Orchard Hills 4 - "The Summit" Updates

[usctrojancpa]

Yes, they have started building their priority list for Elevate (Lots at Cadence Park). Talking to Toll Brother's sales agents they plan on beginning to sell the first couple of phases as early as August. Their model homes wont be built until later this year, but they have enough buyers who are willing to buy without seeing them. This timeline of selling has become more and more popular with builders in Irvine.

Toll has been doing the same thing for years, they started selling homes at The Vistas in OH, Hidden Canyon, Altair, The Meadows, and even in Baker Ranch before the models were completed. They know that there is a shortage of good inventory and that the public loves their homes so they'll continue to do this, both at the Great Park and in Orchard Hills.

 

[usctrojancpa]

Nothing has been announced yet, and the state of the housing market when they are released will play a large factor in pricing. With that being said the majority of the lots are planned to be view lots so I would expect to be paying similar prices as the current view lot homes being sold in OH or PS. KB Homes last pricing sheet for Fresco at the reserve had a 4 bed 2,277 sqft city view home being offered for $4,081,880. Which breaks down to $1,792 a square foot (Will be the second most expensive home ever sold in Irvine when looking at price per square foot).. My best guess is pricing will be in the $1,400-$1,900 a square foot depending on builder and home size.

Toll will push their pricing higher by at least 5-10% compared to the current comps because they know that many people love that new home smell. Don't be surprised if some of the larger premium view lots sell for $2,000/sf or more.