Orchard Hills - Strada by Irvine Pacific

NEW -> Contingent Buyer Assistance Program
irvinehomeowner said:
Perspective said:
Ryanmom said:
The landscape guy, he is not Chinese, he is Korean.

Perspective said:
He's our neighbor's landscape guy, an older Chinese guy for whom English is his second language. I told him, "The only driveway you ever block, under any circumstance, is your own or a friend's who specifically permits it.

I should have used "Asian." I was making assumptions based upon area demographics, having not heard his accent well.

West Asian, South Asian, North Asian or East Asian? :)

No joke. Are people of Indian, Russian, Samoan, etc. decent "Asian"? It's complicated and sensitive. The "race" and "ethnic" breakdowns required to be identified of mortgage applicants under the new Home Mortgage Disclosure Act is indicative of the sensitivity in this area.
 
HOME MORTGAGE DISCLOSURE (REGULATION C)
12 CFR PART 1003 APPENDIX B
...
8. You must report the ethnicity, race, and sex of an applicant as provided by the applicant. For example, if an applicant selects the "Mexican" box the institution reports "Mexican" for the ethnicity of the applicant. If an applicant selects the "Asian" box the institution reports "Asian" for the race of the applicant. Only an applicant may self-identify as being of a particular Hispanic or Latino subcategory (Mexican, Puerto Rican, Cuban, Other Hispanic or Latino) or of a particular Asian subcategory (Asian Indian, Chinese, Filipino, Japanese, Korean, Vietnamese, Other Asian) or of a particular Native Hawaiian or Other Pacific Islander subcategory (Native Hawaiian, Guamanian or Chamorro, Samoan, Other Pacific Islander) or of a particular American Indian or Alaska Native enrolled or principal tribe.

9. You must offer the applicant the option of selecting more than one ethnicity or race. If an applicant selects more than one ethnicity or race, you must report each selected designation, subject to the limits described below.

i. Ethnicity--Aggregate categories and subcategories. There are two aggregate ethnicity categories: Hispanic or Latino; and Not Hispanic or Latino. If an applicant selects Hispanic or Latino, the applicant may also select up to four ethnicity subcategories: Mexican; Puerto Rican; Cuban; and Other Hispanic or Latino. You must report each aggregate ethnicity category and each ethnicity subcategory selected by the applicant.

ii. Ethnicity--Other subcategories. If an applicant selects the Other Hispanic or Latino ethnicity subcategory, the applicant may also provide a particular Hispanic or Latino ethnicity not listed in the standard subcategories. In such a case, you must report both the selection of Other Hispanic or Latino and the additional information provided by the applicant.

iii. Race--Aggregate categories and subcategories. There are five aggregate race categories: American Indian or Alaska Native; Asian; Black or African American; Native Hawaiian or Other Pacific Islander; and White. The Asian and the Native Hawaiian or Other Pacific Islander aggregate categories have seven and four subcategories, respectively. The Asian race subcategories are: Asian Indian; Chinese, Filipino; Japanese; Korean; Vietnamese; and Other Asian. The Native Hawaiian or Other Pacific Islander race subcategories are: Native Hawaiian; Guamanian or Chamorro; Samoan; and Other Pacific Islander. You must report every aggregate race category selected by the applicant. If the applicant also selects one or more race subcategories, you must report each race subcategory selected by the applicant, except that you must not report more than a total of five aggregate race categories and race subcategories combined. For example, if the applicant selects all five aggregate race categories and also selects some race subcategories, you report only the five aggregate race categories. On the other hand, if the applicant selects the White, Asian, and Native Hawaiian or Other Pacific Islander aggregate race categories, and the applicant also selects the Korean, Vietnamese, and Samoan race subcategories, you must report White, Asian, Native Hawaiian or Other Pacific Islander, and any two, at your option, of the three race subcategories selected by the applicant. In this example, you must report White, Asian, and Native Hawaiian or Other Pacific Islander, and in addition you must report (at your option) either Korean and Vietnamese, Korean and Samoan, or Vietnamese and Samoan. To determine how to report an Other race subcategory for purposes of the five-race maximum, see paragraph 9.iv below.

