Portola Springs - San Carlos

NEW -> Contingent Buyer Assistance Program
they only built 50 homes of the 152. they said that they (william lyons) are going to build a whole new townhome project on the remaining land in the future (date unknown).
 
[quote author="BLUE FIRE" date=1213339995][quote author="24inIrvine" date=1213338955]2 properties as in 2 houses or 2 properties as in 2 tracts? what is the other one? Also, what are they planning to do with the space that was there? Wait to build until 2011 like Orchard Hills?



Also, does anyone happen to know how many they actually built out of the 152 they were planning to build?</blockquote>


The other tract in PS that is closing is Decada.</blockquote>


Don't forget about Prado that never even opened. What became of the models for that tract?
 
San Carlos released their final phase today and here are the prices:



A1 - $309,990

A2 - $324,990

B - $364,990

C1 - $452,990 (sold out)

C2 - $469,990 (sold out)

D - $447,990

E - $474,990 (sold out)

F - $444,990



The sales woman said that the models will go on sale sometime next year. They are also offering $20,000 incentive (for upgrades or closing costs) if you use the builder's lender.
 
[quote author="awgee" date=1200179855]Graph - I think you correct, and I think some are sill in the denial stage, or a combination of the three. Check out the first post in the main blog today.</blockquote>


Funny, eight months ago some still considered me a nutter, and sadly some do this day. But were you talking about this <a href="http://www.irvinehousingblog.com/blog/comments/house-price-to-income/">post</a>, gotta show some love for the IndyCrap team, or were you talking about <a href="http://www.irvinehousingblog.com/blog/comments/wot-1-12-2007/">this one</a>? Sorry, I love the flash backs for historical content, it makes me feel like a nutter for not being pessimistic enough.
 
Sweetness, Nice !!!



San Carlos are now the same prices as that of the Casalon tracts in Quail Hills back in 2003 which has pretty much the same square footage size. Man, I can't believe i was crying driving back to John Wayne Airport when someone else took the A2 plan 5 years. It is very embarrassing thinking about it now as I thought to myself that i missed an investment opportunity of a life time. I have feeling that the decline that is to occur in 2009 is going to outpace 2008 by a wide margin. Fasten your seat belts as this is just the beginning.



Panda
 
[quote author="PANDA" date=1219024449]Sweetness, Nice !!!



San Carlos are now the same prices as that of the Casalon tracts in Quail Hills back in 2003 which has pretty much the same square footage size. Man, I can't believe i was crying driving back to John Wayne Airport when someone else took the A2 plan 5 years. It is very embarrassing thinking about it now as I thought to myself that i missed an investment opportunity of a life time. I have feeling that the decline that is to occur in 2009 is going to outpace 2008 by a wide margin. Fasten your seat belts as this is just the beginning.



Panda</blockquote>


Yep, a 2003 roll-back.
 
[quote author="Quail_Hill_Renter" date=1218985692]Yup. I have the price sheet with me. I was also surprised by the large price drops.</blockquote>


They just want to get out and sell quick the final phase. Plan F is rental parity...or very close... ($445k + 10% of upgrades / 160 = $3,000).
 
I like plan F the best. The second and third bedroom are small but for someone without kids its perfect (home office and guest room). The original price was over 600K, so its probably one of the largest price reductions.
 
So is everyone in an agreement that this is a good buy? $289/square foot in Portola Springs is not bad but is it possible that it may go down to the $230/$250 range? I believe when Calason in Quail Hills opened up in 2002 the phase 1 prices started at $359,900 for 1500 square feet town homes. Keep in the mind the high HOA fees of $315 a month and 1.9% tax.



No kids yet so I am sort of tempted to buy the F plan. Graph what's your opinion? I need learn to be more patient.



"Let the prices come to me." "Let the prices come to me."



Panda.
 
Tricky. If you like woodbury and/or PS then it's an okay deal...7 years from now if you want to move out you can always rent it out...rents will keep creeping up due to the low value dollar and inflation. Sure the condo market is a lil saturated, the one good thing is that the builders are closing out their condo projects...the market will shrink.
 
What would it cost to rent the plan F? Would you be able to rent out the Plan F for $3000 without problems? Currently thinking about living in San Carlos for about a 1-2 years, renting it out, and then moving up to an SFR?



I did notice that this is the last and final phase of San Carlos. I remember when i first visited San Carlos, prices were above $600,000.



Panda
 
Right now you can could get $2800-3100 for a plan F. Irvine corp has equivalent apartments for $3000-3200k over here in The Village. They have zero problems filling them.
 
[quote author="PANDA" date=1219103493]What would it cost to rent the plan F? Would you be able to rent out the Plan F for $3000 without problems? Currently thinking about living in San Carlos for about a 1-2 years, renting it out, and then moving up to an SFR?



I did notice that this is the last and final phase of San Carlos. I remember when i first visited San Carlos, prices were above $600,000.



Panda</blockquote>


You've got a good amount of cash sitting around. You would need downpayments of $80,000 for this condo, plus another $150,000-$200,000 fore another home in 1-2 years. Good for you. I would like to do somehting similar, but I don't have enough cash to have 2 downpayments.
 
[quote author="PadreBrian" date=1219110128]Right now you can could get $2800-3100 for a plan F. Irvine corp has equivalent apartments for $3000-3200k over here in The Village. They have zero problems filling them.</blockquote>




How do you know this?





I'm surprised that the rental rates and vacancy times for $3k/month rental apts aren't getting hit a bit more by the economy.
 
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