Portola Springs - Decada

NEW -> Contingent Buyer Assistance Program
<p><em>"Price sheet currently lists roughly 603*, 625*, 628, 676.5*. Plans 1,2, and 4 has asterisks next to them: "sales price includes pre-selected Options". (Sept 30)</em></p>

<p>Got this in the mail today:</p>

<p>Price Sheet (dated November 29th)</p>

<p>$580,000*, $612,808*, $622,131*, $675,510*</p>

<p>*sales price includes pre-selected options</p>
 
I almost spit out my coffee when I read that prices are still at this level. I wonder if they have sold anything in the last 6 - 9 months?
 
Well, actually if you see the prices are down slightly (compared to Sept 30). Nothing significant though, as you might've expected.
 
the prices actually hasnt dropped. when i saw prices last May they were, 580k, 600k, 620k, 640k(without options) with 10 k to financing. is that girls salesperson still there? She was the most rude home salesperson i've ever met.
 
<p>Just to clarify, prices are not "holding up". Irvine Company will not allow further reductions (for now). There are zero or very close to zero sales taking place, so that does nothing to legitimize the pricing level.</p>

<p>SCHB</p>
 
SoCal - Just so I understand correctly, TIC sells land/options for land to builders (Lennar, JL, Standard Pacific, etc) who in turn, try to sell to folks like me... but TIC requires that the "sales price" remain at a specified level? I'm just trying to figure out how TIC can tell the builder, "hey, tought sh*t if nobody's buying, and the bank who lent you the $$ wants paid... you still can't lower prices." OR, is it more a matter of how/when a buidler is willing to "clear the books" just to reduce exposure - kind of like when Lennar sold a lot of land to Morgan Stanley?



I can see how future developments (eg Orchard Hills?) might be held up since TIC won't reduce land costs, so buyers do get bogged down to begin with... but once TIC has sold the land to the builder and the builder is left with inventory and an anxious bank...
 
The Irvine Company is stupid. They should lower prices to where they can sell homes. It's stupid. They just want to try to be this upscale overpriced community forever. I don't know why. There are plenty of other cities similar to Irvine but cheaper.
 
<i>"They should lower prices to where they can sell homes"</i><p>

I tend to think that Bren is very savy and does not need to sell homes in the short term. By always thinking in the long term, he is probably able to maximize profits, especially compared to other developers who operate on a credit basis. It may be frustrating to potential buyers, but I would do the same if I were in Bren's shoes.<p>

Sorry, had to edit that to read, "and does <b>NOT</b> need to sell homes."
 
<p>Update from 12Jan2008:</p>

<p>R1- $557,871</p>

<p>R2- $588, 808</p>

<p>R3- $608,142</p>

<p>R4- Temp sold out</p>

<p>All include unspecified "pre-selected options"</p>
 
Visited today --- no change from SCHB numbers above. So they have most certainly not sold anything in the last 3 weeks. The best thing about Decada is that the fence outside the models is short enough you can hop it to avoid having to talk to the sales people twice.
 
These are really nice. I'd love to move into one of these....still about 80-100k over my budget though, and still overvalued by at least that much.



If I could afford one of these, I think they're nice enough to move into, knife catcher or no, sign me up.



Too bad its too pricey. When my parents were my age, they both purchased condos themselves. I wonder how many single folk end up buying in irvine.
 
<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1603772">http://www.redfin.com/stingray/do/printable-listing?listing-id=1603772</a></p>

<p>This new listing for a Plan 4 Decada ($709,000- haha!!) has some of the most laughable realtor talk that I have seen. What a joke!! </p>

<p>"This is the perfect house for a buyer that does not want to wait for the next phase to be built or, sit on the extensive waiting list for this specific model to become available. Because the house is so new, the backyard needs to be landscaped, allowing a new owner to add their own personal touch to the property."</p>
 
oh, that's just sad. my IAC apartment has those cabinets and the stainless steel whirlpool appliances, i "only" have caesarstone. they can keep that granite though, i can't stand the stuff - every time i see it i'm reminded of avocado green appliances. will be interesting to see when it starts getting ripped out because it's "dated".
 
Blue,

Wow, that redfin post was hilarious!



<strong>Updates prices as of 4/4/2008</strong>



Residence One - $544,000

Residence Two - currently sold out

Residence Three - currently sold out

Residence Four - currently sold out
 
Anyone know the next release for Decada?



I noticed the combined HOA dues are now more than $300... I suspect this may be due to the Portola Spring houses are being put on hold. Any thought?
 
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