Olivewood at Portola Springs by New Home Co.

NEW -> Contingent Buyer Assistance Program
usctrojancpa said:
Wow, I just saw the pricing for the next phase at Olivewood. That pricing for the Plan 3 corner lot (lot 100) and the interior Plan 1 lot (lot 99) next to it is insane, might as well buy a view lot at that price point. All I'll say is that I'm glad that my client bought lot 63.
Click to expand...
Yeah, I'm really glad that we got our Cielo home during phase 1. I'm pretty sure that when Shea sees what Olivewood is doing, they will raise the price on phase 2 by $100k to $200k.
 
$3.7M for Olivewood is a joke and makes no sense! Seems like these builders are only getting greedier with every new release because they have enough FCB's to feed them all their money! 🤣
 
CalBears96 said:
Yeah, I'm really glad that we got our Cielo home during phase 1. I'm pretty sure that when Shea sees what Olivewood is doing, they will raise the price on phase 2 by $100k to $200k.
Click to expand...

All the builders see what I see....there are now only 152 homes on the market (less than 1-month of inventory) The low inventory and the long waitlists are driving prices with the home builders in Irvine.
 
Yoda said:
$3.7M for Olivewood is a joke and makes no sense! Seems like these builders are only getting greedier with every new release because they have enough FCB's to feed them all their money! 🤣
Click to expand...
Agreed, but since they sold the Plan 1 view lot for $3.6M, they figured, "Hey, why not $3.7M for Plan 2 view lot?" :ROFLMAO:

But $3.5M for Plan 3 non-view lot is even more of a joke.
 
usctrojancpa said:
All the builders see what I see....there are now only 152 homes on the market (less than 1-month of inventory) The low inventory and the long waitlists are driving prices with the home builders in Irvine.
Click to expand...
Yeah a lot of buyers want new construction and I think the only other new home community in Irvine other than Portola Springs and Great Park will be OH4 and after that no more land left in Irvine for new homes to be built upon.
 
usctrojancpa said:
All the builders see what I see....there are now only 152 homes on the market (less than 1-month of inventory) The low inventory and the long waitlists are driving prices with the home builders in Irvine.
Click to expand...
The waitlists are so long that Shea decided to close the waitlists for Cielo and Arbor. Thanks a lot, FCBs.
 
Yoda said:
Yeah a lot of buyers want new construction and I think the only other new home community in Irvine other than Portola Springs and Great Park will be OH4 and after that no more land left in Irvine for new homes to be built upon.
Click to expand...
We're guilty of that. 😂 Worse yet, my wife doesn't want to move out of PS, so Cielo/Olivewood/Azul are the only options. Fortunately, we fought hard to get to the front of the waitlists this time. We actually got offered homes during phase 1 from all 3 communities this time.
 
Yoda said:
I can't believe who is paying so much for these homes, what a joke!
Click to expand...
My Newport-based RIA had his client dinner for SV clients up here this week and when talking about Chinese money in OC RE he provided an example of a friend in Newport Coast who had no desire to sell the home he had just finished building, all in for ~$15M excluding the lot which he bought in 2009, and was offered $40M cash by a Chinese buyer sight unseen. He sold.
 
CalBears96 said:
Agreed, but since they sold the Plan 1 view lot for $3.6M, they figured, "Hey, why not $3.7M for Plan 2 view lot?" :ROFLMAO:

But $3.5M for Plan 3 non-view lot is even more of a joke.
Click to expand...

The builders will keep raising prices to test the willingness of builders on the waitlist. Once they see people passing, people not being able to qualify they'll slow down, and/or inventory levels increasing materially then they'll slow down the price hikes.
 
usctrojancpa said:
The corner lot premium should be around $100k-$150k, not almost $1m.
Click to expand...
When I was offered lot 59, it was $2.68M, so I don't think corner lot premium was actually $100k. Someone reserved it after I declined. Maybe they added some upgrades before they backed out, and now it's back on the market for $2.935M. 😂
 
irvineblue said:
Either this company is insane, or the market is. Wasn’t Unit 59 sold? How come they are selling again for 300k more than the original price?
Click to expand...
Probably the buyer who backed out added some upgrades, but $250k more is ridiculous. I guess they're testing the market. 😂
 
These buyers better plan to live in the home forever at this point. 3.5m would be 2 Teresinas or 2 Amara view lots
 
FCB's don't plan to live in these homes. These properties are parking lots for cash, waiting to be soaped, rinsed, and dried off after a year or so. We've seen this in many other new home communities over that past many years, haven't we?
 
CalBears96 said:
If I were a betting man, I would put money on builder being greedy.
Click to expand...

My bet is a bit of both, but the majority of the increase is the builder bumping the price. The builders will be testing how desperate and how deep the pockets of the buyers on the waitlists are.
 
You must log in or register to reply here.
Back
Top