Orchard Hills - Capella by Taylor Morrison

[joy4ever]

Wow, I'm shocked!  I actually had a lot in the last phase reserved since the beginning.  I was there just a few month ago and was told they didn't know when they were going to release that phase.  And suddenly everything is sold out including the lot I had reserved.  They never contacted me to see if I still wanted it.

Sold Out?! WTF...I was on a list for last phase. Never got a call 

They probably made calls in the order of the priority list. Probably someone ahead of you on the list was called and decided to buy, so you never even got contacted.
I too was on the list for one of the few decent size view lots in Capella. We were told the chances of us getting that lot were slim to none, since there were already 3 people ahead of us. That was over a year ago. We put ourselves on the list anyway,  but since then ended up closing in another OH development. I never got a call either

I wasn't on the waitlist.  I actually had lot #8 reserved since phase 1 (I was eligible to buy phase 1 or 2).  Not that I really wanted to buy it.  I was just holding it in case the price drops significantly, in which case I might consider.  So I'm not too upset about this.  But I'm still shocked for the fact that they didn't contact me at all.

 

[Happiness]

The shock expressed on this thread today is just another example of how TI is not the real world.

 

[Villager]

Strada = TIC
No shareholders to worry about.

Even though they don't have any shareholders to worry about, why would they just stop while they had the momentum? If anything, delaying construction may cause potential buyers to look elsewhere. Seems a bit counterintuitive.

 

[AW]

maybe they've seen how their similar product in EW isn't doing as well, and maybe want potential buyers to go from strada to EW?
whatever their reasoning, different pressures on meeting numbers compared to a public one

 

[jyeh74]

Wow, I'm shocked!  I actually had a lot in the last phase reserved since the beginning.  I was there just a few month ago and was told they didn't know when they were going to release that phase.  And suddenly everything is sold out including the lot I had reserved.  They never contacted me to see if I still wanted it.

Sold Out?! WTF...I was on a list for last phase. Never got a call 

They probably made calls in the order of the priority list. Probably someone ahead of you on the list was called and decided to buy, so you never even got contacted.
I too was on the list for one of the few decent size view lots in Capella. We were told the chances of us getting that lot were slim to none, since there were already 3 people ahead of us. That was over a year ago. We put ourselves on the list anyway,  but since then ended up closing in another OH development. I never got a call either

I wasn't on the waitlist.  I actually had lot #8 reserved since phase 1 (I was eligible to buy phase 1 or 2).  Not that I really wanted to buy it.  I was just holding it in case the price drops significantly, in which case I might consider.  So I'm not too upset about this.  But I'm still shocked for the fact that they didn't contact me at all.

The only way was that there was someone higher than you on the priority list also from phase 1, that was called before you and ended up purchasing the last phases.

You can't compare the earlier phase homes to the $1.9m model home prices due to all the upgrades and landscape.  Last comps right before the model homes sold, I believe were in the low $1.4m.

 

[sealionbeast]

They're ripping up the parking lot today.

So found out some more interesting information. Apparently there was a waiting list for the homes that back to the park which is why they went from quick move-ins to selling models in a couple of months.

A wait list that was actually real - genuine qualified buyers wanting to buy? Nice. I would've been the cynic Capella potential buyer, passing on the less desirable lots believing there was little chance I wouldn't be offered one of the last desirable lots. This buying method is more palatable when there is a lot of similar supply coming to market, as in OH and Irvine.

I wonder how the other similar products are doing like Arcadia, Palo Alto, and Lafayette? All about 3k to 3.3K sqft and similar price range. I was about to pull the trigger on Arcadia but wife doesn't like the Stonegate location. So still waiting to see if I can catch a deal somewhere. Was almost about to pull the trigger on Capella but guess I'm a little too late. Was not expecting it to sell out so soon  :-\.

@ Perspective - how's Strada doing?

Strada's curiously taking a different route than Capella. Despite apparent sales success, they haven't poured a foundation in months; and an IP guy told me they probably won't in 2016. He said they met their 2016 sales goal and don't intend to release another phase this year. We'll see if that holds.

Congrats to the relieved Capella buyers who got in when pricing got crazy in late 2015. These late comps should provide some comfort.

They just released a phase last week at Strada.  I got a plan 3, November move in.

 

[Irvine or Bust]

Strada = TIC
No shareholders to worry about.

Even though they don't have any shareholders to worry about, why would they just stop while they had the momentum? If anything, delaying construction may cause potential buyers to look elsewhere. Seems a bit counterintuitive.

Momentum slowed at Strada, TIC didn't want to burn up cash and build up inventory, so they stopped. No matter public or private, companies on going concern will always be the bottom line.

 

[abosch00]

maybe they've seen how their similar product in EW isn't doing as well, and maybe want potential buyers to go from strada to EW?
whatever their reasoning, different pressures on meeting numbers compared to a public one

Is the similar product in EW you're referring to Mr Belvedere?  I thought they're doing well...still jacking prices up 8K for each phase.

 

[Paris167]

Wow, I'm shocked!  I actually had a lot in the last phase reserved since the beginning.  I was there just a few month ago and was told they didn't know when they were going to release that phase.  And suddenly everything is sold out including the lot I had reserved.  They never contacted me to see if I still wanted it.

Sold Out?! WTF...I was on a list for last phase. Never got a call 

They probably made calls in the order of the priority list. Probably someone ahead of you on the list was called and decided to buy, so you never even got contacted.
I too was on the list for one of the few decent size view lots in Capella. We were told the chances of us getting that lot were slim to none, since there were already 3 people ahead of us. That was over a year ago. We put ourselves on the list anyway,  but since then ended up closing in another OH development. I never got a call either

I wasn't on the waitlist.  I actually had lot #8 reserved since phase 1 (I was eligible to buy phase 1 or 2).  Not that I really wanted to buy it.  I was just holding it in case the price drops significantly, in which case I might consider.  So I'm not too upset about this.  But I'm still shocked for the fact that they didn't contact me at all.