iv. Race--Other subcategories. If an applicant selects the Other Asian race subcategory or the Other Pacific Islander race subcategory, the applicant may also provide a particular Other Asian or Other Pacific Islander race not listed in the standard subcategories. In either such case, you must report both the selection of Other Asian or Other Pacific Islander, as applicable, and the additional information provided by the applicant, subject to the five-race maximum. In all such cases where the applicant has selected an Other race subcategory and also provided additional information, for purposes of the maximum of five reportable race categories and race subcategories combined set forth above, the Other race subcategory and additional information provided by the applicant together constitute only one selection. Thus, using the same facts in the example offered in paragraph 9.iii above, if the applicant also selected Other Asian and entered "Thai" in the space provided, Other Asian and Thai are considered one selection. You must report any two (at your option) of the four race subcategories selected by the applicant, Korean, Vietnamese, Other Asian-Thai, and Samoan, in addition to the three aggregate race categories selected by the applicant.
...
 
My broker told me sales staff willing to negotiate now. They'll take offers below ask price on most of the lots. Is it slowing here?
 
The Strada cheerleading crew hasn't replied so the slowing must be real.

The premiums vs everything else got too high.
 
Always thought Strada was overpriced for not being behind the gates. I said it before, and I'll say it again, Capella is a bargain when comparing the two, and has a much better chance of appreciation.

Let the cheerleaders start the flaming....  >:D
 
Laguna21 said:
Always thought Strada was overpriced for not being behind the gates. I said it before, and I'll say it again, Capella is a bargain when comparing the two, and has a much better chance of appreciation.

Let the cheerleaders start the flaming....  >:D

If the house you reside in were an investment, then speculating on appreciation relative to other options might make sense.
 
Perspective said:
Laguna21 said:
Always thought Strada was overpriced for not being behind the gates. I said it before, and I'll say it again, Capella is a bargain when comparing the two, and has a much better chance of appreciation.

Let the cheerleaders start the flaming....  >:D

If the house you reside in were an investment, then speculating on appreciation relative to other options might make sense.

So why is Strada slowing with price drops?

It's not an investment, but if my house drops while surrounding homes stay the same or go up, it gets harder to move up in the future
 
Well, look on the bright side, the Strada mascots can now pick up a 2nd Strada home as an "investment" now that they're discounted ;)
 
pisa said:
Perspective said:
Laguna21 said:
Always thought Strada was overpriced for not being behind the gates. I said it before, and I'll say it again, Capella is a bargain when comparing the two, and has a much better chance of appreciation.

Let the cheerleaders start the flaming....  >:D

If the house you reside in were an investment, then speculating on appreciation relative to other options might make sense.

So why is Strada slowing with price drops?

It's not an investment, but if my house drops while surrounding homes stay the same or go up, it gets harder to move up in the future

You reported that they're accepting offers on lots. Do you, or anyone else, have a current price sheet? We need someone who's following Strada pricing closely over the last couple of months to share how prices are moving.

There are no quick move-ins available:
https://www.irvinepacific.com/orchardhills/strada/quickmovein

The only MLS listings are for each model's base price.

This suggests there's no obvious downward pressure on pricing.
 
It will be harder to move up no matter what since you always have to compete with new homes and whatever builder incentives are offered. Chinese would rather buy new, so likely you'll have to get income growth to be able to get others who can afford even higher prices.

Your cost plus improvements, repairs and cost to sell going to make it hard to make a profit and move up. Buy what you can live with till u retire and you'll be fine even if homes drop in price.
 
Ready2Downsize said:
It will be harder to move up no matter what since you always have to compete with new homes and whatever builder incentives are offered. Chinese would rather buy new, so likely you'll have to get income growth to be able to get others who can afford even higher prices.

