Orchard Hills Homes

A friend of mine works for one of the builders in OH.  Without revealing too much (not sure if it matters anyhow), I spoke with them this weekend and they said that when they initially established pricing 4-6 weeks back they set starting pricing at (we'll just say) around $1.2M.  After that preliminary price setting and a discussion with Irvine company, the starting pricing has now been changed to mid $1M's (same floorplans as previous). 
 
aquabliss said:
A friend of mine works for one of the builders in OH.  Without revealing too much (not sure if it matters anyhow), I spoke with them this weekend and they said that when they initially established pricing 4-6 weeks back they set starting pricing at (we'll just say) around $1.2M.  After that preliminary price setting and a discussion with Irvine company, the starting pricing has now been changed to mid $1M's (same floorplans as previous). 
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Yup, even though Irvine Company may not be doing all of the building there....you can bet your booty that they'll be in some control of the pricing for the other builders.  My guess is that pricing will most likely be around $500/sf for home WITHOUT views and $550-$600/sf for homes with views.  I think that pricing will actually bring the prices of Northpark, Northwood Pointe, and even West Irvine up.
 
I don't think it plays that way in terms of just being close to OH.  Will be interesting to see how this all plays out.  Will people actually pay high premiums to live in a condo up there without a view?  I'm guessing they will. 
 
notTHEoc said:
Agree on that pricing guess. Buyers might be comping it with NP/NWP/WI/PP and thinking ~10% premium to that, but TIC is prob comping it with turtle rock (or south of 405 homes)  and expecting same or higher psf (ie ~$500 psf w/o view). TIC waited 8 years to re-start this. they will release slowly and maximize $$$.
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Turtle rock/ridge is much closer to the ocean, has to be a premium for this. Given that SG/PP homes in 1.5M range are not selling that well (Sausalito sold 4 or 5 homes since opening), I don't think OH will end up commanding the same prices as Turtle Rock/Ridge for lots w/o view. Agree on view lots being a lot higher as there are not that may of them in Irvine.
 
I guess it all depends on the build.. if they build out some of the homes like they are in PS.. it probably won't command as much.. if they really market the "high end" home.. then it will be a great buy for the wealthy.
 
skiwhistler said:
notTHEoc said:
Agree on that pricing guess. Buyers might be comping it with NP/NWP/WI/PP and thinking ~10% premium to that, but TIC is prob comping it with turtle rock (or south of 405 homes)  and expecting same or higher psf (ie ~$500 psf w/o view). TIC waited 8 years to re-start this. they will release slowly and maximize $$$.
Click to expand...
Turtle rock/ridge is much closer to the ocean, has to be a premium for this. Given that SG/PP homes in 1.5M range are not selling that well (Sausalito sold 4 or 5 homes since opening), I don't think OH will end up commanding the same prices as Turtle Rock/Ridge for lots w/o view. Agree on view lots being a lot higher as there are not that may of them in Irvine.
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The other product in the 1.5 range is selling really well (La Cresta).  FCB may prefer SG over WB due to schools, but La Cresta is selling way better.  Lot size may be the difference (or village amenities).  dunno  There are a couple lots in Sausalito that are larger, but not many.  La Cresta has more larger lots.  In any case, there is 1.5 product moving well right now
 
bones said:
http://www.redfin.com/CA/Irvine/29-Small-Grv-92618/home/7219530
This is a view home in Portola Springs.  Went pending @ $2.195M ($522 psf) after 12 days on the market.  Probably a good comp for what OH will be priced at.  Sure it's "finished" and has a great backyard on a huge lot but it is PS and backs the toll road so IMO, OH view lots will be even higher (unfinished).
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It has probably $200k in upgrades "value" (cost of upgrades + hassle of doing them) which is already $50/sqft. That makes it more like $475 psf unfinished pricing. Dunno how much PS and being right next to the toll road affect the price, but do you think similar unfinished home in OH will cost $2.4M ($600 psf * 4000 sqft)?

There's also IUSD factor since it looks like large lots in OH are on the Tustin side.
 
Marty said:
skiwhistler said:
notTHEoc said:
Agree on that pricing guess. Buyers might be comping it with NP/NWP/WI/PP and thinking ~10% premium to that, but TIC is prob comping it with turtle rock (or south of 405 homes)  and expecting same or higher psf (ie ~$500 psf w/o view). TIC waited 8 years to re-start this. they will release slowly and maximize $$$.
Click to expand...
Turtle rock/ridge is much closer to the ocean, has to be a premium for this. Given that SG/PP homes in 1.5M range are not selling that well (Sausalito sold 4 or 5 homes since opening), I don't think OH will end up commanding the same prices as Turtle Rock/Ridge for lots w/o view. Agree on view lots being a lot higher as there are not that may of them in Irvine.
Click to expand...

The other product in the 1.5 range is selling really well (La Cresta).  FCB may prefer SG over WB due to schools, but La Cresta is selling way better.  Lot size may be the difference (or village amenities).  dunno  There are a couple lots in Sausalito that are larger, but not many.  La Cresta has more larger lots.  In any case, there is 1.5 product moving well right now
Click to expand...

La Cresta has a much better layout than Sausalito IMO
 
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