Portola Springs - Sendero

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


<strong>Tract:</strong> <a target="_blank" href="http://www.johnlainghomes.com/sendero">Sendero</a> (110 attached flats and condominiums) in the City of Irvine


<strong>Builder:</strong> <a target="_blank" href="http://www.johnlainghomes.com/">John Laing Homes</a>


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


<strong>Tax Rate:</strong> The Mello Roos and property tax rate will be approximately 1.83%


<strong>HOA Dues:</strong> Sub Association $197; Master Association $175 at Build Out


<strong>Initial Deposit Required:</strong> $20,000


<strong>


Plans:</strong>


Residence A (Pathfinder) - 2bd/2ba - 1457 sq. ft.


Residence B (Innovator) - 3bd/3ba - 1949 sq. ft.


Residence C (Entertainer) - 3bd/3.5ba - 2106 sq. ft.


Residence D (Romancer) - 3bd/2.5ba - 1685 sq. ft.


Residence E (Traveller) - 2bd/2.5ba - 1312 sq. ft.





<strong><u>PRICING</u>


</strong><strong>


Phase 1A (Announced 20Jan07, Sales event 3Feb07)</strong>





Residence A - $542,880


Residence B - $657,880


Residence C - $672,880


Residence D - $595,880


Residence E - $532, 880


Residence F - $610,880 (no model)


<strong>


Phase 1A & 1 B (Prices effective January 18, 2007, Estimated COE December 2007)</strong><strong></strong>





<strong>Homesite Residence Address Price Approx. Square Feet</strong>





<strong>Building 18</strong>


96 FR 145 Pathway $600,880 1,752 - SOLD


97 DR 147 Pathway $575,880 1,685 - SOLD


98 F 149 Pathway $600,880 1,752 - SOLD





<strong>Building 17</strong>


91 C 136 Long Grass $666,880 2,106


92 CR 138 Long Grass $666,880 2,106


94 A 142 Long Grass $531,880 2,457


95 B 146 Long Grass $664,880 2,958 - SOLD





<strong>Building 16</strong>


100 ER 141 Pathway $507,880 1,312


101 DR 139 Pathway $575,880 1,685 - SOLD


102 C 137 Pathway $666,880 2,106 - SOLD


103 A 135 Pathway $531,880 1,457 - SOLD


104 B 133 Pathway $642,880 1,958 - SOLD







<p><strong>Price sheet as of August 30th, 2007:</strong></p>

<p><u>Home site Residence Price Size </u>


89 FR $600,880 1,752 sqft


90 DR $575,880 1,685 sqft


91 C $666,880 2,106 sqft


93 D $575,880 1,685 sqft


99 E $499,880 1,312 sqft SOLD


94 A $531,880 1,457 sqft SOLD


95 B $642,880 1,958 sqft SOLD</p>






<strong>Pricing as of 9/21/2008</strong>

Residence A - From the $500?s. Next availability early 2009

Residence B - From the $600?s. Next availability early 2009

Residence C - $578,880

Residence D - $540,880

Residence E - From the $400?s. Next availability winter 2008

Residence F - $551,880



<strong>Residence Key:</strong>


A - Pathfinder


B - Innovator


C - Entertainer


D - Romancer


E - Traveler


F - Explorer


R - Reverse Plan

<p> </p>
 
Nice.. I saw something online saying in the $600s so it's nice to know it's come down a little. Remember when the builders would launch a tract and indicate pricing to be anticipated in the $500s and it would end up starting in the $600s?
 
<p>Pricing</p>

<p>Phase 1A: Announced 20Jan07, Sales event 3Feb07</p>

<p>Res A- $542,880</p>

<p>Res B- $657,880</p>

<p>Res C- $672,880</p>

<p>Res D- $595,880</p>

<p>Res E- $532, 880</p>

<p>Res F- $610,880 (no model)</p>

<p> </p>

<p>SCHB</p>
 
<p>their phase 1 sales event is this saturday. anybody checking this out? i'm curious to see what kind of interest (if any) is out there. </p>
 
<p><em>"I'm baffled by those floorplans. 1 bedroom per floor? 3 floors? Bizarre."</em></p>

<p>Might work well for a roomate situation, but I don't see it serving a small family. Lennar's Camden Place has a similar floorplan (3).</p>

<p>SCHB</p>
 
I checked out the parking lot about an hour ago (9:30am) and it was full and overflowing.



