Stonegate...???

NEW -> Contingent Buyer Assistance Program
I think IR means vacancy problems with existing apartment complexes and adding these new apartment complexes will just exacerbate the problem.
 
The civilian labor force shrank by 19,300. Uh... simple math here, you build more, too many homes were built at overpriced prices, foreclosures increasing, so... less people working and less people to qualify to rent, equal higher vacancy rates. And yet what do they do? Build some more. Instead of sponsoring the Cal state Fullerton economic forecast, they should be sponsoring the IHB economic forecast. At least that way they won't get screwed.





BTW, I hate being a doom and gloomer, but the reality is the way I see it. Unfortunately, I have been too optimistic.
 
I agree with IR--basic economics would suggest more supply would drive up the vacancy rates and push down prices. I read in the Register a few days ago that the IAC vacancy rate was about 5-6%. That doesn't sound like a lot to me especially when they say the lowest historical vacancy rate was 4.4% in 1994. Maybe they have internal forecasting predicting increased demand.
 
You can find the North Irvine map <a href="http://www.rental-living.com/map-search/orange-county/north-irvine/">here</a>. The new apartments are shown: click on 5, 9 or 2.
 
Two new apartment complexes in Stonegate and one in Woodbury East. All advertise one and two-bedrooms only: no townhomes. Bummer. I will never live with anyone above or below me again. Hmmm, maybe I would consider a carriage-style flat (over your own garage).





Opening this summer.





This ought to make the floplords of Woodbury sphincter muscles spasm. Talk about adding more competition to the renter's market out there...I'd hate to be trying to rent out a 2/2 condo in Woodbury right now.
 
<em>maybe I would consider a carriage-style flat (over your own garage).





</em>Carrying groceries upstairs....ugh! But it is better than a neighbor above and/or below.
 
ISM--you can still rent at Woodbury Place across the street, the only IAC rental town homes in Woodbury. The floplords may temporarily have the upper hand since Stonegate is not built out yet and you will not have access to Woodbury Commons Clubhouse and other private amenities. The nearest park would require walking across the busy Irvine Blvd toward Woodbury--though Woodbury East appears to have its own version of the Commons already under construction.



I am still surprised they are continuing to build out these new rental properties. They must not be concerned about the 5-6% vacancy rate. This just adds to the increasing supply of recent IAC rental properties with Orchard Hills and Portola Springs being recently completed.
 
<p>I know Woodbury Lane and Woodbury Square were full before the Commons were built. They always offer incentives to new properties which helps them fill. I agree with irvinesinglesmom about renting out a condo in this area. They have taken over Woodbury at 7 communities and I would think this is not the place to have an investment property. Can you really compete with IAC??</p>
 
Well here we are over a year after the last post made and I'm wondering if we have any updates on what homes will be built in Stonegate. So far we only have Mirasol and Palmeras apartments up and the new school is under construction with its completion date drawing near by this fall. If anyone has come across any new info regarding future homes built on this site, please post it here.
 
[quote author="SoCal78" date=1240790415]Well here we are over a year after the last post made and I'm wondering if we have any updates on what homes will be built in Stonegate. So far we only have Mirasol and Palmeras apartments up and the new school is under construction with its completion date drawing near by this fall. If anyone has come across any new info regarding future homes built on this site, please post it here.</blockquote>


No hard facts but just speculation. Whatever was originally planned was probably scrapped and the builders are going back to the drawing board. They need to take into account the new economic realities of 2011 and beyond.



The <a href="http://www.irvinehousingblog.com/forums/viewthread/4615/">new 2010 SFR development in Woodbury</a> might give a hint of what is to come to Stonegate and <a href="http://www.irvinehousingblog.com/forums/viewthread/202/#Item_1">Woodbury II/PA 40</a>. The Orchard Hills and Laguna Crossing developments are probably targeted at higher price points.
 
I would not be surprised at all that Stonegate will be delay until next year or later given the market conditions. If they can forsee the wave of foreclosures coming late this year and next year, it would not be a smart move to rush into building.
 
[quote author="Trooper" date=1206760761]<em>maybe I would consider a carriage-style flat (over your own garage).





</em>Carrying groceries upstairs....ugh! But it is better than a neighbor above and/or below.</blockquote>


It's offset by the ants having a harder time finding your kitchen and coming on in ...
 
[quote author="IACRenter" date=1240808084]The Orchard Hills and Laguna Crossing developments are probably targeted at higher price points.</blockquote>


I agree. I don't think they want to sell any houses at OH for lower than 1mil. So, they will wait as long as possible until there is a market for these houses.
 
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