Portola Spring - Los Colinas

ak

New member
Does anyone know if Los Colinas develpoment is fully complete?  I thought they were going to build more homes? 
Thanks for your help.
 
It looks like there are more on the Villages of Irvine PS map than was on the sales office map.

But the last time I was there, they were only building Plan 3s and 4s.

EDIT: I2I correction... plan 3s and 4s, not 2s and 3s.
 
They were waiting for the Irvine Co to give them a go ahead to build more plan 3s and 4s.
Wonder if they are going to start raising prices like Woodbury.
 
Last time I looked, a plan 3 or 4 was just above $1mil which is "reasonable" compared to Carmel's pricing.

You get a 3-car garage too (although it's tandem).
 
And much larger lots.  They were also offering $45K design center credit, which I am sure will not be offered any more if they do build more houses.
 
Irvine2Irvine said:
And much larger lots.  They were also offering $45K design center credit, which I am sure will not be offered any more if they do build more houses.
And unlike Woodbury, the builders are offering a broker co-op (from what one of my buyers told me).
 
From what I've read lately--there doesn't seem to be much of a market for $1M+ McMansions anymore. Do you think they will sell? They better find some better FCBs or offer their own jumbo financing.
 
iacrenter said:
From what I've read lately--there doesn't seem to be much of a market for $1M+ McMansions anymore. Do you think they will sell? They better find some better FCBs or offer their own jumbo financing.
Are you sure about that?  I've seen several Quail Hill and Northwood II homes sell above $1m in the past 6 months.  I think the problem is the location of Portola Springs (it's IAC's ugly step-child), not the homes being $1m.
 
jumpcut said:
USCTrojanCPA said:
iacrenter said:
From what I've read lately--there doesn't seem to be much of a market for $1M+ McMansions anymore. Do you think they will sell? They better find some better FCBs or offer their own jumbo financing.
Are you sure about that?  I've seen several Quail Hill and Northwood II homes sell above $1m in the past 6 months.  I think the problem is the location of Portola Springs (it's IAC's ugly step-child), not the homes being $1m.
Not sure I understand this comment.  I think not having renters around would be a plus.  Once TIC builds this thing out, including the retail center, it should hold it's own.
You said the re-sale buyer market above $1m in Irvine is dead and I'm telling you that is it not dead.  About 1/4 home purchases of $1m+ in Irvine in the past 6 months are all cash.  It's the Shady Canyon homes that keep sitting on the market (because they are overpriced) but that's a whole other market. 
 
Patrick Star said:
USCTrojanCPA said:
I think the problem is the location of Portola Springs (it's IAC's ugly step-child), not the homes being $1m.

I'll bet you $1 that in 10 years Portola Springs holds a HUGE premium to the WB/WBE high density flatlands.  The hillside location, the sure to be beautiful private HS being built on the corner of Sand Canyon/Portola --- and the assignment to Northwood HS?  No doubt in my mind that PS will be the long term winner.  Kind of like if you were shopping for a new home in 1997-99....you might have had a choice between Northwood Pointe or Oak Creek.  I bet lots of folks thought Northwood Pointe was out in the boonies at the time.  Who's got the premium of those two locations now?
I won't take that bet because I totally agree with you.  Portola Springs will price at a premium to Woodbury, even with the higher Mello Roos, once it is fully built out and TIC gives it the marketing that it needs.  It's just gonna take some time.  People buying into Portola Springs will be rewarded more than people buying into Woodbury and Stonegate.
 
Patrick Star said:
USCTrojanCPA said:
I think the problem is the location of Portola Springs (it's IAC's ugly step-child), not the homes being $1m.

I'll bet you $1 that in 10 years Portola Springs holds a HUGE premium to the WB/WBE high density flatlands.  The hillside location, the sure to be beautiful private HS being built on the corner of Sand Canyon/Portola --- and the assignment to Northwood HS?  No doubt in my mind that PS will be the long term winner.  Kind of like if you were shopping for a new home in 1997-99....you might have had a choice between Northwood Pointe or Oak Creek.  I bet lots of folks thought Northwood Pointe was out in the boonies at the time.  Who's got the premium of those two locations now?

