Orchard Hills - Strada by Irvine Pacific

NEW -> Contingent Buyer Assistance Program
thatOSguy said:
MatchaMan said:
2nd phase release scheduled to be end of June.  I think the people who are getting in early will def. gain on the appreciation of OH in general.  Do you think by build out (estimated 2 yrs), the homes will have gone up ~150K?
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You think the market has room for a 15% move up in 24 months?

It hasn't budged with a notable drop in interest rates. Volumes are tepid and new homes are getting stood up all over the place. You decide if that supply doesn't more than absorb the demand.
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It's plausible... 150K/24 months = 6250/month.  Assuming Strada releases a phase each month, 6250 is not that high of a markup.  And once the tract reaches the IUSD zone, the demand for those homes will really shoot up (just a gut feeling).. as long as you have FCBs and people who are pro-IUSD, I think Strada will sell pretty well... Walking through the model homes, I overhead some buyers talking about waiting out for IUSD...

Either way - Strada probably stands to appreciate the most (outside the gates).
 
Finally got a chance to go through the OH - IP homes this week. Glad I missed the grand opening what with the crowds. Strada was my first stop. Here's how it went:

Me: "Hi, I'm XXXX and just out to see what's going on out here."

IP Salesperson: "Welcome, here's our pricing, we are offering a $13k broker co-op"

Me: "Thanks for the info, I'll just take a bottle of water and see what the models look like".

IP Salesperson: "OK, and when you get back, be sure to register because we're offering a $13k broker co-op".

Me: "Uh... I'm not bringing anyone along. It's just me. Thanks anyway."

When exiting, it was the same story:

Me: "Nice models, appreciate the chance to see them."

IP: "Hope you liked them. If you know anyone looking, Irvine Pacific is offering a $13k broker co-op".

This over messaging told me two possible things. First, the salesperson could have been new, didn't realize they were repeating things, or just tired at the end of a busy day. Second, IP has impressed upon their sales staff that the broker co-op (It's $13k by the way, thought you might want to know...) is really needed given sales numbers.

As for the models? The price difference per attached community in OH is so narrow, I'd probably buy at Strada if I was in the market.

My .02c  $13k
 
Strada's million-dollar yard (similar to Mulberry):

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Yes, I know of someone who just put in their deposit for phase 2 plan 2. The pricing did go up a little from phase 1.
 
Yes, I also know someone who purchased in Phase 1 - plan 3.  When we went to check out the model homes post Phase 1 release, talking to the sales counselor in her office, she had a phase 2 list - all with potential buyer names attached to a specific lot.  Looked liked she has reservations on most of the list.  We were only able to see this list when she had to step out of her office and we "peeked" at the paper she left on her desk.  ;-)





 
thatOSguy said:
lnc said:
Drove by Strada and visited the Sales Office.  Sales office are now opened.  The overall community feels really nice with some open spaces, rows of orchards surround the community and different elevations.  It definitely feel nicer than PS and LA.

Here's some info:

Strada is split between IUSD and TUSD.  First few phases will be all TUSD side.  IP is going to sell TUSD side first than IUSD side.  Price is not released but was told low 1 million. :(

HOA: $196/month

TUSD side:
Base property tax:1.06% of sales price
AD Tax:$2650
CFD Tax (2014-2015 tax year): $1800-$2350
Other Tax: $104
Total Mello-Roos: $4554-$5104/year
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Can you provide detail on the CFD? Keen to know if it overlaps with NP.
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Sorry, I don't have the detail on the CFD.  I just post the info from the handout I got from the sale office.
 
The prices really only went up around $3500. All of the homes were priced higher due to premiums placed on the lot, like size, neighbors, and etc.
 
I'm think of buying Strada Plan 3.  But at the current price of nearly $1.1MM before upgrades and hardscape/landscape what do people on think would this home sell for in 3 to 5 years?  is $1.5MM even a reasonable resale price in 5 years for a 2,700 sf home in the non gated side of OH?  Thanks in advance for your input.
 
AA said:
I'm think of buying Strada Plan 3.  But at the current price of nearly $1.1MM before upgrades and hardscape/landscape what do people on think would this home sell for in 3 to 5 years?  is $1.5MM even a reasonable resale price in 5 years for a 2,700 sf home in the non gated side of OH?  Thanks in advance for your input.
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You're expecting a 40% increase in 3-5 years?  I hope you're a cash buyer and not an Option ARM ticking time bomb.  Welcome to market chasing ponzi Housing Bubble 2.0.


 
test said:
AA said:
I'm think of buying Strada Plan 3.  But at the current price of nearly $1.1MM before upgrades and hardscape/landscape what do people on think would this home sell for in 3 to 5 years?  is $1.5MM even a reasonable resale price in 5 years for a 2,700 sf home in the non gated side of OH?  Thanks in advance for your input.
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You're expecting a 40% increase in 3-5 years?  I hope you're a cash buyer and not an Option ARM ticking time bomb.  Welcome to market chasing ponzi Housing Bubble 2.0.
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I thought Irvine's annual home appreciation rate was about 5% to 7% per years depending on inflation.  Assuming an average of 6% annual appreciation over 5 years that would be around 30% increase.  Would you consider that reasonable for a Strada home in OH?
 
Does anybody think that Strada Plan 1 will ever reach more than $1.05 million? And what is the premium for one of the larger lots, such as those that face Highrock? Thanks.
 
AA said:
test said:
AA said:
I'm think of buying Strada Plan 3.  But at the current price of nearly $1.1MM before upgrades and hardscape/landscape what do people on think would this home sell for in 3 to 5 years?  is $1.5MM even a reasonable resale price in 5 years for a 2,700 sf home in the non gated side of OH?  Thanks in advance for your input.
Click to expand...

You're expecting a 40% increase in 3-5 years?  I hope you're a cash buyer and not an Option ARM ticking time bomb.  Welcome to market chasing ponzi Housing Bubble 2.0.
Click to expand...

I thought Irvine's annual home appreciation rate was about 5% to 7% per years depending on inflation.  Assuming an average of 6% annual appreciation over 5 years that would be around 30% increase.  Would you consider that reasonable for a Strada home in OH?
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Two comments:

You are not expecting 0.4MM in 3-5 years if you spend a lot on landscaping, window coverings and other after-close upgrades.

Historically homes do not appreciate 6% per year. They actually appreciate 0% per year once adjusted for inflation and then to appreciate at the same rate as inflation. If inflation is 2% per year you can expect your home to appreciate 2% per year. But that's only if you keep it updated. If you still live there in 20 years with all original appliances, counter tops, etc. your home will have depreciated in real value.

In the short-term home prices can have some pretty wild swings due to supply and demand as we saw in the last 10 years. Low interest rates have also helped increase home prices this decade but interest rates don't have any more room to go lower.
 
Strada Residence 1 doesn't have the office or super California room option anymore.  >:( Instead, it has weird closet doors and a rather awkward door protruding into your dining area, unless you opt for the new bi-fold doors (which is a good idea).

The kitchen looks rearranged in some of the plans.
 
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