New Homes coming to Woodbury in 2010

NEW -> Contingent Buyer Assistance Program
IAC Renter, great insight, thanks for all that great info; we?ve lost track of the number of open spaces around Woodbury, and we live here and take frequent walks! There are a few other smaller open lots that you didn?t mention; I?ll be sure to jot it down.



Does anybody have any information regarding the new construction right next to Woodbury Court? They sure are moving fast on that project; I think I heard that it was some sort of affordable housing.



Could this be what BK predicted; I guess it is possible to benchmarked $375/sq-ft if there is no MR; however; any other phases not built on school zone land will automatically be lower (well unless buyers are that stupid). I guess they could just hype up the immediate sale of the special phase and just emphasize the new features; of course they are not going to tell the later buyers of the assessment increase.



I?ll be sure to keep an eye on any new construction. The only other lot that has any sort of foundation is the one on Revival; across the elementary surrounded by the Stonetrees. They could possibly have models and phase-1 ready by next summer; but they have to start pretty soon.
 
I've heard that these homes will be ready for sale by Fall this year. Anybody want to take a guess where the price range would be? The square footage is between (1785-2743 sqft).



$550,000 for the 1785 detached home? Am I dreaming?
 
[quote author="roundcorners" date=1242205525]IAC Renter, great insight, thanks for all that great info; we?ve lost track of the number of open spaces around Woodbury, and we live here and take frequent walks! There are a few other smaller open lots that you didn?t mention; I?ll be sure to jot it down.



Does anybody have any information regarding the new construction right next to Woodbury Court? They sure are moving fast on that project; I think I heard that it was some sort of affordable housing.



Could this be what BK predicted; I guess it is possible to benchmarked $375/sq-ft if there is no MR; however; any other phases not built on school zone land will automatically be lower (well unless buyers are that stupid). I guess they could just hype up the immediate sale of the special phase and just emphasize the new features; of course they are not going to tell the later buyers of the assessment increase.



I?ll be sure to keep an eye on any new construction. The only other lot that has any sort of foundation is the one on Revival; across the elementary surrounded by the Stonetrees. They could possibly have models and phase-1 ready by next summer; but they have to start pretty soon.</blockquote>


RC,



I think Kayochan mentioned it in an earlier <a href="http://www.irvinehousingblog.com/forums/viewthread/4380/">thread</a>. The construction next to Woodbury Court will be affordable housing units, called Arbor at WB. There is another affordable apartment complex in WB called Woodbury Walk, across from Woodbury Place. You must meet certain income requirements to qualify for these rentals.



The open space across from WB Elementry School I believe were slated for Lennar's now defunct <a href="http://www.irvinehousingblog.com/forums/viewthread/24/">La Casella.</a> But as BK said these would be the perfect "Bag of Chips" type homes TIC would want. They were triplex type homes with alley garages and fairly large square footage. The original list prices were too bubbly and now some of the previous sales are going into foreclosure/short sales. <a href="http://www.irvinehousingblog.com/forums/viewthread/5244/">31 Herringbone</a> which is a current thread on the forum is one of these type of homes.
 
[quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.
 
[quote author="irvine_home_owner" date=1242689597][quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.</blockquote>
Funny how TIC was more than happy to be getting $175/sf back around 2000...talk about being greedy. No way they get the $375/sf pricing on new homes for many, many years.
 
[quote author="irvine_home_owner" date=1242689597][quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.</blockquote>


Whereever these new homes will be priced, I am hoping that it will be comp breaker for the Villa Rosa and Portisol tracts.
 
[quote author="usctrojanman29" date=1242695795][quote author="irvine_home_owner" date=1242689597][quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.</blockquote>
Funny how TIC was more than happy to be getting $175/sf back around 2000...talk about being greedy. No way they get the $375/sf pricing on new homes for many, many years.</blockquote>
So what would be a "fair" price for new construction in Irvine today, considering all the factors such as credit crunch, actual land and construction cost, unemployment etc etc etc?



$200/sft? A 3000sft home for $600k? Or $250/sft for $750k?
 
[quote author="irvine_home_owner" date=1242701161][quote author="usctrojanman29" date=1242695795][quote author="irvine_home_owner" date=1242689597][quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.</blockquote>
Funny how TIC was more than happy to be getting $175/sf back around 2000...talk about being greedy. No way they get the $375/sf pricing on new homes for many, many years.</blockquote>
So what would be a "fair" price for new construction in Irvine today, considering all the factors such as credit crunch, actual land and construction cost, unemployment etc etc etc?



