The Prado Models in Portola Springs are for Sale

NEW -> Contingent Buyer Assistance Program
Mmmm... It makes me think I need to go Crackercakes on this project as well. The a$$ of fire BK lessons scare me already. I am glad to see another IHBer taking in consideration what, the guy who doesn't know what a condo is, BKshopr said. Gawd forbid they hired the same subs as Blightwater. I will see if you can knock down some of the walls to see if you can add some windows and sliding glass doors. There might be hope for this project after all. Of course if the doors or windows add to the bad feng shui, all bets are off on that.



Vote: How badly do you all want for me to go Crackercakes on this place? Is it worth my time since they are models, or would you prefer I bring my camera to another tract?
 
[quote author="CalGal" date=1219038040]Gotti, you wouldn't be related to this <a href="http://images.google.com/images?hl=en&q=john+gotti&um=1&ie=UTF-8&sa=X&oi=image_result_group&resnum=1&ct=title">family</a>, would you?



If so, we need to talk. I could use your help on a small matter. :coolsmirk:



J/K</blockquote>


Haha... Nah, I'm completely legit.
 
I was showing this thread to a coworker just now. He didn't want to be more than a lurker around here, but he had some ideas/questions so I offered to ask for him.



1) Since TIC now owns the lots again, would you be able to buy the lot behind you to add to yours?



2) If so, could you build a "batcave" on it? No, I do not know how literal he meant that.



3) If there are only 4 houses, what happens with the HOA? Will you have to pay more?



4) Yeah it's furnished, but isn't everything glued down and ruined because of that?
 
<blockquote>4) Yeah it?s furnished, but isn?t everything glued down and ruined because of that? </blockquote>
I think I might like the idea of my fork glued to the dish. It might make me eat less. :-)
 
[quote author="caycifish" date=1219100296]I was showing this thread to a coworker just now. He didn't want to be more than a lurker around here, but he had some ideas/questions so I offered to ask for him.



1) Since TIC now owns the lots again, would you be able to buy the lot behind you to add to yours?



2) If so, could you build a "batcave" on it? No, I do not know how literal he meant that.



3) If there are only 4 houses, what happens with the HOA? Will you have to pay more?



4) Yeah it's furnished, but isn't everything glued down and ruined because of that?</blockquote>


I'll try:



1) Nope. For PS, the ranch will only sell lots to a developer...and you have to commit to the total for that project area (see my pan pic above)...even though you buy them in small sell-able chunks.



2) IF you can get a city building permit for it. hehe, good luck with that one. :)



3) They pay the PS HOA. I think it's 190.



4) Nothing was glued down, that I could tell ....even the cliche glass laundry powder jar lid. I think they must have staged it in the last month, knowing their fate.
 
Wow... there is absolutely no incentive to buy in this dust bowl! ;) What does the HOA provide... a water truck?

<img src='http://www.go-tsm.com/dust2.jpg'>
 
[quote author="Keanu" date=1219070537] The first floor layout is so bad that you feel like you are in a 2400 sf starter home. </blockquote>




When the hell did 2400 sf become a "starter home"? Is that for catholics and mormons?



I always thought of a starter as 1200-1600 sf 3/2
 
[quote author="freedomCM" date=1219121604][quote author="Keanu" date=1219070537] The first floor layout is so bad that you feel like you are in a 2400 sf starter home. </blockquote>




When the hell did 2400 sf become a "starter home"? Is that for catholics and mormons?



I always thought of a starter as 1200-1600 sf 3/2</blockquote>


ROFLMAO! Oh my god.. I have been corrupted by the "Southern California's Cultural Pathology"!
 
So how much do you guys think the updgrades and landscaping are worth on 1mil+ homes?



Are these houses worth it considering they are on a one-sided cul-de-sac with only 4 houses?



How many of you own homes in Irvine and have you bought new or pre-owned? I'm interested in knowing the background of some of you posters because I read a lot of opinions but I don't know how they are framed.