Who would actually want to buy one of these funky little units? If you're out there, please help us understand!
 
<p>I will try to help since I have the opposite view that there is nothing more annoying then having a bunch of bedrooms all right next to each other and all on the same floor! If you have an infant, that's different, but for many of us, including but not limited to people without kids, single professionals, baby boomers and lots of others, it's REALLY nice to have friends, relatives and other guests over and they can have some privacy. 1 bedroom on each floor would be GREAT for a family like mine (young professional couple with no kids) who can have 1 set of inlaws over and who have friends all over the country who can stay comfortably and not worry that your host can hear you tossing, turning and whispering in bed.</p>
 
It does sound like a silly floor plan- and I am sure baby boomers want nothing to do with climbing 3 flights of stairs.
 
<p>you're right - forget twhat I said about the baby boomers. I hear the baby boomers are lining up for the plans with the master suite on the 1st floor. The master suite floor plans in Astoria (columbus square) and Ciara (columbus grove) are sold out.</p>
 
irvinesinglemom: you have to be at least a little interested in those "funky little units" if you just happen to drive by during the sales event at 9:30 am!
 
Sendero in my opinion is actually not too bad. I think only Plan C has 1 bedroom per floor correct? That would work really well for rommate situation like SCHB pointed out. Other floorplans are actually decent, single family home style.





I am a bit surprised to hear that new releases sold out. I guess builders realize that initial release is the window of opportunity thus put a lot more marketting effort into them now and price it "right" the first time. If you miss that window, it is usually harder and harder to sell in the next few weeks, just like resale home.
 
sportsfan8: nope, I'm really not at ALL interested in Sendero's funky little units. I am, however, unabashedly fascinated with Irvine real estate in general. That's why I checked out the parking lot: I wanted to see what kind of interest there was at their sales debut.
 
The pricing at Sendero and Verandas is what is generating all of this 'sales' activity. Although there are many of us who wouldn't buy right now, there are definitely people who still are. I think if you compare the pricing here to some of the resale homes in Irvine, you'll see that it's a relatively better deal. (I haven't actually done this exercise but that's what my guess is)
 
so john laing homes will adjust your price before escrow if it happens to go down on subsequent phase releases. anybody know if other builders are doing this?
 
<p>Despite the apparent HTML problems, yes, other builders will do this. And I'll add my editorial content..."happen to go down" underplays the importance and likelihood of this risk. </p>

<p>Laing will apparently put the guarantee in writing, others won't, but it all comes down to the size of your deposit. Any price adjustment in excess of your deposit, and you have the upper hand on the builder. When it comes down to the day of closing escrow, you can always threaten to bail if they don't adjust you. Of course, this is a much bigger game of chicken when the deposit is $20k instead of $5k.</p>

<p>One counter argument is that they could let you walk (keep your despoit) and sell your property to someone else. But the reality is that they wouldn't be lowering prices if they had a waiting list of people waiting to buy. Even if they turn your property around quickly, they'll have more than a month of carrying costs and the risk of additional incentives to get it purchased.</p>

<p>SCHB</p>
 
SCHB - do you know if builders these day would start construction immediately or wait until most of the lots are sold? If builders are willing to adjust price before close of escrow, then it definitely boosts consumer confidence. Many bears says spring of 2007 should "tell it all". Most people signing up contract now will have 6-7 months until close of escrow so they can watch what happens to the market.
 
<p>Red, I think most builders have been dr-a-a-g-g-i-n-g out their phase releases so they have at least some of the units "sold" before breaking ground. Truth is, I don't know with any certainty. I know last fall many of the Portola and Columbus builders were trying to sell inventory that was already well underway or finished. And I don't think they've worked through all that backlog.</p>

<p>Some have throttled back, so that is a good question about the current situation.</p>

<p>The folks signing up now might be in the best position in a while to see how things develop over the next 6 months. You could get a decent deal if you are willing to walk away from your deposit when push comes to shove.</p>

<p>SCHB</p>
 
SCHB - Thanks. One advantage of sluggish market is you can take time checking out different communities and pick the perfect lot for your home. Now with the price guarantee it does seem like a good deal. But of course we know that the bears would revise their prediction if 2007 spring is (dead-cat) bouncing :)-.
 
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