Portola Springs - Las Colinas

NEW -> Contingent Buyer Assistance Program
How you guys feel about Portola Spring?

I like Las Colinas floorplan, but there are two things that make me to hesitate to sign on the contract.

One, you can hear lots of noise from the road. Two, feels like the builder overpriced the houses here compared to the one built by standard pacific. (Serra?)

I'm not sure how far I can go down when I negociate with them... but $421 per sqft... isn't this too much even if it includes some upgrades?
 
<p><em>"I'm not sure how far I can go down when I negociate with them... but $421 per sqft... isn't this too much even if it includes some upgrades? "</em></p>

<p>monekoko - If you wait a couple years, you will not have to negotiate. Prices will be less by more than 20%.</p>

<p>But, if you insist on buying now and negotiating, lowball and let the seller come to you. You lose nothing by offering less than you think the seller will accept. Builders are dispassionate and do not take your offer personally.</p>
 
The one thing I know for sure is Portola Springs is way the heck out there. Convenient I guess if you work in RSM so you could take the toll road..but wouldn't you just want to live in RSM at that point?
 
<a href="../../../account/361/">monekoko</a>;





At one of our projects (now completed halted), we were entertaining offers for $100k off a $400k house. The only reason we still couldn't sell them was because the bank refused to take a loss on their construction loan. Looking back, I bet they regret that decision because instead of take a $30k loss on each home, they are now in the hole with a defaulted $10MM construction loan.





So like awgee said, make a lowball offer. If you're not the negotiating type, then type up your offer and mail it in. One of two things will happen:





1) They take your offer (or make a counter-offer)


2) The sales agent will refuse your offer BUT he/she will report to the developers that their requested pricing is too high; therefore putting more pressure on the builders to drop prices.
 
<p>monekoko --- We toured both Las Colinas and Serra back to back a couple of weeks ago, and I came away with the same impression you had. While they are both ridiculously overpriced right now, Serra felt superior to us at a nominally higher price point. Not that what I think means anything, but my radar tells me Serra and Las Colinas will both fall back to the $800k - $1m range (from smallest to largest plans) in the next couple years.</p>

<p>One other important observation: While she was very attractive, the sales person at Serra had all the personality of a piece of dry toast --- and was one of those that sized you up to see <em>she </em>thought you belonged there. She must thought my wifes ring was big enough, because at least she managed to lift herself from her chair to give us the price sheet. In contrast, the one at Las Colinas was very friendly and engaging. Gave us a real "make an offer and we'll work with you" attitude. That counts for a lot. </p>
 
According to Taylor Morrison today, a new phase in the currently sold out Las Colilnas development should be released in the next few weeks on the land they acquired from Pardee.
 
New Las Colinas phase release tomorrow.



Email from Taylor Morrison:





Beautiful Las Colinas at Portola Springs, Irvine

Taylor Morrison is excited to announce the highly anticipated sales release of

phase 4 at Las Colinas located within Portola Springs in Irvine on:



SATURDAY, NOVEMBER 8, 2008 AT 10:00 AM!



Follow these steps to your dream home:



1. Visit the Las Colinas Sales Gallery, complete your financial information worksheet & get pre-qualified by our preferred lender.



2. Homes will be offered for sale to non-contingent, pre-qualified buyers in the order that financial information worksheets & loan

pre-qualifications have been received.



This phase is priced in the low 1,000,000's and gives you the opportunity to purchase a fabulous home at a great value! Ranging from approximately 2,717 to 3,383 square feet these 4 distinctive floorplans offer exceptional craftsmanship that includes:



*Granite Countertops



*Stainless Steel Appliances



*French Doors



*Interior Arches



*And much more!



Call Today

Take advantage of this great time to buy a beautiful, award winning Las Colinas home! This phase will sell quickly, so don't miss out on your chance. Contact Tina Flournoy, your community sales representative today!
 
I like these homes and would consider them seriously if the community was:



1) gated,

2) had more foliage by the toll roads so we won't have to look at the toll roads,

and

3) had an activities director (similar to Woodbury).



I think with these prices and the distinction that is being made between the homes South of Portola and those North of Portola (supposedly "nicer"), it would emphasize the distinction and therefore the appeal to their target market if the Northern section was gated. Also, the tolls aren't that noisy but can be an eyesore, therefore some tree cover would be nice. Finally, I think that placing an activities director in a community is a very desirable to most potential buyers. Case in point, the families that I know that live in Woodbury truly love the community feel created by the community events/clubs/classes supported by the activities director there. In fact, I know of two people that had to move out of Woodbury (one was renting a condo that went to foreclosure and the other owned a home but separated from their spouse) but are planning to move back as soon as feasible because of the community feel they found there. In addition, I know of others that drive the long commute to Ladera Ranch (these are people who wanted to live in Irvine but decided that LR was a better financial choice for them) and not any other Southern/Northern communities because of the many community events hosted by the association. It is obvious to me that their is a demand for this type of social facilitation and I believe that if the Irvine Co made that available in their future communities, it would definitely be a good selling point for the homes that would be built there. I also believe that more potential buyers would be willing to pay the premium of buying in Irvine just as people are willing to sacrifce their time commuting to LR for that "community feel."
 
