Villages of Columbus - Columbus Grove - Lantana

NEW -> Contingent Buyer Assistance Program
This is what I know they can be applied to (if any one has more detailed info please share):





- to reduce up to 6% of the purchase price, which if you paid their asking prices would be about 50K, leaving about 50-70K in incentives


- cover closing costs (including interest rate buy down) - this would probably be around 6-8K if you did not buy down the interest rate


- design center





you can basically allocate the 100-120 over those three things however you want.
 
I called them today .Right now they have 12 units and offering 70k in incentives so were the incentives applicable to certain units or people got this (100-120k) after negotiations ? I am little confused.
 
<p>irvinewestpark</p>

<p>perhaps they already subtracted 50k from the purchase price for you and offered you the remaining 70k??? </p>
 
When I was negotiating with them a couple of weeks ago they were only willing to give 40K in incentives and werent willing to reduce their price so we did not purchase. I received a call on Tuesday of this week from the sales rep (Jerry Rice) and he told me they would give us 100K in incentives on any of their remaining properties. We had visited about 3 times and got preapproved by their lender (Lyon Financial services) so they knew we were serious about buying and maybe offering the 100K was their way of finally getting us to bite. Ndiddy was offered 120K - not sure how he ended up getting offered that. Hope this helps.
 
I called on phone and asked whether it applies to home price and he said only a part of it. Do you think they will reduce the price now or have reduced already ????but he did not tell anything about price going down.
 
You can use the incentives to reduce up to 6% of the purchase price. For their "quick move in" homes i am fairly certain they will reduce their prices further in late october or November. If by early December they still are not sold I would expect additional reductions to get the homes into escrow and closed before their year end (12/31). How much they reduce it though, I dont know. I would probably by one if the actual sales price before incentives got close to 700K. I would probably be over paying but would not be to concerned at at that point. The houses are quite large and are true SFR's (front garage, etc.) and there doesnt appear to be many new homes like that in Irvine going up in that price range.
 
<p>100 k off all those houses, 120k off all the houses on water lily(backside is toward the creek). it's really confusing but you can take up to a certain amount of the house as long as the incentive applied to the price is lower then 6% of the final price. so if the house is 800k and you apply 50 k of the 100 k incentives toward the house price.... 50k must be less then 6% of the 750k, which it's not. So that wouldn't work. </p>

<p>it's been 3 weeks and they sold one of the 14 houses( one of the residence 3s on water lily). </p>
 
qwerty --- I agree with you. If the selling price got to $700K plus another $100K in incentives (thinking Plan 1 here) I might have to jump off the fence, too. Like you said, might be overpaying in the short term...But since that would put the effective price close to the $250/sq ft I have in my mind as the time to jump in, why not? The two big triggering numbers for me are either $450K Irvine median price, or $250/sq ft --- whichever comes first. Or hopefully they come at the same time, since $450k @ $250/sq ft is 1,800 sq ft --- that's about median, right?
 
<p>Looking at the old pricing sheets found out that they actually increased the prices by 25k .so if they are offering 75-85 k in incentives actually they are offering just 50k plus dont think they threw in 25k worth of upgrades.</p>

<p> </p>
 
<p>How much would be an appropriate price for (looking at the current real estate market)</p>

<p>Lantana plan 1-</p>

<p>Lantana Plan -2</p>

<p>Lantana Plan 3-</p>

<p> </p>
 
You're right irvine. Prices aren't much lower than last winter's prices. Therefore, if you really want Lantana, or anywhere else in VOC, I'd put in a much lower offer. Odds are, they will go lower in dec/jan.





The way I look at it, rates are higher than a year ago, market conditions are much worse, so prices should be significantly lower than a year ago.
 
<p>IMO, an appropriate base price for these is about $600K for Plan 1, $675K for Plan 2, and $700K for Plan 3. That would get my attention --- but I don't think you will be able to get close to prices like that for at least another year or so. </p>

<p>That said, if for some crazy reason I felt I had to buy one of these in December, I would go after $300/sq ft --- $725K Plan 1, $810K Plan 2, $840K Plan 3.</p>
 
actually, the plan 1 is not sub 700s but you have to qualify for it before they give you that price. If programs continue to require 20% down, then I would say these houses will fall into the 5s. Not to say people won't buy them before then. So...if Lantana starts selling below 700k, then when will the prices for similiar homes built post 2000 start falling? because right now 2000 square foot homes with similiar lot sizes are posted in the 8s and 900k range.
 
stopped by Lantana yesterday. the sales person and i only talked about plan 1's. for the house that backs up the creek and has the ugly view of the waste management and the cement factory, i was offered $120k incentive. you can spend <strong>100%</strong> towards the purchase price. for this particular home, the purchase price was $812,791. with the incentive, it becomes <strong>$692,791</strong>. i didnt have to haggle with them. i didnt have to pre-qual. for the other plan 1's, the incentive was $75k. again, you can spend 100% towards the purdchase price. i had an impression that you can weasel out more than $75k for the other homes.
 
<p>Their incentives have not gone up.I checked that 9-10 days ago and it was same 75K.</p>

<p>how many homes are going to be in next phase of lantana (plan 1,2 and 3)?</p>

<p>When will the next phase be ready to move in?How would be they location wise?</p>

<p> </p>

<p> </p>
 
<p>there are 3 plan ones and 2 plan threes for the november move-in. for the december-january move-in, there are 2 plan ones, 2 plan twos and 3 plan threes. the locations are ok for all of them except for the ones on water lily. (ugly view) the homes on water lily are for the december-january move-in.</p>

<p>the sales person told me that he would run it by his manager to see if i could get $80k incentive. he was pretty confident that i will get it though. i asked him for $100k incentive and he is supposed to call me back on that this afternoon.</p>
 
yeah i got that incentive the 120k. i'm sure you could get more if you were really serious to buy. the other houses i got them up to 100k, but im still not going to go out and buy one. they require 20% down to go stated or 10% full doc at the moment which i'm sure most people won't be able to do. they had a plan 1 fall out of phase 3 a week ago, so i'm sure prices will come down once november hits(when the houses should be done).
 
<p>ndiddy,</p>

<p>i agree with you 100%. i was only there for a few minutes and it was obvious that they are getting desperate. it will be interesting to see what they will do in november and december.</p>
 
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