Solis Park - Arborwood

Z

zen

New member
Hello All,

We are planning to buy Arborwood 3 at Solis Park at 1.78M and need your kind advice on negotiations & getting credits. The house is 2954 sqft on a 3900 sqft lot. These are the incentives we are getting,
1. Solar credits - 17000
2. Designer Incentives - 20,000

Considering the current market conditions, we are puzzled. Please share your opinions.

Appreciate your help.

Thank you





 
I mean are you working with an agent? Seems like that'll be their job to secure you more.

For a new build I'd think most agent would happily rebate half their commission to you as well.

If you're not working with one, you're basic saving the developer that much on the sell so maybe push that angle. For awhile Lennar wasn't giving any broker commission but I believe things quickly changed when market started slowing down heh.
 
Is that what they offered you right off the bat?  I'd ask for more design center credits (another $20k-$30k) and then ask for $10k-$20k in closing costs credits.
 
I agree with capboba that if you're not working with an agent, thus saving the builder a big chunk of money, then you should ask for more incentives for design center credits and/or closing costs credits. Even CalPac that didn't even give broker commission when they grand opened in November is now giving like $35k commission.

And just like Martin said, ask for more credits regardless if you're working with an agent or not. It is now shifting to buyer's market so you can negotiate for more.
 
USCTrojanCPA said:
Is that what they offered you right off the bat?  I'd ask for more design center credits (another $20k-$30k) and then ask for $10k-$20k in closing costs credits.
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Thank you for the response.

They offered only the design center credits last week and when we went back again today, we got that solar credits. I will give a try again. I am not sure if they will reduce the base price instead of the credits.
 
CalBears96 said:
I agree with capboba that if you're not working with an agent, thus saving the builder a big chunk of money, then you should ask for more incentives for design center credits and/or closing costs credits. Even CalPac that didn't even give broker commission when they grand opened in November is now giving like $35k commission.

And just like Martin said, ask for more credits regardless if you're working with an agent or not. It is now shifting to buyer's market so you can negotiate for more.
Click to expand...

I am working with an agent but I am pretty much handling it, i will start involving him more. Thank you.
 
zen said:
USCTrojanCPA said:
Is that what they offered you right off the bat?  I'd ask for more design center credits (another $20k-$30k) and then ask for $10k-$20k in closing costs credits.
Click to expand...
Thank you for the response.

They offered only the design center credits last week and when we went back again today, we got that solar credits. I will give a try again. I am not sure if they will reduce the base price instead of the credits.
Click to expand...

They probably won't want to reduce the price but I'm fairly sure that there's more room when it comes to design center credits and closing cost credits.  Remember that design center credits are worth about 50 cents on the dollar due to the builder mark-ups but closing cost credits are 100 cents on the dollar so focus on getting those first before trying to get more design center credits.  Good luck and keep us posted.
 
zen said:
CalBears96 said:
I agree with capboba that if you're not working with an agent, thus saving the builder a big chunk of money, then you should ask for more incentives for design center credits and/or closing costs credits. Even CalPac that didn't even give broker commission when they grand opened in November is now giving like $35k commission.

And just like Martin said, ask for more credits regardless if you're working with an agent or not. It is now shifting to buyer's market so you can negotiate for more.
Click to expand...

I am working with an agent but I am pretty much handling it, i will start involving him more. Thank you.
Click to expand...

Uh... make that agent work. New home transactions aren't as "worky" as resale, and how much of the commission is your agent giving you? If it's not a good chunk... they should be negotiating on your behalf... not the TI collective.

Good luck.
 
Oh... and for the sake of education... why are you buying right now?

Liar Loan has called the next Housepocalypse and people always wonder why anyone would buy in a high price / high rate environment that has started slowing down.
 
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
 
If you had bought in 2006 or 2007, then yes you should have waited til 2009 - 2010

If you believe 2022 is like 2006, then yes you should wait 3 years.  Not one year.


However, I do not believe that we are in a 2006 situation.
 
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

I can't tell you how long to wait but:

1. If you can afford the current price
2. You can stay for the next 5-10 years

You should be ok.

