irviniteeee
Active member
But I was asking what it's central to. Being 5 minutes away (which it's not unless you go 100mph) from the freeway just means it's not far from the freeway from your POV. It's not in the middle of anything.
New communities in Portola Springs
- Thread starter abhinata
- Start date
NEW -> Contingent Buyer Assistance Program
$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
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I wrote down all the lot sizes from City of Irvine website in the attached site map.
That's why Olivewood is selling like hot cakes.
There are limits and looks like The New Home Company may be finding them. It'll be interesting what they'll do if these homes keep sitting unsold and they are ready to release a new phase.
irviniteeee
Active member
Love homes by JM Peters. Westpark has such a small HOA fee too. For a while it was flying under the radar with pricing, but with the housing market over the last couple years, people have discovered its value and homes have gotten to be high there too.
CalBears96
Well-known member
Central to just means that you live in a commercial or industrial area. And it's crowded. Many people, my wife and I included, don't like that. We prefer to live in a residential area, even though it means being a bit farther away from amenities.
sleepy5136
Well-known member
Most of Irvine is not commercial/industrial besides the malls or near the airport....
Yes the Ravello Groves lots have an average lot size of 4500 - 4680 sqft, @CalBears96 I assume the average lot size is bigger at Cielo?119 Sunnyslope can't be used for Cielo comp since it's a view lot. And since the upcoming view lots for Cielo are city views, it can't use that as comp either since city views have $1M premium (vs. $250k to $300k for mountain view).
Right now, Olivewood 3 non-view lot is $3.5M and view lot is $4M, which is why I think Ravello will start at $3.5M. And Ravello standard lots are much bigger than Olivewood lots, which mostly range from 3600 sq ft to 4200 sq ft. There are a few exceptions, like lot 93 at 6770 sq ft, which also happens to be a view lot. That one is going for $5M.
$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
sleepy5136
Well-known member
Because these people that are buying the majority of these 3M+ homes are not living in the homes and are simply parking their money overseas.
But why do they need views of the landfill at $4M-$5M? Just kidding
!CalBears96
Well-known member
There are maybe a dozen or so around 4500, but most of them are over 5000 sq ft, with a lot between 6000 to 8000 sq ft, as well.
I wrote down all the lot sizes from City of Irvine website in the attached site map.
Attachments
CalBears96
Well-known member
There is no doubt that Ravello and Cielo are far superior to Olivewood, but I guess people really like the location for Olivewood, which is at the top of PS. I myself love the Olivewood location, but I would never sacrifice the much bigger lot for that location. We always take walks on weekends, so we could just make that one of our destinations for the sunset view during our walk.
Yes, these are definitely much bigger than the lots at Ravello Groves especially in the backyard. I remember a majority of lots at Palermo at the Groves which is adjacent to Ravello had really small backyards with barely any room between the distance of the house to the block wall in the backyard which was a joke!
CalBears96
Well-known member
Most of the Olivewood lots are like Palermo, I guess. Most of them are between 3600 sq ft and 4000 sq ft. That's like 5 ft (from the side that is closer to the back wall) to the back wall. Or 10 ft for the 4000 sq ft lot.
irvinehomeowner
Well-known member
C'mon... FCBs don't use a backyard. 
CalBears96
Well-known member
5 ft backyard is huge for FCBs.C'mon... FCBs don't use a backyard.
That's why Olivewood is selling like hot cakes.CalBears96
Well-known member
Seems to be some push back against Olivewood's pricing. Of the 6 homes released in the latest phase, only 1 (home site 88 tiny view lot for $3.7M) had been sold so far. And home site 100 from the previous release is still on the market.
usctrojancpa
Well-known member
There are limits and looks like The New Home Company may be finding them. It'll be interesting what they'll do if these homes keep sitting unsold and they are ready to release a new phase.
CalBears96
Well-known member
Well, it hasn't been too long since the release, I suppose. Buyers were supposed to submit their preference on 12/30/2023, so they probably started calling people on 1/2/2024. Maybe they're still going down the list. But one thing is for sure. Buyers aren't jumping at the chance to buy at this price.
irvineblue
New member
have anyone seen this? I'm shocked with the price here...it's much lower than Azul now
CalBears96
Well-known member
It is shocking. I had expected Shea to increase the price by $100k to $200k.
irvineblue
New member
Both Shea's price and Olivewood's price are shocking, in a different direction
CalBears96
Well-known member
Well, the prospective buyers on the Cielo priority list must be feeling extremely happy right now. These are nice lots, too, particularly Plan 3. Lot 41 is almost 9000 sq ft and there's barely any lot premium on it.