New communities in Portola Springs

OCLuvr said:
“But what exactly is PS central to? It's a secluded northern village” it takes 5 minutes to get on to freeway from pretty much any decent neighborhood
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But I was asking what it's central to. Being 5 minutes away (which it's not unless you go 100mph) from the freeway just means it's not far from the freeway from your POV. It's not in the middle of anything.
 
The Motor Court Company said:
That’s why I always believe the best location in Irvine is south of 405. But if you don’t mind old houses and can afford upgrades for a modern facelift, SFRs built by JM Peters in WestPark are the best value in Irvine.
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Love homes by JM Peters. Westpark has such a small HOA fee too. For a while it was flying under the radar with pricing, but with the housing market over the last couple years, people have discovered its value and homes have gotten to be high there too.
 
irviniteeee said:
But I was asking what it's central to. Being 5 minutes away (which it's not unless you go 100mph) from the freeway just means it's not far from the freeway from your POV. It's not in the middle of anything.
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Central to just means that you live in a commercial or industrial area. And it's crowded. Many people, my wife and I included, don't like that. We prefer to live in a residential area, even though it means being a bit farther away from amenities.
 
CalBears96 said:
Central to just means that you live in a commercial or industrial area. And it's crowded. Many people, my wife and I included, don't like that. We prefer to live in a residential area, even though it means being a bit farther away from amenities.
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Most of Irvine is not commercial/industrial besides the malls or near the airport....
 
CalBears96 said:
119 Sunnyslope can't be used for Cielo comp since it's a view lot. And since the upcoming view lots for Cielo are city views, it can't use that as comp either since city views have $1M premium (vs. $250k to $300k for mountain view).

Right now, Olivewood 3 non-view lot is $3.5M and view lot is $4M, which is why I think Ravello will start at $3.5M. And Ravello standard lots are much bigger than Olivewood lots, which mostly range from 3600 sq ft to 4200 sq ft. There are a few exceptions, like lot 93 at 6770 sq ft, which also happens to be a view lot. That one is going for $5M. 😂
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Yes the Ravello Groves lots have an average lot size of 4500 - 4680 sqft, @CalBears96 I assume the average lot size is bigger at Cielo?

$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
 
Yoda said:
Yes the Ravello Groves lots have an average lot size of 4500 - 4680 sqft, @CalBears96 I assume the average lot size is bigger at Cielo?

$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
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Because these people that are buying the majority of these 3M+ homes are not living in the homes and are simply parking their money overseas.
 
Yoda said:
Yes the Ravello Groves lots have an average lot size of 4500 - 4680 sqft, @CalBears96 I assume the average lot size is bigger at Cielo?

$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
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There are maybe a dozen or so around 4500, but most of them are over 5000 sq ft, with a lot between 6000 to 8000 sq ft, as well.

I wrote down all the lot sizes from City of Irvine website in the attached site map.
 

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Yoda said:
Yes the Ravello Groves lots have an average lot size of 4500 - 4680 sqft, @CalBears96 I assume the average lot size is bigger at Cielo?

$5M is just insane for Olivewood. The Ravello and Cielo homes are much more superior overall than Olivewood IMO so I don't understand why anyone would want to put $5M for an Olivewood home when they can get a much better home at Cielo or Ravello.
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There is no doubt that Ravello and Cielo are far superior to Olivewood, but I guess people really like the location for Olivewood, which is at the top of PS. I myself love the Olivewood location, but I would never sacrifice the much bigger lot for that location. We always take walks on weekends, so we could just make that one of our destinations for the sunset view during our walk. 😂
 
CalBears96 said:
There are maybe a dozen or so around 4500, but most of them are over 5000 sq ft, with a lot between 6000 to 8000 sq ft, as well.

I wrote down all the lot sizes from City of Irvine website in the attached site map.
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Yes, these are definitely much bigger than the lots at Ravello Groves especially in the backyard. I remember a majority of lots at Palermo at the Groves which is adjacent to Ravello had really small backyards with barely any room between the distance of the house to the block wall in the backyard which was a joke!
 
Yoda said:
Yes, these are definitely much bigger than the lots at Ravello Groves especially in the backyard. I remember a majority of lots at Palermo at the Groves which is adjacent to Ravello had really small backyards with barely any room between the distance of the house to the block wall in the backyard which was a joke!
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Most of the Olivewood lots are like Palermo, I guess. Most of them are between 3600 sq ft and 4000 sq ft. That's like 5 ft (from the side that is closer to the back wall) to the back wall. Or 10 ft for the 4000 sq ft lot.
 
Seems to be some push back against Olivewood's pricing. Of the 6 homes released in the latest phase, only 1 (home site 88 tiny view lot for $3.7M) had been sold so far. And home site 100 from the previous release is still on the market.
 
CalBears96 said:
Seems to be some push back against Olivewood's pricing. Of the 6 homes released in the latest phase, only 1 (home site 88 tiny view lot for $3.7M) had been sold so far. And home site 100 from the previous release is still on the market.
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There are limits and looks like The New Home Company may be finding them. It'll be interesting what they'll do if these homes keep sitting unsold and they are ready to release a new phase.
 
usctrojancpa said:
There are limits and looks like The New Home Company may be finding them. It'll be interesting what they'll do if these homes keep sitting unsold and they are ready to release a new phase.
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Well, it hasn't been too long since the release, I suppose. Buyers were supposed to submit their preference on 12/30/2023, so they probably started calling people on 1/2/2024. Maybe they're still going down the list. But one thing is for sure. Buyers aren't jumping at the chance to buy at this price.
 
Well, the prospective buyers on the Cielo priority list must be feeling extremely happy right now. These are nice lots, too, particularly Plan 3. Lot 41 is almost 9000 sq ft and there's barely any lot premium on it.
 
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