If either of those are suspect... you should carefully consider your situation.

I'm a big proponent of buy when you can because there are many things to worry about than trying to time the perfect moment when to get a home you want for the next X years.

If renting was much cheaper, there would be more reason to wait... but rents are high right now too.

Also sounds like you're in a move-up scenario so if you're flipping equity... that's helpful.
 
put down as little as down payment as possible
1. if price keeps dropping, you lose less equity and have the option to just walk away if you are under water.

2. the rate is high, so you can always refi later once the Fed goes back to easing in a recessionary environment. So the more you finance, the higher future saving you get from refi.

zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...
 
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

I'm not an expert like Liar Loan, so don't put too much weight into my opinion, but since you asked for everyone's opinion, then I'll give mine.

I think that we're seeing a downturn that will probably last 2-3 years before it stabilizes. Personally, I hope for 1.5-2 years because that's when I want to upgrade from my Bluffs 2 that I closed escrow 3.5 months ago to Cielo 1/3. My wishful thinking is that I make enough gains (on the stock market) from the proceeds that I sold my Eastvale and Lake Elsinore homes, that, in 1.5-2 years, I can put enough down payment on Cielo 1/3 to get approved for the loan. Best case scenario, by the time I close escrow on the new home (6 months from when I signed the contract), the housing market has recovered enough that I still can sell the Bluffs 2 for a slight gain. If not, I'll probably rent it out. On the other hand, if the price on the Bluffs 2 went up quite a bit from the date I signed the contract until the date I closed escrow on Cielo 1/3, I might still sell it. Then it really is just an exchange with some slight gain still.

TLDR: I personally think 2 years from now is a better time to buy than now if you currently already own a home.
 
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

Have you done any research on Great Park  higher mello roos vs surrounding neighborhoods in Irvine?
 
The California Court Company said:
put down as little as down payment as possible
1. if price keeps dropping, you lose less equity and have the option to just walk away if you are under water.

2. the rate is high, so you can always refi later once the Fed goes back to easing in a recessionary environment. So the more you finance, the higher future saving you get from refi.

zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...
Click to expand...

I do not have an option to go with lennar mortgage due to some recent mess up on my score other going with full cash for now.
 
Danimal said:
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

Have you done any research on Great Park  higher mello roos vs surrounding neighborhoods in Irvine?
Click to expand...
Yeah, thats ridiculous but we dont have any other new houses available in near by area.
 
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

Yes, prices are going to drift lower from what I am seeing (not falling off a cliff).
 
zen said:
Danimal said:
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

Have you done any research on Great Park  higher mello roos vs surrounding neighborhoods in Irvine?
Click to expand...
Yeah, thats ridiculous but we dont have any other new houses available in near by area.
Click to expand...

?  Portola Springs is five minutes away from the Great Park, The Meadows in Lake Forest is maybe 8 minutes...
 
ThirtySomethingWEquity said:
zen said:
Danimal said:
zen said:
Bit confused about buying. We been thinking to upgrade to a 4bdr for long time and missed some good opportunities. So, we are in dilemma now. Should we wait until next year ?
Click to expand...

Have you done any research on Great Park  higher mello roos vs surrounding neighborhoods in Irvine?
Click to expand...
Yeah, thats ridiculous but we dont have any other new houses available in near by area.
Click to expand...

?  Portola Springs is five minutes away from the Great Park, The Meadows in Lake Forest is maybe 8 minutes...
Click to expand...

I was going to say Portola Springs, but then I realized you can't get a 2900 sq ft house for $1.8M. Azul 1 is 2792 sq ft and it starts at $2.1M. Highland 1 is 2536 sq ft and it's almost $1.9M. Even Bluffs 1, at 2431 sq ft, is around $1.75M and it's a detached condo.

The Meadows would have something closer. Best bet would be Magnolia, at 2800 sq ft, 5 bd/5 ba, for $1.9M and Parklands, which is slightly smaller, but starts at $1.7M. But Meadows is Lake Forest, not Irvine.
 
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