Villages of Columbus - Columbus Grove/Square - Kensington Court

jbatz and schb --- Seems like you guys know these pretty well. We toured the models only once, and really liked the ones facing the greenbelt and play area. That location is the only one I would consider for this community. What do you think of these prices? I'm thinking something like $600k ($280 sq ft) might be a fair price on this new construction given the location premium and upgrades included. What do you guys think? Fair price or knife catching?
 
[quote author="CK" date=1210378357]jbatz and schb --- Seems like you guys know these pretty well. We toured the models only once, and really liked the ones facing the greenbelt and play area. That location is the only one I would consider for this community. What do you think of these prices? I'm thinking something like $600k ($280 sq ft) might be a fair price on this new construction given the location premium and upgrades included. What do you guys think? Fair price or knife catching?</blockquote>


The issue with this market is that a well-negotiated "fair price" now is still almost certain to be a knifecatch. It is nearly impossible to come to a meeting of the minds with any seller that incorporates the upcoming $ drop in value X the probability that it will occur, which is all that should reasonably be expected. That is why transactions are still so low.



Basically, if one looks at the comps from new sales over the last year and other homes for sale, $600k may look reasonable. But when this same property is valued below $500k (my guess will be $475) in the next two years, it doesn't matter how "relatively" good the deal was when purchased. Just because you might be the least underwater of your neighbors isn't going to really matter.



My advice- be overly patient and stay away for now.



SCHB
 
IMO- i would not buy at that price.



1) hoa and mello roos is too high compare to the price. you are looking at an additional 1200 bucks a month on top of your 600k mortgage.

2) powerline and the canal and trash collecting and contruction recycling right next to the place. for 600k and a 1200 dollar mello plus hoa. just too much for me.

3) spoke to the sales lady and she mention that alot of people took out 3 years arms to finance the place. so there could be a alot future foreclosure. could kill the price.



with that said....



love the design. it is really cool and trendy.

it flows into the irvine school district.

very big inside.



for the same price you might be better off buying somewhere else in irvine that does not have such a high hoa and mello roos. you can probably swing 700k price range.
 
Thanks, you guys. You are right. Although I have not been looking for a townhouse specifically, I did really like the floorplans at Kensington. I'm in Westpark now, and have decided that we would like to stay in the immediate vicinty. We really want WP II (between Barranca and Irvine Ctr Dr), but prices are just not moving there much at all. These listings peaked my interest if it was the right price, but appreciate reminder about the Columbus Grove drawbacks.
 
CK- just be glad that it is not you who is in escrow for the place. I have a hard time imagining someone is paying 700-750k and mello and hoa for a condo. I would rather buy in westpark area and get a smaller house for the same price.... maybe even cheaper.
 
This one can't be making the neighbors too happy...



Plan 1- $549K



<a href="http://www.redfin.com/CA/Irvine/44-HONEY-LOCUST-92606/home/12551995">http://www.redfin.com/CA/Irvine/44-HONEY-LOCUST-92606/home/12551995</a>
 
[quote author="BLUE FIRE" date=1213486337]This one can't be making the neighbors too happy...



Plan 1- $549K



http://www.redfin.com/CA/Irvine/44-HONEY-LOCUST-92606/home/12551995</blockquote>


i hope some knife catcher would buy this at 549k or less. that mean the next sucker selling will have to go lower. yay.....
 
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