Author Topic: Great Park District 1 West - Novel Park  (Read 28622 times)

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Offline IHS3000

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Re: Great Park District 1 West - Novel Park
« Reply #90 on: January 12, 2019, 10:11:51 AM »
Novel Park has dusty boot model tours (invitation only by pre-qualification) scheduled for February 26! The invite tour is for the Nova and Echo communities.



« Last Edit: January 12, 2019, 12:17:54 PM by IHS3000 »

Offline IHS3000

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Re: Great Park District 1 West - Novel Park
« Reply #91 on: January 17, 2019, 09:04:14 PM »
William Lyon recently posted a video with a bird’s eye view of Novel Park.

https://vimeo.com/311785143

« Last Edit: January 17, 2019, 09:10:45 PM by IHS3000 »

Offline IHS3000

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Re: Great Park District 1 West - Novel Park
« Reply #92 on: March 14, 2019, 09:17:50 AM »


OCBJ recently reported sales at Novel Park will start this April or May.

From William Lyon CEO regarding Novel Park:

https://seekingalpha.com/amp/article/4241687-william-lyon-homes-wlh-ceo-matt-zaist-q4-2018-results-earnings-call-transcript

“We are particularly excited about the upcoming opening of our Novel Park master-planned community in Orange County, as discussed on last quarter’s call, and where we currently have an interest list exceeding 4,500 prospective buyers, with an anticipated sales opening early in the second quarter.”

“We remain focused and excited about the fact that we’ve got 20 of our 27 floor plans that we’re offering are the lowest price new homes in Irvine and Central Orange County.”
« Last Edit: April 22, 2019, 06:51:07 PM by IHS3000 »

Offline IHS3000

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Re: Great Park District 1 West - Novel Park
« Reply #93 on: March 28, 2019, 08:36:12 PM »
Opening of the Lyon Homes’ Welcome Center at Novel Park is on Saturday, April 13 from 10:00 am to 2:00 pm.

https://www.instagram.com/p/Bvjv2ubjTXJ/

« Last Edit: April 22, 2019, 06:39:28 PM by IHS3000 »

Offline Cares

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Re: Great Park District 1 West - Novel Park
« Reply #94 on: March 30, 2019, 06:46:13 PM »
At the preview event today and got some info and prices on Novel Park in general and specifics on Fringe, Echo, Nova, Modo, and Verge.

Nova sold 8 of their 11 in Phase 1. The most expensive 3 had no action. Echo had no sales. Probably because there's plenty of inventory of new construction in the 900k-1M range. Modo, Fringe, and Verge all sold a couple.

https://imgur.com/a/wCFEERV
« Last Edit: March 30, 2019, 06:56:18 PM by Cares »

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Offline Mety

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Re: Great Park District 1 West - Novel Park
« Reply #95 on: April 01, 2019, 10:41:29 AM »
At the preview event today and got some info and prices on Novel Park in general and specifics on Fringe, Echo, Nova, Modo, and Verge.

Nova sold 8 of their 11 in Phase 1. The most expensive 3 had no action. Echo had no sales. Probably because there's plenty of inventory of new construction in the 900k-1M range. Modo, Fringe, and Verge all sold a couple.

https://imgur.com/a/wCFEERV

Thanks for posting informative stuff.

The first striking thing is $450+ HOAs and of course our favorite MR. MR tax of $3,412 to $7,247 range is not as bad as other GP homes, but definitely not low as EW, recent PS, or BR with no MR.

To put that in realistic numbers, if you bought the lowest priced home, Nova ($409,990 - 1 bed) with all cash, you still have to pay about $1,100 per month just to keep the property. If you bought with the regular 20% downpayment, you would have to pay about $2,500 a month at 3.5% interest rates. It's actually not bad since it's still in Irvine with enjoying all the GP amenities, but $2,500 for a 1 bed home could be a little high for some folks. This particular Nova home seems to be already sold BTW. We'll see if the price will go up each phase or stay the same.

Another interesting thing is that it does not mention 2% annual increase of MR so I assume it will not go up?




Offline IHS3000

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Re: Great Park District 1 West - Novel Park
« Reply #96 on: April 04, 2019, 03:14:58 PM »
On April 13, Novel Park will preview the floorplans before the models open.


