Woodbury - Stonetree Manor

NEW -> Contingent Buyer Assistance Program
No proof, but I think the ranch must have given the builder lower prices on the new lots. The actual cost to build just the house for that square feet is approx 400k, add in land development at 125k...the rest is land and profit. TIC only makes money off the land. So if they ain't selling lots, they ain't making money.





Yeah, a 150k hit would be troublesome. I waited it out as well. It was hard at times. BUT, hopefully in a few years, prices will return to that high level...just not without wages increasing to meet inflation. The no doc/ zero down loans are gone at least for another generation....maybe forever.
 
[quote author="PadreBrian" date=1211281771]The next phase is next to the small park and across from the elementary. That should help them sell.</blockquote>


I've walked by that area and think the new STM homes being built on Revival are a bad location. Yes it is close to the <a href="http://www.woodburyhoa.org/custom_page.php?page_id=2">Commons</a> but who wants to be directly across from the <a href="http://www.iusd.k12.ca.us/wo/">Woodbury Elementary School</a>. There is a lot of traffic generated on Revival in the AM and PM when parents are driving and parking along the street. Also, there is a lot of noise generated from the school which carries quite easily across the street. Walking distance to schools is great but not this close. Just my $0.02
 
Drove by 120 Spanish Lace today. IMO, its in an odd location deep set at the end of the cul-de-sac. No real parking for guests. It also has an earlier phase of Stonetree so it doesnt look as attractive in front (IMO). Can't believe it was at $933.5K!? Besides the price (bidding war maybe?), another good aspect is the large grass space infront. It will be interesting seeing how much it sells for.
 
<img src="http://i-0.rfimg.us/photo/46/bigphoto/610/S550610_6_1.jpg" alt="" />



<img src="http://i-0.rfimg.us/photo/46/bigphoto/610/S550610_3_1.jpg" alt="" />



<a href="http://www.redfin.com/CA/Irvine/38-Twin-Gables-92620/home/12256211">STM Plan 2</a>



Its great discovering and falling in love with new floor plans and models on old threads like this one. Oakcreekrenter, is there an update? Pictures? How is it a year out? I have to say plan 2 just feels great. Dare I say, there has to be a correlation between happiness and the number of french doors you have...
 
A few updates:



1. Home is very efficient. Today reached about 93 degrees, and as long as the shades are drawn and we don't open the doors too much, the home keeps its internal temp quite nicely and we don't need the air conditioner.



2. One small quibble about the kitchen: Not enough counter space. But I suppose that's universal.



3. Still happy with the home, despite the drop in value. Life's too short for what-ifs...every now and again, I'll wonder about the extra $300-$500/month I could be saving if I had waited, but then again, it's a mortgage I can comfortably afford on a 30 year fixed...so my situation is a bit different.



4. Woodbury is very nice, with family-friendly activities and amenities.



5. The neighbors with the loud barking dog moved away. Hooray!



6. Media niches are overrated, especially in the era of flat-screens. I ended up buying a rear projection just to fill the space (just kidding. Sort of.)



7. Another minor gripe: Laing didn't give me the option for surround speaker pre-wire. I would have had to purchase the speakers from their contractor, which I didn't want.



8. At one point, I thought Plantation shutters were a waste of money. I don't anymore.



9. Furnishing remains a challenge, since my wife and I have divergent tastes, and we don't buy anything unless we both love it or we really need it. So far, it still looks pretty bare...



More later,



OCR
 
Oak Creek: Could you please give me more detail on #8. Do you say that because having them installed by the builder saved you the hassle of having to measure / order all your own treatments or do you mean you like the style choice of plantation shutters over other options? Thank you.
 
My neighbor said she went to StoneTree Manor last week, the Plan 1 is selling for $722 with 10k incentive (just under 2000sf), move in date early next year. Is that a significant decrease in price?
 
[quote author="Allison C." date=1226836603]My neighbor said she went to StoneTree Manor last week, the Plan 1 is selling for $722 with 10k incentive (just under 2000sf), move in date early next year. Is that a significant decrease in price?</blockquote>


The prices at STM are over $100k less than peak but the many of the remaining lots are in very undesirable locations. This particular Plan 1 you mention is across the street from the elementary school. Traffic will be a disaster every morning and afternoon, you get to hear the school noise, and the classrooms facing this STM phase are modular classrooms (i.e. it's like living across from a trailer park).
 
[quote author="High Gravity" date=1226876061][quote author="Allison C." date=1226836603]My neighbor said she went to StoneTree Manor last week, the Plan 1 is selling for $722 with 10k incentive (just under 2000sf), move in date early next year. Is that a significant decrease in price?</blockquote>


The prices at STM are over $100k less than peak but the many of the remaining lots are in very undesirable locations. This particular Plan 1 you mention is across the street from the elementary school. Traffic will be a disaster every morning and afternoon, you get to hear the school noise, and the classrooms facing this STM phase are modular classrooms (i.e. it's like living across from a trailer park).</blockquote>


High Gravity, thanks for the info.