$200/sft? A 3000sft home for $600k? Or $250/sft for $750k?</blockquote>


I have no idea, but I imagine once the foreclosure pops up everywhere, 10-15% unemployment in Irvine, DOW crashing to 4,000, with hyper-inflation (mortgage rates rising to 7-10%), $250/sft for new construction will not be far off. Atleast, that is magic digits I am waiting for in Woodbury.



I am noticing a few of my "Star" friends who are starting to lose their jobs in OC.
 
[quote author="irvine_home_owner" date=1242701161][quote author="usctrojanman29" date=1242695795][quote author="irvine_home_owner" date=1242689597][quote author="PANDA" date=1242518509]$550,000 for the 1785 detached home? Am I dreaming?</blockquote>
That's $306/sft... you are dreaming if BK's stated benchmark for TIC of $375/sft holds.</blockquote>
Funny how TIC was more than happy to be getting $175/sf back around 2000...talk about being greedy. No way they get the $375/sf pricing on new homes for many, many years.</blockquote>
So what would be a "fair" price for new construction in Irvine today, considering all the factors such as credit crunch, actual land and construction cost, unemployment etc etc etc?



$200/sft? A 3000sft home for $600k? Or $250/sft for $750k?</blockquote>
They'll try to keep it above that $300/sf mark until the market pushes it below that. Probably around $250/sf to $275/sf is my best guess where the prices settle out for these new units in the near future.
 
I'm behind on my mail; but just opened this today; I don't have a scanner so I just re-typed the letter; looks like they are changing some things around in Woodbury; and putting in... Triplexes! They will be changing the density of the neighborhood; from, Stonetrees to more Treo types... here it is:





May 12, 2009



Subject: Master Plan and Tract Map of 99 Condominium Units in Planning Area 9A (Woodbury)



Dear Property Owner and Neighbor:



The City has received an application to modify the previously approved Master Plan and Tract Map for Tract 16690 in Planning Area 9A (Woodbury). The applicant, Irvine Company Development Company, is proposing to revise the unit configuration and internal street circulation to allow ninety-nine single family dwellings; composed of thirty-three triplex-type condominium units on the 7.47-acre project site. The project site is bordered by Great Lawn, Twin Gables, Revival, and Winding Way. A vicinity map is provided on the back of this letter.



This letter is intended to notify neighbors of proposed projects early in the planning process. The project will require public hearing before the Subdivision Committee and the Planning commission. You will receive a separate public hearing notice regarding the actual date and tie of the public hearing consistent with City policy.



The Planning Commission is the final approval body for the Master Plan and Tract Map.



The City welcomes your involvement in the planning process. If you have any questions, please feel free to contact my by e-mail at omasry@cityofirvine.org, b telephone at (949) 724-6375, or by FAX at (949) 724-6444.



Sincerely

OMAR MASRY

Assistant Planner
 
Like I said: "Bag of Chips" theory is the most applicable to the triplex set-up. You knew that already before the mail.



$375x90%=$338/sf By adding more chips may disguise the value ratio to $310/sf.
 
[quote author="roundcorners" date=1242716983]I protest! Who is with me? Let's go to the public hearing and delay this as much as possible, do you think that will work bk?</blockquote>


You go ahead but make sure you do not get behind the steering wheel of a white Lexus and perform some self inflicted harm.
 
[quote author="roundcorners" date=1242716063]I'm behind on my mail; but just opened this today; I don't have a scanner so I just re-typed the letter; looks like they are changing some things around in Woodbury; and putting in... Triplexes! They will be changing the density of the neighborhood; from, Stonetrees to more Treo types... here it is:





May 12, 2009



Subject: Master Plan and Tract Map of 99 Condominium Units in Planning Area 9A (Woodbury)



Dear Property Owner and Neighbor:



The City has received an application to modify the previously approved Master Plan and Tract Map for Tract 16690 in Planning Area 9A (Woodbury). The applicant, Irvine Company Development Company, is proposing to revise the unit configuration and internal street circulation to allow ninety-nine single family dwellings; composed of thirty-three triplex-type condominium units on the 7.47-acre project site. The project site is bordered by Great Lawn, Twin Gables, Revival, and Winding Way. A vicinity map is provided on the back of this letter.



