Carmel 2010: We went all-in.

cantaloop

New member
Dear former IHB'ers and Talk-Irvine people,

I can't believe it. I pulled the trigger. Yesterday Mrs. Cantaloop and I signed the paperwork and funded the bank for the 3% deposit. While I don't think we got a great deal, I do think that it was a fair deal (based on today's market). Base price is $312 / sq ft (adding conservatory and bonus room). And I realize that adding any additional options will be pricey along with landscaping. So maybe it'll come out to be $335 sq/ft when all done?

Granted the lot size is smaller than a typical Woodbury SFR and I'm definitely concerned about the parking situation that many of you have discussed since Montecito is surrounding Carmel. And my biggest pet peeve, no pocket parks! Argh.

So why did we do it?

a) We've been renting for the past 5 years, and have saved enough to put 20% down with some buffer if needed.
b) Lil Cantaloop is turning 1 years old next week. We'd like to try for Lil Cantaloop 2 soon.
c) We are first time home buyers and want that credit before it expires.
d) The Carmel floorplan (although not perfect) met about 90%+ of our design/home requirements.
e) We are near the Jeffrey Open trail so that negates my peeve about pocket parks.
f) If parking becomes any issue, I'm sticking cones in front of my house with police tape.
g) Finally. It just felt right.

I just wanted to share my initial thoughts. And I'm open to posting about my experiences in dealing with The New Home Co. as we go through the entire purchasing process if any of you are interested.

We won't move in for another couple of months so I suppose anything could happen. But for now, we're all-in.

Best,
Cantaloop
 
[quote author="cantaloop"]Dear former IHB'ers and Talk-Irvine people,

I can't believe it. I pulled the trigger. Yesterday Mrs. Cantaloop and I signed the paperwork and funded the bank for the 3% deposit. While I don't think we got a great deal, I do think that it was a fair deal (based on today's market). Base price is $312 / sq ft (adding conservatory and bonus room). And I realize that adding any additional options will be pricey along with landscaping. So maybe it'll come out to be $335 sq/ft when all done?

Granted the lot size is smaller than a typical Woodbury SFR and I'm definitely concerned about the parking situation that many of you have discussed since Montecito is surrounding Carmel. And my biggest pet peeve, no pocket parks! Argh.

So why did we do it?

a) We've been renting for the past 5 years, and have saved enough to put 20% down with some buffer if needed.
b) Lil Cantaloop is turning 1 years old next week. We'd like to try for Lil Cantaloop 2 soon.
c) We are first time home buyers and want that credit before it expires.
d) The Carmel floorplan (although not perfect) met about 90%+ of our design/home requirements.
e) We are near the Jeffrey Open trail so that negates my peeve about pocket parks.
f) If parking becomes any issue, I'm sticking cones in front of my house with police tape.
g) Finally. It just felt right.

I just wanted to share my initial thoughts. And I'm open to posting about my experiences in dealing with The New Home Co. as we go through the entire purchasing process if any of you are interested.

We won't move in for another couple of months so I suppose anything could happen. But for now, we're all-in.

Best,
Cantaloop


[/quote]

A $1 mil dollar home for your FIRST HOME?? Wow! That's great! Congratulations.
 
[quote author="cantaloop"]Dear former IHB'ers and Talk-Irvine people,

I can't believe it. I pulled the trigger. Yesterday Mrs. Cantaloop and I signed the paperwork and funded the bank for the 3% deposit. While I don't think we got a great deal, I do think that it was a fair deal (based on today's market). Base price is $312 / sq ft (adding conservatory and bonus room). And I realize that adding any additional options will be pricey along with landscaping. So maybe it'll come out to be $335 sq/ft when all done?

Granted the lot size is smaller than a typical Woodbury SFR and I'm definitely concerned about the parking situation that many of you have discussed since Montecito is surrounding Carmel. And my biggest pet peeve, no pocket parks! Argh.

So why did we do it?

a) We've been renting for the past 5 years, and have saved enough to put 20% down with some buffer if needed.
b) Lil Cantaloop is turning 1 years old next week. We'd like to try for Lil Cantaloop 2 soon.
c) We are first time home buyers and want that credit before it expires.
d) The Carmel floorplan (although not perfect) met about 90%+ of our design/home requirements.
e) We are near the Jeffrey Open trail so that negates my peeve about pocket parks.
f) If parking becomes any issue, I'm sticking cones in front of my house with police tape.
g) Finally. It just felt right.

I just wanted to share my initial thoughts. And I'm open to posting about my experiences in dealing with The New Home Co. as we go through the entire purchasing process if any of you are interested.

We won't move in for another couple of months so I suppose anything could happen. But for now, we're all-in.

Best,
Cantaloop


[/quote]

That's awesome! Congrats! I think we may be neighbors, I mean, I am your Montecito neighbor. I can't afford Carmel. I promise you, both of our cars will be in the garage.
 
So 'loop... I just want to know... when did you pre-reg or do you have the hook-ups with some VIP?

Were you one of the "700 pre-qualified"?

What plan did you get? Did you not like Villa Rosa for a bit more?

Congrats... I still think they are priced high but we each have our own reasons why we buy and why we don't... sounds like you're going to stay put for a while so that's in your favor.

Please let us know how the buying process goes.
 
[quote author="fe9000"]
That's awesome! Congrats! I think we may be neighbors, I mean, I am your Montecito neighbor. I can't afford Carmel. I promise you, both of our cars will be in the garage.[/quote]

I second that. My cars will always be in the garage or the driveway!
 
