Villages of Columbus - Columbus Square - Camden Place

NEW -> Contingent Buyer Assistance Program
Camben Place: - Botton of price sheet



"The base property tax rate is approximately 1.04% of the purchase price, plus Community

Facilities District (CFD) and Special Assessments which total approximately $2,700 per year.

Estimated Homewoner's Association Dues are approximately $300 per month at build-out (includes

both Master and Sub HOA's)"



So if we take the last price listed for plan 2 $434,000; total Mello Roos and HOAs would be: $376.12+$225+$300=$901.12
 
<p>Prices as of 11/3/2007</p>

<p>Plan 1) SOLD OUT</p>

<p>Plan 2) $464,000</p>

<p>Plan 3) SOLD OUT</p>

<p> </p>
 
I took the dive and bought the last Plan 1 of Phase 10. It was listed at $434,000, with $20,000 in incentives and $6,000 off closing costs. While deciding what to do with the $20,000 (buy down interest rate or use for flooring) the rep finally suggested that I could use the $20,000 to buy down the purchase price, which I quickly did.



I do like the location, with the greenbelt in front, however I am cautious of the water quality situation since it is built on an existing air field. Overall, $414,000 for a 3 story townhome, I'm extremely satisfied considering it was going for over $100K more less than a year ago.
 
A few more things, I had to go with UAMC their preferred lender, even though they are horrible at returning calls/emails or even following up with your loan situation. Worst service i've seen.



And to go with flooring using their design center, is a simple rip off. They must tack on at least 50% for pure profit. I took the basic carpet and tile and will do it myself using a contract and probably saving myself thousands of dollars.
 
<p>Not to mention putting the 20K on flooring adds to your property tax valuation.</p>

<p>Also, what are your HOA and mello roos going to be?</p>

<p>Good for you Shooby. . .good luck with your new place!</p>
 
HOA's are $350/month until build out when it will drop to $300. My estimated annual prop taxes will be $7400.



Thanks, I hope the prices don't drop too much after this..
 
<p><em>"Thanks, I hope the prices don't drop too much after this.. "</em></p>

<p>Oh Shooby..... congrats, but I don't think this is the case.....</p>
 
<p>Trooper,</p>

<p>All the new communities have stopped building and they probably won't startup again until prices go back up.</p>

<p>Shooby,</p>

<p>Smart buy. Congrats.</p>
 
<p>"nearly every new-home sale made in the area these days is being made at a loss"</p>

<p><a href="http://realestatetalk.org/real-estate/lennar-halts-condo-construction-and-sales-of-central-park-west-in-irvine/">http://realestatetalk.org/real-estate/lennar-halts-condo-construction-and-sales-of-central-park-west-in-irvine/</a></p>
 
<p><em>>>All the new communities have stopped building and they probably won't startup again until prices go back up.</em></p>

<p>So if you're a homebuilder and you're not building and selling any homes, how do you generate any revenue to pay your holding costs?</p>
 
Congrats Shooby. I also bought from Lennar and I'm dealing with UAMC right now. Very slow indeed. I do agree the flooring is a ripoff, but I decided to overpay for piece of mind(warranty) and having it done before I move in.



"Not to mention putting the 20K on flooring adds to your property tax valuation."



Actually IrvineC, I was pleasantly surprised to find that Lennar did not add my upgrades to the purchase price.



I do agree with JP about builders slowing down construction. In fact, that was one of the reasons why I jumped off the fence and bought. I wanted a brand new SFH with own driveway in VOC, and I noticed they were slowing down construction and supply would start to drop once builders got rid of the ready to move homes. I've noticed that Lennar has been very successful in moving their sitting inventory in VOC this past month with their aggressive pricing and incentives - unlike William Lyon. All the homes for Nov move-ins in my community sold within a week.



Eva, my guess is, builders would rather sit on land and lose the carrying cost, than build and risk even steeper losses. Alternatively, builders might build 2-3 homes per phase instead of 6 and trying to stay afloat with the revenues generated.
 
<p>To add to what rtlguru said, the carrying costs are paid for by the high HOA fees. That's why the HOA fees gradually come down as you get closer to build out. So the builders are not really losing anything by not building.</p>

<p> </p>
 
It was my understanding that bulding costs dropped by 10% (don't ask where I read that though). That would allow price to drop by 10% more.





Builders can't sit on land they started to build homes to, it's to expensive, so they have to lower the price and sell homes. However, they don't have to pay TIC until they start digging.





Foreclosures will keep the prices down, not the fact that builders stop building.





Shooby, With all this, I still think you got a bad deal. I thought about it to, but figured I could wait 2 years and be better off. But for someone who really wanted to own, I think you got one of the best deal on the market 9at least for new homes/condos). Enjoy!!!
 
Recently booked a Plan-3 in Phase-10. I am hoping i made right choice by buying in this market, as this is my first home. Any ideas when the new schools will be coming to this neighbourhood.
 
Columbus Square is a nice neighborhood. But seriously, it's far from reaching its potentials. 2007 is still a developmental time for CS. I don't think the schools and shops will be available until 2010. So for the time being, enjoy being inside your home because there's not going to be much around for another 2-3 years. Right now, you're "investing" in this area. It should be great in five years.
 
<em>>>Any ideas when the new schools will be coming to this neighbourhood.</em>





Call the school district. They are in the best position to know.
 
<p>From my teacher sources, the schools serving Camden are the worst in Tustin. That was a real concern for us when we were looking. </p>

<p>However, as others in the forum has pointed out, new schools are coming and may be pretty good. </p>
 
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