Sales at The Groves in Orchard Hills slowing down?

NEW -> Contingent Buyer Assistance Program
WTTCMN said:
Does this mean no more sagewood?  You waited too long man. That ship sailed last year so I guess might as well wait longer ;)
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I'm still going to the phase releases to see if I can land a favorable lot.

...and to see who my potential neighbors would be.

The 2nd part is a little scary. lol

10A has nothing I want.  10B is more interesting.
 
Hopefully you don't have neighbors that dry their towels on the balcony or leave their shoes out on the front porch.  ;)

I see that driving around..  glad I don't live right next to them.
 
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We all know Amelia and Trevi are selling well.  The New Home Company always does well.

We all know TM is doing poorly.  Just look at all the MLS listings for Capella and Saviero.

What is going on at the other ones in the Grove? 
 
lovingit said:
We all know Amelia and Trevi are selling well.  The New Home Company always does well.

We all know TM is doing poorly.  Just look at all the MLS listings for Capella and Saviero.
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lovingit said:
Just curious, why do you say that Capella and Saviero are doing poorly?  We almost bought a house in Capella.  I thought that Capella is doing well because it sold out fast up to phase 3, while other homes in the Groves are only up to phase 2, and still selling 3.  I was told that, Capella had to slow down its' sales to catch up with the other builders.  That's why they are not releasing phase 5 yet.

What is going on at the other ones in the Grove?
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Look at the price/sq ft of homes in the resale market.  Some are in the mid to high $400.  So would you buy new at this price or 15 year old NP or NWP at same or higher price/sq ft?  You would think that OH would be selling like hot cakes because of this.
 
I'm scratching my head on why Amelia is selling well.  All interior lots with no views, all lots around 6400 sq ft, all homes well over $2M all in.  Trevi is another class of buyer, but if I was in the market for Trevi, I would wait for Hidden Canyon.

NWP/NP vs OH is personal preference.  New vs resale.  Formal rooms vs great room.  Both have their pluses/minuses.

I think everything is slow right now.  But, OH has lots of inventory at around the same price point.  The next couple of months will be enlightening if sales pick up or slow down further.  The buyer pool for $1.5M+ homes isn't that big.
 
lovingit said:
We all know Amelia and Trevi are selling well.  The New Home Company always does well.

We all know TM is doing poorly.  Just look at all the MLS listings for Capella and Saviero.

What is going on at the other ones in the Grove?
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You cant rely on MLS listings as an accurate gauge of who is doing poorly.
Other builders have inventory but are just relying on their sales office instead of MLS.
So, it might be that TM is quicker to MLS than the others. 

Capella was among the best selling product in OH.
But as sales in bigger product slowed and Capella raced ahead, the prices started to converge.
You cant get La Vita for $1.4M, it's still a few hundred thousand more than Capella.
If you were willing to pay that for a bigger yard, you'd still have the whole motor court/communal living issue.
Whether that's worth it or not is a personal decision, but I'd give Capella the edge.

That being said, Saviero is probably the worst selling product in OH.
The design of those homes leaves a lot to be desired- IMO.
 
OCgasman said:
The buyer pool for $1.5M+ homes isn't that big.
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Bingo!

There are a lot of high income buyers with high down payment or full cash.  But when the home price reach at The Grove's level, the buyer's income and wealth really reaches the top 1% level.  There's relative fewer 1%er than 5%er.  The Grove is the 1-percent-ville.

I still think The Grove is selling relatively well at this moment for their home at these price range and number of home sold. 

 
WTTCMN said:
lnc said:
OCgasman said:
The buyer pool for $1.5M+ homes isn't that big.
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Bingo!

There are a lot of high income buyers with high down payment or full cash.  But when the home price reach at The Grove's level, the buyer's income and wealth really reaches the top 1% level.  There's relative fewer 1%er than 5%er.  The Grove is the 1-percent-ville.

I still think The Grove is selling relatively well at this movement for their home at these price range and number of home sold. 
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I think they're selling relatively well too given price point and market conditions. But what were the expectations?  Sounds like Ipac and the gated side builders thought this project was going to be a home run.
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I think that's the point.  It's a relative home run given market conditions.
 
OS said:
ob1 said:
WTTCMN said:
ob1 said:
I think that's the point.  It's a relative home run given market conditions.
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Relative home run. Is that like reaching third base?
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I guess so-- if everyone else is striking out.
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Are they? I don't sense the pace of sales at OH is ahead of any other developments.
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orchard hills is doing much better than for example sausalito at stonegate, which is also in the 1.4-1.5 range.  they've been around since october or november last year and their sales have been seriously lagging.  capella is in phase 4/5 in 3 months, while sausalito is in phase 4/5 with lots of homes left in early phases in 11 months or so.
 
ob1 said:
lovingit said:
We all know Amelia and Trevi are selling well.  The New Home Company always does well.

We all know TM is doing poorly.  Just look at all the MLS listings for Capella and Saviero.

What is going on at the other ones in the Grove?
Click to expand...

You cant rely on MLS listings as an accurate gauge of who is doing poorly.
Other builders have inventory but are just relying on their sales office instead of MLS.
So, it might be that TM is quicker to MLS than the others. 

Capella was among the best selling product in OH.
But as sales in bigger product slowed and Capella raced ahead, the prices started to converge.
You cant get La Vita for $1.4M, it's still a few hundred thousand more than Capella.
If you were willing to pay that for a bigger yard, you'd still have the whole motor court/communal living issue.
Whether that's worth it or not is a personal decision, but I'd give Capella the edge.

That being said, Saviero is probably the worst selling product in OH.
The design of those homes leaves a lot to be desired- IMO.
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I agree - some builders use MLS more than others. I was just at Capella today - there are only 4 total homes available right now (which are the 4 listed on mls) the rest of phase 4 is sold out. They are about to release phase 5 but have to hold back so that the design center can catch up with the new purchases and get everyone in by the cutoff dates.  And a significant number of homes in phases 5-10 are already pre booked and simply awaiting phase release so they can sign the purchase agreement.
I would not say at least Capella is doing poorly by any means. I can't comment on saviero but I agree, I wasn't impressed by these homes. 
 
Everyone has standing inventory right now, including TNHC.  I think the non-gated side is doing worse, but can't confirm.  It seems like the desirable lots for each builder are selling briskly with multiple people wanting those lots, the smaller lots are languishing.  It's definitely not 2005-2006.
 
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