Orchard Hills - Terrazza by Irvine Pacific

[DrTravel]

In case anyone still cares about this development...

Price comparison Phase One (May 2014) vs. Phase 10 (now)

Residence One $855K to $861K
Residence Two $935K to $943K
Residence Two X $965K to unknown

In 22 months they have sold 85 units, 3 are currently available, 37 are in future phases. 3.8 units per month.

 

[Irvine Dream]

Based on the prices you have posted really there isn't much benefit for purchasing in the early phases in any of these developments, so now we know Entrata, Vista Scene, and Terraza are a bust.  Strada may be not.  On the gated side of OH we know Capella, Messina, Vicenza, and Saviero were a bust, may be not quite on Amelia.  Only Trevi and La Vita did well.  With still so many houses still to be sold one have to really start wondering whether TIC knows what they are doing with all these new developments.

 

[Goriot]

I think for Irvine Pacific, it really doesn't matter for them to wait it out.  The pure TIC villages are running out of land to build and they got the $$$$ to wait it out.  Eventually, these homes will be all sold. 

Sales pace at OH is underwhelming for sure though.

 

[DrTravel]

so now we know Entrata, Vista Scene, and Terraza are a bust.  Strada may be not.

For Strata - in 22 months they have sold 173 units, 8 are currently available, 43 are in future phases. 7.9 units per month - more than double the other Irvine Pacific properties. Of course Corte Bella sold out last year.

 

[Legit949]

Thank you for the update! I still care!!!! I bought a Plan 2X in an early phase and love the single loaded street, views from the second floor and the layout of the home (4 Bed 4 Bath/Open Loft on the 2nd Floor). I couldn't be happier with the purchase and it will be my "Forever Home". The neighbors are great and share my same sentiment. Other positives for me that I've found while exploring include,walking to and from the Orchard Hills Shopping Center (To have a few drinks), walk to Orchard Hills School, Strada Pool, Settler's Park and The Orchard Hills Trail that leads directly to the full court basketball court/playground in The Groves. I'd buy the home all over again if I could! I wouldn't say Terrazza 2X is a bust? They seem to sell rather quickly during each phase release and I've seen them sell for approximately 1.1. We'll see where it goes from here, but I couldn't be happier with my purchase! 

 

[lnc]

Looks like there are a few home with a driveway still available.  The one with the driveway essentially same as the Piedmont but $100k to $150k lower in prices. 

 

[frank303]

I remember only a few 2X has driveways for Terraza.  2X is always sold out now.
Don't get mislead by the site map. Actually the blank area in front of garage is not driveway.

Looks like there are a few home with a driveway still available.  The one with the driveway essentially same as the Piedmont but $100k to $150k lower in prices.

 

[Irvine Dream]

In case anyone still cares about this development...

Price comparison Phase One (May 2014) vs. Phase 10 (now)

Residence One $855K to $861K
Residence Two $935K to $943K
Residence Two X $965K to unknown

In 22 months they have sold 85 units, 3 are currently available, 37 are in future phases. 3.8 units per month.

Hi Dr. Travel

Would be great if you can publish similar statistics for the gated side of OH

 

[acf]

A 2X with a drive way is a nice home I think.

 

[aquabliss]

I can't believe the Plan 2 is only up $8k from 2 years ago?! 

My old neighbor and I both put deposits on our homes in Feb 2014.  He bought Terraza plan 2 and I bought... Somewhere else.  I saw him recently and said "Well we've both done amazingly well on our homes over the past couple years", just assuming Terraza had the same % increase as Strada.

Oops.

 

[irvinetabby]

Just curious - with 4 bedrooms and a loft, why is Terrazza's plan 1 about the same price as Petaluma??

 

[Irvine Dream]

Just curious - with 4 bedrooms and a loft, why is Terrazza's plan 1 about the same price as Petaluma??

because it is in TUSD

 

[Irvinecommuter]

Just curious - with 4 bedrooms and a loft, why is Terrazza's plan 1 about the same price as Petaluma??

IUSD v. TUSD.

Also..Terrezza is not in the best location as far as OH IMO.  There are no local parks as the closest park/pool is near Strada.

 

[irvinetabby]

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

 

[Irvinecommuter]

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

Beckham is a great school as are all the other schools serving OH.  Problem is that IUSD has a cache with potential buyers..probably 10% or so.  It affects new sales as well as re-sales.  It's just reality.

