Standard Pacific new homes coming to Tustin

NEW -> Contingent Buyer Assistance Program
T

test

Well-known member
From the agenda report:

Based on the evaluation process,  the specific terms,  conditions,  and purchase price
applicable to specific proposals were reviewed by the Tustin City Council.  Based on
this review,  the City Council directed staff to prepare an Exclusive Agreement to
Negotiate ( "ENA ") on Disposition Package 1 B with Standard Pacific Corp.
Disposition Package 1 is a vacant,  City -owned property of approximately 51. 375 acres
in size which is located east of portions of Legacy Road and Park Avenue,  currently
under construction by the City in conjunction with the Tustin Ranch Road Project.
Subject to entitlements and negotiations of the DDA and DA,  Developer proposed two
alternative designs for development of the site for consideration by the City.  The
development,  depending on the alternative selected by the City, would range from 231
to 238 units.
In addition,  approximately 7. 685 acres of the site would be devoted to a
public accessible park and open space greenbelt areas (to be owned and maintained by
a future HOA).
http://www.standardpacifichomes.com/

spf

 
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this actually has me wondering if buying something in Augusta now is a good thing.  It actually looks like the legacy plan is gaining momentum, the two companies that were not picked will likely get picked for later developments.  all the homes that end up getting built in Tustin Legacy are going to be purchased by high(er) income earners, which is going to lead to those schools being highly ranked, much like Tustin Ranch. Is Tustin Legacy a tustin ranch in the makiing?

test may be on to something here. what do you guys think?
 
Not sure the comparison is accurate... while the location is central there is stigma about Tustin Legacy that also haunts the Columbus villages.

Ironically, test likes to talk about the environmental issues at Woodbridge and Portola/Lambert... but TL being built on Tustin Air Base has its own issues.
 
qwerty said:
this actually has me wondering if buying something in Augusta now is a good thing.  It actually looks like the legacy plan is gaining momentum, the two companies that were not picked will likely get picked for later developments.  all the homes that end up getting built in Tustin Legacy are going to be purchased by high(er) income earners, which is going to lead to those schools being highly ranked, much like Tustin Ranch. Is Tustin Legacy a tustin ranch in the makiing?

test may be on to something here. what do you guys think?
Click to expand...

we signed the purchase agreements for an Augusta 3 and ended up cancelling within the courtesy 72 hours because we could not get past the toxic chemicals that are still found 6 feet below the houses.  i know its silly because had we bought on the other side of edinger, i can guarantee the same toxic elements would exist but of course, there would be no disclosures. 

everyone has different levels of comfort and for me, i just couldnt sign those disclosures.  i constantly felt that i am taking on a risk to save about $1000 a month compared to similar size houses in irvine. 

also, you are putting a lot of faith in the future of that community.  test has posted some beautiful renderings of what it will look like with the linear park but you just never know if it will happen or not.  the people who purchased 5 years ago were promised an elementary school and even had bonds that were specifically meant for that but TUSD screwed them and made it a continuation school claiming that there wasnt enough students in the community to justify a new school.  from my understanding, it looks like they will reevaluate in a few years so what was promised early could come 8-10 years later. 
 
btw, i think owning an investment condo or townhouse (if rent can cover the payments) makes a lot of sense as it can go up in value if the site plan pans out. 

when we looked, the numbers didnt work out but i am keeping my eyes open.
 
irvinehomeowner said:
Not sure the comparison is accurate... while the location is central there is stigma about Tustin Legacy that also haunts the Columbus villages.

Ironically, test likes to talk about the environmental issues at Woodbridge and Portola/Lambert... but TL being built on Tustin Air Base has its own issues.
Click to expand...

I understand what you are saying about the stigma (pollutants, etc), i think its easy to pay attention to the stigma when 80% or so of the land is barren and not much out there, but when its built out and if looks anything like what test has posted i think a lot of people are going to be willing to overlook any toxic chemical/underground pollution stigma much like it is ignored at Woodbridge because of the pretty lakes, location, low mello roos etc. i think if the master plan is developed as it is intended to this will end up being a rather desirable area, especially if the schools turn out to be highly rated. I did see a lot of asians living there when we toured the models at augusta recently :- )
 
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rkp said:
btw, i think owning an investment condo or townhouse (if rent can cover the payments) makes a lot of sense as it can go up in value if the site plan pans out. 

when we looked, the numbers didnt work out but i am keeping my eyes open.
Click to expand...

yeah i have done the same thing but i still havent gotten the numbers to work. part of me is glad that they dont since im not sure i actually want the headache of being a landlord.
 
i 100% agree that its easy to forget what it was once its built out.  i am sure if TI existed when one ford road was being built out, IHS would have ripped apart the fools living on a former industrial plant that had tons of crazy chemicals.  its easy to get caught up in the fears but no one will remember. 

frankly, everything i wrote above could be said about LR and i was and am still willing to buy there. 

to me its less about resale and more about personal level of comfort.  if you are fine with it, i think the floorplans and sense of community are awesome there.  just walking around, we met a host of folks and most seemed down to earth. 
 
rkp said:
qwerty said:
this actually has me wondering if buying something in Augusta now is a good thing.  It actually looks like the legacy plan is gaining momentum, the two companies that were not picked will likely get picked for later developments.  all the homes that end up getting built in Tustin Legacy are going to be purchased by high(er) income earners, which is going to lead to those schools being highly ranked, much like Tustin Ranch. Is Tustin Legacy a tustin ranch in the makiing?