Are you saying that there are homes in Quail Hill that are better although it's more cramped in that area? And that Woodbury, which is equally as cramped, is better because of the built-out infrastructure.



Please help me with putting these posts into perspective.
 
[quote author="irvine_home_owner" date=1219720175]So how much do you guys think the updgrades and landscaping are worth on 1mil+ homes?



Are these houses worth it considering they are on a one-sided cul-de-sac with only 4 houses?



How many of you own homes in Irvine and have you bought new or pre-owned? I'm interested in knowing the background of some of you posters because I read a lot of opinions but I don't know how they are framed.



Are you saying that there are homes in Quail Hill that are better although it's more cramped in that area? And that Woodbury, which is equally as cramped, is better because of the built-out infrastructure.



Please help me with putting these posts into perspective.</blockquote>


IHO,



Your questions are loaded and is not an easy 2 sentence answer to address your need. The Irvine Company spent $million of dollars in marketing research to find the answers for the very same questions you just asked and has taken the brightest minds in this country and 2 years to analyze.
 
I'm not sure how they are loaded as I feel some of the comments on this forum are hard to interpret considering I have no idea if people posting here are actual homeowners, renters, speculators, real estate agents etc etc.



I am not looking for an easy answer... just some opinions/facts to explain statements like "I prefer Woodbury or Quailhill over Portola Springs", "Those homes are overpriced", "Portola Springs is a ghost town", "Those homes will be in foreclosure in 6 months".



I know the market is rough right now... but do we really think these homes are going to drop 30% to like $700-800k in the next 2 years? I've read that home prices are already 20%+ lower than at the peak and are actually down comparatively lower than the 90s burst.



And are these particular models really overpriced? Los Colinas is selling through their last phases at prices comparative or higher than the Prado ones and they are even looking into acquiring the lots that Pardee gave up. So there has to be some value to these units considerig that they are a little bigger, already upgraded (Los Colinas doesn't even have granite standard and uses white appliances last time I checked) and are already landscaped.



I'm very interested in purchasing one of these homes but am concerned about what they are worth and came here looking for more in-depth information. When I hear opinions like "If I had a family, this one would appeal to me" then of course you're not going to like it because you *don't* have a family so you have a much different point of reference. Everyone has an opinion, I'm just looking for more discussion about these opinons rather than just rote statements like "Eh... me no like... next."



So in order to be fair, I'll start:



Plan 3 (the one on the corner with the huge yard and pool):



This is the one everyone goes to. It's nice... but I agree that the outside is much better than the 1st floor. I'm not too keen on the spanish-type floor and the around the corner ovens but the kitchen to courtyard to sideyard transition is awesome. Not many new homes in Irvine can get you a huge corner, pre-landscaped (and nice landscape) lot. The huge walk-in pantry for the kitchen is great and builders really need to understand that pantries are higher desireable in higher-end homes.



The upstairs is much better than downstairs. A master with a retreat separated by the master bath and its own private exit/entry to the backyard is not common. I like it when the tub is not in the middle of the bathroom and off to the side in its own area so its really like a spa retreat... and this tub is the only one that is jetted of the three plans.



The other rooms seem a bit smallish (including the hall) but most of the upstairs is dominated by the master area. The jack-and-jill bathroom is interesting as one half really doesn't lead directly to the other bedroom but to the hall between the spaces. No bonus room makes it seem less family friendly... not sure what I would prefer... a master retreat or a bonus room for the kids.



Just not sure it's worth 1.3 to 1.5 even with the high-end landscaping.



Plan 1 (the one in the middle with the huge front yard):



This one is a bit weird. The front brick/concrete are is interesting but I think would be better served as a more private courtyard. I don't like how the front door doesn't have an real porch. Maybe I'm old-fashioned but I think every door needs some type of porch entry... if not for protection from rain at least from sun.



