Villages of Columbus - Columbus Grove - Westbourne

NEW -> Contingent Buyer Assistance Program
I actually expected a lower closing price. But maybe this line from the listing helped it sell:



"Low Mello Roos $743.80/Year."



The decimal should be moved over one digit to the right. Oops.
 
[quote author="rtlguru" date=1218184343]I actually expected a lower closing price. But maybe this line from the listing helped it sell:



"Low Mello Roos $743.80/Year."



The decimal should be moved over one digit to the right. Oops.</blockquote>


Expected lower than 28% off purchase/peak?! I'm very bearish too on VoC and TF, but wasn't expecting anything less than this. By early next year, I think those places will be trading at 35% off peak...
 
[quote author="ipoplaya" date=1218185342][quote author="rtlguru" date=1218184343]I actually expected a lower closing price. But maybe this line from the listing helped it sell:



"Low Mello Roos $743.80/Year."



The decimal should be moved over one digit to the right. Oops.</blockquote>


Expected lower than 28% off purchase/peak?! I'm very bearish too on VoC and TF, but wasn't expecting anything less than this. By early next year, I think those places will be trading at 35% off peak...</blockquote>


I believe the price erosion may be worse than reflected by the sales price when compared to similar Westbourne Plan 3s (although the Case Shiller index should be OK if the same premiums discussed below were built into the original purchase price). I toured this house (16605 Sonora) last month when it was in the backup offer phase and would conclude there was a significant premium vs other Plan 3s (~ $150K+ in my opinion) built into this closing price.



1st, this was the Lennar model home with most of the usual model upgrades including a backyard firepit and was never lived in (2 yrs old). Lennar's practice is to sell the models to individuals/investors and lease them back during the selling phase. Personally, I did not like the floor plan of this place (only 4 BR in 3800+ sq.ft. and none on main floor!) plus and it showed very dim inside. I would have estimated $200K in upgrades, and allowed say $100K towards the resale



2nd, the Mello Roos ($743.80 per year) is actually much lower than most Columbus Grove properties. I also wondered about the low Mello Roos and asked several times and confirmed it on the OC tax website (see link below). Apparently, Lennar or the developer negotiated a sweet heart MR on this first unit. Assuming normal MR would be 10x higher, this translate into a ~$75K difference (premium) in sales price to maintain the same after tax monthly PITI (35% Fed + CA marginal tax bracket, 6.5% int rate, 20% down, 2% per increase in MR, and you deduct MR - I'll leave the debate over MR deductions to another thread). Since it's unlikely you will own the house 30 yrs to realize this price, personally, I would allow $50K in sales price based on 15 yrs.



Interesting note on the appraisal report - the appraiser was allowing 2% per month (24% PER YEAR!) price erosion when comparing to other properties sold within 6 months.



(http://tax.ocgov.com/tcweb/detail_sec.asp?ReqParcel=43448149&StreetNo;=&Direction;=&StreetName;=&APN=43448149&Suffix=00&CmpRevDte=79929288&RollTypCde=Secured&Code=A&StSuffix;=&City;=&Unit;=&s=1&p=1&t;=&TaxYr=2007#dtlsec
 
[quote author="OC Returnee" date=1218384719][quote author="ipoplaya" date=1218185342][quote author="rtlguru" date=1218184343]I actually expected a lower closing price. But maybe this line from the listing helped it sell:



"Low Mello Roos $743.80/Year."



The decimal should be moved over one digit to the right. Oops.</blockquote>


Expected lower than 28% off purchase/peak?! I'm very bearish too on VoC and TF, but wasn't expecting anything less than this. By early next year, I think those places will be trading at 35% off peak...</blockquote>


I believe the price erosion may be worse than reflected by the sales price when compared to similar Westbourne Plan 3s (although the Case Shiller index should be OK if the same premiums discussed below were built into the original purchase price). I toured this house (16605 Sonora) last month when it was in the backup offer phase and would conclude there was a significant premium vs other Plan 3s (~ $150K+ in my opinion) built into this closing price.



1st, this was the Lennar model home with most of the usual model upgrades including a backyard firepit and was never lived in (2 yrs old). Lennar's practice is to sell the models to individuals/investors and lease them back during the selling phase. Personally, I did not like the floor plan of this place (only 4 BR in 3800+ sq.ft. and none on main floor!) plus and it showed very dim inside. I would have estimated $200K in upgrades, and allowed say $100K towards the resale



2nd, the Mello Roos ($743.80 per year) is actually much lower than most Columbus Grove properties. I also wondered about the low Mello Roos and asked several times and confirmed it on the OC tax website (see link below). Apparently, Lennar or the developer negotiated a sweet heart MR on this first unit. Assuming normal MR would be 10x higher, this translate into a ~$75K difference (premium) in sales price to maintain the same after tax monthly PITI (35% Fed + CA marginal tax bracket, 6.5% int rate, 20% down, 2% per increase in MR, and you deduct MR - I'll leave the debate over MR deductions to another thread). Since it's unlikely you will own the house 30 yrs to realize this price, personally, I would allow $50K in sales price based on 15 yrs.



