3 New California Pacific Communities in Portola Springs Late 2021

[usctrojancpa]

My dad is near the top of the wait list so he was asking me if he should buy in Phase 1 or wait for one of the view lots. I told him we'll have to go out to see where the view lots are and what phase they are in.

 

[CalBears96]

My dad is near the top of the wait list so he was asking me if he should buy in Phase 1 or wait for one of the view lots. I told him we'll have to go out to see where the view lots are and what phase they are in.

The view lots are on the south side. The view would be south to southeast, toward Lake Forest.

 

[usctrojancpa]

My dad is near the top of the wait list so he was asking me if he should buy in Phase 1 or wait for one of the view lots. I told him we'll have to go out to see where the view lots are and what phase they are in.

The view lots are on the south side. The view would be south to southeast, toward Lake Forest.

Some of them face that large hill too.  I'm very curious on where the Phase 1 lots are and how they'll phase out the remaining lots.

 

[CalBears96]

My dad is near the top of the wait list so he was asking me if he should buy in Phase 1 or wait for one of the view lots. I told him we'll have to go out to see where the view lots are and what phase they are in.

The view lots are on the south side. The view would be south to southeast, toward Lake Forest.

Some of them face that large hill too.  I'm very curious on where the Phase 1 lots are and how they'll phase out the remaining lots.

Do you mean the large hill on the west side? Across Whispering Hills? There are 6 homes facing that way, but they aren't view lots.

Only the ones facing south are considered view lots. You find Plan 2X on that side only.

 

[usctrojancpa]

My dad is near the top of the wait list so he was asking me if he should buy in Phase 1 or wait for one of the view lots. I told him we'll have to go out to see where the view lots are and what phase they are in.

The view lots are on the south side. The view would be south to southeast, toward Lake Forest.

Some of them face that large hill too.  I'm very curious on where the Phase 1 lots are and how they'll phase out the remaining lots.

Do you mean the large hill on the west side? Across Whispering Hills? There are 6 homes facing that way, but they aren't view lots.

Only the ones facing south are considered view lots. You find Plan 2X on that side only.

No, I'm talking about the smaller hill that's South. CalPac will email out the site plan with the phase releases the week of the 15th so we'll know soon enough where each phase is.

 

[Irvine9]

Do you think they will release view lots in first few phases or keep them for selling at higher prices in later phases?

 

[usctrojancpa]

Do you think they will release view lots in first few phases or keep them for selling at higher prices in later phases?

They won't release the view lots first then go in a snake like pattern on their lot releases, the question is where phase 1 starts.

 

[justlookin]

hi everyone, been a lurker for a while. also interested in sierra (but thanks to this forum i realize why my agent never bothered to check on it for me).

with Sierra, does the preapproval need to come from loandepot? seems like CalPac is working with them but they're asking for all these documents as opposed to other online lenders that are more streamlined. at the end of the day, just looking to get on the list and figure out what phase i would be interested in

i was on the highland but seeing they jacked up the price by quarter mil in a matter of 2 months, i cannot justify the price they're asking

 

[CalBears96]

hi everyone, been a lurker for a while. also interested in sierra (but thanks to this forum i realize why my agent never bothered to check on it for me).

with Sierra, does the preapproval need to come from loandepot? seems like CalPac is working with them but they're asking for all these documents as opposed to other online lenders that are more streamlined. at the end of the day, just looking to get on the list and figure out what phase i would be interested in

i was on the highland but seeing they jacked up the price by quarter mil in a matter of 2 months, i cannot justify the price they're asking

It seems like the pre-approval does need to come Loandepot and you will need to provide all financial documents to get pre-approved.

The reason for the price hike on Highland homes is because of the lot premium. These last few homes are privacy lots and somewhat larger lots. The regular lots are about 3700 sq ft. but these latest ones are 4100-4400 sq. ft lots.

