Eastwood is way over priced

soysen

New member
My God Eastwood prices are ridiculous. 460 sq/ft before upgrades for Petaluma? These prices must be higher than the pre-bubble time.
 
Btw, You can drive through parts of Eastwood Village now to get a feel for it.  I drove by this morning and it had a good vibe.  Avalon had a huge Windows and front porch. 
 
And if you want more of a higher view of the area, you can go on that pedestrian bridge on Irvine/Jeffrey, or grassy knoll on JOST.
 
eyephone said:
The pre-release price gives you an idea what the price will be. (I have a feeling the prices will be higher)

Yeah I know. 

A lot of time builder offer home to buyers that are already on the priority list prior to the grand opening and these buyer find out the price already.  I just thought OP might just be one of this early birds and saw the price sheet.
 
Those Phase 1 prices may include a lot of pre-selected options by the builder (which is very common for Phase 1 homes).  Keep in mind that resale San Mateo homes in Stonegate trade around $460/sf.
 
It is still much cheaper than renting after adding in after-tax mortgage interest, after-tax property taxes, hoa and insurance.
 
i1 said:
It is still much cheaper than renting after adding in after-tax mortgage interest, after-tax property taxes, hoa and insurance.

You still have to come up with the down payment. Renters don't have to do that.
 
Went by earlier today to register a few buyers who got pre-approved early on.  Eastwood HOA is expected to be $125/mo for Petaluma and Marin with Mello Roos of around $3,000/mo.  Broker co-op for Petaluma is $14k and for Marin it's $16k.  Both have some homes with driveways (for an additional premium of course).
 
ChasingRainbows said:
Who owns the land for these detached single family condos?

The homeowner does.

There's a lengthy discussion 2 years ago on a particular Saratoga thread regarding whether Saratoga is a detach condo or SFR and the land ownership.  It's a nice read if you have the time but following post summarized quite nicely for us.

http://www.talkirvine.com/index.php/topic,11277.msg219355.html#msg219355
akirvine79 said:
So let me summarize everything many people concerend in this thread.

The only technical/legal difference between true SFR and IP's single detached condo is whether a house/building has a dedicated lot (lot number) or shared lot.

For example, the lot size of my Saratoga home is sitting on (let's say lot "A") is 12,160 sqft. You cleary see it's a large lot. However, lot "A" is shared by 4 detached condo owners (my neighbors). IP equally divided lot "A" into 4 portions. They call each individual portion as a "Unit". So each detached condo onwers have 3,040 sqft unit size (38'X80'). (In general, people normally call it "lot size" as same as true SFR's lot.)
And detached home owners have exclusive ownership withint this 3,040 sqft unit boundary. 

More specifically, IP's detached condo ownership includes:

a) 3,040 sqft of the land downward to the center of the earth and upward to at least 50 feet above the earth's surface.
b) all improvements constructed inside 3,040 sqft unit boundary.
c) a undivided fractional fee interest in the "Common Area" such as shared path way and motor court drive way.
d) all easements (exclusive and non-exclusive) appurtenant to the respective Condominium Unit


All of these above were written/specified in the sales contract, Condo Unit Plan and additional Annexation docs.
So it's technically same as SFR but homes just don't have separate lot number and exclusive lot lines.

In the contract docs, first line of ownership section starts with

"Your condominium is essentially equivalent to a traditional detached single family home located on a separate lot because each owner in the Neighborhood will own a detached single family home"

So IMO, "unit" is just a small lot (Normally less than 3,500 sqft) to squeeze more detached homes under city's legal requirement.
And we're seeing this minimum lot size is getting smaller by IP's effort. (For example, some of true SFRs in CV have 3,400 sqft lot size with 10ft rear setback) :)
 
Low MR = Higher home price (SG, EW) = You pay more interest and taxes
High MR = Lower home price (BP) = You pay more MR.

 
Here is the price sheet for Petaluma:

Plan1
Homesite2: $811,212
Homesite5: $780,372
Homesite8: $785,158


Plan2
Homesite3: $849,992
Homesite4: $812,171
Homesite9: $830,617

Plan3
Homesite1: $869,454
Homesite6: $829,571
Homesite7: $831,906

Pricing includes options and upgrade
 
@inc what about the outside of the home? I was told by the builders agents that for detached condos, the exterior of the home is not the owners and as such, the HOA is responsible for all upkeeping and insurance. Also as a result the homeowners insurance is much lower compared to a SFR.
 
B2FiNiTY said:
@inc what about the outside of the home? I was told by the builders agents that for detached condos, the exterior of the home is not the owners and as such, the HOA is responsible for all upkeeping and insurance. Also as a result the homeowners insurance is much lower compared to a SFR.

It also has to depends on specific detach condo and their situation varies a lot. 

The Saratoga's set up is exactly same as the Terrezza's and there is only one HOA and they are treated more like a SFR than a condo. 

There's other detach condo with two HOA and one pay for the master community and the second HOA pay for the common area of the condo.  And these are treated more like a condo even if they are detached.  Jade Court is one example of this type.

And there are many that fall in between these two setup.  BTW, which  development are you refer to?
 
B2FiNiTY said:
@inc what about the outside of the home? I was told by the builders agents that for detached condos, the exterior of the home is not the owners and as such, the HOA is responsible for all upkeeping and insurance. Also as a result the homeowners insurance is much lower compared to a SFR.

That may be true if there are Sub-Association dues (specific neighborhood), which would cover outside structure maintenance and repairs.  If you only pay Master Association dues (Village), then I believe the homeowner is responsible for structural maintenance and repairs, in addition to fire insurance.
 
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