Offline Rizdak

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Re: Great Park District 1 West - Novel Park
« Reply #97 on: April 06, 2019, 02:00:32 PM »
At the preview event today and got some info and prices on Novel Park in general and specifics on Fringe, Echo, Nova, Modo, and Verge.

Nova sold 8 of their 11 in Phase 1. The most expensive 3 had no action. Echo had no sales. Probably because there's plenty of inventory of new construction in the 900k-1M range. Modo, Fringe, and Verge all sold a couple.

https://imgur.com/a/wCFEERV

Thanks for posting informative stuff.

The first striking thing is $450+ HOAs and of course our favorite MR. MR tax of $3,412 to $7,247 range is not as bad as other GP homes, but definitely not low as EW, recent PS, or BR with no MR.

Seriously, $450 HOA for a 3-story condo under the freeway. I assume IHS3000 works for 5P.

Offline Prototype

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Re: Great Park District 1 West - Novel Park
« Reply #98 on: April 06, 2019, 10:48:55 PM »

Seriously, $450 HOA for a 3-story condo under the freeway. I assume IHS3000 works for 5P.

 :-\ Please explain how this would be considered "under the freeway"?

Thanks for keeping us in the loop on what's going in IHS3000!! Appreciate all the info you provide!

Offline Mety

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Re: Great Park District 1 West - Novel Park
« Reply #99 on: April 09, 2019, 02:10:58 PM »

Seriously, $450 HOA for a 3-story condo under the freeway. I assume IHS3000 works for 5P.

 :-\ Please explain how this would be considered "under the freeway"?

Thanks for keeping us in the loop on what's going in IHS3000!! Appreciate all the info you provide!

It is by the 133 fwy. It is not under, maybe above?
I think Rizdak meant to say near the Toll Road.

I will go check out these once the model homes are open, but I was hoping for less HOAs. At least a little less MR. Anyone knows if these have 2% annual increasing MR like the rest of GP?

Offline aquabliss

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Re: Great Park District 1 West - Novel Park
« Reply #100 on: April 10, 2019, 11:12:34 AM »
2% a year increase isn't the end of the world.  Sure, nobody likes paying more over time but say you buy a house here and your MR is $5K annually. 
Year 1: $5K
Year 2: $5,100
Year 3: $5,202
Year 4: $5,306
Year 5: $5,412

So, after 5 years you're paying $34 more per month than you did when you bought the house.  OK, not preferred but if this is really going to be a problem for you then you shouldn't be buying a home here in the first place.

Offline Mety

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Re: Great Park District 1 West - Novel Park
« Reply #101 on: April 10, 2019, 11:47:06 AM »
2% a year increase isn't the end of the world.  Sure, nobody likes paying more over time but say you buy a house here and your MR is $5K annually. 
Year 1: $5K
Year 2: $5,100
Year 3: $5,202
Year 4: $5,306
Year 5: $5,412

So, after 5 years you're paying $34 more per month than you did when you bought the house.  OK, not preferred but if this is really going to be a problem for you then you shouldn't be buying a home here in the first place.

I was only curious if they had 2% increase like other GP homes. I guess I will have to go check out myself.


Offline WTTCHMN

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Re: Great Park District 1 West - Novel Park
« Reply #102 on: April 10, 2019, 12:04:26 PM »
2% a year increase isn't the end of the world.  Sure, nobody likes paying more over time but say you buy a house here and your MR is $5K annually. 
Year 1: $5K
Year 2: $5,100
Year 3: $5,202
Year 4: $5,306
Year 5: $5,412

So, after 5 years you're paying $34 more per month than you did when you bought the house.  OK, not preferred but if this is really going to be a problem for you then you shouldn't be buying a home here in the first place.

The problem is that the 2% keeps compounding, so while 2% doesn't sound like a lot, over the years it really adds up.

In your example, by year 10 the MR will be $6,000, a 20% increase from baseline.

Offline B2FiNiTY

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Re: Great Park District 1 West - Novel Park
« Reply #103 on: April 10, 2019, 12:05:47 PM »
The 2% is pretty bad...

Offline bones

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Re: Great Park District 1 West - Novel Park
« Reply #104 on: April 10, 2019, 12:23:46 PM »
I had to cancel amazon prime to cover the 2%.

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