Congratulations CantaLoop! Carmel is out of my price range, but it was really nice both from the inside and out. I really like the plan 3 tuscan brick design. CantaLoop, what do you think about the price point of your purchase: high or just right? Beautiful homes - congratulations. <!-- s:D -->:D<!-- s:D -->

2vsjhvs.jpg
 
fjq0zo.jpg


Very Nice!

zjuo21.jpg


OOps! I caught an FCB Asian Immigrant in my photo!

2utntbr.jpg


Living Room

2cdv6l5.jpg


Now, that's nice! <!-- s:D -->:D<!-- s:D -->
 
Thanks for the answers... and a belated welcome to TI... how did you find us?

[quote author="cantaloop"]In regards to Villa Rosa, we visited our favorite sales person MJ right before we signed at Carmel. They have an existing plan 3 with a huge lot. At the 11th hour we decided to look at that house. While it's only a little bit more (Lennar is open to negotiations), we weren't crazy about how it backed up to Trabuco. But, the Villa Rosa plan 3 is definitely our favorite and was in the running.[/quote]
That's totally understandable about location.

But don't they still have other lots for Plan 3 available? I would think they would be on a shorter construction schedule and Phase 12 has some that are on a cul-de-sac and farther away from the main streets.

I just think you may have been able to leverage Carmel to get Lennar to give you a lower price (and also because Villa Rosa has a 3-car garage... hehe).

Now... I don't mean to give you buyer's remorse or anything... just trying to understand the psychology... and again... I appreciate your candor.
 
Congratulations on your new home.

Just wanted to make sure you're aware that the tax credit is only for homes $800,000 and under so I don't any of the Carmel homes would qualify.

Probably not a big deal in the grand scheme of things
 
[quote author="metta66"]Congratulations on your new home.

Just wanted to make sure you're aware that the tax credit is only for homes $800,000 and under so I don't any of the Carmel homes would qualify.

Probably not a big deal in the grand scheme of things[/quote]

LOL!! I didn't even realize that until now! I bet TIC doesn't tell people that!
 
Yea why would they? I'm sure they skirt around the issue by saying you need to consult with your tax advisor
 
[quote author="ajw522"]
[quote author="metta66"]Congratulations on your new home.

Just wanted to make sure you're aware that the tax credit is only for homes $800,000 and under so I don't any of the Carmel homes would qualify.

Probably not a big deal in the grand scheme of things[/quote]

LOL!! I didn't even realize that until now! I bet TIC doesn't tell people that![/quote]


Maybe cantaloop makes too much money to qualify anyways.
 
[quote author="irvinehomeowner"]Thanks for the answers... and a belated welcome to TI... how did you find us?

[quote author="cantaloop"]In regards to Villa Rosa, we visited our favorite sales person MJ right before we signed at Carmel. They have an existing plan 3 with a huge lot. At the 11th hour we decided to look at that house. While it's only a little bit more (Lennar is open to negotiations), we weren't crazy about how it backed up to Trabuco. But, the Villa Rosa plan 3 is definitely our favorite and was in the running.[/quote]
That's totally understandable about location.

But don't they still have other lots for Plan 3 available? I would think they would be on a shorter construction schedule and Phase 12 has some that are on a cul-de-sac and farther away from the main streets.

I just think you may have been able to leverage Carmel to get Lennar to give you a lower price (and also because Villa Rosa has a 3-car garage... hehe).

Now... I don't mean to give you buyer's remorse or anything... just trying to understand the psychology... and again... I appreciate your candor.[/quote]

I used to monitor and occasionally post on IHB. After the transition, I got lazy and never created an account on TI.

There's one last phase of Villa Rosa left. You're absolutely right that we could have leverage Carmel to get Lennar at a lower price. But even negotiating with Lennar, we would have paid at least $25k more. I haven't compared "Everything included" versus the Carmel options list, but Carmel did include a good number of things (i.e. crown molding, appliances, etc.)

Also the last phase of Villa Rosa will be near the original models off Vine. I'm not crazy about that location since it's off Winding Way. It just seems that Winding Way gets a lot of traffic.

Final thoughts: It was a real tough decision between Carmel and Villa Rosa. And even now I'm flip-flopping. If you buy at Villa Rosa and would be willing to house swap sometime, let me know. <!-- s:) -->:)<!-- s:) -->
 
[quote author="Panda "]. CantaLoop, what do you think about the price point of your purchase: high or just right? Beautiful homes - congratulations. <!-- s:D -->:D<!-- s:D -->
[/quote]

Panda,

I think the price is just right considering some of the design features they include. Also we've been watching the resale market, and some of the sellers are still smoking crack. Some are asking for over $365/sq ft. For brand new I can get something cheaper even with landscaping.

I wish it was cheaper, but given our circumstances, and all the FCB'ers who ruin market price, we had to dive in. This weekend there were so many FCB'ers walking the models as shown in your photos.

-Cantaloop
 
Loop, I'm somewhat jealous! Congratulations.

I expected plan 3 to be the plan I like the best, but plan 2 with conservatory was the best in my opinion. Are you closing the bonus room or is it more of a loft?

First time touring home with my new baby, I must say that you look at homes differently...I start to understand why little ones can make you pull the trigger!

$335 psf might be a tad low if you include landscaping. $350 psf would enable you to have nice upgrades and landscaping, where you'll have to make tough choices for $335 psf. If you can afford it, go higher as it seems like you will live there for a long time.

If you don't mind, you could make updates available to all? Nothing personal, just let us know where the gotchas are...
 
Congratulations, Cantaloop! Panda's pictures of the model look fantastic...I'm sure you will be happy with the place. Just let me know if you need somebody to run the grill at the housewarming party....
 
Congrats on the purchase Cantaloop. I think you like many other buyers looking to buy a home in Irvine just don't want to deal with the bidding wars, greedy sellers, and numerous short sales that are out there. I'm sure you'll enjoy the home for many, many years. Definitely keep us posted on the process.
 
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