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Like IrvineRenter and many others have said, it is expected that new home will start the price cutting. The only question is how close we are to the bottom. For your info, I found a statistic below from OC register blog on the last downturn. It only took 3 years for new home to reach...

<p>I agree this is a great deal in this market. I'd say the rental rate for this home is probably close to $4000 so you can compare that to your mortage if you want to calculate the rent vs. buy fundamental.</p> <p>Sounds like you also have factored in the risk of price drop. Obviously the...

jennifer, do they still offer $35k-$40k incentive?

It isn't clear to me whether all 3,000 jobs are in Orange? If so, it is pretty bad indeed for local economy. Hopefully things wont get much worse.

Ranger Rick, I think the goverment is only going to help the low-income homeowners and still going to punish the subprime lenders. Dont know how this will help the subprime defaults - only time will tell.

IRVINITEEE - Do you have the updated pricing? How are they selling so far for Phase 4?

OCR - They may not want to lower the price right now espeically since unit wont be ready till Dec. What you can try is ask them to buy points to lower your morgage rate - this way hopefully you can get the monthly payment to be in your comfort zone. Buying points make sense for your situation...

Earl - Village of Columbus and Portola Springs have had 10-15% price reduction to last spring/summer pricing. No catch really that is just the way the market is right now for new homes.

graphrix - Dont worry about it. I also dont understand why the builders in PS dont just drop the price much lower in initial phase (i.e. last January) so the pain is less down the road and customer can be happy. They can certainly increase the price in later phases if demand picks up. I...

graphrix - You may be right. I only chimed in based on limited experience of our recent home shopping and I never work for a home builder. So I guess I should put disclaimer that all my opinion and posts maybe biased and not objective. Sigh. In PS, I haven't seen builders lower price at...

Yes, I happened to check out Los Arboles last week and the $827k pricing sounds familiar. I never checked out Las Colinas though because it is out of our price range. I believe the $827k is base pricing (i.e without upgrades), and they also offer $30 incentive. Seems like they're a bit...

Are you sure you're not confusing Las Colinas with Los Arboles? Both are Taylor Woodrow homes in PS, and both has 10% price reduction in Jan along with the rest of PS communities. I doubt they will change floorplan or drop prices anytime soon. I think they'd much rather slow or even stop...

If you're serious about buying, I wouldn't get too hung up with the price per sqft comparison. You can't really compare price per sqft on two different floorplans. Larger homes tend to have lower price per sqft especially when the lot sizes are about the same and the number of bed/bath...

Phase 3 in the next month or so is not slow. Considering you guys mentioned they are having problem selling phase2 I am actually surprised that they move on with phase 3 that soon. It doesn't seeem like they're gonna lower the price anytime soon. I am guessing they will want to wait out spring...

I think you're asking for year end closing last Nov? Plan1 was $789k (bottom-line pricing, no incentive and tied to their lender). And there're a couple Plan2's at $825k and ~$860k I blv. There's one Plan3 can't remember the price. I doubt that you can get this deal right now, although you can...

Sorry you're right. I probably shouldn't rain on your parade either.

Yes, I understand Irvine is no Manhattan although both area have similarily in pent-up demand and risky loans leading to the so-called bubble. But still, reading this artcile just shows how crazy real estate market can be in highly desirable area. Many predicted that this season is...

This is a yesterday's article from NY. I actually found it hard to believe when I read the news, and I can't imagine that anything like this would happen in Irvine in near future, at least not this year. But I guess it goes to show how any housing market is local, and buyer psychology really...

mino2126 - welcome to the O.C. In California, you can choose to pay property tax twice a year instead of monthly, and thus you can use the IRS check from previous year to pay the bills. So you still have to account for mortgage and HOAs in your monrhtly budget but can rely on...

momopi - yes I think the opt bath 3 have a shower so you can make it a "4/3" configuration if you like. Last I checked, they were sold out on all plans from Phase 1, and sold out plan 3 and 4 from phase 2A. They also offered $10-13k incentive. So I guess somehow plan 1 and 2 aren't the...