Your cost plus improvements, repairs and cost to sell going to make it hard to make a profit and move up. Buy what you can live with till u retire and you'll be fine even if homes drop in price.
U r right. Also u r right pretty much all in OC will go up around the same rate. But if u overpay, new or old, it is just that much harder if u want to trade up later
 
Perspective said:
pisa said:
Perspective said:
Laguna21 said:
Always thought Strada was overpriced for not being behind the gates. I said it before, and I'll say it again, Capella is a bargain when comparing the two, and has a much better chance of appreciation.

Let the cheerleaders start the flaming....  >:D

If the house you reside in were an investment, then speculating on appreciation relative to other options might make sense.

So why is Strada slowing with price drops?

It's not an investment, but if my house drops while surrounding homes stay the same or go up, it gets harder to move up in the future

You reported that they're accepting offers on lots. Do you, or anyone else, have a current price sheet? We need someone who's following Strada pricing closely over the last couple of months to share how prices are moving.

There are no quick move-ins available:
https://www.irvinepacific.com/orchardhills/strada/quickmovein

The only MLS listings are for each model's base price.

This suggests there's no obvious downward pressure on pricing.
Unlike sub builders who do whatever it takes, TIC Strada are careful to not appear desperate. But apparently there are good number of lots that have fall out of escrow. And some just unsold from phase releases. Not all on price sheets so won't be advertised if u just walk in first time. Chinese buyers scared? Or Belvedere more attractive? These can be bought at discount if staff believes u r a serious buyer.
 
I attached the price sheet I picked up last week.

Two Strada homes are listed as active on the MLS:

65 Stetson (Homesite 201) at $1,194,433 which was the price on the 2/11/16 price sheet but is now shown at $1,214,159. Looks like they added more upgrades but didn't update the MLS yet.
97 Thoroughbred (Homesite 189) at $1,254,272 which matches the price sheet.

Sales staff tells me they are selling 2-3 unbuilt homes a week with a new phase release coming soon.

No properties are listed as pending but one has sold in the last 4 months:
71 Quarter Horse (Homesite 122) was listed at $1,231,934 but sold at $1,190,000 on 3/16/16 - I visited this homesite last year and it had issues - that's why it was available for such a long time when all the neighbors had all moved in. IP was desperate to unload it then so looks like they cut their losses on this one. No quick move-in homes are available.

Two Capellas have sold in the past 4 months:
108 Horseback $1,434,355 asking $1,399,999 sold on 12/12/15
112 Long Fence $1,489,176 asking $1,400,000 sold on 2/26/16 this is a view house next to the "death house" 114 Long Fence which is listed as pending.
 

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But apparently there are good number of lots that have fall out of escrow. And some just unsold from phase releases.


Call me old fashioned but I like to deal with verifiable facts. "Apparently" others don't share my values. Please let us know if you know of any (out of a good number) Strada homesites that have fallen out of escrow. 
 
DrTravel said:
But apparently there are good number of lots that have fall out of escrow. And some just unsold from phase releases.


Call me old fashioned but I like to deal with verifiable facts. "Apparently" others don't share my values.
TI may be the wrong place for you.

Good number just means more than the 10-15% that is typical of Irvine new home developments.
 
pisa said:
DrTravel said:
But apparently there are good number of lots that have fall out of escrow. And some just unsold from phase releases.


Call me old fashioned but I like to deal with verifiable facts. "Apparently" others don't share my values.
TI may be the wrong place for you.

Good number just means more than the 10-15% that is typical of Irvine new home developments.

My concern regarding the veracity of this assertion is that it is nearly impossible to get sales folk at new developments to reveal much information beyond the price sheets. Who shared that 10%-15% of buyers here are falling out of escrow?

Maybe my experience was different though. I told them what we were willing to buy. Maybe they never bothered to call me if/when houses fell out of escrow that didn't meet our requirements.
 
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