Elderberry at PS5

They have a few of the smaller lots left (4?) in phase 1/2 and phase 3 was put on sale for people on the waiting list.
 
I like the hilltop location, but it seems that it will take next 2-3 years to build out the whole hilltop. Is this a good time to buy there?
 
the.irvine said:
I like the hilltop location, but it seems that it will take next 2-3 years to build out the whole hilltop. Is this a good time to buy there?

I would wait and see how the tax reform plays out. If SALT becomes completely not deductible, I can see builders pay for the mello up front and maybe getting the land for a little bit less to pay for that.

If that happens, whoa to everyone who has mello and especially if it goes up 2% a year. We'll have a whole lot of trouble reselling.
 
Ready2Downsize said:
the.irvine said:
I like the hilltop location, but it seems that it will take next 2-3 years to build out the whole hilltop. Is this a good time to buy there?

I would wait and see how the tax reform plays out. If SALT becomes completely not deductible, I can see builders pay for the mello up front and maybe getting the land for a little bit less to pay for that.

If that happens, whoa to everyone who has mello and especially if it goes up 2% a year. We'll have a whole lot of trouble reselling.

Agree this will take some air out of the housing if it pass.
 
the.irvine said:
Yes for sure. I am not sure if builders are already feeling the pinch or not.

We'll see.  Even if SALT is eliminated, I suspect you'll see a slowdown in housing sales (due to the 5 year rule as well), but I don't think you'll see prices really regress much.  This isn't 2006-2009, when people put 0% down and could just walk away from their unaffordable homes/mortgages.  Too many people have significant equity/cash invested in their homes, so what you would more likely see is stagnant pricing vs regression.  People won't willingly sell their homes at a significant loss unless they *have* to.
 
Jantoven said:
the.irvine said:
Yes for sure. I am not sure if builders are already feeling the pinch or not.

We'll see.  Even if SALT is eliminated, I suspect you'll see a slowdown in housing sales (due to the 5 year rule as well), but I don't think you'll see prices really regress much.  This isn't 2006-2009, when people put 0% down and could just walk away from their unaffordable homes/mortgages.  Too many people have significant equity/cash invested in their homes, so what you would more likely see is stagnant pricing vs regression.  People won't willingly sell their homes at a significant loss unless they *have* to.

100 % correct TRANSACTIONS VOLUMNS down. Pricing may be stagnant but wouldn?t drop like we?d see in the GREAT HOUSING BUBBLES. I would buy two if it ever get to the previous. Then again, that?s everybody plan, right?
 
Yes I just purchased in Elderberry in Phase 3. I think they are also taking deposit on phase 4 as well. I am nervous about the tax reform as well. But we shall see what happens.
 
Seems like a lot of recent posters on here have mentioned buying here. What is the current prices (curious how the prices have moved since they opened). 
 
We recently purchased at Elderberry after doing extensive research on new developments. These true SFH homes are 10-15% cheaper than homes of similar size at eastwood and OH. For us biggest attraction was location, at the top of the hill, surrounded by mountains, less crowded due to very few homes(400 or so in total) compared to eastwood/stonegate etc. Secondly, all homes so far are close to $1M( even detached condos such as Juniper and Legado). 

I'm not comparing this location(PS5A) to OH, but views of brown/dry mountains are very similar to OH lols 
 
I believe the pricing hasn't changed much since phase 1. I think may be increased 10K.  Its hard to gauge pricing as in some phases they had pre selected options like fireplaces, sliding doors, etc. In phase 3 when we bought, all the options were picked from scratch, so the pricing seemed lower than phase 1 and 2 but it really wasn't. I think the same story with pahse 4, where they already have some pre selected options. overall don't believe there is much difference is pricing. May be max 1%
 
Burn That Belly said:
See, this just bugs the hell out of me. This home is quite desirable by today's standard. $900k and you get a full 2car driveway, 4 beds, high ceilings, relatively new, modern appliances, and a yard. But it has sat on the market for 163 days. Something just doesn't seem quite right.
https://www.redfin.com/CA/Irvine/118-128-Yellow-Pne-92618/home/112721813


Put this home in EW, OH, SG, WB and it will be swooped up by the end of the week.

it's priced too high though.. per square feet.  Agreed.. you don't get this issue over in the other Irvine neighborhoods.. but for PS.. you gotta price it right. 
 
Think 128 Yellow Pne is a Colibri?  Wasn't too popular when it was released. 6 to a motorcourt. I drove through here once to buy something off Craigslist. Super dense feeling. Didn't help that everybody parked on the street even though they had a driveway so it felt like an attached development rather than detached. People also complained the driveway ate into the downstairs space so that felt smaller as well.

Unpopular floor plan in an unpopular village. They should've started with a lower price point.

 
yeah, the 6/motorcourt is common but I meant it doesn't help.  Petaluma's motorcourt design had a brick walkway, not as wide as a sidewalk but it helped divide the motorcourt driveway from the actual house. I think that helped the aesthetic a lot.
 
Burn That Belly said:
jmoney74 said:
Burn That Belly said:
See, this just bugs the hell out of me. This home is quite desirable by today's standard. $900k and you get a full 2car driveway, 4 beds, high ceilings, relatively new, modern appliances, and a yard. But it has sat on the market for 163 days. Something just doesn't seem quite right.
https://www.redfin.com/CA/Irvine/118-128-Yellow-Pne-92618/home/112721813


Put this home in EW, OH, SG, WB and it will be swooped up by the end of the week.

it's priced too high though.. per square feet.  Agreed.. you don't get this issue over in the other Irvine neighborhoods.. but for PS.. you gotta price it right.

They want $925k but I'm positive they will cave today at $900k cash offer so that's why I said $900k is fair price. But something like this at $900K is a freaking bargain at Eastwood considering Delano's are selling $900k+ for attached to 3 neighbors!!!

I think they got offers early on, probably lower.. Then raised the price and got no lookers.. now  to 925K. 
 
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