This letter is intended to notify neighbors of proposed projects early in the planning process. The project will require public hearing before the Subdivision Committee and the Planning commission. You will receive a separate public hearing notice regarding the actual date and tie of the public hearing consistent with City policy.



The Planning Commission is the final approval body for the Master Plan and Tract Map.



The City welcomes your involvement in the planning process. If you have any questions, please feel free to contact my by e-mail at omasry@cityofirvine.org, b telephone at (949) 724-6375, or by FAX at (949) 724-6444.



Sincerely

OMAR MASRY

Assistant Planner</blockquote>


How did you get them to mail you about changes??
 
[quote author="IRVINITEEEE" date=1242728757][quote author="roundcorners" date=1242716063]I'm behind on my mail; but just opened this today; I don't have a scanner so I just re-typed the letter; looks like they are changing some things around in Woodbury; and putting in... Triplexes! They will be changing the density of the neighborhood; from, Stonetrees to more Treo types... here it is:





May 12, 2009



Subject: Master Plan and Tract Map of 99 Condominium Units in Planning Area 9A (Woodbury)



Dear Property Owner and Neighbor:



The City has received an application to modify the previously approved Master Plan and Tract Map for Tract 16690 in Planning Area 9A (Woodbury). The applicant, Irvine Company Development Company, is proposing to revise the unit configuration and internal street circulation to allow ninety-nine single family dwellings; composed of thirty-three triplex-type condominium units on the 7.47-acre project site. The project site is bordered by Great Lawn, Twin Gables, Revival, and Winding Way. A vicinity map is provided on the back of this letter.



This letter is intended to notify neighbors of proposed projects early in the planning process. The project will require public hearing before the Subdivision Committee and the Planning commission. You will receive a separate public hearing notice regarding the actual date and tie of the public hearing consistent with City policy.



The Planning Commission is the final approval body for the Master Plan and Tract Map.



The City welcomes your involvement in the planning process. If you have any questions, please feel free to contact my by e-mail at omasry@cityofirvine.org, b telephone at (949) 724-6375, or by FAX at (949) 724-6444.



Sincerely

OMAR MASRY

Assistant Planner</blockquote>


How did you get them to mail you about changes??</blockquote>


RC lives within 500 yard radius from the proposed site. All neighbors within this zone are required to be notified by law. Sorry RC I just gave away where you live.
 
[quote author="bkshopr" date=1242716856]Like I said: "Bag of Chips" theory is the most applicable to the triplex set-up. You knew that already before the mail.



$375x90%=$338/sf By adding more chips may disguise the value ratio to $310/sf.</blockquote>
Yup, that's the way to get to that magical $375 mark...just stack'em and pack'em (get the sardine picture out). If TIC builds them, the sheople will come. haha
 
[quote author="usctrojanman29" date=1242729735][quote author="bkshopr" date=1242716856]Like I said: "Bag of Chips" theory is the most applicable to the triplex set-up. You knew that already before the mail.



$375x90%=$338/sf By adding more chips may disguise the value ratio to $310/sf.</blockquote>
Yup, that's the way to get to that magical $375 mark...just stack'em and pack'em (get the sardine picture out). If TIC builds them, the sheople will come. haha</blockquote>
So instead of BagOChips... it's more like CanOPringles? Not only do they stack high... but you can fit at least 3 of them into the space a BagOChips takes.
 
[quote author="irvine_home_owner" date=1242863575][quote author="usctrojanman29" date=1242729735][quote author="bkshopr" date=1242716856]Like I said: "Bag of Chips" theory is the most applicable to the triplex set-up. You knew that already before the mail.



$375x90%=$338/sf By adding more chips may disguise the value ratio to $310/sf.</blockquote>
Yup, that's the way to get to that magical $375 mark...just stack'em and pack'em (get the sardine picture out). If TIC builds them, the sheople will come. haha</blockquote>
So instead of BagOChips... it's more like CanOPringles? Not only do they stack high... but you can fit at least 3 of them into the space a BagOChips takes.</blockquote>


Man! You guys are getting this concept quick. The Pringles can takes up less shelf space and more chips to a can. Higher density and more footage is the key to disguise benchmark pricing. Ultimately TIC needs $7-7.5 mill gross sales revenue per acre for stick frame construction. The taller the pringles can the lower the benchmark pricing.
 
You must log in or register to reply here.
Back
Top