What is everyone's current sentiment regarding the Cira plan 2 and plan 3? Overall, are these homes worth the price tag in this housing market? I have an opportunity in the upcoming phases to purchase and am just curious on everyone's analysis on whether the money can be better spent on resale homes. My concern regarding these homes is the high property tax, density of the community, and parking situation (only street parking is available outside of the two garage spots).
The Landing Tustin Legacy (Brookfield Residential)
- Thread starter sleepy5136
- Start date
NEW -> Contingent Buyer Assistance Program
As for MR, I remember someone mentioned it was fairly high. Their website states roughly 1.5%. Let's assume this figure was when the homes were first released. Back then Cira homes were priced at roughly 1M for Plan 1 and 1.2M for Plan 3. That would mean about $6k$-7k for MR. That's actually very high, comparable to GP. OH and PS (and probably Eastwood as well) have MR at roughly $3.7k. And all the new homes in Lake Forest (Serrano Summit, Terasina, The Meadows, The Oaks) don't have MR.
I'm not sure how folks can justify $1.67M + 1.47% prop tax with cfds though. Starting to blur the line with comparable resales.
The proximity to the temporary homeless shelter on barranca for the city of Tustin is not ideal. It’s been “temporary” for 2-3 years now.
Donuts + Taco Bell + Habit + Jollibee + Panda - that is victory row right there
Because they are keeping pricing low and flat from phase to phase which is smart, unlike some other Irvine builders.
Perhaps cap rate closest to 0?
qwerty
Well-known member
The Cira plan 3 is nice, maybe it’s the 3y I’m thinking of. 3300 sq ft or so for 1.3M seems like a pretty decent deal. But it’s probably trading at a discount to Greenwood for the reasons you mentioned. Is the price still 1.3M for the plan 3s? Or have they come down? What is the Mello Roos on these? All new construction has this so MR is generally a wash.
Ochomebuyer
New member
CalBears96
Well-known member
Prices seem to have increased.
As for MR, I remember someone mentioned it was fairly high. Their website states roughly 1.5%. Let's assume this figure was when the homes were first released. Back then Cira homes were priced at roughly 1M for Plan 1 and 1.2M for Plan 3. That would mean about $6k$-7k for MR. That's actually very high, comparable to GP. OH and PS (and probably Eastwood as well) have MR at roughly $3.7k. And all the new homes in Lake Forest (Serrano Summit, Terasina, The Meadows, The Oaks) don't have MR.
qwerty
Well-known member
Is that for comparable square footage? The plan 3s are about 3300 sq ft. Did similar size homes in the areas you mention have MR at around $3,700 for that size house?
CalBears96
Well-known member
Unlike in GP, MR doesn't depend on sq ft in Irvine. MR is the same for Ravello (3100+ sq ft) in OH as it is for Bluffs/Highland (2400-2700 sq ft) in PS. And Azul (2900-3100 sq ft) and Cielo (3200-3400 sq ft) in PS also have the same MR.
CalBears96
Well-known member
That depends on demand. TB already dropped their prices on a couple of ready to move in homes at The Meadows by $90k+, but the prices on those are quite a bit higher than Legacy. We're talking about $1.6M-$1.7M for 2100 and 2300 sq ft homes.
I asked Tustin about that too. They have no plans currently. The desired uses are hotel on the barranca side and another office building on until armstrong side. But they haven't even finished developing the flight area, so they don't think they will have anything developing soon or within the next 5 years (possibly longer).
I'm not sure how folks can justify $1.67M + 1.47% prop tax with cfds though. Starting to blur the line with comparable resales.
qwerty
Well-known member
What are the the micro location issues? It’s right across the street from Taco Bell - that should erase any micro location concerns
The proximity to the temporary homeless shelter on barranca for the city of Tustin is not ideal. It’s been “temporary” for 2-3 years now.
But but the area smells like burgers from the Habit at meal times so doesn't that offset taco bell?What are the the micro location issues? It’s right across the street from Taco Bell - that should erase any micro location concerns
The proximity to the temporary homeless shelter on barranca for the city of Tustin is not ideal. It’s been “temporary” for 2-3 years now.
qwerty
Well-known member
Walmart is the eye sore
Donuts + Taco Bell + Habit + Jollibee + Panda - that is victory row right there
anteaterMD
Member
Lack of driveway and open street parking are big "microlocation" issues. For these reasons, Cira appears more like a luxury condo than a SFH (or detached condo or whatever you want to call it). I can see weekend parking being a huge PITA for family/friends/guests.
irvinehomeowner
Well-known member
Preach it brother!
usctrojancpa
Well-known member
Because they are keeping pricing low and flat from phase to phase which is smart, unlike some other Irvine builders.
It hasn't been completely flat. The last corner Plan 3 was released in Oct. The next one in the December phase release is $50k more. Add in the fact Brookfield is still doing full design center at this point (releasing homes 9-12 months out), that $1.67M is bare bones.
Was there something particular about the Bluffs properties that made them more attractive to being rented out?
Perhaps cap rate closest to 0?