I personally don't like to live within steps from schools, but I heard they are actually highly desirable for many buyers and renters alike. :)
 
[quote author="Allison C." date=1226899423][quote author="High Gravity" date=1226876061][quote author="Allison C." date=1226836603]My neighbor said she went to StoneTree Manor last week, the Plan 1 is selling for $722 with 10k incentive (just under 2000sf), move in date early next year. Is that a significant decrease in price?</blockquote>


The prices at STM are over $100k less than peak but the many of the remaining lots are in very undesirable locations. This particular Plan 1 you mention is across the street from the elementary school. Traffic will be a disaster every morning and afternoon, you get to hear the school noise, and the classrooms facing this STM phase are modular classrooms (i.e. it's like living across from a trailer park).</blockquote>


High Gravity, thanks for the info.

I personally don't like to live within steps from schools, but I heard they are actually highly desirable for many buyers and renters alike. :)</blockquote>


I got some additional info.. I actually visited the sales center and was planning on making an offer.. here's what I got



Plan 1 move in around 5/09.. address will be 66 Revival (good for Chinese???).. it will also be Spanish style ( i like the French style better)



Incentives: $20,000 bonus for going with their mortgage (JLH/Countrywide)

Matching SS Fridge

Paint walls to desired color

Stain kitchen cabinets to desired color

Choice of granite in kitchen

French doors



Saw the location as well.. it is across from the school but away from the main entrance/drop off area.. near the "trailers".. eye sore but hopefully not permanent... the garage will be at the end of a "T" section.. convenient to park but probably a pain to reverse out.. this is the last phase as well.. i hear the models are already sold?



120 Spanish Lace (plan 3) was sold recently for $751K from the escrow thread.. they're asking $722k for a smaller home.. think JLH/TIC will entertain a offer of $650K??



Personally I'm not that thrilled about this property.. wife doesn't think much of it either.. it just doesn't look impressive next to the plan 2 (which looks nice from the outside but to us had a weird layout on the first floor).. only reason why we would move is for the better school district (we're tustin school district now).. the two association fees combined will be ~$258.. property tax is 1.75%..



Also got an email from JLH about the special rate of 5.5% for Stonetree... wonder whats needed to qualify for that..(30% down?)
 
I haven't checked prices recently but a few months ago, the remaining lots at STM that don't face the elementary school (the ones on Twin Gables) were priced about $50k higher that the lots that face the school so the builder apparently thinks the lots facing the school are less desirable.
 
[quote author="IACRenter" date=1211253429]A friend of mine recently told me they sold all the models already for Stone Tree in Woodbury. Has anyone else heard if that is true? Something about the new owners leasing it back to the company until they finish their last phase. I guess the builders figure they can get a better price in the market for the models this year versus in 2009 or whenever they close out. The company must be paying the buyers a premium on rent or added some incentives for the purchase. I certainly wouldn't want to buy a house and have to wait 1+ years to move in after starting to pay for a mortgage.</blockquote>


An update for you Stonetree lovers:



So those investor/flippers who speculated on making a nice profit by buying the model homes on Rinaldi early are trying to bail out now. Looks like there are two homes for sale on Rinaldi. Both a Plan 2 and Plan 3--former model homes.



The Plan 2 Model is up for sale on <a href="http://www.redfin.com/CA/Irvine/94-Rinaldi-92620/home/12253008">Redfin, 94 Rinaldi,</a> as a short sale for $650K. I think recent re-sales of plan 2 are closer to low to mid $700K range. They are looking for multiple knife catchers to bid up the price. Anyone care to look up their mortgage debt?



Also noticed next door at 96 Rinaldi, the plan 3 Stonetree model has a for sale sign up, says "For Sale By Owner". I can't find it listed on Redfin.



So if you always wanted the model homes here is your 2nd chance to catch a knife--both plan 2 and plan 3. ;-)
 
Big haircut on 94 Rinaldi

Paid over $1M for it in July ?06.

Owe $750K on it.

Looks like it back-fired on the flipper who bought the model home.
 
Also noticed next door at 96 Rinaldi, the plan 3 Stonetree model has a for sale sign up, says "For Sale By Owner". I can't find it listed on Redfin.



Here is the For sale by optimist listing on craigs list:



$950000 / 4br - Woodbury - Model Home (Stonetree in Irvine) (map)



--------------------------------------------------------------------------------

Reply to: hous-1051098930@craigslist.org [Errors when replying to ads?]

Date: 2009-02-25, 11:42PM PST







Fabulous model home for sale in Woodbury with upgrades galore! If you're family oriented and aren't familiar with Woodbury, you need to check it out! Woodbury has amenities too numerous to mention and is the perfect family neighborhood including a brand new elementary school! 4 Bedrooms, 3 1/2 Baths, beautiful great room with a wood paneled ceiling. The home sits directly across from Magnolia Square Park and boasts lovely mountain views. This model is located on the largest lot in Stonetree and includes the largest patio of this plan because of the larger than average lot size. Over $125K in upgrades. For Sale by Owner. Principals Only. Please call Trish at 714-697-2340.
 
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