Author Topic: New communities in Portola Springs  (Read 57245 times)

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Offline best_potsticker_in_town

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Re: New communities in Portola Springs
« Reply #315 on: June 08, 2022, 08:56:17 PM »
INTRODUCING THREE NEW NEIGHBORHOODS IN A COVETED LOCATION WITHIN PORTOLA SPRINGS

Set amidst the picturesque backdrop of Loma Ridge, the highly-anticipated debut of Fiore, Azul and Cielo in Portola Springs is on the horizon. These home designs will feature volume ceilings, grand living areas with panoramic doors, flexible spaces and exceptional craftsmanship you have come to expect from Irvine Pacific.

‌Moments from nature yet close to everyday conveniences including 15+ resort-style parks, miles of trails, award-winning schools and shopping, these homes will showcase the best that Irvine has to offer.

It'll be interesting to see how these sell. I'm guessing Azul and Cielo will start in the low-$2m's and Fiore in the mid-to-high $1m's. The first few phases will go fast - but will we return to the days of 2018 where each phase takes a little longer to sell with lender and design center credits dangled to get buyers into contract?

Offline CalBears96

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Re: New communities in Portola Springs
« Reply #316 on: June 11, 2022, 09:20:31 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

Offline USCTrojanCPA

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Re: New communities in Portola Springs
« Reply #317 on: June 11, 2022, 09:35:37 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?

https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.
Martin Mania, CPA
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mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
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Offline Ready2Downsize

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Re: New communities in Portola Springs
« Reply #318 on: June 11, 2022, 09:36:07 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

But they can get that NOW and know what interest rate will be now, not months down the road.

Right now in AZ, the reason there are so many houses on the market is the builders have put spec homes on mls. Ordinarily they would be snapped up with their new phase releases, but the model there is you get to pick the elevation and plan on any lot you want, plus options but u can't move in for months, maybe a year (permits are not even pulled until u pick all your options which is a month or more past putting down your deposit). As they get close to completion, buyers pony up full price plus whatever option the builder put in. So actually there are not nearly as many homes as it looks like on the market since so many won't be able to be moved into for a year. Unfortunately buyers won't get to pick options then. The resale market is doing just fine still. Months down the road? I suspect builders will pull back released homes and all that super supply that looks to be available will be sold but who knows in a year's time?

Offline Irvinehomeseeker

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Re: New communities in Portola Springs
« Reply #319 on: June 11, 2022, 09:50:23 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

Well, the price is high but what if it is still appealing to an FCB? They only buy new...might buy and keep it empty 😀
Lately started seeing quite a few Pregnant overseas Chinese women in the new neighborhoods of Irvine...restart of Birth tourism? It had stopped all together during the pandemic ...but with travel restrictions easing up this trend could be back , followed by FCB money to prop up Irvine prices. 
Wife/Mistress gives birth in US and likes Irvine so much that overseas husband is forced to buy property in Irvine no matter the price 😀.  I rarely see the husbands accompanying these women...usually an older lady is with them..., husbands must be busy making money back home.
« Last Edit: June 11, 2022, 09:59:57 PM by Irvinehomeseeker »

Offline CalBears96

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Re: New communities in Portola Springs
« Reply #320 on: June 11, 2022, 10:00:25 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?

https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.

Yup, that's the one, Martin. My house is the one on the right side, in the back.  ;D

You're right about the staging. I was extremely unimpressed with it. Also, in the listing, it says lot size is 3000 sq ft, but that's FAR from the truth. The lot size for this house is 2633 sq ft. My wife was joking just now that she rounded it up to 3000 sq ft since it's larger than 2500.  ;D

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Offline USCTrojanCPA

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Re: New communities in Portola Springs
« Reply #321 on: June 11, 2022, 10:21:44 PM »
We went over to our new home today because we had washer/dryer delivery. Also moved in some smaller things. We found out from the neighbor next to us that the buyer across from us is planning to rent out his Bluffs 2 for $6,000. And when we went out for lunch, we saw "Open House" sign at the neighbor diagonal from us.

When we got back from lunch, we talked to the realtor. She told us that the buyer just bought in OH, so they're selling their Bluffs 1. So they bought it for $1.438M, which came with about $6k pre-selected upgrades. Then, they only upgraded flooring in kitchen, great room, and hallway to what looks like LVP. They didn't even have the decency of upgrading flooring in bedroom 4 (downstairs), also. It was really ugly seeing LVP meet carpet.

