Torrey at Beacon Park

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It was impossible to evaluate the floorplans at Torrey today because the huge backyards in the models kept drawing me back. Very impressive. These might be priced right, but for the 1.1% base rate and $9,961-$10,475 mello roos subject to 2% annual increase!

Why is the base rate higher than other new Irvine villages (1.06% in Orchard Hills)? Why does it need to increase annually? In year twenty of your ownership, your mello roos could be $15K!

~$16,500 base tax
~$10,000 mello roos
$26,500 annually / $2,208 monthly

That's ~$2,200 monthly in year one, and not effectively deductible if you're in an income bracket that can afford a $1.5M home (AMT).

Dead horse, but, I would have seriously considered these if the mello roos were reasonable. My wife would love the size of the house and backyard, even if it backs to Irvine Blvd.
 
aquabliss said:
One of these models (I think Plan 2) had an Equinox Patio Cover.  This is like my dream backyard feature.  It's a motorized louvered patio cover and you can set it to move automatically with the sun, etc.  I was so excited to see it in real life (weird, I know).

I got a quote for one of these for my back yard.  From the looks of this one (size, pillars, etc.) I would venture to say it runs about $35k - $40k just for this cover. 

2vio374.jpg
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Very cool. We looked into this too for our cover along with shadefx. Maybe in our next, more permanent, house.
 
Perspective said:
It was impossible to evaluate the floorplans at Torrey today because the huge backyards in the models kept drawing me back. Very impressive. These might be priced right, but for the 1.1% base rate and $9,961-$10,475 mello roos subject to 2% annual increase!

Why is the base rate higher than other new Irvine villages (1.06% in Orchard Hills)? Why does it need to increase annually? In year twenty of your ownership, your mello roos could be $15K!

~$16,500 base tax
~$10,000 mello roos
$26,500 annually / $2,208 monthly

That's ~$2,200 monthly in year one, and not effectively deductible if you're in an income bracket that can afford a $1.5M home (AMT).

Dead horse, but, I would have seriously considered these if the mello roos were reasonable. My wife would love the size of the house and backyard, even if it backs to Irvine Blvd.
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Meloroos sound like fun when you say it
 
jmoney74 said:
Perspective said:
It was impossible to evaluate the floorplans at Torrey today because the huge backyards in the models kept drawing me back. Very impressive. These might be priced right, but for the 1.1% base rate and $9,961-$10,475 mello roos subject to 2% annual increase!

Why is the base rate higher than other new Irvine villages (1.06% in Orchard Hills)? Why does it need to increase annually? In year twenty of your ownership, your mello roos could be $15K!

~$16,500 base tax
~$10,000 mello roos
$26,500 annually / $2,208 monthly

That's ~$2,200 monthly in year one, and not effectively deductible if you're in an income bracket that can afford a $1.5M home (AMT).

Dead horse, but, I would have seriously considered these if the mello roos were reasonable. My wife would love the size of the house and backyard, even if it backs to Irvine Blvd.
Click to expand...

Meloroos sound like fun when you say it
Click to expand...

Just buy a orange head band and Carmelo jersey. Then you will be a Super "Melo" Fan.

;)
 
Looks like Torrey is doing well, most of phase 1 sold.  Phase 2 pricing is higher obviously and there are preplots.  All plan 2 and 3s have the prep kitchen.  The super pie shaped plan 3 lot is over $1.7 million!
 
To me, Torrey was the most attractive tract in BP but I think this is mostly due to the interior design being well done. 

Most of the other SFR models looked like they were designed by a cowboy or a design school dropout.
 
So, Torrey is offering $10K in incentives, despite the slow sales - 0.625% of the average price. I wonder how many people justify the purchase based on this incentive?
 
I can't wait to see what happens with the prices at BP.  I can't remember the last time Phase 1 couldn't sell out right away in an Irvine neighborhood.  I've been following Irvine for 10 years and don't ever remember seeing this. 
 
