New communities in Portola Springs

NEW -> Contingent Buyer Assistance Program
mtvreddy said:
Construction of model homes already started. Some roads are completed and some are in progress with laying of pipes. Total 6 models are coming up . 3 for right side and 3 for left side.
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How accurate is this info and where are you get info on 3 models each? Any update on the timing would be helpful? Looks like IP is pretty tight lipped on the development especially the sales lady at Highland. She never seems to give straight answers!!
 
abhinata said:
mtvreddy said:
Construction of model homes already started. Some roads are completed and some are in progress with laying of pipes. Total 6 models are coming up . 3 for right side and 3 for left side.
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How accurate is this info and where are you get info on 3 models each? Any update on the timing would be helpful? Looks like IP is pretty tight lipped on the development especially the sales lady at Highland. She never seems to give straight answers!!
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Both sales ladies at Highland are very good at avoiding straight answers.
 
I live in elderberry and go for walk around that area. I went to actual site where construction is going on. I took photos but not able to upload here as each one is 2.2 MB. These homes are on Dreamcachet.
 
mtvreddy said:
I live in elderberry and go for walk around that area. I went to actual site where construction is going on. I took photos but not able to upload here as each one is 2.2 MB. These homes are on Dreamcachet.
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It does make sense.  I remember either reading somewhere or being told by Highland sales lady that they might start selling the ones on the right of Dreamcatcher this summer.
 
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mtvreddy said:
these are being constructed by Irvine Pacific and one of the community name is Azul (Like in OH Groves)
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I assume that the Azul community is the one to the right of Dreamcatcher, the smaller homes, around 2900+ to 3100+ sq ft or so.
 
mtvreddy said:
Yes. Smaller once are Azul. One with only foundation for b now are larger one and most of them are view lots.
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These will probably be $2.5+ mil by this summer. Wonder how many people are on the pre approval list already.
 
Danimal said:
mtvreddy said:
Yes. Smaller once are Azul. One with only foundation for b now are larger one and most of them are view lots.
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These will probably be $2.5+ mil by this summer. Wonder how many people are on the pre approval list already.
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I somehow doubt that. Azul at OH is starting at about $2.1M. I don't doubt Azul at OH could reach $2.5M+ by the summer, but not these ones.
 
Resale homes are selling like hot cakes now as buyers don?t want to wait to move in a new home at the end of 2022 when mortgage rates hit 5%.  No wonder homes at Bluff released 2 weeks ago are still available.
 
Davidlee199 said:
Resale homes are selling like hot cakes now as buyers don?t want to wait to move in a new home at the end of 2022 when mortgage rates hit 5%.  No wonder homes at Bluff released 2 weeks ago are still available.
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Move-in date for Bluffs home released 2 weeks ago would be July at the latest, and with 90-day lock, you could lock by April, so I don't know what this end of 2022 you're talking about. And have you actually TALKED to Bluffs sales lady to confirm that those homes are still available? Price sheets are never up to date.
 
Not to mention jumbo loan rate is quite a bit lower than conforming rate. Currently, conforming is at 4%+ while jumbo loan is still at 3.25%.
 
Davidlee199 said:
Resale homes are selling like hot cakes now as buyers don?t want to wait to move in a new home at the end of 2022 when mortgage rates hit 5%.  No wonder homes at Bluff released 2 weeks ago are still available.
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I thought there was a long waitlist for Bluff. If this is true, it?s really good news for buyers that there is at least an option.
 
Danimal said:
Davidlee199 said:
Resale homes are selling like hot cakes now as buyers don?t want to wait to move in a new home at the end of 2022 when mortgage rates hit 5%.  No wonder homes at Bluff released 2 weeks ago are still available.
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I thought there was a long waitlist for Bluff. If this is true, it?s really good news for buyers that there is at least an option.
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It could be that some people are priced out.

I haven't seen the price sheet for phase 27B, but if I were to look at Zillow, which lists Bluffs 1 at $1.507M, it would be around $1.547 with pre-selected upgrades. And Zillow has Bluffs 2X at $1.77M, so it would be around $1.817M with pre-selected upgrades.

Those prices for a detached condo might be a bit tough to swallow. But then again, people were paying $1.6M for Soria 1 and almost $2M for Soria 4, although those are models so they are ready to move in.
 
CalBears96 said:
Not to mention jumbo loan rate is quite a bit lower than conforming rate. Currently, conforming is at 4%+ while jumbo loan is still at 3.25%.
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And if you have a relationship banking and move money over then you can get sub 3% pricing for jumbo loans like my buyer who got a 2.875% 30-year fixed jumbo rate last week with BofA.
 
USCTrojanCPA said:
CalBears96 said:
Not to mention jumbo loan rate is quite a bit lower than conforming rate. Currently, conforming is at 4%+ while jumbo loan is still at 3.25%.
Click to expand...

And if you have a relationship banking and move money over then you can get sub 3% pricing for jumbo loans like my buyer who got a 2.875% 30-year fixed jumbo rate last week with BofA.
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Move how much money over? And what does relationship banking relationship mean or entail?
 
mightybluff said:
USCTrojanCPA said:
CalBears96 said:
Not to mention jumbo loan rate is quite a bit lower than conforming rate. Currently, conforming is at 4%+ while jumbo loan is still at 3.25%.
Click to expand...

And if you have a relationship banking and move money over then you can get sub 3% pricing for jumbo loans like my buyer who got a 2.875% 30-year fixed jumbo rate last week with BofA.
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Move how much money over? And what does relationship banking relationship mean or entail?
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Not sure but I'd guess $500k or more.  Banking relationship means current accounts, which maybe include business accounts and services.
 
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