Just saw a new Las Colinas short sale come up on Redfin today: <a href="http://www.redfin.com/CA/Irvine/22-Gray-Dove-92618/home/7215424">22 Gray Dove</a>, asking $900K. Per redfin they purchased in Dec 2006 for almost $1.5M. This short sale is going to hurt but it will probably go back to the bank first. The additional $7500K/year in MR won't help sales either.
 
[quote author="IACRenter" date=1236680541]Just saw a new Las Colinas short sale come up on Redfin today: <a href="http://www.redfin.com/CA/Irvine/22-Gray-Dove-92618/home/7215424">22 Gray Dove</a>, asking $900K. Per redfin they purchased in Dec 2006 for almost $1.5M. This short sale is going to hurt but it will probably go back to the bank first. The additional $7500K/year in MR won't help sales either.</blockquote>


There?s a ton of debt on it.

Very surprised to see a short sale approved at $900K.
 
[quote author="tenmagnet" date=1236728002][quote author="IACRenter" date=1236680541]Just saw a new Las Colinas short sale come up on Redfin today: <a href="http://www.redfin.com/CA/Irvine/22-Gray-Dove-92618/home/7215424">22 Gray Dove</a>, asking $900K. Per redfin they purchased in Dec 2006 for almost $1.5M. This short sale is going to hurt but it will probably go back to the bank first. The additional $7500K/year in MR won't help sales either.</blockquote>


There?s a ton of debt on it.

Very surprised to see a short sale approved at $900K.</blockquote>


Looks like a plan 4. Nice place, good home layout and on a cul de sac. This place will get plenty of offers, but unless there are some real suckers out there (which there are) I don't see it being worth more than 1MM. The original sale price is laughable. 900k is low, but not far off.



It will be interesting to watch resales in these communities to get a gauge of the real market value, instead of TICs artificial prices that result in zero sales.
 
[quote author="tenmagnet" date=1236728002][quote author="IACRenter" date=1236680541]Just saw a new Las Colinas short sale come up on Redfin today: <a href="http://www.redfin.com/CA/Irvine/22-Gray-Dove-92618/home/7215424">22 Gray Dove</a>, asking $900K. Per redfin they purchased in Dec 2006 for almost $1.5M. This short sale is going to hurt but it will probably go back to the bank first. The additional $7500K/year in MR won't help sales either.</blockquote>


There?s a ton of debt on it.

Very surprised to see a short sale approved at $900K.</blockquote>


What's a quick way to see debt information of a property without getting a grant deed from OC county recording office?



Thanks!
 
[quote author="irvineowner" date=1236734654][quote author="tenmagnet" date=1236728002][quote author="IACRenter" date=1236680541]Just saw a new Las Colinas short sale come up on Redfin today: <a href="http://www.redfin.com/CA/Irvine/22-Gray-Dove-92618/home/7215424">22 Gray Dove</a>, asking $900K. Per redfin they purchased in Dec 2006 for almost $1.5M. This short sale is going to hurt but it will probably go back to the bank first. The additional $7500K/year in MR won't help sales either.</blockquote>


There?s a ton of debt on it.

Very surprised to see a short sale approved at $900K.</blockquote>


What's a quick way to see debt information of a property without getting a grant deed from OC county recording office?



Thanks!</blockquote>


Just ask.
 
Wow... that is actually a good price compared to what Plan 4s are selling for... it's upgraded and on a nice lot/location.



Is the $900k a short sale fishing price?



A year ago I probably would have jumped on that... but now that the Kool-Aid has almost drained out... I still think $900k is too high... even though that's my favorite plan at Los Colinas.



Portola Springs is just too far away from the rest of Irvine.
 
[quote author="irvine_home_owner" date=1236748584]Wow... that is actually a good price compared to what Plan 4s are selling for... it's upgraded and on a nice lot/location.



Is the $900k a short sale fishing price?



A year ago I probably would have jumped on that... but now that the Kool-Aid has almost drained out... I still think $900k is too high... even though that's my favorite plan at Los Colinas.



Portola Springs is just too far away from the rest of Irvine.</blockquote>


I don't have MLS access for this property but I doubt it has been short sale approved. They are probably fishing for the 1st buyer so they can get the place appraised, then will relist with new bank approved price or go REO.
 
We tried to make an appointment and see this property. The agent was not very nice and refused to submit an offer, even though its the law. There was something fishy about the listing and supposedly it's been sold, which I doubt. Has anyone heard of this type of thing being a scam?
 
First of all

22 Gray Dove has accepted an offer and they are waiting for approval the $900,000 was asking. But I know for a fact that there was a bidding war, so I am sure he sold it for more than what is listed. The lender only as to put the asking price, they don't have to tell the final offer during a short sale.

This is probably why you could not see it?



2nd Portola Springs is an unfinished community. It is suppose to be a premiere location in Irvine, with entrances to the Great Park and shopping centers (whenever those get started and finished). However due to our current economic situation Irvine Company decided to stop building instead of lowering costs to builders and home buyers. In 10 years Portola will be a top notch community in Irvine. Also there was suppose to be a sports park and hiking trails but all of that stopped too... due to the economy.
 
I agree that PS is great neighborhood but something still seems fishy about the listing. I find it hard to believe that a short sell can be listed, approved and taken off the market in 2 or 3 days.
 
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