waiting list at san mateo?

[villiagepeople]

so my wife and i decided that we want to buy a san mateo home... plan 1 or 2... so we went online and did the priority registration, and did the prequal... and got a call the next day from the loan agent saying we were pre-qualified.  although we knew 4 of 6 homes in phase 1 were sold after the 1st week... we were told they had another phase releasing this week, and i called them to ask for pricing and to check on next steps... they told us plan 1 and 2 were sold out for phase 2 also!!!... and that they haven't called me cause they are working down the list of people on the priority registration... also, if we wanted a plan one, we would have to most likely not get in phase 3 either because there were so many people ahead of us.  (phase 4 has a move in date of oct/nov, while 1-3 move in june/july)... the crazy part of it is they don't even have pricing for phase 2 yet... so i'm assuming whoever put their deposits down, they are willing to pay any price, and the builder already picked the upgrades.  they said most likely phase 2's "base" will be 3-5k more... and phase 3 will be more than that...

it felt like 2005 all over again... with so much competition at this price point, and similar products (primrose and sevilla) i didn't expect there to be such a long waiting list.  to add to that... an old asian couple came in while we were about to tour the unfinished models... and they had to be escortted out by security because they didn't go thru the sales office... later when i went back into the office, the sales lady was trying to explain to them they needed to go and register online... but that they didn't need to prequal if they can show proof of funds... i'm assuming they were paying cash...

 

[villiagepeople]

for those of you who bought in woodbury east, or stonegate east last year... was it this crazy?  did the first 3 phases sell out that quickly?  from posts here on these forums, sevilla's first phase sold on the first day but the rest has been slow to move... (they even put the 2nd phase on the mls) and primrose had to drop prices from the first phases...  my cousin bought phase 2 of santa barbara by just walking in... same with my other cousin who bought on portola spring (forget the name of the developement) no waiting lists or anything...

 

[uciguy]

I'm curious about this as well.  I made it a point of getting on the priority list for San Marcos and San Mateo as soon as it opened.  When I showed up to the opening of the sales office, they assured me that as long as I did the pre-qual before the models opened, I'd keep my spot in the line.  Flash forward 2 weeks and they have been selling without so much as an email to let me know.  What is the point of having a system if you change it at will?  Overall, I don't understand why new homes don't work like resales.  If I like a particular lot, why can't I just bid on it instead of going through some BS priority list mechanism?

 

[usctrojancpa]

Don't put it past the builder to play some games.  Say and show that all of the phase 1 and 2 homes are sold when they really aren't, create artificial demand by playing mind games with potential buyers, and then slowly one by one calling people on the list telling them how lucky they are that one of the phase 1 or 2 homes just fell out of escrow and they are next in line to buy it (I remember BK mentioned they've played this kind of trick before).  I don't buy them having sold so many units without the models even being finished or having pricing for phase 2...just doesn't seem to add up.  As the saying goes....if it sounds too good to be true, it probably is.  Either way, eventually all of these developments will have homes hitting MLS. 

 

[ucla bruin]

I don't have any evidence to prove it but having talked to Maricopa, I don't believe they're sold/reserved. Walking into a sales gallery was like walking into a dealership.

Not to discredit the OP, but I wouldn't be surprised either if the builder or sales join this forum to create a "hurry, you must buy now!" thread.

 

[villiagepeople]

I don't have any evidence to prove it but having talked to Maricopa, I don't believe they're sold/reserved. Walking into a sales gallery was like walking into a dealership.

Not to discredit the OP, but I wouldn't be surprised either if the builder or sales join this forum to create a "hurry, you must buy now!" thread.

well... i don't know if they are playing games... but you talked to people at maricopa...  that starts at high 700k?  san mateo starts at 560k, also, i've been to the sales office 2x... and although this is anecdotal... i saw that old couple what wanted to offer cash... i saw someone leaving and they said "congratulations on your purchase".. and i've seen 4 or 5 couples/families tour the homes (you are allowed to tour if you have been pre-qualified)... so unless they are hiring actors there's your 6 for the first two phases.. and you have me and uciguy who are on the list that they haven't called.

 

[villiagepeople]

Who cares if they're lying about demand?  Would it sway your decision one way or another?  If you like the home and you are willing to pay the asking, then pre-register, go in and try to get one. 

uh... not sure why you're getting upset, if you read my post, i did register and pre-qual... and they told me phase 1 and 2 are sold out... and to wait for their call.  my original post was just of my shock at the situation and my second post was to ask if people have seen the same with any other developments...

 

[villiagepeople]

Would you be more enticed to buy if you know the first 3 phases were sold out?  Would the reverse be true?

no, in fact if i can't get in the first three i will have to look elsewhere cause my lease expires at the end of june (they are raising my rent another $100 if i re-sign, and $250 if i go month to month)... i don't want to rent anymore.  The fourth phase, starts in oct-dec (i was originally told dec... and then the second time a different lady told me possibly oct now that it's selling so quick)

 

[villiagepeople]

Are people more enticed to buy if they know the first 3 phases were sold out?  Would the reverse be true?

it's the psychology of inflation/deflation... if you knew prices were going up... you want to buy now... if you knew prices will drop you will wait.  a big reason for the run up in prices from 2000-2006.