Personally, I think Eastwood is way overpriced.  You're much better off paying for re-sale at Stonegate.  For example, this 3/2.5 at 1,640 sq. ft is going for about $800,000.  It's ready to move in and already fully done.  You buy new, you have add about $100K for upgrades and backyard.
https://www.redfin.com/CA/Irvine/242-Kempton-92620/home/59049490

There is one at Stonegate East at about the same price but at 1800+ sq. ft.
https://www.redfin.com/CA/Irvine/34-Deergrass-92618/home/45383015

 

[irvinetabby]

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

Beckham is a great school as are all the other schools serving OH.  Problem is that IUSD has a cache with potential buyers..probably 10% or so.  It affects new sales as well as re-sales.  It's just reality.

Personally, I think Eastwood is way overpriced.  You're much better off paying for re-sale at Stonegate.  For example, this 3/2.5 at 1,640 sq. ft is going for about $800,000.  It's ready to move in and already fully done.  You buy new, you have add about $100K for upgrades and backyard.
https://www.redfin.com/CA/Irvine/242-Kempton-92620/home/59049490

There is one at Stonegate East at about the same price but at 1800+ sq. ft.
https://www.redfin.com/CA/Irvine/34-Deergrass-92618/home/45383015

Those two on Redfin are attached. Capistrano's floor plans are great, just wish they were detached.

 

[acf]

Yes as tabby said those are attached. if anything this illustrates that prices are on par with EW. Some would argue the benefits of EW over SG as well.

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

Beckham is a great school as are all the other schools serving OH.  Problem is that IUSD has a cache with potential buyers..probably 10% or so.  It affects new sales as well as re-sales.  It's just reality.

Personally, I think Eastwood is way overpriced.  You're much better off paying for re-sale at Stonegate.  For example, this 3/2.5 at 1,640 sq. ft is going for about $800,000.  It's ready to move in and already fully done.  You buy new, you have add about $100K for upgrades and backyard.
https://www.redfin.com/CA/Irvine/242-Kempton-92620/home/59049490

There is one at Stonegate East at about the same price but at 1800+ sq. ft.
https://www.redfin.com/CA/Irvine/34-Deergrass-92618/home/45383015

Those two on Redfin are attached. Capistrano's floor plans are great, just wish they were detached.

 

[Irvinecommuter]

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

Beckham is a great school as are all the other schools serving OH.  Problem is that IUSD has a cache with potential buyers..probably 10% or so.  It affects new sales as well as re-sales.  It's just reality.

Personally, I think Eastwood is way overpriced.  You're much better off paying for re-sale at Stonegate.  For example, this 3/2.5 at 1,640 sq. ft is going for about $800,000.  It's ready to move in and already fully done.  You buy new, you have add about $100K for upgrades and backyard.
https://www.redfin.com/CA/Irvine/242-Kempton-92620/home/59049490

There is one at Stonegate East at about the same price but at 1800+ sq. ft.
https://www.redfin.com/CA/Irvine/34-Deergrass-92618/home/45383015

Those two on Redfin are attached. Capistrano's floor plans are great, just wish they were detached.

Sorry...I forgot to check the attached part .

I know that Saratoga plan 1s were going for mid 800Ks a few months back and San Marcos/San Mateos were in the price range as well.
https://www.redfin.com/CA/Irvine/49-Diamond-92620/home/45382960
https://www.redfin.com/CA/Irvine/102-Pendant-92620/home/45383206
https://www.redfin.com/CA/Irvine/114-Pendant-92620/home/101642604

 

[DrTravel]

Beckham Beckman is a great school as are all the other schools serving OH.  Problem is that IUSD has a cache with potential buyers..probably 10% or so.  It affects new sales as well as re-sales.  It's just reality.

Agree 100% - particularly with non-locals (i.e. FCB) who are driving prices. Just compare Northpark vs. Northwood Pointe re-sales. Both in Irvine but different school districts. Locals know better.

There is one at Stonegate East at about the same price but at 1800+ sq. ft.

Stonegate East sells at a discount to Stonegate - just like Woodbury East in comparison to Woodbury. Many locals call them the "ghetto". Being sandwich between the toll way and Sand Canyon (trash truck drive) doesn't help.

 

[lnc]

The school district  makes THAT big of a difference? Thought I've seen plenty of Irvine homes in TUSD with minimum price break... And I thought Beckman is an awesome school?

Now I'm starting to question my decision on Petaluma...

You can't go wrong with Petaluma.

From the look of things, home zone to NW high is highly desirable.  Although Eastwood might seem to be overpriced, Eastwood will be the lowest price new neighborhood that is zone to NW High.  The home in the upcoming gated OH3 will be even more expensive than Eastwood and that gated OH4 probably don't have any home that's under $2M.