we'll have lots of inventory.
I have the price sheet for 119 Sunnyslope and it was $2.9M. They got into contract in April 2023. Don't know if they did any upgrades, but seems like they did some landscaping, but yeah, they paid less than $3M.
Wow. I can't really see any easily identifiable upgrades either. Maybe the counter & backsplash? Also unsure if that rectangular tile is standard or not. Either way, it's not very upgraded for that price...but if someone grabs it then good for them for getting that crazy amount I guess.
You bought a multi-million dollar home at the worst possible moment. That's fine but it means you aren't seeing clearly on Irvine any longer. You need me to be wrong, but the facts say otherwise.
This is moving the goal posts. @usctrojancpa claimed that Irvine outperformed "most all" cities. I then proceeded to show that Laguna, Newport, and even lowly Santa Ana must not be included in "most all" cities because they destroyed Irvine in terms of appreciation.