I am pretty surprised there is much activity in the $1m+McMansion level. I thought most county/state stats show significant slowdown in sales in that area--is Irvine an outlier? Also, wondering how do these higher end sales #'s compare year over year? Are we trending up or down for Irvine or OC? Anyone know?

From what I gathered in the popular press and on IHB it seemed besides FCBs and a few equity buyers there isn't much demand for this type of housing. Especially if you compare it to the good old days (pre-crash), since Jumbo financing is restricted and FHA is limited to conforming limits.
 
USCTrojanCPA said:
Patrick Star said:
USCTrojanCPA said:
I think the problem is the location of Portola Springs (it's IAC's ugly step-child), not the homes being $1m.

I'll bet you $1 that in 10 years Portola Springs holds a HUGE premium to the WB/WBE high density flatlands.  The hillside location, the sure to be beautiful private HS being built on the corner of Sand Canyon/Portola --- and the assignment to Northwood HS?  No doubt in my mind that PS will be the long term winner.  Kind of like if you were shopping for a new home in 1997-99....you might have had a choice between Northwood Pointe or Oak Creek.  I bet lots of folks thought Northwood Pointe was out in the boonies at the time.  Who's got the premium of those two locations now?
I won't take that bet because I totally agree with you.  Portola Springs will price at a premium to Woodbury, even with the higher Mello Roos, once it is fully built out and TIC gives it the marketing that it needs.  It's just gonna take some time.  People buying into Portola Springs will be rewarded more than people buying into Woodbury and Stonegate.

I think we've had threads on this topic before--but I agree, PS is better location than WB or SG. Having some elevation and view is always a plus in Irvine (e.g. QH). Only downside is the fire danger and current lack of local shopping. I believe long term the master plan has schools, sports park, and shopping center in the PS area. Should be nicer than WB as long as you aren't too close to the toll road.
 
Las Colinas is priced from 990k to 1,050,000.  I believe they have 6 houses in this phase for sale.  There was alot of foot traffic over the weekend.
 
irvinehomeowner said:
Do you know if they built a model for the new Plan 1?

I don't think so.  There are no new models up right now.  The land that is being developed was just graded and I believe they are putting in the pipes for the first set of homes.  Location isn't too bad.  There is no one behind you for the first phase and you have a view of the hill behind you.

Oh and lot sizes were somewhere from 5400-5700 sq ft.

There is one ginormous looking plan 4 that is sideways compared to the others.  That means you have 5 other peoples backyards touching your backyard. 
 
Does anyone know if Taylor Morrison is providing the same incentives as they did in their previous phase?  They were
offering $40K in upgrade credit, 3% broker co-op and $10K in closing cost credit if buyer used there in house lender. 
Thank you all for your help on this.
 
ak said:
Does anyone know if Taylor Morrison is providing the same incentives as they did in their previous phase?  They were
offering $40K in upgrade credit, 3% broker co-op and $10K in closing cost credit if buyer used there in house lender. 
Thank you all for your help on this.

I seriously doubt it.  Those incentive went away when they sold out the 2010 collection.
 
We visited this weekend, no mention of any incentives...  plan 1 now has a downstairs bedroom that is not displayed in their model...  i think they pushed the family room out more into the yard and was able to squeeze a bedroom between the garage and family room..  i'll try to scan a pic later...  Didn't like the separated living room.. that is a wasted space...  otherwise not too bad for a million dollar home.. too bad it's in Portola..  HOA is $150...  first phase release backs onto the main street leading into the upper enclave... lot sizes seems adequate for Irvine... 
 
ps99472 said:
We visited this weekend, no mention of any incentives...  plan 1 now has a downstairs bedroom that is not displayed in their model...  i think they pushed the family room out more into the yard and was able to squeeze a bedroom between the garage and family room..  i'll try to scan a pic later...  Didn't like the separated living room.. that is a wasted space...  otherwise not too bad for a million dollar home.. too bad it's in Portola..  HOA is $150...  first phase release backs onto the main street leading into the upper enclave... lot sizes seems adequate for Irvine...

How many homesites were available?  Were any sold?

 
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