Villa Rosa open

NEW -> Contingent Buyer Assistance Program
So I'm wondering about the economics of a builder who seems to have undercut the "price per square foot" of resale homes. If the Villa Rosa properties are at 360ish and resale homes in the area are 440ish (and even 440ish in areas like OakCreek) then will the pressure for a home crunch be contained to that 20% differential? It seems like some builders realize the imploding market, and have created a psychological "bottom." Obviously, nobody who is over their head and bought in the last 2-3 years can compete with the new builder bottom, but would a bank on a short sale use that new builder "bottom" as a basis for short sale approval?



Maybe I'm just asking if the market correction is a staggered process, with some arriving earlier than others to the housing crisis party (even if they are in the same area.)



I stopped by Villa Rosa the otherday. 2 of the 5 homes released were sold (a model 2A and 2B). They are not accepting any offers whatsoever.
 
<p>As the <em><strong>progenitor</strong></em> of this thread, I would like to remind everyone that the discussion is about <strong>Villa Rosa</strong>. I wish to thank those who have tried to steer the comments back in that direction. And to those who have veered wildly off-topic, consider yourselves on notice. I do not take kindly to having my threads hijacked! </p>
 
With profette's admonishion, I'd like to take the group on a new lark, and discuss how enjoyable my 2007 BMW X5 is to drive...Wallet willing, I may never buy a non-BMW again... ok, ok, back to Villa Rosa.
 
<p>LOL! I can picture a Bimmer in the driveway of a <strong>Villa Rosa</strong> house...</p>

<img class="imgStroke" alt="" border="0" src="http://www.irvineranch.com/img/upload/m111_rendering1.jpg" />
 
Profette - All that you need is a way to sketch/paste two characters into the picture above: (1) the guy posting the NOD on the front door and (2) the guy trying to reposses my Bimmer. Well, maybe a third character, perhaps someone from the first 2 phases that paid an extra 150K for the same place... he could be holding a protest sign, a la VoC.
 
I intended to add this info earlier - for Zovall's master pricing thread



Villa Rosa Price Sheet from 1/20/2008 Phase 6



Lot 71 1B - 993,000

Lot 83 2B - 1,082,000 (left over from phase 5)

Lot 72 2B - 1,082,000 (sold)

Lot 73 2A - 1,078,000 (sold)

Lot 75 2B - 1,093,000

Lot 74 3BR - 1,115,000
 
<p>Graphix, </p>

<p>Thanks for the reply. I enjoy the education, and the debate we have here as you (along with IR, etc) always back things with data and expereinces. I found it is easier to learn how to be "book smart", while it is difficult to be "street smart". </p>

<p>I think it would be very interesting to talk about the economic factors here. I have a sense we might have a bit different view there too. I am looking forward to the discussion soon ( as I have a flight to catch). </p>

<p>Maybe we should have a different trend for economic factors as someone here is not too happy that we are not talking about Villa Rose in particular anymore! Can you point me to the papers you are refering to? I have to admit, I tend to skip those links as it takes too long to read. But now that you have mentioned it, i would be interested to read about it. </p>

<p> </p>
 
<p>Irvine 123,</p>

<p>I just wanted to use the word <em>progenitor </em>in a sentence. </p>

<p>Anyway, I think awgee started a thread for you...</p>

<p> </p>
 
<p>re: photoshop</p>

<p>Can't compete with what I saw this weekend, which was a place in Shady Canyon with a "For Sale by Owner" sign in the 1999 American SUV something parked out front. No photo though.</p>
 
Well, I don't have much to add other then the fact that these are gorgeous homes. Its frustrating that I work *damn* hard and can't afford something as nice as this.



I've noticed a lot of woodbury homes arn't selling even below $360 a sq. ft. No one thinks in six months the builder is going to be the one getting undercut?
 
Does anybody in IHB land have any updates on Villa Rosa? Eg., Lennar decided to drop prices? Accepting offers below asking? Offering incentives? Strong/Weak foot-traffic at the models? All sold out because they are already such a great value? Ok, maybe that last one was a joke. But seriously, I'm (sort of) pining away waiting for the right set of circumstances to get one of these homes, and I'd appreciate any updates that local IHB'ers might have. Thanks in advance.
 
It appears that 2 homes from the last "mini phase" remain. A model 1 from this phase, and a Model 2 - left over from the prior phase (which also appears to have some sort of financing incentive and thrown-in upgraded flooring). No apparent incentives or bargaining either. Annoying. I'm begining to wonder if Lennar made a good move by switching to "mini phases" to reduce volume, etc. At this rate, they will be in mini-phases for 2 more years. Can they really drag out development for all that extra time? Or is that even a big deal for a builder?
 
<p>Out of curiousity, I have been keeping track of Villa Rose. I am a little bit surprised that they sold 4 of the 5 homes they released in early Feb given the fact that they offered no incentives. Plan 1 is a bad design IMO, no surprise no one wants to buy it yet. I was told the next five - house phase might be in the March to April frame. </p>
 
On the issue of no incentives - that's just the response I've ever received. If anyone has ever been told something different, please say so!



Plan 1 is a bad design - although I prefer the exterior (brick facade). Plan 2 has the better layout, but the outer facade leaves something to be desired.



I'm just amazed that 4 buyers came out of the wood work to buy a home in the last 3-4 weeks...I mean, these are million dollar homes! It seemed that after well over one-year of fiscal implosion, well, things would taper off...
 
<p>another data point for Villa Rose: the 10 homes on Winding way ( previous phase), with the exception of one plan two not sold yet (which they are including $27,000 of flooring along with $4.75% 30 year fixed financing), half are closed in the last 2 weeks, and the others are on track to close in the next two to three weeks. Nothing has falled out of escrow....another surprise...I would have thought something will fall out of escrow...that remaining home from previous phase was never sold. </p>

<p> </p>

<p> </p>
 
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