 

[irvinehomeowner]

San Mateo is actually a strange project to me... 3 homes ranging from 1600-1800sft and all the same br/ba count.

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

 

[villiagepeople]

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

no.. i look on redfin every day.. i even go up to 600k (on homes with no mello roos and very low hoa my monthly nut would be the same)... and there's nothing in irvine, new or old,  detached condo or sfr, that comes close... usc, ir2, any other realtors... thoughts?

[the only comparable homes are the sevilla, proximity to the toll roads are a deal breaker for me.. and kbhome, as people have mentioned here, build quality is suspect]

 

[usctrojancpa]

So basically more "sold" buttons on the site plan means more buyers will be chomping at the bit to buy?

No wonder Donald Bren is a gazillionaire.

You got it...the phrase "perception becomes reality" applies to this situation.  For most buyers, a home purchase is an emotional process, event.  As such, it is easy for many buyers to let their emotions get the best of them and make irrational decisions....kinda like "I better buy now before they raise the price too much and/or they sell out all of the units."

 

[usctrojancpa]

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

no.. i look on redfin every day.. i even go up to 600k (on homes with no mello roos and very low hoa my monthly nut would be the same)... and there's nothing in irvine, new or old,  detached condo or sfr, that comes close... usc, ir2, any other realtors... thoughts?

[the only comparable homes are the sevilla, proximity to the toll roads are a deal breaker for me.. and kbhome, as people have mentioned here, build quality is suspect]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

 

[akula1488]

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

no.. i look on redfin every day.. i even go up to 600k (on homes with no mello roos and very low hoa my monthly nut would be the same)... and there's nothing in irvine, new or old,  detached condo or sfr, that comes close... usc, ir2, any other realtors... thoughts?

[the only comparable homes are the sevilla, proximity to the toll roads are a deal breaker for me.. and kbhome, as people have mentioned here, build quality is suspect]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

 

[usctrojancpa]

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

no.. i look on redfin every day.. i even go up to 600k (on homes with no mello roos and very low hoa my monthly nut would be the same)... and there's nothing in irvine, new or old,  detached condo or sfr, that comes close... usc, ir2, any other realtors... thoughts?

[the only comparable homes are the sevilla, proximity to the toll roads are a deal breaker for me.. and kbhome, as people have mentioned here, build quality is suspect]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

Yup, smaller 1,300-1,400sf detached condos in the high $400s to mid $500s.

 

[FTHB]

They are probably popular because of the price point, mid $500k, but aren't there some newer true SFRs in Irvine for that same amount of money?

no.. i look on redfin every day.. i even go up to 600k (on homes with no mello roos and very low hoa my monthly nut would be the same)... and there's nothing in irvine, new or old,  detached condo or sfr, that comes close... usc, ir2, any other realtors... thoughts?

[the only comparable homes are the sevilla, proximity to the toll roads are a deal breaker for me.. and kbhome, as people have mentioned here, build quality is suspect]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

Yup, smaller 1,300-1,400sf detached condos in the high $400s to mid $500s.

sth like this http://www.redfin.com/CA/Irvine/31-Windchime-92603/home/5894880

 

[villiagepeople]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

i think he may be talking about these... but they are 1300sq ft and too close to the 405 for me...
http://www.redfin.com/CA/Irvine/54-Reunion-92603/home/5953455http://www.redfin.com/CA/Irvine/36-Reunion-92603/home/5982038

other than that there may be short sale homes... but i don't waste my time with those...

 

[FTHB]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

i think he may be talking about these... but they are 1300sq ft and too close to the 405 for me...
http://www.redfin.com/CA/Irvine/54-Reunion-92603/home/5953455http://www.redfin.com/CA/Irvine/36-Reunion-92603/home/5982038

other than that there may be short sale homes... but i don't waste my time with those...

close to the freeway, or close to the dumpsite.  I heard ppl saying Woodburys underground water is contaminated, true or false?

 

[usctrojancpa]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

i think he may be talking about these... but they are 1300sq ft and too close to the 405 for me...
http://www.redfin.com/CA/Irvine/54-Reunion-92603/home/5953455http://www.redfin.com/CA/Irvine/36-Reunion-92603/home/5982038

other than that there may be short sale homes... but i don't waste my time with those...

I lived right by these in an attached Irvine condo off Quail Ridge and I could barely even hear the white noise with the windows open from the 405.  The hill between the freeway and apartments along with the apartments themsevles were a great noise buffer. 

 

[usctrojancpa]

I won't deny it, there is a lack of good detached product out there in the $500s.  There are some pockets where you can find some like Oak Creek and Quail Hill.

detached products in Quail Hill in the $500's? really?

i think he may be talking about these... but they are 1300sq ft and too close to the 405 for me...
http://www.redfin.com/CA/Irvine/54-Reunion-92603/home/5953455http://www.redfin.com/CA/Irvine/36-Reunion-92603/home/5982038

other than that there may be short sale homes... but i don't waste my time with those...

close to the freeway, or close to the dumpsite.

Quail hill = 10x better than Stonegate + Woodbury put together.