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

 

[joy4ever]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

 

[Paris167]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

oh I see. Then I suppose it's business as usual. They had a buyer standing in front of them so they didn't bother to call. I guess they thought if you were truly interested you'd check with them on a weekly basis. Good example was our experience. I wasn't on a list but when I showed up interested, "made nice" with the sales person and said we were willing to put down a deposit that week on the view lot we wanted (which was just dropped by a person that reserved it earlier) they just gave it to us. There was a wait list at that time but they said if we gave them a deposit they will just reserve it for us. So I'm sure sales people can be very personally selective as well - I don't think there is some rule that they have to go down the waitlist. Only time they are legally bound is when money is exchanged.

 

[WTTCHMN]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

They probably knew you weren't a serious buyer.  Serious buyers like Perspective pester the sales office every weekend until they get the lot they want.

 

[abosch00]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

oh I see. Then I suppose it's business as usual. They had a buyer standing in front of them so they didn't bother to call. I guess they thought if you were truly interested you'd check with them on a weekly basis. Good example was our experience. I wasn't on a list but when I showed up interested, "made nice" with the sales person and said we were willing to put down a deposit that week on the view lot we wanted (which was just dropped by a person that reserved it earlier) they just gave it to us. There was a wait list at that time but they said if we gave them a deposit they will just reserve it for us. So I'm sure sales people can be very personally selective as well - I don't think there is some rule that they have to go down the waitlist. Only time they are legally bound is when money is exchanged.

Were you preapproved with OnQ?  I thought to be even able to reserve, you have to preapproved with their preferred lender

 

[Paris167]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

oh I see. Then I suppose it's business as usual. They had a buyer standing in front of them so they didn't bother to call. I guess they thought if you were truly interested you'd check with them on a weekly basis. Good example was our experience. I wasn't on a list but when I showed up interested, "made nice" with the sales person and said we were willing to put down a deposit that week on the view lot we wanted (which was just dropped by a person that reserved it earlier) they just gave it to us. There was a wait list at that time but they said if we gave them a deposit they will just reserve it for us. So I'm sure sales people can be very personally selective as well - I don't think there is some rule that they have to go down the waitlist. Only time they are legally bound is when money is exchanged.

Were you preapproved with OnQ?  I thought to be even able to reserve, you have to preapproved with their preferred lender

In seeking a new home at that time I had applied for pre-approval for a couple of the builders in the groves. But our application was still pending review with TayMo but when we were interested, sales just called their finance team who reviewed the application right away and approved us on the spot.

 

[Perspective]

To truly have the lot reserved you have to put down a cash advance. I remember we had to pay them $44k to hold our lot. If you were just on the wait list for that lot then not surprised someone ahead may have taken it OR if they had an interested buyer just willing to take it why would they bother calling people on the decision line when they had a buyer in front of them. business is always business I suppose.

They were not allowed (by law?) to take a deposit unless the price was set.  So what they did was to let people reserve the lots they wanted (one buyer per lot) based on the priority list.  When I stopped by the sales office a few months ago, they told me they didn't know the price yet so they were unable to take a deposit.  I expected them to at least call me once they had the pricing available but they never did.

They probably knew you weren't a serious buyer.  Serious buyers like Perspective pester the sales office every weekend until they get the lot they want.

Yep. Call it pestering, or just reminding them you're serious and will be writing a check immediately if you're offered the lot/plan you're requesting.

 

[abosch00]

I understand that the orchard hill "view lots" are most likely the best views east of the 5.  But when you look at the the view some homes have over in laguna nigel, there's really no comparison:
https://www.redfin.com/CA/Laguna-Niguel/24191-Las-Naranjas-Dr-92677/unit-R/home/4914413

1.3M, 3200sqft, and a pretty sweet view.

 

[hello]

I understand that the orchard hill "view lots" are most likely the best views east of the 5.  But when you look at the the view some homes have over in laguna nigel, there's really no comparison:
https://www.redfin.com/CA/Laguna-Niguel/24191-Las-Naranjas-Dr-92677/unit-R/home/4914413

1.3M, 3200sqft, and a pretty sweet view.

Agree.  many of the views in capella were pretty sad.  Furthermore the views will eventually be blocked by trees planted behind the homes...

 

[Perspective]

I understand that the orchard hill "view lots" are most likely the best views east of the 5.  But when you look at the the view some homes have over in laguna nigel, there's really no comparison:
https://www.redfin.com/CA/Laguna-Niguel/24191-Las-Naranjas-Dr-92677/unit-R/home/4914413

1.3M, 3200sqft, and a pretty sweet view.

Is this thing severely underpriced to sell quickly? Seems like an amazing house, lot, and view, for that price.

 

[hello]

I understand that the orchard hill "view lots" are most likely the best views east of the 5.  But when you look at the the view some homes have over in laguna nigel, there's really no comparison:
https://www.redfin.com/CA/Laguna-Niguel/24191-Las-Naranjas-Dr-92677/unit-R/home/4914413

1.3M, 3200sqft, and a pretty sweet view.

Is this thing severely underpriced to sell quickly? Seems like an amazing house, lot, and view, for that price.

No I think you just got used to the ridiculously high prices....

 

[Paris167]

True "view" is relative. That house is beautiful, stunning view but it's Laguna niguel, not Irvine. The elementary school zoned to that house is a 6 rating. When choosing a home everyone has priorities. For us schools trump view. I'm just glad a good portion of my windows face no neighbor and orchard hills over watching my neighbors tower behind me. To me that alone is a good enough "view"