Author Topic: New Listing - Corte Bella Plan 2 detached condo @ Orchard Hills (101 Mustang)  (Read 2688 times)

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Offline USCTrojanCPA

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This morning I listed a turnkey Corte Bella Plan 2 detached condo in Orchard Hills (non-gated) on MLS for sale. The home was built in 2015 and features 3 bedrooms (including a downstairs primary bedroom and en-suite bathroom), 2.5 bathrooms, and a downstairs office/den along with 2,010sf of living space and sits on a larger lot. The home is listed for sale at $1,500,000.

PM or email me if you are interested in seeing the home. I'll be hosting open houses this coming weekend (Saturday & Sunday May 7th and 8th) from 2-5pm.

Here is the Redfin link:

https://www.redfin.com/CA/Irvine/101-Mustang-92602/home/112729439

Pictures and the virtual tour and 3D Matterport are in the link below:

https://my.matterport.com/show/?m=cb91GJS5pKy&hl=0&play=1

I know it's Mother's Day on Sunday (I'm talking mom to a nice steak dinner at 6pm after the open house on Sunday), but hope to see some of you come out.  :)
Martin Mania, CPA
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Offline Irvinehomeseeker

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If this one goes above list price with multiple offers in days to escrow, then there is no slow down in Irvine RE in sight. Watching....

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Offline perite123

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Premium detach location with a good square ft. It's going to sell around 1.6mm+

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Offline OCtoSV

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what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?

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Offline DrTravel

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I was at the grand opening of this track. People (won’t mention ethnicity) we’re having organisms because not only could they see Northwood HS they thought they could just walk down the hill. The latter turned out not to be the case. Anyhow this tract sold like hotcakes and was the first track to sell out in OH.

We actually considered buying this plan because it’s essentially a single story house with two spare bedrooms upstairs. But the wife couldn’t live with the fact that the master bed headboard was up against a wall that separated the bedroom from the shared driveway. She felt she would always be worried that a car would run into the wall plus it was bad fung shei 😵

Will be interesting to see the activity on this one. I know there are some on this forum who think we’ve already peaked - we shall see.

As always, beautiful staging and listing.
Do ordinary things extraordinarily well.

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Offline irvinehomeowner

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what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?

We've never received a concrete answer on detached condo land ownership. Some say you still own the land, others say it's land ownership in common. I can say that sales offices have shown me plot plans with lot lines to prove that detached condos do indeed include specified land ownership but I don't think that is definitive proof.

I've never bought one so not sure what the actual sales contract says.
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Offline Irvinehomeseeker

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After seeing the pictures closely, this one is close clone if the Marin Plan 1 in Eastwood (or rather EW copied OH). There is a No true wrap around because there is no wall that separates your unit from your back neighbor.  A Marin plan 1 in EW is under contract for 1.62M, so this one in OH will go the same price I would guess. Increased Rate seems to have no damper effect to prices in Irvine.

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Offline OCtoSV

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what would compel a buyer to spend this much for a condo where there is no land value vs an SFR, of which there are several listed in Irvine in this range, especially in a rising rate environment portending a housing recession, where condo values get whacked the hardest?

We've never received a concrete answer on detached condo land ownership. Some say you still own the land, others say it's land ownership in common. I can say that sales offices have shown me plot plans with lot lines to prove that detached condos do indeed include specified land ownership but I don't think that is definitive proof.

I've never bought one so not sure what the actual sales contract says.
It is a brilliant marketing tool BUT if it says CONDO in the MLS listing, would you buy it? I wouldn't unless it was priced properly to cash flow as a rental from day 1, but certainly never for a primary IF I could get an SFR for the same price. If 7% mortgage rates equate to a 20% decline in values, the condos will go down much farther.

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Offline irvinehomeowner

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Hard to find newer SFRs priced the same as detached condos though.
Once you go 3-car garage... your junk can never go back.
3CWG: 3-Car Wide Garage
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I recommend:
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Offline OCtoSV

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there are multiple in Irvine right now

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Offline best_potsticker_in_town

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there are multiple in Irvine right now

I actually don't think that's true. There are no newer SFR's in Irvine that are priced the same or cheaper than a detached condo.

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Offline CalBears96

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there are multiple in Irvine right now

I actually don't think that's true. There are no newer SFR's in Irvine that are priced the same or cheaper than a detached condo.

That's correct. SFRs are priced accordingly. That's why CalPac's Sierra, which are smaller than Bluffs, are more expensive.

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Offline USCTrojanCPA

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We have 2 offers over list and 10 sets of buyers in the first 30 minutes at the open house.
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 USCTrojanCPA

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there are multiple in Irvine right now

There are no newer true SFRs under $1.5m in Irvine, but there are several older homes under $1.5m
Martin Mania, CPA
AgencyOne
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CA CPA License # 107675
mmania001@yahoo.com
714-747-3884 cell

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

Offline Compressed-Village

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We have 2 offers over list and 10 sets of buyers in the first 30 minutes at the open house.

I am not suprise at all. Good to have many on hands to choose from. Sucks from a buyer perspective. We are very much still in an imbalance market. Does high rate even matter anymore? I guess it could be for high prize properties. I am thinking properties which exceed 4 millions or more. The ibuyers is not active in Irvine market with such high costs. Good that it goes to families putting root down.

Congrats.

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