I didn't really like it at first because the upgrades aren't as nice as the other two but the layout is functional. The area where they put the ovens and micro are jacked up because in the original floorplan that was supposed to be a big pantry area. The wood flooring is nice as are the very big baseboards. The living room is rather large and having the two front french doors open out the front brick/concrete patio area makes that a much more usable space. The 4th BR off the kitchen/nook is strange and it would be nice if it had it's own door to the exterior.



The master is really long and the dual closets (one sliding, one walk-in) is useful. The shower has it's own separate drying area which is a nice touch but no seat. This master is the only one of the 3 that has a separate vanity area which I think should be in EVERY master bath. The bonus room is good (another must for any family house) but I think that there was an option to make the shower smaller and open into small retreat with the other area either staying a smaller bonus or bedroom or even making another bedroom + full bath.



Starting at 1mil probably makes this the most attractive of the 3 but I don't know why builders don't understand that 5 bedrooms should be the minimum for any $1mil house.



Plan 2 (the one next to the dirt lot):



Contrary to the other poster's opinions, separate casita/office space is a huge plus to me. Not only do you create a living space outside of your home for either help, guests or even a renter... I feel it adds great value. The option of the office is to turn the back area into a bathroom with shower (it's preplumbed for this option). The entry is the best of the 3 since it's a vaulted ceiling with a nice spiral staircase. It's a bit small... but that added height helps. The one problem I see with this plan is at this price range... most buyers are looking for all the living spaces... which means nook+dining room+living room+family room. This plan only has a Great Room, which is rather large but not much bigger than Plan 1's family room and roughly the same size (if not smaller) than other "luxury" homes' family rooms (which still has a separate living room). The kitchen layout is probably the best of the 3 but no pantry makes it less appealing.



The upstairs is unique as many of the rooms are step-up or down and the sleeping patio is very one-of-a-kind. The master bedroom is the smallest of the 3 plans but this is the only one with a fireplace. The upstairs laundry is a nice size but like Plan 3, no bonus room (and no master retreat to make up for that loss).



Starting at 1.1mil, you can see why the Plan 1 has more interest and since this is the one next to the unknown construction (I am fairly sure another home will be going there since there is already a stake in the dirt lot with a lot number... most likely Los Colinas)... I think it should have been priced in the same range (esp because it has less sq ft than the Plan 1).



In all 3 cases, the upgrades are great since most new homes will only give you kitchen and maybe master surfaces but everything else is standard square white tiles. And when you purchase flooring for any house 3000+ sft in size... that price becomes rather significant.



I think that there is a misconception that the furniture/decoration is included... it's not... but you can include it in your bid.



Considering the small time frame to where they opened the models to the public and the bidding system they are using, I'm wondering how many serious buyers they can really get.



And this is what I'm wondering most about... is the price range they set accurate? Do you bid enough to make the builder consider you or is that overpaying? Is the fact that they are pre-upgraded, floored and landscaped worth 50-100k? I feel a one-sided cul-de-sac is a great area but it doesn't seem any other posters see the value in that. Having lived in multiple homes on cul-de-sacs... I can't see how you would want to live elsewhere.



I do feel that the $300k difference between Plan 3 and Plan 1 is not a good move. It makes the Plan 3 seem way overpriced.



So those are my opinions? Any others?
 
[quote author="Stuff It" date=1219729645]Does anyone know if there have been any offers yet?</blockquote>
Today was when they would collect all the offers and compare them.



From what the salesperson at the site told me, she received quite a few offers.
 
I've talked to sales rep. for the requirement. What hits me was that 10 days loan contingency. Even though they were thinking about 30-45 days escrow, they require us to remove the loan contingency within 10 days. For purchasing over 1mil dollar house, most of people will need jumbo loan and getting an loan approval for jumbo loan within 10 days? that's impossible these days! Maybe they are waiting for cash buyers.
 
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