Author Topic: New communities in Portola Springs  (Read 57216 times)

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Online CalBears96

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Re: New communities in Portola Springs
« Reply #240 on: April 24, 2022, 08:20:18 PM »
Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

When u commit to buy, can u get a rate lock to cover the amount of time it will take to close?

Depends on the lender you go with. Union Bank (IP's preferred lender), has a 90-day lock, but will charge a fee for extending the lock.

I locked with Citibank. They have a 60-day lock, but with no charges for extension if builder delays closing date. So with Citibank, it's really an extended lock. Their rate was comparable with Union Bank, but they had a better relationship discount, so I went with Citibank.

Offline trematix

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Re: New communities in Portola Springs
« Reply #241 on: April 24, 2022, 08:24:01 PM »
are you dealing with Sherry as well?

Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

When u commit to buy, can u get a rate lock to cover the amount of time it will take to close?

Depends on the lender you go with. Union Bank (IP's preferred lender), has a 90-day lock, but will charge a fee for extending the lock.

I locked with Citibank. They have a 60-day lock, but with no charges for extension if builder delays closing date. So with Citibank, it's really an extended lock. Their rate was comparable with Union Bank, but they had a better relationship discount, so I went with Citibank.

Offline USCTrojanCPA

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Re: New communities in Portola Springs
« Reply #242 on: April 24, 2022, 08:25:47 PM »
Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

My contact at CalPac also mentioned that the base price shouldn't be raised too much for the next phase either.
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Online CalBears96

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Re: New communities in Portola Springs
« Reply #243 on: April 24, 2022, 08:29:18 PM »
are you dealing with Sherry as well?

Yes, I copied down her contact # from one of the threads here. I think IHO posted once and there was another post, but I can't remember who posted it.

Offline trematix

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Re: New communities in Portola Springs
« Reply #244 on: April 24, 2022, 08:30:04 PM »
She's awesome!


are you dealing with Sherry as well?

Yes, I copied down her contact # from one of the threads here. I think IHO posted once and there was another post, but I can't remember who posted it.

Online sleepy5136

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Re: New communities in Portola Springs
« Reply #245 on: April 25, 2022, 01:12:14 AM »
Bluffs lady did say that she's a bit concerned about the housing price because of the potential buyers on her priority list were dropped due to pre-approval limit not meeting sales price. As of now, she was still able to sell the homes, but she had to go further down the list. Before, the homes were snatched up before she barely moved down the list.
Nothing to be concerned about. If anything it’s something to cheer for as it may get to a point where buyers can ask for upgrade credits or towards closing costs. What is happening now should have happened way earlier.

Like I said, their pre-approval amount is becoming less than the listed price, so they would either need to update the pre-approval amount or get dropped from the priority list. Getting upgrade credits or closing cost credits ain't helping that. She did mention there are some cash buyers on her list, which is why she was still able to sell the homes.

I mean, when I started getting on the priority list, I got pre-approved for $1.7M because the price was $1.35M-$1.45M back then. In December, I was thinking about updating my pre-approval, but fortunately, I got the call for a purchase opportunity.
New construction will be impacted by rates more than resale since it takes time to build the home. By the time the home is built, who knows what interest rates will be. If there are delays, you are at the mercy of the lender to see if they will extend or be forced to pay for the lock extension.

The fact builders are reducing their price increase says enough. Sooner or later, we will see builders giving credits towards upgrades or closing costs if rates keep going up. Price might be flat or increase slightly. I am seeing more inventory in resale so builders will be competing with resale. Don't forget, new construction requires window treatments, light fixtures, landscaping, etc.

Offline YLgirl

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Re: New communities in Portola Springs
« Reply #246 on: April 25, 2022, 10:51:33 AM »
Do any of you have recommendations for lenders? I know Sierra and Lapis were previously working with Loan Depot but changed their preferred lender to US Bank.

