Palo Alto in Stonegate by KB

NEW -> Contingent Buyer Assistance Program
Tentatively pushed out to June 20th.  They are waiting for certain permits to be approved.

KB is pre-qualifying people for $1.3mm through Wells Fargo or your own lender.  No pricing out yet, but guessing it wil start low $1.2mm as they want ppl to get preapproval for $1.3mm which would include some upgrades/options.
 
OCKOOLGUY said:
I don't see anything on their website on Pre Qual. Do you have more details on who to contact for pre qual ?
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If you go to Palo Alto KB Home site, click on the call for price button and it will give you a number to call.  Ask for Palo Alto Irvine sales reps.  Their are 3 sales rep for Palo Alto and they will tell you to get prequalified for $1.3 million through Wells Fargo (recommended) or other lender to get on their list.  I forgot the sales rep's name. 
 
That's what the KB sales rep told me last Friday.  But, you should confirm again directly with them to be 100% sure.  They recommended Wells Fargo as other competing homes to Palo Alto (Lafayette, Arcadia) was using WF so it could be used interchangeably.  I have been really itching to move up and have been looking around (3k sqft+ La Vita, PA, etc.), but as usual my wife is trying to convince me to stay put at our Mendocino as it's really hard to give up our current location (no houses in front and back) and until my little one gets older=)
 
Goriot said:
That's what the KB sales rep told me last Friday.  But, you should confirm again directly with them to be 100% sure.  They recommended Wells Fargo as other competing homes to Palo Alto (Lafayette, Arcadia) was using WF so it could be used interchangeably.  I have been really itching to move up and have been looking around (3k sqft+ La Vita, PA, etc.), but as usual my wife is trying to convince me to stay put at our Mendocino as it's really hard to give up our current location (no houses in front and back) and until my little one gets older=)
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Thinking of moving up already?  You barely break-in your new home! :)

I remember your home's location and it is really awesome. And if you decided to sell it, you can probably get an upward of $100k location premium for this home. 

The Palo Alto home also got my attention because several lots next to the model home will have city views.  I think even after the lot premium, these view home's asking price are still significantly lower than the one in OH.  But these lot next to the model home are probably the final phase and won't be release until the end. 

 
Look at the lower left corner, I believe 55,57,59 Bainbridge are the model homes.  All the homes on Bainbridge and many homes at the end of cul-de-sac located next to Jeffrey and JOST will have some city views. 

Also check out 76,78,80 Woodhill, look at the size of these lots.

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lnc said:
Look at the lower left corner, I believe 55,57,59 Bainbridge are the model homes.  All the homes on Bainbridge and many homes at the end of cul-de-sac located next to Jeffrey and JOST will have some city views. 

Also check out 76,78,80 Woodhill, look at the size of these lots.
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Nice looking on paper but 1) it backs Portola parkway and 2) those lots are probably heavily sloped. Doesn't SG sit below Portola Parkway in that area?  If so, will need to dig into it and put up a tall retaining wall for it to be usable.
 
Can you imagine giving directions to your house:

Go on Portola, go past the landfill on the right, my house is on the left, right next to the OC Landfill sign.  You can't miss it!

yeah... no thanks, I would rather live in Stafford.

And can you really dig into a sloped yard?  The city might get mad when the street caves into your yard.
 
My yard had a slight slope and I dug it.  The HOA rule was that you cannot dig the slope past the footing of the cinder block wall.

I lucked out that the slope dirt was a few blocks above the footing so I was able to level out the length of the slope along the wall. 

However if the top of the slope is more than 2-3 feet above the level area of your yard, you're probably out of luck and you'll hit the footing before you can level out the yard.  In this case, best to put in a retaining wall 3 feet from the perimeter wall to maximize your useable space.
 
ps9 said:
Can you imagine giving directions to your house:

Go on Portola, go past the landfill on the right, my house is on the left, right next to the OC Landfill sign.  You can't miss it!

yeah... no thanks, I would rather live in Stafford.
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Yup, if you live in Stafford you can say exit where the Great Wall of Jamboree ends in front of the gravel pit then make a right at the T-junction in front of the Gigantic Hangar, and our house is just in front of the affordable apartments ;D
 
Irvine Dream said:
ps9 said:
Can you imagine giving directions to your house:

Go on Portola, go past the landfill on the right, my house is on the left, right next to the OC Landfill sign.  You can't miss it!

yeah... no thanks, I would rather live in Stafford.
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Yup, if you live in Stafford you can say exit where the Great Wall of Jamboree ends in front of the gravel pit then make a right at the T-junction in front of the Gigantic Hangar, and our house is just in front of the affordable apartments ;D
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So then for $1M+, live in OH groves then you can say, "drive thru the tree lined streets at the end of culver, take a left where the guard shack is, drive thru the gates, house on left next to the hillside of avocado orchards."  ;D
 
Stumbled upon the models this weekend as I was exploring the Jeffrey Trail.  Any homes on this street would be good as they are single loaded and right in front of the park.  The park/dog park is a huge open area in front of the models but it's a bit odd as it's on a slope so not very useable for sports and things.  Tires the kids out quickly though running up the hill :)

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socal123 said:
so how much does the typical person put down on a 1.4 mill home?  400-500K?
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Is typical the median, the mean or the mode?

I'd think it'd be the mode and would therefore be 20% or $280K.  Though the total cash out would therefore be a lot closer to 400-500K once you included landscaping and other post-close upgrades / renovations.

The next most common number will be the full 1.4 mill.
 
paperboyNC said:
socal123 said:
so how much does the typical person put down on a 1.4 mill home?  400-500K?
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Is typical the median, the mean or the mode?

I'd think it'd be the mode and would therefore be 20% or $280K.  Though the total cash out would therefore be a lot closer to 400-500K once you included landscaping and other post-close upgrades / renovations.

The next most common number will be the full 1.4 mill.
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Thanks.  So they take out 1.1 million mortgage out on a 1.4 mill house?
Wouldn't that require 300k plus in annual income. Didn't realize so many people make that much!
 
socal123 said:
Thanks.  So they take out 1.1 million mortgage out on a 1.4 mill house?
Wouldn't that require 300k plus in annual income. Didn't realize so many people make that much!
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$1.1 million 30 year fixed at 3.75% is $5122/month.  $5122 + property tax ($1666) + insurance ($80) + HOA ($200) = $7068.  Max DTI for Fannie is 45% so monthly income would need to be $17670 or $212k/year.  2 professional incomes is easily over $212k/year.
 
woodburyowner said:
socal123 said:
Thanks.  So they take out 1.1 million mortgage out on a 1.4 mill house?
Wouldn't that require 300k plus in annual income. Didn't realize so many people make that much!
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$1.1 million 30 year fixed at 3.75% is $5122/month.  $5122 + property tax ($1666) + insurance ($80) + HOA ($200) = $7068.  Max DTI for Fannie is 45% so monthly income would need to be $17670 or $212k/year.  2 professional incomes is easily over $212k/year.
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yes, but your calculation on monthly income is pre-tax and the mortgage payment is post tax. Just doesn't seem there would be much money left over for 401k, car, food etc.
 
socal123 said:
yes, but your calculation on monthly income is pre-tax and the mortgage payment is post tax. Just doesn't seem there would be much money left over for 401k, car, food etc.
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At this point, 401k becomes optional. And, occasionally, food. :P
 
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