Will Portola Springs Become a Ghost Town?

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"Will Portola Springs Become a Ghost Town?"





Based on the whopping 35 people we saw at the park today for the big "Discover Portola Springs" event, I would say "yes."
 
<p>I also went to the "Open House" and did not see many "interested" people. Many of the agents had no idea when the next phases would start or even when the development would be completely over. Although as I walked though Serra (Standard Pacific Homes) they did mention they would be done building by the summer of 2008. Who knows how much truth there is to that.</p>
 
We went there today and was surprised to see so few people. I expected the models to be packed with visitors. Oh wells, it's for the best because I really want to win that paid vacation!





Does anyone know what the broker co-ops being offered is? I had a lot of questions but got brushed off by most of the sales people (looking young and all...). I currently have my eyes set on Decada and BOUGAINVILLEA. I overheard a couple of people talking excitedly about Decada so we rushed over and I picked up a priority list application asap. HAHA<strong></strong><strong></strong>
 
I know Taylor Woodrow's Las Colinas is/ was offering $10,000 referral fee which the salesperson was telling me is an exception on TIC's part, but I don't know about Decada or Bougainvillea.
 
<p>Taylor Woodrow is offering 3% broker co-op for both Las Colinas and Las Aborles effective last week. Have not heard about other builders PS yet.</p>

<p> </p>
 
"Is this the same event that IrvineSingleMom was speaking of - with the face painting, etc?"





Yes. We swung by around 1:45 pm. We thought the park was the big one in the northeast section of PS, but actually it was the park across the street from the Sendero models. There were about 35 people (max) in the park when we drove by. We didn't stop. There was more foot traffic at all the models than we had seen in awhile (based on looking at the parking lots), but I would say only by 20% to 30%. Let me put it to you this way: if we wanted to stop at the park, we easily could have because there was street parking available right across the street from the park.





Don't know if you recall the first six or so months of Las Colinas' opening, but you couldn't usually find an open parking spot in the lot or on the street where the models were at that time.





Very underwhelmed.
 
<p>Thanks for the info. Anyone actually decide to get out of their car and get some price sheets? Any new "incentive" news? Any perspectives on the groupings within the number of people that actually attended? Eg - you may have 50 people, but representative of only 12 families, etc... and thus, only 12 buyers... or you could have 50 POS flippers are running amuck with their pads of paper and calculators... representing 50 future (100% MTV loans, bankruptcies, and yes, for those NAR new clientel)... I am really curious to know the "type" of traffic.</p>

<p>Also, if I am not mistaken, there was a rather significant price reduction at Portola in the last few months (10% or so) ... any sign of protestors like we have seen with A Train Runs Through It, I mean, Surrounded by High Power Lines, I mean, VOC?</p>
 
I went through almost all the models they had and it seemed that it was the same 10 group of people going through them. In the sales office I saw a max of 2 people actually stopped to talk business.
 
<p>As prices getting more and more attractive in PS, I bet that investors will come in and buy them (I am starting to see investor's interest). Investors are what the builders need now to build momentum. Builders won't say it, but they will welcome.</p>

<p> </p>

<p> </p>
 
<p>nirvinerealtor,</p>

<p>if they're offering 3% broker coop at los arboles, do they reduce the incentives to your buyers? what type of incentives are available? Last we checked a few months ago, it was 30k that could be used for designer credits and or to reduce purchase price plus 5k for closing costs.</p>

<p> </p>

<p> </p>
 
Thanks for the info on 3% co-op.





<a href="../../../account/25/">GrewUpInIrvine</a>;





I noticed a few real estate agents on Saturday representing/referring buyers. As was noted earlier, we also kept running into the same people and families from model to model.





We arrived at 11am sharp and nothing was really going on at the park (canopies being setup). When we left around 1ish, it wasn't much different except for more children running around. Overall, I was most impressed by the cookies and lemonade provide at Sendero!
 
<p>1sttime,</p>

<p>I could not tell you that they are reducing incentives for buyer because I have not follow this one closely. The home prices are low $800K without upgrades. What did you see before?</p>

<p>Here is the update pricing. I do not see any other buyer incentives.</p>

<p>Plan 1: $849K, 40' deep backyard/view of mountain. No upgrade</p>

<p>Plan 2: $846K, 20' deep backyard. No upgrade</p>

<p>Plan 1: $852K, 20' deep backyar. $40K upgrades</p>

<p> </p>
 
<p>nirvinerealtor,</p>

<p>When we went, plan 1 was 827k w/ no upgrades, plan 2 was 840k w/ no upgrades, and i never even looked at plan 3 because it was out of our price range</p>

<p>As a buyer, they offered us 30k towards the home (designer credits, lower price, hoa) plus 5k for closing costs.</p>

<p>Is that gone now? Does that mean they shifted the incentive to you as the realtor and made it more expensive for the buyer? Would your 3% commission be in addition to or in place of the incentives we saw a few months ago?</p>

<p> </p>
 
That is the position the took in Woodbury at Stonetree... while that doesn't necessarily mean that the same thing is happening in Portola, I look at it like this - there is only so much $$$ that anyone in the transaction has to give. If the builder has 60K to give, then the issue become "who" shares in the 60K... I would find it unbelievable that a home builder had a mystery stash of cash to pay off brokers that was above and beyond (as well as beyond the reach of) ordinary people that are just wandering by and thinking about a purchase... I'd bet that the broker co-op is just one of many tools used by the home buidler to generate traffic... but yes, if the money is going to a broker - there is a great argument that the 3% is money not going to the actual home buyer... it is usually one incentive or the other... because if it was both, I'd be going alone and bargaining for both (for myself) instead of "sharing."
 
<p>1sttime,</p>

<p>It looks like that to me. I usually see the incentives shifted to Realtor's commission..</p>

<p>Here is the catch, when an agent is in the picture, he/she starts to negotiate on everything on behalf of their clients. The realtors will know who to package their buyers as a good buyer in exchange for consessions.</p>

<p>You can go in a negotiate yourself without an agent if you know how to navigate the negotiation process. Give it a try. Keep in mind once you approached the builder direct, you gave up your right to bring in your agent.</p>

<p>My seasoned buyers are sending me in to negotiate 2 homes with Taylor Woodrows.</p>

<p>Best of luck to you.</p>
 
<p>nirvinerealtor,</p>

<p>does that mean that you can negotiate terms that are better than the 35k mentioned above?</p>

<p>for your seasoned buyers - how much more benefit can they get if they start 35k less to begin with?</p>

<p>historically have you gotten better terms than they would have gotten without an agent?</p>

<p> </p>
 
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