Portola Springs - Las Colinas

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zovall_IHB

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<strong>Village:</strong> <a target="_blank" href="http://www.irvineranch.com/villages/portolasprings/">Portola Springs</a>


<strong>Tract:</strong> <a href="http://www.taylorwoodrowna.com/index.cfm?method=Homes_CommunityDetail&divID=1&MetroAreaID=26&CommunityID=206" target="_blank">Las Colinas</a> (75 single family detached homes) in the City of Irvine


<strong>Builder:</strong> <a href="http://www.taylorwoodrowhomes.com/" target="_blank">Taylor Woodrow Homes</a>


<strong>Schools:</strong> Irvine School District (<a target="_blank" href="http://www.iusd.org">IUSD</a>): Westwood Basics, Sierra Vista Middle, Northwood High


<strong>Tax Rate:</strong> The total effective tax rate which is inclusive of all Community Facilities District (CFD) rates as well as any other anticipated assessments is estimated at 1.8%.


<strong>HOA Dues:</strong> Anticipated to be $150 at Build Out


<strong>


Plans:</strong>


Residence 1 - 3bd/3.5ba - 2717 sq. ft.


Residence 2 - 3-5bd/3.5ba - 2741 sq. ft.


Residence 3 - 3-5bd/4.5ba - 3109 sq. ft.


Residence 4 - 4-5bd/4.5-5.5ba - 3383 sq. ft.





<strong><u>PRICING</u>


</strong><strong>


Phase 2 (~October 2006)


</strong>Lot 270 - Plan 1AR - $1,252,597


Lot 269 - Plan 4AR - $1,427,425


Lot 281 - Plan 4A - $1,437,637


<strong>


Phases 2 & 3 (Prices effective 1/13/2007)


</strong>Lot 270 - Plan 1AR - $1,223,597 - Lot Size 5009 sq. ft. - Ready with upgrades


Lot 263 - Plan 1AR - $1,138,000 - Lot Size 5619 sq. ft. - COE June-July


Lot 280 - Plan 1BR - $1,114,000 - Lot Size 5227 sq. ft. - COE June-July


Lot 262 - Plan 3B - $1,201,000 - Lot Size 5445 sq. ft. - COE June-July


Lot 279 - Plan 3AR - $1,189,000 - Lot Size 5009 sq. ft. - COE June-July


Lot 265 - Plan 2BR - $1,114,000 - Lot Size 5881 sq. ft. - COE June-July


Lot 264 - Plan 4A - $1,292,000 - Lot Size 5750 sq. ft. - COE June-July


Lot 278 - Plan 4AR - $1,274,000 - Lot Size 5314 sq. ft. - COE June-July


Lot 269 - Plan 4AR - $1,393,425 - Lot Size 5009 sq. ft. - Ready with upgrades


Lot 281 - Plan 4A - $1,403,637 - Lot Size 6001 sq. ft. - Ready with upgrades


<strong>


Phase 3 (Prices effective March 7, 2007)


</strong>


Same prices as above but now with the credits below:


Plan 1 $45,000 credits towards Design Center


Plan 2 $45,000 credits towards Design Center


Plan 3 $50,000 credits towards Design Center


Plan 4 $55,000 credits towards Design Center





<strong>Phase 3 (Picked up July 13, 2007)</strong>





Lot 263 - Plan 1AR SOLD $1,118,000 - aprrox 5,169 sq. ft lot B28


Lot 280 - Plan 1BR $1,094,000 - approx 5227 sq ft lot B30


Lot 262 - Plan 3B $1,195,825 - approx 5445 sq ft lot B25


Lot 279 - Plan 3AR $1,183,825 - approx 5009 sq ft, lot B25?


Lot 264 - Plan 4A $1,273,450 - approx 5750 sq ft lot B28


Lot 278 - Plan 4AR $1,255,2450 - approx 5314 sq ft lot B19





All COE Nov-Dec 07





Sold Out of Plan Two- La Tiera





<strong>Prices as of 11/04/2007</strong>


<u>Plan 1</u>


Lot 241 - $1,143,300 - approx 5,576 sq. ft lot B40. $45,300 of upgrades included. This home is already built





<u> Plan 2</u>


SOLD OUT





<u> Plan 3</u>


Lot 238 - $1,196,375 - approx 8,494 sq ft lot (nice big lot!!). $13,375 of upgrades included. Home not built, move in Spring/Summer 2008





<u> Plan 4</u>


Lot 264 - $1,333,945 - approx 5750 sq ft lot. $61,945 of upgrades included. Home is already built.


Lot 278 - $1,312,608 - approx 5314 sq ft. lot $58,608 of upgrades included. Home already built.


Lot 239 - $1,273,000 - approx 5619 sq ft lot. No upgrades included.


<strong>


</strong>
 
I visited Las Colinas a few months ago. Lovely, lovely homes. Four homes were available at the time. Here are prices from the pricing sheet I picked up then for three of the lots that are still available according to the data in Zovall's post above:



Lot 270 $1,252,597 (vs. $1,223,597 now)

Lot 269 $1,427,425 (vs. $1,393,425 now)

Lot 281 $1,437,637 (vs. $1,403,637 now)



So they have dropped their prices just a pittance. Can't wait to see the prices in 36 months.
 
