Author Topic: New communities in Portola Springs  (Read 70802 times)

0 Members and 1 Guest are viewing this topic.

Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #495 on: August 06, 2022, 12:19:37 AM »
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.

Price has been reduced by $29K since the last price reduction

This house is going to sell below $1.7M. Agent was stupid to agree to go with initial $1.89M listing.

First of all, this is Bluffs 1. Second, it's the smallest lot. Third, there's barely any upgrades, only kitchen and great room flooring. Nothing else.

IP was selling a bigger lot for $1.755M.

Offline marmott

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 40
  • -Received: 97
  • Posts: 403
Re: New communities in Portola Springs
« Reply #496 on: August 06, 2022, 09:01:36 PM »
Cielo Phase 1 B&C

Residence   Homesite   Address                 Price
1                 2               137 Sunnyslope      $2,498,000
2                 3               135 Sunnyslope      $2,650,000
2                 33             138 Sunnyslope      $2,510,000
2                 35             142 Sunnyslope      $2,520,000
3                 34             140 Sunny slope     $2,616,000  SOLD

Looks like 35 didn't sell from phase 1A.

As a remind, this was phase 1A:

Residence   Homesite   Address                 Price
2                 35             142 Sunnyslope      $2,520,000
3                 1               139 Sunnyslope      $2,766,000  SOLD
3                 36             144 Sunny slope     $2,631,000  SOLD

Edit: I may create a separate Cielo thread keep track of the phases better.

The following member(s) thanked this post:


Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #497 on: August 06, 2022, 09:31:17 PM »
Looks like people really like Plan 3, but no go for Plans 1 and 2.

I'm surprised homesites 2 and 3 had no interest, but then again, their view is Highland Park. Still, you get privacy.

Offline marmott

  • Yearning for 949 / 714
  • **
  • Thanks
  • -Given: 40
  • -Received: 97
  • Posts: 403
Re: New communities in Portola Springs
« Reply #498 on: August 06, 2022, 10:06:01 PM »
2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #499 on: August 06, 2022, 10:24:16 PM »
2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

I see. Lots 2 and 3 going fast seems more expected.

I see that Cielo is taking the playbook from Ravello, which had the city view lot premium at $1.5M to $2M. Those are probably the last ones built.

Offline mellorooster

  • Newbie
  • Thanks
  • -Given: 0
  • -Received: 0
  • Posts: 3
Re: New communities in Portola Springs
« Reply #500 on: August 08, 2022, 12:04:03 AM »
Anyone know what’s the mello roos like at azul and cielo?

Offline zovall

  • O.C. Resident
  • ***
  • Thanks
  • -Given: 794
  • -Received: 239
  • Posts: 970
Re: New communities in Portola Springs
« Reply #501 on: August 08, 2022, 10:25:49 AM »
Anyone know what’s the mello roos like at azul and cielo?

Azul's flyer says:
Base Property Tax: 1.05% of sales price
AD Tax: $2,350 per year | CFD Tax: $1,700 per year | Other Taxes: $195 per year
Overall Effective Tax Rate: Approximately 1.2%

Offline PSbuyer

  • Tourist
  • *
  • Thanks
  • -Given: 19
  • -Received: 4
  • Posts: 30
Re: New communities in Portola Springs
« Reply #502 on: August 08, 2022, 11:02:02 AM »
 :o There’s still Forza and Marea which have even higher elevation views, what’s the premium going to be for those?

2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

I see. Lots 2 and 3 going fast seems more expected.

I see that Cielo is taking the playbook from Ravello, which had the city view lot premium at $1.5M to $2M. Those are probably the last ones built.

Offline chasingpowder

  • Tourist
  • *
  • Thanks
  • -Given: 1
  • -Received: 0
  • Posts: 26
Re: New communities in Portola Springs
« Reply #503 on: August 08, 2022, 11:16:30 AM »
The city view premium is more than I expected... 1.5m to 2m? That's like buying another one of the houses in the same neighborhood.

Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #504 on: August 08, 2022, 11:46:02 AM »
:o There’s still Forza and Marea which have even higher elevation views, what’s the premium going to be for those?

