Portola Springs - Serra

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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.standardpacifichomes.com/findhome/NeighborhoodIntro.aspx?NID=1414">Serra</a> (?? single family homes) in the City of Irvine


<strong>Builder:</strong> <a target="_blank" href="http://www.standardpacifichomes.com/">Standard Pacific Homes</a>


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


<strong>Tax Rate:</strong> The base tax rate is approximately 1.03%. The total effective tax rate is expected to be approximately 1.8% including assessment districts.


<strong>HOA Dues:</strong> Homeowner Association dues are anticipated to be approximately $175 per month.


<strong>


Plans:</strong>


Residence 1 - 4-5bd/3.5-4.5ba - 3431-3577 sq. ft.


Residence 2 - 4-6bd/4.5ba - 3693-3866 sq. ft.


Residence 3 - 5bd/4.5-5.5ba - 4084-4277 sq. ft.


Residence 3 with tower - 5bd/4.5-5.5ba - 4029-4379 sq. ft.





<strong><u>PRICING</u>


</strong><strong>


</strong><strong>Phase 1 (Picked up 1/20/2007)


</strong>Residence 1 - From $1,416,000


Residence 2 - From $1,653,000


Residence 3 - Currently Unavailable


Residence 4 - From $1,643,000





These are supposed to have views whereas the second phase won't and the pricing will reflect that.





<strong> Phase 2 (2/11/2007)</strong>


Site Plan Home size Price


162 2SCR 3693 $1,474,000


163 3MX 4084 $1,597,000


164 2SCR 3693 $1,557,000


165 3SBXR 4029 $1,527,000


166 1SCR 3431 $1,348,000


167 3MX 4084 $1,548,000





Site 164 is a corner lot hence the price difference with the other plan 2. 164 also has a longer driveway. Site 163 is also a corner lot with a slightly bigger yard then the other plan 3. This phase release also includes these upgrades as standard





1. SS KitchenAid Architect appliances (8-burner, oven, microwave, dishwasher


2. Solid Core interior doors (??? what is this?)


3. Case windows (thicker windows?)


4. Kitchen granite slab countertops (don't know if it includes island)


5. Custom framed mirrors in master and powder room





<strong>Phase 3? (4/29/2007)</strong>


Lot Plan Price

<p>138 3MR $1,635,000


139 2SC $1,532,000


140 3SCR $1,606,000


141 2SB $1,518,000


142 3MR $1,605,000


152 2SCX $1,432,000


153 3MXR $1,504,000


154 1SBX $1,358,000</p>

<strong> Phase 3 (Picked up 7/13/2007)</strong>


Residence 1 - From $1,472,000


Residence 2 - From 1,532,000


Residence 3 - From 1,530,000


Residence 3 w/ Tower - From 1,635,000 <strong> </strong>
 
<p>IIIrvine,</p>

<p>Cant't comment on Stanpac's price in general compare with other builders. However, I can confirm that Stanpac's option prices are the highest I have been seen among lennar, Richmond American, and William Lyon. They are pure highway robbery!!!</p>
 
Stopped by today at Serra... here's the latest





Phase 2 pricing:





Site Plan Home size Price


162 2SCR 3693 $1,474,000


163 3MX 4084 $1,597,000


164 2SCR 3693 $1,557,000


165 3SBXR 4029 $1,527,000


166 1SCR 3431 $1,348,000


167 3MX 4084 $1,548,000





Site 164 is a corner lot hence the price difference with the other plan 2. 164 also has a longer driveway. Site 163 is also a corner lot with a slightly bigger yard then the other plan 3. This phase release also includes these upgrades as standard





1. SS KitchenAid Architect appliances (8-burner, oven, microwave, dishwasher


2. Solid Core interior doors (??? what is this?)


3. Case windows (thicker windows?)


4. Kitchen granite slab countertops (don't know if it includes island)


5. Cusom framed mirrors in master and powder room






 
<p>New release prices:</p>

<p>Lot Plan Price</p>

<p>138 3MR $1,635,000


139 2SC $1,532,000


140 3SCR $1,606,000


141 2SB $1,518,000


142 3MR $1,605,000


152 2SCX $1,432,000


153 3MXR $1,504,000


154 1SBX $1,358,000</p>

<p>Does anyone know if they've sold out all the lots from the prior phase? They are the only builder that is reversing the trend and increasing prices. There was good traffic with one of the salespersons in a golf cart showing properties to a family.</p>

<p> </p>

<p> </p>

<p> </p>
 
I thought Sera has the best lots in the whole Enclave. The lots sit on higher elevation and some with killer views. Also the $1.5M+ market is the only on that is doing well.
 