Anyway, according to the realtor, listing price is $1.8M. That seems VERY ridiculous to me considering the Bluffs 1 (same lot size) that IP just released went for $1.747M. I mean, I would understand if the buyer did it 3-4 months ago before the interest rate jumped and buyer interest hasn't waned, but $1.8M for a condo right now?  ;D

I have 3 words for that realtor....NOT GONNA HAPPEN!  Having nice tasteful upgraded along with good staging go a long way in all kinds of markets, including one of that's cooling off. 

Is it this listing?

https://www.redfin.com/CA/Irvine/124-Poppyseed-92618/home/179805481

That staging is HORRIBLE, either do it right or don't do it at all.  And I love the written description, I would be fuming if I were the seller for this kind of effort on my realtor's part.  But yeah, this one will sit for a while until the price comes down.

Yup, that's the one, Martin. My house is the one on the right side, in the back.  ;D

You're right about the staging. I was extremely unimpressed with it. Also, in the listing, it says lot size is 3000 sq ft, but that's FAR from the truth. The lot size for this house is 2633 sq ft. My wife was joking just now that she rounded it up to 3000 sq ft since it's larger than 2500.  ;D

The seller's cheapness and hiring a weak agent will cost them money on selling the home.  I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline CalBears96

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Re: New communities in Portola Springs
« Reply #322 on: June 11, 2022, 10:36:21 PM »
I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.

I don't know how much upgrades that buyer did with IP. We saw him (or hiring someone) putting in the blinds last weekend, but I don't think I saw any contractors doing any after market upgrades. We'll see if he'll do any landscaping before renting it out.

Offline Yousr

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Re: New communities in Portola Springs
« Reply #323 on: June 13, 2022, 09:48:33 PM »
I don't think they'll get $6,000 for a rent with no upgrades and no landscaping done, probably somewhere in the low-to-mid $5,000 range.

I don't know how much upgrades that buyer did with IP. We saw him (or hiring someone) putting in the blinds last weekend, but I don't think I saw any contractors doing any after market upgrades. We'll see if he'll do any landscaping before renting it out.

It’s not uncommon for a new home that is immediately listed for rent to go for market price before any landscaping is done. I have seen it happen multiple times where the owner commissions the landscaping after the tenants have moved in

Offline CalBears96

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Re: New communities in Portola Springs
« Reply #324 on: June 13, 2022, 10:03:44 PM »
I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

Offline Irvinehomeseeker

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Re: New communities in Portola Springs
« Reply #325 on: June 13, 2022, 10:19:09 PM »
I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.
When I previously owned Petaluma in EW, 4 out of the 6 homes in the Release lot were all owned by single investor. So all my neighbors were renters paying rent to the same overseas landlord - That's Irvine!! Rich FCBs here either keep brand new homes empty or rent it out. The worse is when the renter subleases out....

Online Sysko

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Re: New communities in Portola Springs
« Reply #326 on: June 14, 2022, 04:40:21 AM »
My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Offline USCTrojanCPA

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Re: New communities in Portola Springs
« Reply #327 on: June 14, 2022, 05:19:20 AM »
My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.
Martin Mania, CPA
AgencyOne
CA DRE License # 01799007
CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

Often imitated....Never duplicated!
Have license, will travel!

Offline bones

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Re: New communities in Portola Springs
« Reply #328 on: June 14, 2022, 09:32:56 AM »
I heard from my wife that 117 Poppyseed, which is supposed to close escrow early July, is planning to rent out at $6,000 also. Pisses me off that so many investors are buying Bluffs.

The anti renter sentiment on TI is real.
First, renting is suicidal and now, we don’t want them as neighbors.

Offline bones

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Re: New communities in Portola Springs
« Reply #329 on: June 14, 2022, 09:47:48 AM »
My dad closed on his home yesterday.  We'll be doing flooring, garage epoxy, and window coverings in the coming month.

Martin, did your dad move in to his new home?  How does he like the built quality?
Have you seen the 3 Hillside homes on Plum Lily nearest Highland Park.  Would these 3 homes be considered SFH?

Actually my dad ended up selling the home to one of my long-term clients as we have a lot of family members in Ukraine and eastern Polish and he wanted that money to help out the family members who have been displaced by the war and has been in Poland for several months.  We did a home inspection on the home and there were numerous fit/finish items that the builder has been addressing but nothing major.  Those Hillside homes are detached condos, not single family homes despite what Irvine Pacific may want to call them.

Allow me to Monday morning QB a bit here. I had my doubts your dad would ever move in - why would he want to live in Portola Springs? I thought he would rent it out but I guess good for cal bears he didn’t 😁

 

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