2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

I see. Lots 2 and 3 going fast seems more expected.

I see that Cielo is taking the playbook from Ravello, which had the city view lot premium at $1.5M to $2M. Those are probably the last ones built.

IIRC Forza will be the ones with views. Marea will probably be on the interior. The ones with city view will probably have a $2M lot premium.

Offline abhinata

  • Tourist
  • *
  • Thanks
  • -Given: 6
  • -Received: 2
  • Posts: 18
Re: New communities in Portola Springs
« Reply #505 on: August 08, 2022, 04:52:22 PM »
Calbears- Where are you getting this info from about $1.5 to $2.0M in just city view lot premium for Portola Springs. Any data to back this up? Orchard hills info is not relevant here :)

Seems like a lot and we dont believe it. Its about buying another condo :)

:o There’s still Forza and Marea which have even higher elevation views, what’s the premium going to be for those?

2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

I see. Lots 2 and 3 going fast seems more expected.

I see that Cielo is taking the playbook from Ravello, which had the city view lot premium at $1.5M to $2M. Those are probably the last ones built.

IIRC Forza will be the ones with views. Marea will probably be on the interior. The ones with city view will probably have a $2M lot premium.

Offline CalBears96

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #506 on: August 08, 2022, 06:26:46 PM »
Calbears- Where are you getting this info from about $1.5 to $2.0M in just city view lot premium for Portola Springs. Any data to back this up? Orchard hills info is not relevant here :)

Seems like a lot and we dont believe it. Its about buying another condo :)

:o There’s still Forza and Marea which have even higher elevation views, what’s the premium going to be for those?

2 & 3 may already reserved, we were asked if we were interested in lot 33 and 34 only.

We also learned that city view lot premium at Cielo will be in the neighborhood of $1mil. There is some ways to go but I guess some people already got prequalified for high $3mil.

I see. Lots 2 and 3 going fast seems more expected.

I see that Cielo is taking the playbook from Ravello, which had the city view lot premium at $1.5M to $2M. Those are probably the last ones built.

IIRC Forza will be the ones with views. Marea will probably be on the interior. The ones with city view will probably have a $2M lot premium.

I wasn't saying that Cielo will have $1.5M to $2M view lot premium. I was saying Ravello having that, and that PS is taking a page out of their playbook with the $1M premium.

I don't know what the city view premium for Bluffs is since Trumpet Flower already finished by the time I got on waitlist, but mountain view premium was no more than $100k. But now Cielo is going with $1M premium. That's what I meant with that statement.

The following member(s) thanked this post:


Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2974
  • -Received: 2316
  • Posts: 11382
  • Gender: Male
Re: New communities in Portola Springs
« Reply #507 on: August 08, 2022, 07:31:31 PM »
I heard that CalPac has began offering a broker co-op of $18k for Sierra and $13k for Lapis.
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

  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 43
  • -Received: 169
  • Posts: 1467
Re: New communities in Portola Springs
« Reply #508 on: August 08, 2022, 08:24:36 PM »
I heard that CalPac has began offering a broker co-op of $18k for Sierra and $13k for Lapis.

Wow...that's a far cry from no broker co-op.

Offline USCTrojanCPA

  • Your CPA Realtor
  • Certified Irvine Addict
  • ****
  • Thanks
  • -Given: 2974
  • -Received: 2316
  • Posts: 11382
  • Gender: Male
Re: New communities in Portola Springs
« Reply #509 on: August 08, 2022, 08:39:58 PM »
I heard that CalPac has began offering a broker co-op of $18k for Sierra and $13k for Lapis.

Wow...that's a far cry from no broker co-op.

I knew it was just a matter of time since Toll increased their broker co-op at The Meadows.  If sales continue to be slow you'll see iPac and CalPac increase their broker co-op from 0.75% to 1% closer to 2% like Toll's broker co-op.  That's what happened back in 2014 when the market slowed down from the big price increased in late 2012 and 2013.
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!

 

Talk Irvine Links

[Recent Posts]
[FAQ / Rules]

Site Supporters


SimplePortal 2.3.7 © 2008-2022, SimplePortal