Stone Gate Santa Clara, Plan 2

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penumbra

New member
Hi Everyone,

Great website, and been a great resource for me.  I got the call to buy a Plan 2 at Santa Clara for $458,000 which is outrageous to me ($352/sqft) and wanted to know how much room I have for negotiations?  The last phase release had the same plan for about $435K.  I read on the board that TIC is pretty firm on negotiations, but this is the last phase for Santa Clara and I'm hoping there is some flexibility. 

I know Santa Clara isn't really beloved on this site, but I like the Plan 2 and my wife and baby need a new home.  I guess I just have to bite the bullet and go with it, praying we aren't in another bubble and the value won't decrease too much. 

The sales manager told me there were "tons of cash buyers" behind me, and that a recent plan 2 just flipped for $490K with no upgrades.  I hope she's telling the truth since I'm not sure if my purchase will appraise when the time comes. 

Thanks in advance!
 
penumbra said:
Hi Everyone,

Great website, and been a great resource for me.  I got the call to buy a Plan 2 at Santa Clara for $458,000 which is outrageous to me ($352/sqft) and wanted to know how much room I have for negotiations?  The last phase release had the same plan for about $435K.  I read on the board that TIC is pretty firm on negotiations, but this is the last phase for Santa Clara and I'm hoping there is some flexibility. 

I know Santa Clara isn't really beloved on this site, but I like the Plan 2 and my wife and baby need a new home.  I guess I just have to bite the bullet and go with it, praying we aren't in another bubble and the value won't decrease too much. 

The sales manager told me there were "tons of cash buyers" behind me, and that a recent plan 2 just flipped for $490K with no upgrades.  I hope she's telling the truth since I'm not sure if my purchase will appraise when the time comes. 

Thanks in advance!
Click to expand...
Welcome to the forum.  Unfortunately in the hot seller's market that we are currently in, there is zero room for negotiation.  TIC will make sure you feel lucky that they are offering you that Plan 2 for $458k.  The reality is that there are many buyers behind you ready to buy that condo for their asking price so they budge an inch when it comes trying to negotiate.  I can tell you that there are a ton of buyers out there so I wouldn't doubt what the sales manager told you.  I'd bet a lot of money that the property will appraise.  Good luck!
 
Welcome to TI penumbra.

After upgrades... you may be paying more.

Resale inventory is just so low that it's driving people to new home sales like crazy.

When Laguna Altura is selling and Lyon can charge $1mil for small homes on small lots... it's not a buyer's market.
 
Thanks for the quick responses.  Love this board. I've got an appointment to sign the PA tomorrow, and these comments made me feel a tad better moving into "Stinkgate".  The MR is pretty outrageous too, but I suppose being able to walk to Stonegate elementary makes up for it.  I feel like a "sheeple" swearing I wouldn't live in Irvine about 5 years ago (when my brother went to UCI).  Here I am, joining the club. 

Speaking of "Laguna Alturism".  What's going on across the street from it, up the hill?  I've got some wealthier friends looking at LA and coming out of the smaller gate onto Lake Forest appears to be some site work going on?  It looks like apartments further south on Lake Forest. 
 
We went to Laguna Altura about a three weeks ago on a weekend to get decoration ideas and Toscana had a sign on the door saying they were closed for the weekend to come back on monday. Not sure if maybe they were down to several units but for a new construction sales office to be closed on the weekend is pretty ballsy/insane. They must be really confident to do that.
 
penumbra said:
Hi Everyone,

Great website, and been a great resource for me.  I got the call to buy a Plan 2 at Santa Clara for $458,000 which is outrageous to me ($352/sqft) and wanted to know how much room I have for negotiations?  The last phase release had the same plan for about $435K.  I read on the board that TIC is pretty firm on negotiations, but this is the last phase for Santa Clara and I'm hoping there is some flexibility. 

I know Santa Clara isn't really beloved on this site, but I like the Plan 2 and my wife and baby need a new home.  I guess I just have to bite the bullet and go with it, praying we aren't in another bubble and the value won't decrease too much. 

The sales manager told me there were "tons of cash buyers" behind me, and that a recent plan 2 just flipped for $490K with no upgrades.  I hope she's telling the truth since I'm not sure if my purchase will appraise when the time comes. 

Thanks in advance!
Click to expand...

