CalBears96
Well-known member
So Olivewood pricing is coming down quite a bit on the latest release. I wonder how those previous buyers must be feeling.
Olivewood at Portola Springs by New Home Co.
- Thread starter Lanelgn
- Start date
NEW -> Contingent Buyer Assistance Program
If anything, younger couples/families seem to be in the new construction areas in LF (Baker Ranch, Meadows, Serrano Summit, etc).
Olivewood is sitting above the park, but you would have to walk down Brimwood, then Portola Springs, then Big Dipper before you get to the gate of the park. On the other hand, it could get quite noisy due to its proximity to the park.
$75k if you use US Bank and $150k if you use East West Bank. They want you to get loan pre-approved with one of those lenders.
Btw, looks like Lot 93 go reserved again from the updated sheet that I saw this morning when I registered a buyer at the sales office.
panda
Well-known member
@CalBears96
Did the 3220 sqft plans get a $1M price cut from your last price sheet? Do the buyers who are already under contract get a price adjustment?
It is crazy to see where the prices are today. When i was touring Las Colinas (Taylor Morrison) in Portola Springs back in 2010, the exact same sqft was priced right under $1M. Seems like new homes have gone up 300% since then.
Did the 3220 sqft plans get a $1M price cut from your last price sheet? Do the buyers who are already under contract get a price adjustment?
It is crazy to see where the prices are today. When i was touring Las Colinas (Taylor Morrison) in Portola Springs back in 2010, the exact same sqft was priced right under $1M. Seems like new homes have gone up 300% since then.
Last edited:
irvineblue
New member
Any idea when is the build out date?
irviniteeee
Active member
2010-2012ish was a very interesting time. Some homes were priced very low. I remember fully furnished model homes selling for less than previous phases. Crazy time.
panda
Well-known member
If you look at history, the previous bottom cycle in Irvine, 1995 - 1997 was absolutely the golden years for a young married couple to purchase a 3220 sqft SFR. These homes sold new construction for $546k in Northwood Pointe off of Plumeria. Fast forward to 2010-2012, The same 3220 sqft Taylor Morrison SFR in Portola Springs sold new construction for slight below a $1M. Let's say next bottom cycle in Irvine is 2027, Olivewood would bottom maybe $2M, if we are lucky to $1.75M. How does a newly married couple with a child on the way in Irvine enter a housing market like this? I have great sympathy for the 20s - 30s married couple age group living in Irvine trying to build their family.
irvinebullhousing
Well-known member
You must have heard this qoutes before "You will own, nothing. And you will love it". WEF.
The Irvine Company is building a massive Multi-housing unit in the Irvine Market Place.
The renters nation is getting strongers by each passing year.
Many millenials are not ready for owning and have regrets of recent purchase because
the financial commitment for owning is too great. It makes sense to rent rather than trap in a place you not love.
The Irvine Company is building a massive Multi-housing unit in the Irvine Market Place.
The renters nation is getting strongers by each passing year.
Many millenials are not ready for owning and have regrets of recent purchase because
the financial commitment for owning is too great. It makes sense to rent rather than trap in a place you not love.
CalBears96
Well-known member
Some of the previous 3220 sq ft plans were view lots and some had larger lots, so it's difficult to say exactly how much was the price cut, but there was definitely some price cut.
sleepy5136
Well-known member
Someone can correct me if I'm wrong, but people in their 20s-30s are not the ones living in these 2.5m+ communities in Irvine. Unless your family is loaded with money which is possible, most of these buyers are FCB investment homes or people that are move up buyers that gained equity from their previous homes.
If anything, younger couples/families seem to be in the new construction areas in LF (Baker Ranch, Meadows, Serrano Summit, etc).
irvineblue
New member
what's the lot size?
CalBears96
Well-known member
These should be tiny lots, probably 3600 to 3800 sq ft lots. Site 45 is a corner lot, so it might be a bit bigger.
irvineblue
New member
I like Olivewood's location given it's closer to the community park and elementary school but the lot size is throwing me off
CalBears96
Well-known member
Olivewood's location is prime, but yeah, the lot sizes are really tiny. Both Cielo and Azul are also very close to the community park, although an older one. In fact, walking distance wise, Cielo and Azul are closer to Highland Park than Olivewood to the new community park.
Olivewood is sitting above the park, but you would have to walk down Brimwood, then Portola Springs, then Big Dipper before you get to the gate of the park. On the other hand, it could get quite noisy due to its proximity to the park.
usctrojancpa
Well-known member
Looks like the builder has come back to reality but a $200k+ premium for a corner lot is still a bit much.
IP charged me $10k for corner lot and i thought it was a ripoff.
CalBears96
Well-known member
Seems like the person who bought lot 93 had a buyer's remorse, as it's back on the market now. Previous price was $4,689,990, but now it's back at $4,714,990. Way to be more delusional, New Home Company. 
sleepy5136
Well-known member
What’s the deposit for olive wood?
75K if you use their lender, 150k if you don't.
CalBears96
Well-known member
Using their lender meaning for pre-approval.
usctrojancpa
Well-known member
$75k if you use US Bank and $150k if you use East West Bank. They want you to get loan pre-approved with one of those lenders.
Btw, looks like Lot 93 go reserved again from the updated sheet that I saw this morning when I registered a buyer at the sales office.
sleepy5136
Well-known member
So basically the initial buyer for lot 93 forfeited 75k or 150k. Ouch.