Fresco Eastwood Village

G

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New homes going up in Eastwood Village. Track 18050. Fresco by Irvine Pacific. Anyone have any info on these homes?

126 Parakeet
Irvine CA 92620
 
Nice. Will look forward to learn more. I guess these are empty lots around Beverly and Calistoga....might be priced 1.5 mil and above as these are nice lots.
 
Tract 18050 was for Beverly.  Are these on the remaining Beverly's lots?

If so, I guess IP took over these remaining Beverly's lot.
 
I did some asking around. It seems like these might be the Ravello extension from Orchard Hills. They are definitely being built on the unused Beverly lots. Models are going up right across from what used to be the Beverly models.
 
Ravello clone would make a perfect sense, that's only IP product with the size fit for the Beverly's lot.

Love the Ravello floor plan, they are the few new builds around with the open high ceiling.
 
Is there a reason that Fresco is asking for much higher prices $/sq ft than some of the other products (Napa, Solano) in Eastwood Village?

The only things I can think of are 1)similar lot size as Napa/Solano 2)Irvine Pacific as the builder.

But does that add THAT much more premium? Just want to make sure I'm not missing something obvious.
 
ucla bruin said:
Is there a reason that Fresco is ask for much higher prices $/sq ft than some of the other products (Napa, Solano) in Eastwood Village?

The only things I can think of are 1)similar lot size as Napa/Solano 2)Irvine Pacific as the builder.

But does that add THAT much more premium? Just want to make sure I'm not missing something obvious.


I think Fresco lots are a bit larger than Napa/Solano and other typical EW homes - IIRC Most EW lots are around 3K SqFt and Fresco is closer to 4-5K SqFt.  The price premium is still pretty steep for a pretty cookie cutter design - Probably IP is taking advantage of the location, low mello roos, low HOA.
 
Even with slightly larger lot, it's asking for you to pay the same price as the competition (same tax, HOA....etc) in Eastwood but with 600-700 sq ft less interior space?

I'm just perplexed. Perhaps someone who considered/bought in Fresco can shed some light. Maybe it's also the time when it was released (more recent) and the builder is trying to push the envelope?
 
ucla bruin said:
Even with slightly larger lot, it's asking for you to pay the same price as the competition (same tax, HOA....etc) in Eastwood but with 600-700 sq ft less interior space?

I'm just perplexed. Perhaps someone who considered/bought in Fresco can shed some light. Maybe it's also the time when it was released (more recent) and the builder is trying to push the envelope?

Their target buyer is not particularly price sensitive and perceives significant value in the Irvine Company brand.  The Irvine Company is maximizing it's profit.
 
IP has a better reputation/brand than KB but I agree with you - the premium is hard to stomach.  We were considering Fresco because we liked EW and IP designs but have decided to purchase in Great Park due to bigger home + lot size, despite the mello roos.
 
ucla bruin said:
Even with slightly larger lot, it's asking for you to pay the same price as the competition (same tax, HOA....etc) in Eastwood but with 600-700 sq ft less interior space?

I'm just perplexed. Perhaps someone who considered/bought in Fresco can shed some light. Maybe it's also the time when it was released (more recent) and the builder is trying to push the envelope?

They are asking those prices because they see that there is limited resale inventory so they want to test the market to see what buyers are willing to pay. Remember that IP can be a very patient seller has they are privately owned and they basically have a $0 cost basis in the land.
 
ndmaynard said:
IP has a better reputation/brand than KB but I agree with you - the premium is hard to stomach.  We were considering Fresco because we liked EW and IP designs but have decided to purchase in Great Park due to bigger home + lot size, despite the mello roos.

Congrats. Where in Great Park did you end up, if you don't mind me asking? it might come down to EW smaller lot vs 1.9% more space for us too.
 
ucla bruin said:
ndmaynard said:
IP has a better reputation/brand than KB but I agree with you - the premium is hard to stomach.  We were considering Fresco because we liked EW and IP designs but have decided to purchase in Great Park due to bigger home + lot size, despite the mello roos.

Congrats. Where in Great Park did you end up, if you don't mind me asking? it might come down to EW smaller lot vs 1.9% more space for us too.

We are still trying to finalize purchase but we narrowed to Cadence Park - we like the neighborhood / community feel and proximity to the new schools. 
 
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