$352 is pretty crazy.  We got into Saratoga (Free-standing condo) with a corner lot premium at around $361/sq. ft.  The number will come down with the conservatory ($16,000 for about 130 square feet).  Just the way it is now.
 
usually the smaller sqft of a house, the higher $ per sqft so it is not straightforward to compare Saratoga and Santa Clara.

But I recall Santa Clara plan 2 is the most popular plan out of the 3; I can see why with the dual master + center island setup. So price is very firm as lot of buyers will gladly take it if you drop out.

You may feel paying too much but given the current climate, you should not feel too terrible of taking the plunge. - buy now or get priced out forever!
 
How much do you guys think I can rent the Plan 2 for?  That's a potential exit strategy down the road, but the parity appears to be quite large given the two IAC apartments at the corner of stonegate might put downward pressure on rent. 

I guess an attached garage will differentiate my unit enough for the IAC units.  I also like the dual masters with ensuites for potential renters (i'm thinking college students). 

 
My buddy rented his Condo in Woodbury.  He said because of the new apartments in Los Olivos and Cypress Village, he had to take a pretty big hit on what he could rent to stay competitive with the IAC.  Also Stonegate is pretty far from UCI...so for students to live this far out, would mean they are bargain hunting...I would assume more of small families would want to rent in Stonegate being close to the schools and all.
 
penumbra said:
How much do you guys think I can rent the Plan 2 for?  That's a potential exit strategy down the road, but the parity appears to be quite large given the two IAC apartments at the corner of stonegate might put downward pressure on rent. 

I guess an attached garage will differentiate my unit enough for the IAC units.  I also like the dual masters with ensuites for potential renters (i'm thinking college students). 
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I'd say probably around $2,300/mo +/-.  You do have a lot of competition from IAC apartments.  That's why it's better to buy 3+ bedroom home so you won't have to compete with IAC apartments since most all of them are 1-2 bedroom units.
 
penumbra said:
Speaking of "Laguna Alturism".  What's going on across the street from it, up the hill?  I've got some wealthier friends looking at LA and coming out of the smaller gate onto Lake Forest appears to be some site work going on?  It looks like apartments further south on Lake Forest.
Click to expand...
irvinehomeowner said:
Secret Valley?!?

I can't remember exactly but I think there are supposed to be homes south of Lake Forest too.
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Secret Valley a.k.a. Hidden Valley, Hidden Canyon etc...
Enclave of future homes south of Laguna Altura. Single family homes on large lots, possibly custom builds like Shady.

Old image but you get the idea--
jrus6e.jpg
 
penumbra said:
Hi Everyone,

Great website, and been a great resource for me.  I got the call to buy a Plan 2 at Santa Clara for $458,000 which is outrageous to me ($352/sqft) and wanted to know how much room I have for negotiations?  The last phase release had the same plan for about $435K.  I read on the board that TIC is pretty firm on negotiations, but this is the last phase for Santa Clara and I'm hoping there is some flexibility. 

I know Santa Clara isn't really beloved on this site, but I like the Plan 2 and my wife and baby need a new home.  I guess I just have to bite the bullet and go with it, praying we aren't in another bubble and the value won't decrease too much. 

The sales manager told me there were "tons of cash buyers" behind me, and that a recent plan 2 just flipped for $490K with no upgrades.  I hope she's telling the truth since I'm not sure if my purchase will appraise when the time comes. 

Thanks in advance!
Click to expand...

Go for it.

When did you get on the list for Santa Clara? I'm on Santa Maria and Cambria, and curious how long it took for your number to come up.
 
Yea, I signed the PA, so no backing out now.  I suppose even if the current seller's market proves to be a fluke, we'd be in the house for many years to come and hopefully come out the other end in a better shape.  I'm a bit of an Irvine bear, since I'm a skeptic.

I was on the wait list for about 4 months at Santa Clara.  They called me for a plan I didn't want once in Feb, and once in beginning of March.  I was also on Santa Maria but never got a call back.  I was in Santa Maria just yesterday and asked what the waitlist is looking like: about 6-7 months.  I'm not sure if that's accounting for the current SM work that's going on at the corner of Jefferey and Irvine Blvd.  I'd imagine there will be more supply coming online?  TIC will make you feel lucky you are overpaying for these condos.  I think that's what made me feel a bit disgusted at the whole process. 

I've got appointments with the design center to be further ripped off.  $170/can light. Ouch!  I guess it's better than doing that after closing. 
 
$170 seems reasonable for recessed lights.  Not sure how accurate DIY or HGTV is, but I heard on one of these channels that recessed lights could cost $200 per can if done by an outside contractor. 
 
