Woodbury - Portisol

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jpx7_IHB

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Hello everyone,



I was wondering if anyone in this blog knows any background information on the Portisol Tract in Woodbury? I would like to find out what "Month/Year" first phase broke ground and what the first phase prices were for the 1700 square feet homes and 2300 square feet homes. How many Portisols Homes were built in total in Woodbury? Is there any chance any of you kept the first phase price sheet for this tract? I've been asking my real estate agent for this information for some time now and it seems that my agent does not want to reveal this information, so i am turning to the Irvine Housing Blog.



Thanks.

JPX
 
If you have not tried a google or yahoo search yet, you might give it a go. I have found some cached information on older homes through those search engines.
 
Time to brush up on your search skillz, Grasshopper. I found <a href="http://www.marketpointe.com/housing_reports/housing_development_summary.pdf">at least half</a> the information <a href="http://66.218.69.11/search/cache?ei=UTF-8&p=woodbury+portisol&fr=yfp-t-501&u=www.woodburyre.com/1.htm&w=woodbury+portisol&d=PDurn_H_QQl-&icp=1&.intl=us">you seek</a> in about five minutes. :coolsmile:
 
Thanks Eva,



It does seem like i do need to brushen up on search skills on Google. From the info on your link it shows the following about the Portisol tract in Woodbury



1708 sq/ft homes $740,500

2123 sq/ft homes $955,000



Date shows of Nov 13, 2004



Can someone confirm that these are first phase prices and Portisol's first phase started in Nov, 2004. I thought that i heard from someone that 1708 sq/ft prices started in the high $600s. Just want to confirm that my information is correct.



Thanks.

JPX
 
[quote author="JPX" date=1208159801]Thanks Eva,



It does seem like i do need to brushen up on search skills on Google. From the info on your link it shows the following about the Portisol tract in Woodbury



1708 sq/ft homes $740,500

2123 sq/ft homes $955,000



Date shows of Nov 13, 2004



Can someone confirm that these are first phase prices and Portisol's first phase started in Nov, 2004. I thought that i heard from someone that 1708 sq/ft prices started in the high $600s. Just want to confirm that my information is correct.



Thanks.

JPX</blockquote>


I remember looking at Portisol in late 2004 or early 2005. Plan 3 was $960-970K then and if you wanted to build out the 4th bedroom, an extra $30K I believe. The 3rd floor attic addition was a whoppin' $90K if I recall correctly. Fortunately I thought spending $1M on a house with a teeny tiny lot was stupid crazy...
 
<a href="http://www.redfin.com/CA/Irvine/53-Waterspout-92620/home/5959195">http://www.redfin.com/CA/Irvine/53-Waterspout-92620/home/5959195</a>



2700 square feet Portisol at $296/ppsf at $799,900. This is the lowest priced Portisol I've seen so far. Any additional info about this property? Only need to drop 15% more to get to the $250/ppsf levels. These Prices are starting to look attractive to me.



Dec 02, 2005 Sold $1,011,000 - OUCH!
 
[quote author="PANDA" date=1234758305]<a href="http://www.redfin.com/CA/Irvine/53-Waterspout-92620/home/5959195">http://www.redfin.com/CA/Irvine/53-Waterspout-92620/home/5959195</a>



2700 square feet Portisol at $296/ppsf at $799,900. This is the lowest priced Portisol I've seen so far. Any additional info about this property? Only need to drop 15% more to get to the $250/ppsf levels. These Prices are starting to look attractive to me.



Dec 02, 2005 Sold $1,011,000 - OUCH!</blockquote>


List prices don't mean squat Panda, you should know that by now... If it was listed at $1.2M would that mean the bubble was back?! Wait for it to sell and then you can use it to measure.
 
[quote author="PANDA" date=1234767678]IPO,



What is your best guess where this home will close at?</blockquote>


$850-875K, probably more toward $875K.
 
[quote author="nc_resident" date=1234771729]If the property tax last year was based on $835,000, why do you think that the property was last sold in 2005 for $1,011,000?</blockquote>


Zillow says it sold for $1.01M in Dec 2005. The assessed value was obviously reduced when they did all the re-assessments down on bubble-purchased properties last year.
 
[quote author="ipoplaya" date=1234782709][quote author="PANDA" date=1234767678]IPO,



What is your best guess where this home will close at?</blockquote>


$850-875K, probably more toward $875K.</blockquote>


$324ppsf for this home. That seems to be the right price for today's market. So I guess the strategy is for the seller to mark the price at $799,900 knowing that he will get offers much higher than this amount. The seller will take the highest offer. Is this a very common strategy among sellers? What happens if all 10 buyers write offers for the full asking price of $799,900 and not a penny more? I really like Portisol, Villa Rosa, JB, MF, and Rosemoor because the HOA is only $105 a month and taxes in Woodbury seems to be a bit better than Northwood II, QH ,and Portola Springs. You can write off the Taxes, but not the HOA.



Oh yes, There will be a day, when we can pick up one of these 2700 square feet Portisol tracts in foreclosure at $675,000 ($250ppsf). Panda shall wait for this day.



Question: Let's say that Lennar bought the lots for the Villa Rosa tracts at $700,000 each from TIC at the peak of the bubble in 2005-2006. TIC tells Lennar that you are screwed as we are not going to subsidize the land cost. If the real estate market gets really bad, is it possible that Lennar could unload these homes for less than the land value? Has a builder ever done something like this before?
 
IR2,



Is it unethical for a seller to list the home at $799,900 while his intentions are to fully reject any offers coming in at $799,900 (and lower) or is this a common pricing strategy used every day?
 
[quote author="PANDA" date=1234823682]IR2,



Is it unethical for a seller to list the home at $799,900 while his intentions are to fully reject any offers coming in at $799,900 (and lower) or is this a common pricing strategy used every day?</blockquote>
There is nothing unethical about it Panda. The seller can tell the listing agent to list the house for whatever price they want. It's the seller's decision whether an offer is accepted or rejected. I don't think it's a very common strategy to use what you described, more of an exception to the rule.
 
[quote author="PANDA" date=1234823682]IR2,



Is it unethical for a seller to list the home at $799,900 while his intentions are to fully reject any offers coming in at $799,900 (and lower) or is this a common pricing strategy used every day?</blockquote>


The thing you should remember, Panda, is that it is never "just the price." It is the <strong>whole package</strong>.

Would you be willing to pay $1000 for a cab ride home from O'Hare?

Would you be willing to pay $1000 for a cab ride home from O'Hare with a "talkative" Warren Buffet as your driver?



Similarly, maybe the seller would accept $799,900 if the buyer paid all escrow costs and was willing to close in 3 days. You never know.



Good luck,

-IR2
 
[quote author="ipoplaya" date=1234782709][quote author="PANDA" date=1234767678]IPO,



What is your best guess where this home will close at?</blockquote>


$850-875K, probably more toward $875K.</blockquote>


53 Waterspout closed for $850K.
 
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