Phase 3





Prices effective March 7, 2007





Plan 1 $45,000 credits towards Design Center


Plan 2 $45,000 credits towards Design Center


Plan 3 $50,000 credits towards Design Center


Plan 4 $55,000 credits towards Design Center





Prices appear to remain the same as previously posted by irvinesinglemom. Notice that they have not moved a single property since January 19th, and lots 270, 269, and 281 from October of last year still up for grabs.
 
Hello everyone. I've been lurking here for a couple of weeks benefiting from the excellent information exchanged here, so for my first post I wanted to pass on some info about Las Colinas. A little bird told me that he nearly bought a Plan 4 in Phase 3 early in March after negotiating extensively with Taylor Woodrow.





This is where the negotiations ended up:


No decrease in purchase price (e.g. same price as reported on TW's January 13, 2007 price sheet above.)


$65,000 design center credit


3% earnest money deposit (instead of 5% required by TW--comparable with Mille Fleurs $35,000 deposit or 3% required by TW in Azusa develoment)


25% cash deposit on upgrades (20% on flooring)


$4,000 closing costs credit if using TW's lender.





TW was very adamant about maintaining the listed prices, and repeatedly rejected offers below the asking price, but was very flexible on upgrades and deposits. TW also rejected a request for downside protection, i.e. if prices for Plan 4s were lowered between the signing date and the closing date, TW would not lower the price proportionally for the already-signed contract.


As March dragged on and the subprime sh*t hit the fan, and he started reading this forum and blog, oc_fliptrack and the like, the little bird turned into a big bear and decided to hibernate in a rental and watch the carnage.
 
Also note that they may be receptive to paying a referral of ~$10,000 to real estate agents upon COE which they say is a progress on the part of TIC, and not offered by other HBs. Perhaps this tidbit of info can be used to leverage more incentives out of TW.
 
Hi Gav, thanks for sharing the story about the "little bird." It's nice to know we have helped prevent someone from catching a falling knife. You will definitely not regret it!
 
Lots 265, 269 & 281 have been listed as Sold on the price sheet I picked up yesterday on 2/23. All other lots listed before are still for sale and at the same pricing.
 
We toured the models last Friday, although none really matched our style, here's what the price sheet effective 6/18/07 Phase 3





Lot 263 - Plan 1AR SOLD $1,118,000 - aprrox 5,169 sq. ft lot B28


Lot 280 - Plan 1BR $1,094,000 - approx 5227 sq ft lot B30


Lot 262 - Plan 3B $1,195,825 - approx 5445 sq ft lot B25


Lot 279 - Plan 3AR $1,183,825 - approx 5009 sq ft, lot B25?


Lot 264 - Plan 4A $1,273,450 - approx 5750 sq ft lot B28


Lot 278 - Plan 4AR $1,255,2450 - approx 5314 sq ft lot B19





All COE Nov-Dec 07





Sold Out of Plan Two- La Tiera





So, according to the 1/13 price sheet they sold a whopping 5 homes since 1/13.
 
Visited today. Looks like prices have gone up since Bubblegum's 7/17 post. Interesting, especially because the price of the upgrades that are now "included" in Bubblegum's lots that have not sold (264, 278) are very close to the difference between the 7/17 price and todays...





Overall, agent mentioned 50 -60K of incentives that could be used to buy down the mortgage or for upgrades (in addition to those listed below), and also said that they would consider "any reasonable offer." She mentioned they are "very motivated to sell all of these lots by the end of the year." Good luck!








Plan 1


Lot 241 - $1,143,300 - approx 5,576 sq. ft lot B40. $45,300 of upgrades included. This home is already built





Plan 2:


SOLD OUT





Plan 3


Lot 238 - $1,196,375 - approx 8,494 sq ft lot (nice big lot!!). $13,375 of upgrades included. Home not built, move in Spring/Summer 2008





Plan 4


Lot 264 - $1,333,945 - approx 5750 sq ft lot. $61,945 of upgrades included. Home is already built.


Lot 278 - $1,312,608 - approx 5314 sq ft. lot $58,608 of upgrades included. Home already built.


Lot 239 - $1,273,000 - approx 5619 sq ft lot. No upgrades included.
 
i can't believe they still have not dropped their prices....similar size homes at Irvine Company's Woodbury Villa Rose track is at or under $1million...
 
Take a look at the Marketwatch Nov 2, 2007 article this past weekend: Jumbo loans still scarce in high-cost areas

California prices could plunge 35%, costing $2.6 trillion in lost wealth.



Talks about true valuation of homes based on Goldman Sach's estimates: http://www.marketwatch.com/news/story/scarcity-cost-jumbo-mortgages-portend/story.aspx?guid=923EE799-2A5C-416D-BEAC-E4874C21098F&dist=SecMostMailed



If Goldman [Sachs] is right, the typical home-owning household in California has about $200,000 less in home equity than it thought it had. Instead of living in a home that's worth $589,000, it's probably worth $380,000.
 
Visited today. The inventory sheet is exactly the same as Blue Fire post on Nov 4th, except they have sold lot 278. Same pricing. So it looks like they have sold one home in the past two+ months. Sales associate told me they had sold 22 of 26 homes in this tract.
 
Taylor Woodrows has decided to leave the OC market. I would be very concerned about warranty services from them if I were a potential buyer there. Also, I think the odds of low quality construction is high since the subs are not concerned about repeat business anymore.
 
<p>123 --- that's interesting, thanks for the info. We really liked these models (but for maybe something like $850k). One thing that did bother me, however, was the proximity to Portola. Just standing in the model parking lot I could tell you would get a lot of street noise.</p>
 
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