Villages of Columbus - Columbus Square - Meriwether

NEW -> Contingent Buyer Assistance Program
2 units of Plan 1 and 2 units of Plan 2 in Phases 8 & 9 are still available at the reduced price. But they destroyed the sales office in the model, took down the fences, and the parking lot is full of dirt. It seems they are converting the model for sale (by making the garage where the sales office used to be) and getting ready for the final phase, Phase 10. The parking lot of the sales office is where one of the three buildings in Phase 10 will be built.
 
[quote author="esp" date=1226285439]2 units of Plan 1 and 2 units of Plan 2 in Phases 8 & 9 are still available at the reduced price. But they destroyed the sales office in the model, took down the fences, and the parking lot is full of dirt. It seems they are converting the model for sale (by making the garage where the sales office used to be) and getting ready for the final phase, Phase 10. The parking lot of the sales office is where one of the three buildings in Phase 10 will be built.</blockquote>


If I remember correctly the models were supposedly sold up-front when the community opened. If this was the case, I would expect that the viability of those sales at those prices has been overtaken by events.



SCHB
 
[quote author="sonicko" date=1226393247]I love how when you go into the sales office they have an article declaring that the "Housing Crisis is Over!"



Too funny.</blockquote>


Apparantly, since this community has sold out.
 
Plan 2 is gone from Lennar's web flyer. 2 units of Plan 1 are still there. Plan 1 used to be the most popular among the three models of Meriwether. I guess nowadays $447k-449k for 2BR/2BA condo is rather expensive, even for a new property.
 
I was walking around the neighborhood last night, and just by walking down one row of Meriweather homes, I saw one REO and one for sale by realtor. This is out of...6 Meriweather properties. I'm sure there is lots more to come.
 
[quote author="roundcorners" date=1231505132]I'm noticing a lot of resales on redfin; a lot just came online this week...</blockquote>


No kidding. Wow. Some of these map incorrectly to the other side of Red Hill, but these appear to all be plan 2s that had base selling prices in the $665k zone.





<a href="http://www.redfin.com/CA/Tustin/1444-Valencia-Ave-92782/home/12257297">http://www.redfin.com/CA/Tustin/1444-Valencia-Ave-92782/home/12257297</a> ($489k)



<a href="http://www.redfin.com/CA/Tustin/1450-Valencia-92782/home/18515564">http://www.redfin.com/CA/Tustin/1450-Valencia-92782/home/18515564</a> ($485k)



<a href="http://www.redfin.com/CA/Tustin/15210-Grant-Way-92782/home/12518940">http://www.redfin.com/CA/Tustin/15210-Grant-Way-92782/home/12518940</a> ($535k)



<a href="http://www.redfin.com/CA/Tustin/15204-GRANT-Way-92782/home/17464376">http://www.redfin.com/CA/Tustin/15204-GRANT-Way-92782/home/17464376</a> ($495k)





What a bloodbath!



SCHB
 
The combined heft of the HOAs at (Dues #1: $162.00, Dues #2: $214.00) plus the Mello-Roos (~$3K+) will surely help these properties sell like pancakes.
 
Two new units of Plan 1 are now $424,000.



<a href="http://www.lennar.com/New-Homes/California/Orange-County/Meriwether-@-Columbus-Square/Promotions/34351">http://www.lennar.com/New-Homes/California/Orange-County/Meriwether-@-Columbus-Square/Promotions/34351</a>



Meriwether at Columbus Square

Immediate Move-Ins Available!

Homesite 88 (Plan 1) Was $449,000 NOW $424,000

Homesite 103 (Plan 1) Was $447,000 NOW $424,000
 
Meriwether at Columbus Square price quoted as of 02/18/09



Residence #1 - $424,000

Residence #2 - $540,000

Residence #3 - $590,000



Builder incentive of $25,000 for flooring or closing costs.
 
Wow. I thought those Plan 1 properties are for sale forever. Lennar released the final phase (Phase10) on March 7th.



Plan 1 - $424,000

Plan 2 - $559,000

Plan 3 - $584,000
 
[quote author="poiboy" date=1236755056]Had my eye on those 2 Residence # 1 properties, found out that they were both sold/reserved for over last weekend... wow...</blockquote>




Are you referring to these?



1407 Montgomery Street $424,000

15201 Ashville Way $424,000



It looks like they're still available, according to the inventory page on Lennar's site. I looked at them a month ago and wasn't sold on the huge price for small square footage.
 
I think ArbyOC is right. Both of the above properties still have "Available" signs up. They would take down the sign if it is sold or reserved.
 
I went to go check out the 1454 1/2 Montgomery Street plan 1 unit yesterday and I wasn't too impressed. It could potentially be a very nice place to live for a couple or very small family but it's still too expensive. The 2nd bedroom is a joke. It looked like it was 8 X 8.5 feet. I plan to rent a room out and I'm pretty sure potential renters would have laughed at it. Also, my coworker lives in one of the plan 1 units and he said people coming and going and hanging out in the garages below you becomes extremely annoying. By the way he paid $560K for it at the tip of the peak. Ouch I know. Lennar was offering me some crazy financing on the property so I was actually considering it. They let me know today they sold the property this morning but I'm not too broken up about it.



The proposed loan was:



At least 15% down payment

1st year 1.75%

2nd year 2.75%

3-30 3.75%



The closing costs would have come out to be around $5500. They had another loan they were offering me which was 3.875% 30 year fixed and they pay all costs. I did all the math and I just didn't feel comfortable paying $410 in HOA a month and the ridiculous property taxes. The total monthly cost would have been $2500+ and I would have to worry about PMI.
 
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