Serra had some nice floorplans, they do seem to have better lots than the other builders. I didn't get a price sheet with lots, just starting from prices. We liked the plan 3 with the Loggia, but that takes up the Tandem garage space.





Phase 3


Residence 1 From $1,472,000


Residence 2 From 1,532,000


Residence 3 From 1,530,000


Residence 3 w/ Tower From 1,635,000





It appears that there are three more phases to go... we were the only ones there on a friday afternoon.
 
I heard about this on the radio this weekend and had to check out the website. . . I don't even know what to say about Stan Pac's desperation.





<a href="http://www.stanpacmissionpossible.com/">www.stanpacmissionpossible.com/</a>
 
An easy goal to achieve.





All they have to do is slash prices by 50%.





Oh, you mean they don't <em>really</em> want to sell 200 homes in 10 days?
 
In fairness to StanPac, a lot of depends on their development / builder agreements. With TIC, they are pretty much stuck with a small (and way overpriced) asking price range. If recent reports of cash flow issues are correct, I think they would cut prices significantly if it were in their control to do so.
 
They have 49 communities and want to sell 200 homes, that's just a little over 4 homes per community. That doesn't seem like a huge deal, but I guess it's realistic if they drop their prices. IMO, Serra seems way overpriced, by at least 30% in todays market and that's not even factoring further erosion in 2008/2009. I doubt TIC would allow for a 25% price cut that would be truly needed to move these homes.

<p>

for $1.6M for Plan 3 Serra, I'd wait for Orchard hills or Laguna Crossing.
 
<p>Here is a part of an advertising email I just received from Standard Pacific:</p>

<p><em>"Along with the rich elegance of inspired new home designs, Standard Pacific Homes' Serra at Portola Springs® is now offering some of the community's most desirable locations, alongside the Avocado groves and rustic hillside beauty. The serene beauty of these locations belies the fact that although you feel like you're deep in the country, you're really only minutes from Irvine's most popular shopping, schools, employment and entertainment. In addition to these rare opportunities, Serra will include a $70,000 Allowance* with the purchase of your home. Imagine how many of your design dreams could be fulfilled!</em></p>



<p>


<em>In the quiet of the grove locations, Serra's outdoor living areas become peaceful retreats. Come tour designs offering 3,431 to 4,379 square feet with 4 to 6 bedrooms, 3.5 to 5.5 baths and 2-car plus storage garages from the $1.5 millions. These gracious and dramatic designs welcome your family to the village lifestyle of Portola Springs® with its parks, shopping and natural beauty. See how the ambience of these locations and advantages of a $70,000 Allowance* combine to bring you the fulfillment of a home at Serra. Visit the sales gallery daily from 10 a.m. to 5 p.m. Tuesday through Sunday, and after 1 p.m. on Monday"</em></p>

<p>Alongside the Avocado groves and rustic hillside beauty? By rustic, do they mean charred?</p>



<p>


Advantages of a $70,000 Allowance? Seriously? 3% is supposed to be an incentive in this market? 3% in depreciation will be lost before the papers can be signed.</p>

<p>


In the quiet of the grove locations, Serra's outdoor living areas become peaceful retreats? Are roaring infernos quiet and peaceful? Maybe after they are over and you have no more neighbors?</p>

<p>


Call me nuts, but I think Stan Pac is going to have to come up with a little more than $70,000 to get these roast pigs sold.


</p>
 
Not to mention that those groves are the only thing between you and the 241 - and there aren't that many trees. If these are the lots I'm thinking of, they do have nice city views. Still, it's not worth $1.5M.
 
<em> Call me nuts, but I think Stan Pac is going to have to come up with a little more than $70,000 <strong>to get these roast pigs sold</strong>.





</em>The roast pigs gives new meaning to the hogs getting slaughtered.





That, nearly made spit my coffee out this morning. But, coffee on one keyboard is enough for me.
 
Maybe Stan Pac figures the buyer can use the $70,000 for some lipstick.<p>


I can't help but wonder if Stan Pac and/or IRC are reading this. (he-he)
 
I stopped by Serra a few days ago just for the hell of it. Although I was expecting it, I was still quite taken aback at the proximity of these houses to the burn zone. The inside of the houses smelled quite clean and fresh - I found that to be quite an impressive feat! You could practically reach out through a window and grab charred dirt.





Thanks, I'll pass.
 
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