Petaluma at Eastwood

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This was as of today.  A little late incase you were still wondering  ;) ...
 

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Wow, Petaluma must be still selling like hot cakes. 

And if the price increase continues, it will reach close to one million by the final phase.
 
There seems to be an Eastwood premium that  bumps up prices like crazy here. The Eastwood development is super dense. It's probably the walkable distance elementary school and Northwood high that is helping Eastwood command these high prices. I think even after 2-3 yrs, the appreciation rate for Eastwood homes will be higher than most contemporary new development in irvine.

 
Think the entry prices are adjusted up to offset lower tax rate?

Makes sense if your tax bracket phases you out of property tax deduction.
 
As mentioned, zoned to Northwood and walking distance to the elementary school helps. But, it's in a very established area. You've got Woodbury Town Center, Cypress Village Center, Northpark Plaza, and Zion Market all within a 5 minute drive.

Portola Springs on the other hand is pretty much in the middle of nowhere. I don't see any commerce coming there in the next couple years...it'll be closer to 5 years I'd bet. That said, it's a great option for people who want to live in new construction in Irvine, but can't afford EW, OH, Stonegate, etc. Appreciation will always severely lag behind though.

 
USCTrojanCPA said:
Wow, $900k...crazy.
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It is so crazy to me that less than 2000 sqft is $900k here and in most local cities you can get a mini Mcmansion with a pool/jacuzzi and 10k plus lot size for that price. Will Irvine always command such a premium and demand? And if so why - schools, jobs, location, FCBs?
Most people who don't know the Irvine market (esp my family/ friends from out of state) come to my house and think we bought it for like $400-500k - its actually laughable! They look a little dazed when I tell them the actual price points for the homes in the area.
 
Appreciation should be looked as % of investment. If appreciation is key metric, Irvine is not a place to be in. Please head to riverside as home prices have given 100% ROI.
As some of the experts mentioned earlier, I would put IUSD OH and EW in one basket as they both cater to Northwood high. However, SG and PS both would go to Portola High; so, I don't foresee  much difference in appreciation moving forward--especially, once Irvine Blvd/Mojeska shopping center come up. For all the doubters on PS, should look at Altair pricing. 😄
 
Some people really think investing in Riverside and the IE is better than investing in Irvine long term?  :o
Any realtors want to chime in?
 
That is not the point I m making. If you spend 900k on 3bed detached condo, SG, and 4 bedroom detached condo in PS, I don't think there would be much difference in their prices after 4 years.
So, ROI on your investment would be same. And, that is precisely the reason why SG is not sold out yet--as EW opened up which is Northwood High.
 
Not only that, Belvedere is also pretty much sold out. Belvedere started selling after Palo Alto and Auburn in SG. Palo Alto and Auburn are still selling. BTW, Belvedere model homes went for $1.6 M. So, bottom line is: high school matters. So, I don't see much appreciation difference moving forward between PS and SG.
 
Stonegate is still much closer to commerce than PS. I would say for 7 out of 10 buyers, the drive out to PS really kills the vibe and excitement. The apartments don't help either (SG has those too).
 
I understand your concern of PS being far out. I will repeat as I have said this multiple times. For most communities, SG/WB etc, everything is constant now, as they are completely built out. Where as in PS following new things will change your perspective:
1. A new 133 free ramp is being constructed on Trabuco/Great Park Blvd which would reduce PS distance to 5/405 by one mile.
2. Irvine Blvd/Mojeska market complex is high up on Great Park's list.
Above two points are very short term; may be next 1-2 years.
If you have a very long perspective, like 5 years, Portola Pkwy would be extended to Portola in foothill ranch and that would bring Walmart/Target very close to PS; may be 3 miles.
 
OCLuvr said:
If you have a very long perspective, like 5 years, Portola Pkwy would be extended to Portola in foothill ranch and that would bring Walmart/Target very close to PS; may be 3 miles.
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Are they really doing this?  I thought they would never build this junction.
 
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