Offline jomama229

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Re: New communities in Portola Springs
« Reply #247 on: April 25, 2022, 11:00:07 AM »
Do any of you have recommendations for lenders? I know Sierra and Lapis were previously working with Loan Depot but changed their preferred lender to US Bank.
i've been working with Erica Dose who moved from Loan Depot over to US Bank. she's been great - very efficient, responsive and has answered all questions i've had for her. US Bank's rates were the best when i purchased a couple years ago. i'll likely shop around a little when the time comes, but i expect US Bank to be at least competitive.

Online sleepy5136

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Re: New communities in Portola Springs
« Reply #248 on: April 25, 2022, 11:02:23 AM »
Do any of you have recommendations for lenders? I know Sierra and Lapis were previously working with Loan Depot but changed their preferred lender to US Bank.
Look into Sherry Wang from Citibank. No one has ever beaten her rate and always gives me back $$ on my purchases. Super responsive and will never leave you hanging when it comes down to closing.

Offline YLgirl

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Re: New communities in Portola Springs
« Reply #249 on: April 25, 2022, 12:09:27 PM »
Do any of you have recommendations for lenders? I know Sierra and Lapis were previously working with Loan Depot but changed their preferred lender to US Bank.
Look into Sherry Wang from Citibank. No one has ever beaten her rate and always gives me back $$ on my purchases. Super responsive and will never leave you hanging when it comes down to closing.

Do you have an email address for her? Thanks!

Online CalBears96

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Re: New communities in Portola Springs
« Reply #250 on: April 25, 2022, 12:25:53 PM »
Bluffs lady sent me the price sheet for phase 29A.

Base price for Plan 2 is $1.7M, as she told me yesterday. So Plan 2 is already sold and Plan 1 is reserved. These are the smallest lots.

Based on the site map, I think phase 29B will have be homesites 86-87 and 75. I expect homesite 86 to have $75k-$80k lot premium since its lot size looks a bit bigger than my Plan 2, which had a $60k lot premium. And site 86 also has fully privacy on the back. And site 75 will probably have $150k lot premium considering how huge its lot size is, plus full privacy on the back as well. It's likely that both sites 75 and 86 will be $1.8M+. Pretty crazy.

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Online CalBears96

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Re: New communities in Portola Springs
« Reply #251 on: April 25, 2022, 12:28:51 PM »
Do any of you have recommendations for lenders? I know Sierra and Lapis were previously working with Loan Depot but changed their preferred lender to US Bank.
Look into Sherry Wang from Citibank. No one has ever beaten her rate and always gives me back $$ on my purchases. Super responsive and will never leave you hanging when it comes down to closing.

Do you have an email address for her? Thanks!

Sherry Wang contact:
phone: (626) 321-2911
email: sherry.wang@citi.com

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Offline Danimal

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Re: New communities in Portola Springs
« Reply #252 on: April 27, 2022, 08:07:17 PM »
I rode my bike up to Portola Hill today. After seeing new Sierra phrase 1 homes for the first time, i am not quite sure if they are truly SFR but rather quasi SFR. The street is definitely narrow just like Highland streets.  Maybe my eyes cant measure  8)

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Offline bkimxmd

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Re: New communities in Portola Springs
« Reply #253 on: April 27, 2022, 09:52:58 PM »
Just closed today.  Sherry Wang is awesome!

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Online CalBears96

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Re: New communities in Portola Springs
« Reply #254 on: April 27, 2022, 09:56:17 PM »
I rode my bike up to Portola Hill today. After seeing new Sierra phrase 1 homes for the first time, i am not quite sure if they are truly SFR but rather quasi SFR. The street is definitely narrow just like Highland streets.  Maybe my eyes cant measure  8)

https://ibb.co/QJc13hj

The street looks wider than the ones at Highland. And the Sierra plans show that street parking is allowed, so it's a true SFR. Also, there's no sub HOA, so it's definitely a true SFR. Highland has the sub HOA, same as Bluffs, even though Highland residents have to maintain their own front yard, whereas HOA maintains the front yard of Bluffs.

 

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