Portola Springs - Manzanita

NEW -> Contingent Buyer Assistance Program
The profit split may have changed within the last few years but , as keith said, builder profit is capped at 10% (or less after misc. costs) by TIC. Everything beyond that belongs to TIC. It's a highway robbery at best.





And keith, correct me if I'm wrong, but I don't think the $125 psf figure is direct construction cost. Does your figure include all soft costs? We are building out in the Antelope Valley and our direct costs per SFR is $55 psf.
 
<p>EvaL---The gap between the land cost, actual sales price and Richmond's ten percent is the total profit that goes to TIC. As sad as it is, TIC profits more off each home sold rather than the builders. No builder has ever received over 12% profit on any project. Also, flooring and option concessions must be figured in as well as carry costs for the models and parking lot since those lots are purchased ahead of time with no direct return on profit. Interior design, included options and landscaping are all costs that are included with the 'carry cost' until the models are sold. TIC lets you recover your 'marketing' costs before they figure out profits. With this type of market, Richmond is lucky to get a 8.5 % profit off of Manzanita.</p>

<p> </p>

<p>Raymond--I dont think your Antelope Valley homes are designed by Rober Hidey and come with wrought iron fixtures that are 5,000 a piece at cost to the builder's purchasing department. And i dont think you hire Anne Mattison to consult on your exterior stucco coloring or Barbara Stowers to consult on your 'diverse' elevations that are not completly the same across each floorplan. Manzita has a high framing cost.</p>
 
<a href="../../../account/340/">keitht925</a>,





I asked whether your $125 psf figure was the direct construction cost. According to your reply, I'm guessing it isn't.
 
<p>TIC owns everything in Irvine so they have the upper hand. So they will squeeze anyway they can. Too bad, they builders have to accept TIC's terms or need to get out.</p>
 
<p>New Pricing - Picked Up 11/03/07</p>

<p> </p>

<p>Plan One - $754,800</p>

<p>Plan Two - $774,000</p>

<p>Plan Three - $832,000</p>

<p> </p>

<p> </p>
 
I talked to the sales agent today, she mentioned that incentives are available. BTW, the homes are not built yet, and they are scheduled to move -in in April 08
 
Visited today. Sales agents were very eager to "sit down and talk about what we can do to make something work." I have no doubt that one could negotiate Plan 3's to 800K or below, most especially Unit 5, which is already built and has fallen out of escrow. I personally would never purchase one of these homes...they all have a very nice view of the toll road, which practically runs through the back yard.





More detail to supplement BethN's post:





Plan One


Unit 21 $754,900





Plan Two


Unit 8 $774,000


Unit 20 $804,900





Plan 3


Unit 5 $832,000





Plan 3X


Unit 7 $864,000








"Standard" included features on all units are granite slab with 6" backsplash in kitchens, stainless steel GE Profile microwave/slide out hood, 5 burner gas cook top, 30" single self cleaning convection oven, and multicycle dishwasher.
 
<p>I love these homes. . .great wide open floors. However, I would never buy in PS. . . too darn far away from the freeway.</p>

<p>The new prices are incredible. . .that is like a 20-25% drop in one year plus incentives and still no takers.</p>
 
Just visited Manzanita yesterday and got the price sheet. No change in prices except for plan 3x (with 3rd floor loft) was listed for $879,900 (up from $864,000).
 
Has anyone tried to negotiate with the builders on plan 2? What is the best deal anyone has been able to negotiate down to?



I would love to buy one these homes? $804,900 is bit of a stretch, but i can comfortably afford in the mid $600's. Any idea if prices may fall to those level? Also, what phase is Manzanita in on their development? Are they opening up only 3-4 homes a phase like Villa Rosa - Woodbury?
 
Here is a nice comp killer that just came up:



Plan 1: $699,990

Previous Sale (12/19/2006): $939,000 <span style="color: red;">(-25%</span>)



Ouch



<a href="http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087">http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087</a>
 
[quote author="BLUE FIRE" date=1213151575]Here is a nice comp killer that just came up:



Plan 1: $699,990

Previous Sale (12/19/2006): $939,000 <span style="color: red;">(-25%</span>)



Ouch



<a href="http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087">http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087</a></blockquote>


Ouch is right. Very interesting.



SCHB
 
21 Conservancy



Purchased 12/19/2006 from the builder for $939,000

- Loan 1: $750,900 (80%)

- Loan 2: $187,725 (20%)



Silly me for thinking 80/20 meant a 20% downpayment...
 
That's awesome. The buyer put down $375 on a nearly $1M home. I don't know why this still amazes me given all the properties IR profiles every day and all of the bad notes that we know are still out there, but it is truly mind boggling. Its a strange feeling...the rational side of my brain still cannot entirely grasp the stupidity of our "modern" financial system over the last number of years. Anyone who continues to think that we still don't have a long way to fall is out of their mind.
 
Stopped by Manzanita today and here are the new prices.



Plan One - $700,341 from $754,800

Plan Two - $774,000 from $765,503

Plan Three - $830,341 from $832,000



In this trip, I am really starting appreciate the open space in Portola Springs more than Woodbury, Northwood II, and Pasadera in Glenwood in Aliso Viejo. I really appreciate the fact that the homes are built around the hills and the mountains giving the homes a nature's touch. The downfall of Portola Springs is definitely the high Taxes and HOA. Woodbury and Northwood II just feels like a mass production of homes on a grid. The only reason i was looking into Aliso Viejo was because you can a brand new single family home for $250 - $260 per square foot, but i am not really not digging the area. Irvine feels to me like driving a BMW whereas Aliso Viejo feels like driving a Ford.
 
I've got to disagree NSR. Even when fully built out PS will still be surrounded by a swath of open space. They'll never build on top of the 241 ;)
 
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