[quote author="Roo" date=1250318572][quote author="usctrojanman29" date=1250311713][quote author="PANDA" date=1250311606]Just received this email today. $306ppsf. What do you guys think?</blockquote>
Yeah, but you aren't factoring the HUGE Mello Roos and HOA fees.</blockquote>
Not sure what the exact upgrades are and the cost of landscaping. Wasn't IR saying the cost of new vs old should be 10% less...making this home closer to $335/sf. Not bad, but not quite there yet (of course).</blockquote>
I saw the Serra houses a few weeks ago. I thought the houses are decent, but layouts might not suit everyone's taste. The model 3 listed in the email at $1.289 million has no view and some basic upgrades, such as library with fireplace in lieu of garage storage, granite counter with backsplash, spanish scroll iron on the staircase handrail, but nothing major. No flooring upgrade, bathroom upgrade, etc. For a house that big, you are probably looking at another $100k. You probably want to throw in another $100k for the landscaping unless you want the most basic front yard and back yard that will probably look out of place with your $1.4 million dollar home. The way I see it, it's most likely going to cost you at least $1.5 million after everything. I think this particular house won't be completed until November, and based on what they told me, the price is not all that negotiable since it's still under construction. You might be able to squeeze some upgrade incentives out of them, but not sure how much. If you are really interested in the Serra houses, you might want to check out the two quick-move-in homes on their website, a model 1 listed at $1.367 million and a model 3 listed at $1.427 million. Both are already built homes that fell out of escrow. Upgrades are pretty much done, but you'll still need to do the landscaping yourself. Based on what they told me, you might have some negotiating room on these houses since they fell out of escrow and the builder wants them sold ASAP. If you don't mind having the master bedroom on the first floor and all the other bedrooms upstair, then I think you might want to check out the model 1 house. It sits on the top of hill on Smallgrove, and has a large lot with great view of Irvine and Newport. In my opinion, those houses on top of the hill on Smallgrove are the only ones worth buying at Serra since they are the only ones with any view. The rest of them just have a small yard with either neighbor houses or the fire hazard hill next to your backyard.
I personally like Vista Vallarta down at Aliso Viejo better, slightly cheaper, and better floor plans, but of course it's not Irvine even if it's only 15 minutes away.
Also if you are thinking about buying a $1.5 million dollar home, you are getting into the range of Turtle Ridge and Newport Coast, which to me are still much nicer areas than Portola Springs or Woodbury.
