usctrojancpa
Well-known member
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.
Olivewood at Portola Springs by New Home Co.
- Thread starter Lanelgn
- Start date
NEW -> Contingent Buyer Assistance Program
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.
I don't know how expensive New Home Company, but it cost us around $80k for stage 2. Of course, we added bottom and top cabinets in the pantry, upgraded to waterfall island using quartzite and the rest of the kitchen countertops in quartz. We also did recess lights and fan pre-wire in all bedrooms. But Shea design studio is more expensive than Irvine Pacific, that's for sure.
There are new homes but not necessarily SFH. Most of them are tri-level condos in areas not as desirable and quite far away from the local hangout spots. Though definition of far in Hawaii isn't going to be far for CA folks.
I don't think there is the same rate of hyper appreciation in Hawaii as there is in The OC which suppresses demand for island home investing.
Large amount of condos being built in central Honolulu (walking distance to Ala Moana shopping center) and new SFH on the West side of Oahu: Koa Ridge (3,500 homes) near Mililani and Ho’opili (11,000 homes) near Kapolei/Ewa Beach.
If you’re paying 3.5m you might as well buy land in Hawaii for 1m and do a custom build on a lot double Olivewood lots at minimum.
Hawaii appreciation is insane if you actually put in the money to fix and flip. My dad’s home already 4X in value in 20 years. I don’t know any homes in Irvine that come close to that type of return. Hawaii homes are also not cookie cutter crap that gets copied and pasted in a 5-10 mile radius like Irvine. It’s all custom with no HOA with big lots compared to the home size.
Example:
Yeah, the pricing for that corner lot is delusional. They listed the home on MLS earlier this week.
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.
CalBears96
Well-known member
The fact that it only says Solar included makes me think that there weren't enough upgrades to even mention. It does, however, say that the price includes lot premium & designer pre-plots. At this point, lot 59 probably has passed stage 2 upgrade deadline, which means they may have upgraded kitchen cabinets, countertops, backsplash, etc.
I don't know how expensive New Home Company, but it cost us around $80k for stage 2. Of course, we added bottom and top cabinets in the pantry, upgraded to waterfall island using quartzite and the rest of the kitchen countertops in quartz. We also did recess lights and fan pre-wire in all bedrooms. But Shea design studio is more expensive than Irvine Pacific, that's for sure.
sleepy5136
Well-known member
I wonder why all these FCBs are buying up houses in Irvine and not Hawaii. Irvine home prices make Hawaii homes look dirt cheap.
irvinehomeowner
Well-known member
Access.
More people have business/recreation/education opportunities in Cali vs HI.
Also, are there new homes in the islands?
More people have business/recreation/education opportunities in Cali vs HI.
Also, are there new homes in the islands?
sleepy5136
Well-known member
Access? Most FCBs are parking cash in those homes and aren't being lived in.
There are new homes but not necessarily SFH. Most of them are tri-level condos in areas not as desirable and quite far away from the local hangout spots. Though definition of far in Hawaii isn't going to be far for CA folks.
irvinehomeowner
Well-known member
What I'm saying is they can visit said cash deposits and do other stuff, Hawaii is too isolated... and again.. are there new builds there?
That being said, last time I was in Hawaii I did here a conversation from some Chinese people about investing in real estate there. I think I mentioned it on some other thread on TI.
That being said, last time I was in Hawaii I did here a conversation from some Chinese people about investing in real estate there. I think I mentioned it on some other thread on TI.
sgip
Well-known member
Per Zillow - DR Horton is building some (IMHO) ugly homes in Hawaii.
I don't think there is the same rate of hyper appreciation in Hawaii as there is in The OC which suppresses demand for island home investing.
iacrenter
Well-known member
Large amount of condos being built in central Honolulu (walking distance to Ala Moana shopping center) and new SFH on the West side of Oahu: Koa Ridge (3,500 homes) near Mililani and Ho’opili (11,000 homes) near Kapolei/Ewa Beach.
Imnotmoving
Member
That seems super shady. Is all that worth the risk? What happens when banks and or governments crack down on this?
sleepy5136
Well-known member
Are you trying to say Hawaii has limited resources to receive or deposit cash? It’s pretty developed state FYI
If you’re paying 3.5m you might as well buy land in Hawaii for 1m and do a custom build on a lot double Olivewood lots at minimum.
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sleepy5136
Well-known member
There’s a bunch of opportunity of hyper appreciation in Hawaii. A lot of homes are in horrible condition and a lot of RE investors buy homes for the land price and rebuild and sell it. Keep in mind Oahu specifically has no more SFH new builds like Irvine does. All new homes are luxury condos with 1000+ HOA or tri-level condos in the west which is far from downtown
Hawaii appreciation is insane if you actually put in the money to fix and flip. My dad’s home already 4X in value in 20 years. I don’t know any homes in Irvine that come close to that type of return. Hawaii homes are also not cookie cutter crap that gets copied and pasted in a 5-10 mile radius like Irvine. It’s all custom with no HOA with big lots compared to the home size.
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sgip
Well-known member
4x in Irvine is possible if you bought right in the early 2000's
Example:
sleepy5136
Well-known member
How common is it though? In Hawaii it’s quite common. But you’ll need the capital as I don’t think regular mortgages will fund homes with broken toilets or holes on floors
sgip
Well-known member
Hard to determine as I used Irvine only in a quick search.
Oahu is roughly 600 square miles. OC. Is about 1000 square miles. If I searched just Laguna, Newport, Dana Point and other seaside communities to compare, there are many homes that sold in 2003 that are 4x their value in 2023.
Does Irvine have a few areas that appreciated 4x. Sure, but not as many as "closer to the beach" homes have.
I can't see a $4m Irvine Tract home appreciating 4x in 20 years. If that happens, the U.S. Dollar will be closer in "value" to a roll of Charmin.
Oahu is roughly 600 square miles. OC. Is about 1000 square miles. If I searched just Laguna, Newport, Dana Point and other seaside communities to compare, there are many homes that sold in 2003 that are 4x their value in 2023.
Does Irvine have a few areas that appreciated 4x. Sure, but not as many as "closer to the beach" homes have.
I can't see a $4m Irvine Tract home appreciating 4x in 20 years. If that happens, the U.S. Dollar will be closer in "value" to a roll of Charmin.
sleepy5136
Well-known member
Thats exactly my point. Hawaii is a better investment than Irvine tract homes. So that’s why I’m wondering why one would want to put 3m+ on a tract home while paying a premium on taxes, HOA, tiny lots, and produces lower returns. Especially when it’s an investment and not primary residence.
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The Motor Court Company
Well-known member
Perhaps FCBs are used to the density..
CalBears96
Well-known member
Considering many FCBs never lived in a house with a backyard, a 8-10 ft backyard would have to be considered "big", I would say.
CalBears96
Well-known member
usctrojancpa
Well-known member
Yeah, the pricing for that corner lot is delusional. They listed the home on MLS earlier this week.