If you ever look at the wiring needed for the canned lighting, it's worth it to do it through the builder...tearing up that much drywall is a pain.

$170 is for 3 lights.  You have to pay like $240 for one of the lights that is connected to the light switch.  So how it worked out was 3 x $170 1 x $240 per room.  If it's like the other developments they give you canned lighting in the greatroom as standard.  It's the bedrooms you have to add them to.
 
penumbra said:
Yea, I signed the PA, so no backing out now.  I suppose even if the current seller's market proves to be a fluke, we'd be in the house for many years to come and hopefully come out the other end in a better shape.  I'm a bit of an Irvine bear, since I'm a skeptic.

I was on the wait list for about 4 months at Santa Clara.  They called me for a plan I didn't want once in Feb, and once in beginning of March.  I was also on Santa Maria but never got a call back.  I was in Santa Maria just yesterday and asked what the waitlist is looking like: about 6-7 months.  I'm not sure if that's accounting for the current SM work that's going on at the corner of Jefferey and Irvine Blvd.  I'd imagine there will be more supply coming online?  TIC will make you feel lucky you are overpaying for these condos.  I think that's what made me feel a bit disgusted at the whole process. 

I've got appointments with the design center to be further ripped off.  $170/can light. Ouch!  I guess it's better than doing that after closing.
Click to expand...

Just curious, but did you ever get a call back from Santa Maria?
 
It's also worth noting that usually for new units they don't like to discount the purchase price, but rather tack on incentives like design center/closing cost credit.  A year or two ago when the market sucked these were the kinds of things you could negotiate for, not a straight up discount in the purchase price.  Of course now I think you'll be lucky to get anything.
 
quattroporte said:
penumbra said:
Yea, I signed the PA, so no backing out now.  I suppose even if the current seller's market proves to be a fluke, we'd be in the house for many years to come and hopefully come out the other end in a better shape.  I'm a bit of an Irvine bear, since I'm a skeptic.

I was on the wait list for about 4 months at Santa Clara.  They called me for a plan I didn't want once in Feb, and once in beginning of March.  I was also on Santa Maria but never got a call back.  I was in Santa Maria just yesterday and asked what the waitlist is looking like: about 6-7 months.  I'm not sure if that's accounting for the current SM work that's going on at the corner of Jefferey and Irvine Blvd.  I'd imagine there will be more supply coming online?  TIC will make you feel lucky you are overpaying for these condos.  I think that's what made me feel a bit disgusted at the whole process. 

I've got appointments with the design center to be further ripped off.  $170/can light. Ouch!  I guess it's better than doing that after closing.
Click to expand...

Just curious, but did you ever get a call back from Santa Maria?
Click to expand...

Nope, never got a call back.  that's Irvine Pacific for you.  They've got waitlists.  I wonder if they ever cross-reference these lists to see who's name is on multiple communities and strategically call the person up for only a certain community that's selling not as quickly? 
 
I don't think they ever cross check. I was on both lists for Laguna Altura and Stonegate. At the time, Laguna Altura sales were so desperate because no one were buying their overpriced homes at a terrible location and they kept calling me even though I already bought in SG.

penumbra said:
quattroporte said:
penumbra said:
Yea, I signed the PA, so no backing out now.  I suppose even if the current seller's market proves to be a fluke, we'd be in the house for many years to come and hopefully come out the other end in a better shape.  I'm a bit of an Irvine bear, since I'm a skeptic.

I was on the wait list for about 4 months at Santa Clara.  They called me for a plan I didn't want once in Feb, and once in beginning of March.  I was also on Santa Maria but never got a call back.  I was in Santa Maria just yesterday and asked what the waitlist is looking like: about 6-7 months.  I'm not sure if that's accounting for the current SM work that's going on at the corner of Jefferey and Irvine Blvd.  I'd imagine there will be more supply coming online?  TIC will make you feel lucky you are overpaying for these condos.  I think that's what made me feel a bit disgusted at the whole process. 

I've got appointments with the design center to be further ripped off.  $170/can light. Ouch!  I guess it's better than doing that after closing.
Click to expand...

Just curious, but did you ever get a call back from Santa Maria?
Click to expand...

Nope, never got a call back.  that's Irvine Pacific for you.  They've got waitlists.  I wonder if they ever cross-reference these lists to see who's name is on multiple communities and strategically call the person up for only a certain community that's selling not as quickly?
Click to expand...
 
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