Interesting note on the appraisal report - the appraiser was allowing 2% per month (24% PER YEAR!) price erosion when comparing to other properties sold within 6 months.



(http://tax.ocgov.com/tcweb/detail_sec.asp?ReqParcel=43448149&StreetNo;=&Direction;=&StreetName;=&APN=43448149&Suffix=00&CmpRevDte=79929288&RollTypCde=Secured&Code=A&StSuffix;=&City;=&Unit;=&s=1&p=1&t;=&TaxYr=2007#dtlsec</blockquote>




Very interesting information. I'm still not convinced the mello roos is correct. How can one house be excluded from paying next to nothing while eveyrone else pays huge fees. I did some research and found that the 3 models and the two next to the models (16609 and 16611 Sonora which were part of the final buildout) also have low mello roos. This makes no sense to me. Maybe lennar prepaid mello roos for a few years on these properties? Is that a possibility?
 
16620 Honeybee, a plan 2 Westbourne that went back to the bank, recently closed for $850K. Close date was 7/31 but MLS just got updated.



Originally sold for $1.25M in late 2006 so the rollback is over 30%...
 
Is this project finished? I can't find any info on Lnnar's website. Is there any of these homes on MLS right now, just want to check some pictures.
 
Very interesting information. I'm still not convinced the mello roos is correct. How can one house be excluded from paying next to nothing while eveyrone else pays huge fees. I did some research and found that the 3 models and the two next to the models (16609 and 16611 Sonora which were part of the final buildout) also have low mello roos. This makes no sense to me. Maybe lennar prepaid mello roos for a few years on these properties? Is that a possibility?</blockquote>


Yes, I believe that Lennar did prepay most of the MR bonds for these model homes to get them to thos levels.
 
[quote author="ipoplaya" date=1219107188]16620 Honeybee, a plan 2 Westbourne that went back to the bank, recently closed for $850K. Close date was 7/31 but MLS just got updated.



Originally sold for $1.25M in late 2006 so the rollback is over 30%...</blockquote>


This was an REO listing. I heard it sold within a few days to a Taiwanese investor for all cash. I toured the unit and passed on it - personally I found the interior to be quite dim during a midday tour, undesireable layout (not open, no bedroom on first floor despite 3,397 sq.ft), and high Mello Roos ($8162 per year) as prevalent for that tract. It did have hardwood floors and a nice built in barbeque, though.
 
Westbourne Plan 2 has a downstairs bedroom and the layout is actually quite open by most standards. But I agree, the location of that house would make it dark inside.



I know because I almost bought a plan 2 in '07 until I found IHB.
 
[quote author="DevonMiles" date=1219214023]Westbourne Plan 2 has a downstairs bedroom and the layout is actually quite open by most standards. But I agree, the location of that house would make it dark inside.



I know because I almost bought a plan 2 in '07 until I found IHB.</blockquote>


So OC Returnee actually missed an entire bedroom on his/her tour?! Wow, that has got to be tough to do...
 
[quote author="OC Returnee" date=1219203208] I toured the unit and passed on it - personally I found the interior to be quite dim during a midday tour, undesireable layout (not open, no bedroom on first floor despite 3,397 sq.ft), and high Mello Roos ($8162 per year) as prevalent for that tract. It did have hardwood floors and a nice built in barbeque, though.</blockquote>


Ok Returnee, did you stop by there after some saki at Ra?! There is a bedroom downstairs right next to the family room:



<img src="http://www.ipoplaya.com/westb2.jpg" alt="" />
 
[quote author="ipoplaya" date=1219215763][quote author="DevonMiles" date=1219214023]Westbourne Plan 2 has a downstairs bedroom and the layout is actually quite open by most standards. But I agree, the location of that house would make it dark inside.



I know because I almost bought a plan 2 in '07 until I found IHB.</blockquote>


So OC Returnee actually missed an entire bedroom on his/her tour?! Wow, that has got to be tough to do...</blockquote>


Dude... who let you have seconds on the snark dish today? You have been on fire today.
 
[quote author="graphrix" date=1219222080][quote author="ipoplaya" date=1219215763][quote author="DevonMiles" date=1219214023]Westbourne Plan 2 has a downstairs bedroom and the layout is actually quite open by most standards. But I agree, the location of that house would make it dark inside.



I know because I almost bought a plan 2 in '07 until I found IHB.</blockquote>


So OC Returnee actually missed an entire bedroom on his/her tour?! Wow, that has got to be tough to do...</blockquote>


Dude... who let you have seconds on the snark dish today? You have been on fire today.</blockquote>


Yeah, I'm a bit crabby today. One of the kids came down with strep and it feels like I am going to get it soon...
 
You must log in or register to reply here.
Back
Top