test may be on to something here. what do you guys think?
Click to expand...

we signed the purchase agreements for an Augusta 3 and ended up cancelling within the courtesy 72 hours because we could not get past the toxic chemicals that are still found 6 feet below the houses.  i know its silly because had we bought on the other side of edinger, i can guarantee the same toxic elements would exist but of course, there would be no disclosures. 

everyone has different levels of comfort and for me, i just couldnt sign those disclosures.  i constantly felt that i am taking on a risk to save about $1000 a month compared to similar size houses in irvine. 

also, you are putting a lot of faith in the future of that community.  test has posted some beautiful renderings of what it will look like with the linear park but you just never know if it will happen or not.  the people who purchased 5 years ago were promised an elementary school and even had bonds that were specifically meant for that but TUSD screwed them and made it a continuation school claiming that there wasnt enough students in the community to justify a new school.  from my understanding, it looks like they will reevaluate in a few years so what was promised early could come 8-10 years later. 
Click to expand...

yeah there are a lot of "ifs" that need to happen for Tustin Legacy to happen but people are always looking for the next irvine and it could potentially be happening right next door and most of us just discount it because it has gotten off to a bad start, toxic land issues, etc. geez im sounding like Test.  i think if they were smart they would stick with true SFRs with decent yards and driveways and that would help them realize their goals.  if they just cram a bunch of condos and apartments and motor court homes than it probably wont be much of a desirable area.
 
The difference between Woodbridge and Tustin Legacy is I believe the plume issue was after and there were no disclosures to sign when people bought homes there (not even sure if there will be when The Branches are for sale).

Those 2 gigantic blimp lockers will always remind people of what the land was previously (I thought one was supposed to be demolished) and not being able to plant fruit trees (esp for FCBs) will also be a factor.

Additionally, the MRs are notably higher in Tustin Legacy than Irvine from what I remember so what you may save in purchase price gets eaten up by a tax bill.
 
irvinehomeowner said:
The difference between Woodbridge and Tustin Legacy is I believe the plume issue was after and there were no disclosures to sign when people bought homes there (not even sure if there will be when The Branches are for sale).

Those 2 gigantic blimp lockers will always remind people of what the land was previously (I thought one was supposed to be demolished) and not being able to plant fruit trees (esp for FCBs) will also be a factor.

Additionally, the MRs are notably higher in Tustin Legacy than Irvine from what I remember so what you may save in purchase price gets eaten up by a tax bill.
Click to expand...

1 will be torn down and the other will be a museum + ice skating rink. 

The MR of the early phases was very high but for augusta, it was in line with most of the irvine developments.  But while the MR was similar, the prop tax was 1.2% vs 1% so your total out lay was higher.  Nonetheless, with the purchase price being so much lower, your total monthly outlay was much less than anything we were looking at in Irvine.  See pic below for our comparison.  The $500K down is just an arbitrary number to get to a point where I can compare the total monthly nut.

1o378x.jpg
 
Interesting... last time we talked about this on the Augusta thread, MRs were $8000 for the Plan 3... how did they go down?

Although the comparison sq foot wise is close, a motorcourt home on a former base across from the train tracks doesn't compare to a driveway SFR in a quiet neighborhood on former farmland.

I will admit, the Plan 3 is compelling (mainly due to the 3CWG) at a $750k price... but location issues and environmental concerns do matter... why isn't Lambert Ranch in your comparison chart RKP?
 
if anyone would like to see it, i will gladly share my full spreadsheet.  i have some 20 houses on my comparison chart including LR of course :)

actually, i took out some of the lines but i had line items for designer credit and what we assumed to spend on interior and exterior so we can compare resales against new as well.  for example, that particular augusta plan 3 was the one we agreed to and they offered us a $30K designer credit which made it even cheaper!

your point about driveway or not, location, etc is valid but i dont have a way to model that numerically on a spreadsheet.  this allowed us to have a tool to discuss what we felt.  we can ask ourselves if it was worth $900 more to not have those risks and be in similar community or $1300 more to in a super community (amenity wise).  even comparing a motorcourt to a SFR in the same community is easier when you realize the delta might only be $200 more a month for a driveway and thats not that big of a deal.  the goal is to put a dollar amount to the decision...this kind of thinking stems from a decision analysis class i took at stanford and really makes it easier to decide how much the tradeoff is worth to you.  i would like to say there was no way in heck we would live on that base but if that delta was $2000, i am not sure i wouldnt live there. 
 
I'm assuming your $4500 MR number is accurate since you were almost under contract... but was the MR $8000 originally? Did it get lowered? Did TL reduce the bond costs?

P.S. I think your spreadsheet would make a good thread here or as a blog post on the IHB. You may want to change the down payment to a 20% outlay to also show the additional money you save by not having to put as much down.
 
irvinehomeowner said:
I'm assuming your $4500 MR number is accurate since you were almost under contract... but was the MR $8000 originally? Did it get lowered? Did TL reduce the bond costs?
Click to expand...

100% accurate.  it was never $8000 for augusta.  i can scan the tax sheets if you want to see.  other CS homes early on had the $8000 MR but augusta never did.

but the MRs at augusta do suck in that some of them are set to go up every year by 2% and some never expire. 
 
Rkp/IHO - the price sheet for Augusta said .8 to 1.0% for mello Roos. They didn't say which plan was what but clearly plan 1 is the .8 and the plan 3 is 1.0%
 
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