Ravello at OH Groves

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The cost on Ravello started high then the market caught up with it, IP has recently pushed a little ahead of market I feel with the last few releases.  Larger plans starting around 2.2 - 2.3 and the smaller plan 4 and 5 starting at 1.9 is just a bit much imho.  I'm happy the first phase didn't sell immediately as well.
 
On a slightly different note - I was suprised to see IP list a Fresco plan 2 (EW) on MLS at 1.64 M base price as I thought this plan was selling very well for them. In any case , it went pending in less than a week, which tells me the market gave the nod for the high price of 1.64 M base price for a 2600sqt house.
 
I believe the Plan 2 Fresco was at Eastwood not the Reserve.  I think (not for sure) the cost at Reserve is higher.  We looked and considered the Fresco as well at Eastwood but after driving through the neighborhood at 5:30 in the evening and smelling the asphalt smell everyone has been upset about it was a no go for us.
 
Weird, I?ve lived in orchard hills since 2015. I?m an avid runner and will run the Grove loop, reserve loop, and the culver loop and I have NEVER smelled asphalt. Only time I smelled asphalt is when they slurry seal certain streets
 
Even at Eastwood, I haven't smelt Asaphalt for more than a year now. I can only speculate that the plant has gotten better with its emission controls.
 
IP products will sell eventually at the price IP wants! When Fresco debuted, everyone balked at the price....now they look like bargain. I should have pulled trigger in phase 5 of EW Fresco - over 150K equity in 6 months!
 
Irvinehomeseeker said:
IP products will sell eventually at the price IP wants! When Fresco debuted, everyone balked at the price....now they look like bargain. I should have pulled trigger in phase 5 of EW Fresco - over 150K equity in 6 months!
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When there is a serious lack of true SFR 4bd/3ba homes, they'll sell all of their homes eventually.
 
Agree. Fresco plan 1 at EW now almost 1.6M at base. I think whoever bought Fresco plan 2 at 1.64M base  posted to MLS 2 weeks back did the right thing. At this rate if you think 1.9M for Ravello is too high, who knows the same may be over 2 M by year end.
 
If interest rates stay the way they are (not likely to change any time soon) in conjunction with low inventory (no significant SFR developments being released all at the same time like a Pavilion Park or Reserve when first released) I think you could be right about the prices moving right past 2 million.  Whether or not we all here feel the prices are justified it's just the law of supply and demand.

 
Slevinkelevra said:
If interest rates stay the way they are (not likely to change any time soon) in conjunction with low inventory (no significant SFR developments being released all at the same time like a Pavilion Park or Reserve when first released) I think you could be right about the prices moving right past 2 million.  Whether or not we all here feel the prices are justified it's just the law of supply and demand.
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On interest rates, they have largerly been the same between Jan and now. During the same time prices for Fresco plan 1 as an example have gone from.1.425 to 1.6M, an increase of 175K. At a low but relatively unchanged rate of 2.75%, thats still about 700$ more per month if i am financing the additional 175K. Unless my salary increased rapidly , paying an additional 700$-800$ ( factoring in Property taxes) is hard  Not sure how many buyers face this situation. Other alternative is you got  strong returns from other investments for a bigger down payment. 
 
Irvinehomeseeker said:
Slevinkelevra said:
If interest rates stay the way they are (not likely to change any time soon) in conjunction with low inventory (no significant SFR developments being released all at the same time like a Pavilion Park or Reserve when first released) I think you could be right about the prices moving right past 2 million.  Whether or not we all here feel the prices are justified it's just the law of supply and demand.
Click to expand...

On interest rates, they have largerly been the same between Jan and now. During the same time prices for Fresco plan 1 as an example have gone from.1.425 to 1.6M, an increase of 175K. At a low but relatively unchanged rate of 2.75%, thats still about 700$ more per month if i am financing the additional 175K. Unless my salary increased rapidly , paying an additional 700$-800$ ( factoring in Property taxes) is hard  Not sure how many buyers face this situation. Other alternative is you got  strong returns from other investments for a bigger down payment.
Click to expand...

The other factor which I did not mention is that apparently there is an influx of buyers moving from the bay area (tech which are working remotely) and their stock options are in fact creating large down payments and comparing to the areas they are moving from they are getting more for their money.  (sales associate at one of the IP developments shared off the record with me)
 
Slevinkelevra said:
Irvinehomeseeker said:
Slevinkelevra said:
If interest rates stay the way they are (not likely to change any time soon) in conjunction with low inventory (no significant SFR developments being released all at the same time like a Pavilion Park or Reserve when first released) I think you could be right about the prices moving right past 2 million.  Whether or not we all here feel the prices are justified it's just the law of supply and demand.
Click to expand...

On interest rates, they have largerly been the same between Jan and now. During the same time prices for Fresco plan 1 as an example have gone from.1.425 to 1.6M, an increase of 175K. At a low but relatively unchanged rate of 2.75%, thats still about 700$ more per month if i am financing the additional 175K. Unless my salary increased rapidly , paying an additional 700$-800$ ( factoring in Property taxes) is hard  Not sure how many buyers face this situation. Other alternative is you got  strong returns from other investments for a bigger down payment.
Click to expand...

The other factor which I did not mention is that apparently there is an influx of buyers moving from the bay area (tech which are working remotely) and their stock options are in fact creating large down payments and comparing to the areas they are moving from they are getting more for their money.  (sales associate at one of the IP developments shared off the record with me)
Click to expand...

Thats a good point. I heard the same about tech folks from Bay area driving up prices in Irvine and in Texas. The stock options give them the power to bid up, and IP gets their buyer pool there.
 
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