CalBears96
Well-known member
There’s a reason that lot 100 is still on the market. But the latest release was also crazy.
Olivewood at Portola Springs by New Home Co.
- Thread starter Lanelgn
- Start date
NEW -> Contingent Buyer Assistance Program
Will the top be $4.250m (base price) or perhaps $4.75m? Any bets on where the price ceiling will end up?
The tiny lot part is true, but fire zone is not true. PS is not fire hazard zone.
CalBears96
Well-known member
A more relevant question, though, is why lot 100 almost $600k more than lot 59 since both are Plan 3 and corner lots. Not to mention that lot 59 also has more pre-plotted designer upgrades.
sgip
Well-known member
....and Leon's getting larger...Olivewood prices are getting crazier and crazier.
Will the top be $4.250m (base price) or perhaps $4.75m? Any bets on where the price ceiling will end up?
CalBears96
Well-known member
Depending on when it's released, lot 93 has a good chance of topping $5M. It's has 6700+ sq ft lot, and it has 90 degree view (both toward the west and looking down at the new community park. If it's released in the next phase, then maybe it won't top $4.5M, but anything later than that, who knows.
sgip
Well-known member
I'd avoid views of community parks if they have ballfields or tennis/pickleball courts. The nighttime glare from the lights these parks have can really be a problem. Still, if the goal is MAX ROI! and you don't plan on setting foot in the home, laundering $5m for the home might make sense in the long view of things.
CalBears96
Well-known member
Funnily, lot 93 is pretty much across from the pickleball courts. Tennis court is on the other side of the park. But the homes are on much higher ground, probably 4-5 stories higher, so the lights shouldn't present much of a problem.
Attachments
I am not a fan of how that park is situated to the community. It's a steep up/down the hill just to get to the pool.
Yea, when I first visited the price started at 2.3-2.5 M range.... 4.0M for a tiny yard and in fire zone is no go for me.Olivewood prices are getting crazier and crazier.
CalBears96
Well-known member
When I was offered lot 59 for $2.68M, I already thought it was too high. Now the home behind it (lot 100) is listed at $3.54M.
The tiny lot part is true, but fire zone is not true. PS is not fire hazard zone.
sleepy5136
Well-known member
You cannot make a blanket statement like that. That statement is made by the insurance providers and depending on the insurance provider they may mark it as a fire hazard zone.When I was offered lot 59 for $2.68M, I already thought it was too high. Now the home behind it (lot 100) is listed at $3.54M.
The tiny lot part is true, but fire zone is not true. PS is not fire hazard zone.
I see a lot of homes listed on Redfin with Home Insurance estimates of $800-900 or more per month even when the hill with brush is quite far away. I wonder if we can trust those quotes to be accurate or should we take it with a grain of salt and get an actual quote before even putting an offer. I guess the latter is most likely true.
sleepy5136
Well-known member
You should always figure out the insurance costs prior to getting into escrow. Redfins insurance and tax estimates are not always accurate.
CalBears96
Well-known member
Those quotes are way off. It's closer to $800-$900 a YEAR than a month. For the bigger ones (Olivewood/Azul/Cielo), it'll probably be around $1200-$1300 a year, due to higher replacement costs since the homes are bigger.
be careful - friends that live in Talega pay >$10K/yr for insurance for this very reason
sgip
Well-known member
@CalBears96
I think it would help the posters and lurkers here to know what your insurance price quotes are and who is committing to insuring these homes. Even with a June delivery, lining up insurance now should be a priority. It's possible to argue back and forth on the subject, but real buyers can end the debate by detailing what their real costs are. I hope this information can bubble up soon, as June isn't really all that far away.
I think it would help the posters and lurkers here to know what your insurance price quotes are and who is committing to insuring these homes. Even with a June delivery, lining up insurance now should be a priority. It's possible to argue back and forth on the subject, but real buyers can end the debate by detailing what their real costs are. I hope this information can bubble up soon, as June isn't really all that far away.
irviniteeee
Active member
Do you mean as stated by insurance providers or in general? The reason I ask is I remember you said you previously lived in Eastvale, so I'm not sure if you're familiar with the history of the PS and OH areas in terms of fire. From Tustin Ranch all the way along the hillside well into Foothill Ranch & RSM is a major fire zone. There have been many fires in the area and some of the homes on the hill where you live in PS were threatened a few years ago by a fire. I've seen many fires rip through that area.When I was offered lot 59 for $2.68M, I already thought it was too high. Now the home behind it (lot 100) is listed at $3.54M.
The tiny lot part is true, but fire zone is not true. PS is not fire hazard zone.
CalBears96
Well-known member
My Cielo home is still 6-8 months out, so I don't have any quote for it yet. However, I paid less than $600 a year for my Bluffs home when I closed escrow in 2022, but then it increased to $800 when I renewed it in 2023. The insurance company is Mercury. I don't see PS increase by 10 fold in just one year.
CalBears96
Well-known member
I know that there was a fire near PS a few years ago. However, PS is not considered a fire hazard zone. OH and Foothill Ranch are considered fire hazard zones. PS is considered to be close to a fire hazard zone, though. There are some insurance companies that do not want to insure PS. One of them is the one working with Costco. I have car insurance with that company and was hoping to get it bundled with the house, but they won't insure my home because although PS is not in the fire hazard zone, it's within certain distance.
sgip
Well-known member
Thanks @CalBears96 for the insight.
Were Bluffs built as Site Condos or SFR's? Perhaps insurance is less for these buildings as Site Condos if they are.
I've heard of many escrow foul ups due to insurance issues for properties that are "fire zone adjacent". Once you get a firm quote, please update your posts if you feel it appropriate to share. At minimum, passing along the contact info for ANY agent who is insuring in Cali is helpful for the readers here.
Were Bluffs built as Site Condos or SFR's? Perhaps insurance is less for these buildings as Site Condos if they are.
I've heard of many escrow foul ups due to insurance issues for properties that are "fire zone adjacent". Once you get a firm quote, please update your posts if you feel it appropriate to share. At minimum, passing along the contact info for ANY agent who is insuring in Cali is helpful for the readers here.
CalBears96
Well-known member
I believe Bluffs are considered condos. It's possible that it's less for condos. However, my brother-in-law's home in Portola Hills, which is in fire hazard zone, is less than $1000 a year also. And his house is 4100 sq ft.