5P had a winning strategy for PP, price the initial phases way below retail (i.e. TIC price), cause a buyers frenzy, and then quickly ramp the prices up in succeeding phases.  If their prior sales strategy worked so well, it seems they should have stuck with it.  But for Elwood, the BP debut is a total bust.  It's amazing the BP debut is far worse than Greenwood when BP has an Irvine address going for it.
 
Happiness said:
5P had a winning strategy for PP, price the initial phases way below retail (i.e. TIC price), cause a buyers frenzy, and then quickly ramp the prices up in succeeding phases.  If their prior sales strategy worked so well, it seems they should have stuck with it.  But for Elwood, the BP debut is a total bust.  It's amazing the BP debut is far worse than Greenwood when BP has an Irvine address going for it.
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Price point cant be lower than the last comps in PP. KEEPING THE RIFF RATER OUT.
 
Compressed-Village said:
Happiness said:
5P had a winning strategy for PP, price the initial phases way below retail (i.e. TIC price), cause a buyers frenzy, and then quickly ramp the prices up in succeeding phases.  If their prior sales strategy worked so well, it seems they should have stuck with it.  But for Elwood, the BP debut is a total bust.  It's amazing the BP debut is far worse than Greenwood when BP has an Irvine address going for it.
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Price point cant be lower than the last comps in PP. KEEPING THE RIFF RATER OUT.
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So it's the PP owners who are responsible for the slow sales at BP!
 
Forces of nature. When you can then there is no stopping. Its like blaming the stock market for falling or rising and you either too late to get in or get out.
 
 
Goriot said:
ps9 said:
First Torrey on MLS?
https://www.redfin.com/CA/Irvine/108-Mustard-92618/home/101676040
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Here are few more.  Flurry of Beacon homes that hit MLS today
https://www.redfin.com/CA/Irvine/114-Mustard-92618/home/101680317/crmls-SB15225692https://www.redfin.com/CA/Irvine/115-Mustard-92618/home/101680318/crmls-SB15225697https://www.redfin.com/CA/Irvine/127-Kennard-92618/home/101680319/crmls-SB15225700

Oakmonthttps://www.redfin.com/CA/Irvine/102-Small-Wheel-92618/home/101681009/bdx-1174782

Larkspurhttps://www.redfin.com/CA/Irvine/162-Newall-92618/home/101681130/bdx-1174726https://www.redfin.com/CA/Irvine/156-Newall-92618/home/101681131/bdx-1174725https://www.redfin.com/CA/Irvine/113-Spoke-92618/home/101681132/bdx-1174724
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The slow sales start after the grand opening and now a glut of MLS listings. Things aren't looking good for toxic park.
 
iacrenter said:
Goriot said:
ps9 said:
First Torrey on MLS?
https://www.redfin.com/CA/Irvine/108-Mustard-92618/home/101676040
Click to expand...

Here are few more.  Flurry of Beacon homes that hit MLS today
https://www.redfin.com/CA/Irvine/114-Mustard-92618/home/101680317/crmls-SB15225692https://www.redfin.com/CA/Irvine/115-Mustard-92618/home/101680318/crmls-SB15225697https://www.redfin.com/CA/Irvine/127-Kennard-92618/home/101680319/crmls-SB15225700

Oakmonthttps://www.redfin.com/CA/Irvine/102-Small-Wheel-92618/home/101681009/bdx-1174782

Larkspurhttps://www.redfin.com/CA/Irvine/162-Newall-92618/home/101681130/bdx-1174726https://www.redfin.com/CA/Irvine/156-Newall-92618/home/101681131/bdx-1174725https://www.redfin.com/CA/Irvine/113-Spoke-92618/home/101681132/bdx-1174724
Click to expand...

The slow sales start after the grand opening and now a glut of MLS listings. Things aren't looking good for toxic park.
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Is anyone really surprised this would tank? 
 
Man, still haven't gotten over to BP to see Torrey or a lot of the other ones.  I blame the heat.  Dragged the family to see the KHov ones last month and everyone was a grouch.
 
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