 

[justlookin]

thanks for the info, interesting to see the lot size as it was not in the email and oddly enough the lots on the attached map seems one of the smallest on the highland lots and no view.

 

[CalBears96]

thanks for the info, interesting to see the lot size as it was not in the email and oddly enough the lots on the attached map seems one of the smallest on the highland lots and no view.

The ones released on 10/23 were relatively big lots, 4140 sf and 4464 sf for Highland 1. The ones coming up, on White Jasmine, are super small lots, 3588 sf for Highland 1 and 4048 sf for Highland 2. Personally, I wouldn't mind the smaller lots like the one on White Jasmine. The only potential issue with those lots is that the distance from the home (california great room for Highland 1 and dining room for Highland 2) to the backyard wall is only 5 ft. I need at least 7-8 ft. distance so that I could have planter area and a walkway.

 

[CalBears96]

i was on the highland but seeing they jacked up the price by quarter mil in a matter of 2 months, i cannot justify the price they're asking

Mind telling when you got on the Highland waitlist? So you're already getting calls from Highland?

 

[justlookin]

got on the list around july, got a few calls but the lots were getting smaller, no view, and that's when it went from 1.2 to 1.5 in a jiffy. I just couldn't pull the trigger

 

[Davidlee199]

Prices at Highland went up almost $200k within 2 months once the true SFR Elderberry sold out. The last phase at Elderberry was priced at $1.5M.  Make sure to wait until the grand opening at Calpac?s Sierra to compare pricing.  Besides, more SFRs will be built at Dreamcatcher below Highland the end of 2022. 

 

[CalBears96]

While it's a good idea to wait for CalPac's Sierra, it's definitely a bad idea to wait for the homes at Dreamcatcher. As you said, this community won't start until the end of 2022. Given how the price keeps going up, you don't know that phase 1 of that community will be like.

Whether you believe it or not, it's more likely that home price will be increased by 15% by end of 2022 than dropping by then. Mortgage probably won't start increasing until mid 2022, but even that won't affect home price that much. As Martin said, the biggest factor in home price is the low inventory. Right now, there are a whole lot more buyers and available homes, and it will stay that way for a while.

For me, I want a Bluffs 2(X) or Highland 1. If I get a call from either within the next 3 months, I'll pull the trigger without a second thought.

 

[Davidlee199]

I don?t see how housing prices can go up 10-15% in 2022, just like I don?t expect people continue to pay an average of $5000 mark up for new cars and gas prices won?t go up to $6/gallon in 2022.  Supply and Demand are not the only factors to determine housing prices. If mortgage rates went down from 4% to 3% have caused home prices gone up 20% in 2022, I don?t expect housing remains the same once Federal Reserve starts raising interest rate and mortgage rates head back to 4%.
I still remember the demand was high in 2006 & 2007 before the 2008 financial crisis.  Listen to what Ivy Zelman said.  She forecasted the last housing peak in 2005.
https://youtu.be/FX0-7RoKz0Q

 

[Ready2Downsize]

I don?t see how housing prices can go up 10-15% in 2022, just like I don?t expect people continue to pay an average of $5000 mark up for new cars and gas prices won?t go up to $6/gallon in 2022.  Supply and Demand are not the only factors to determine housing prices. If mortgage rates went down from 4% to 3% have caused home prices gone up 20% in 2022, I don?t expect housing remains the same once Federal Reserve starts raising interest rate and mortgage rates head back to 4%.
I still remember the demand was high in 2006 & 2007 before the 2008 financial crisis.  Listen to what Ivy Zelman said.  She forecasted the last housing peak in 2005.
https://youtu.be/FX0-7RoKz0Q

I'm surprised houses went up as much as they did as quick as they did, BUT rents are up too...... alot. There are some areas that have gone up alot (arizona and florida among others) that you can STILL pick up a house for 20% down and be cash flow positive because rents have gone up so much. Investors, rental companies, first time buyers, down sizers, people moving from higher priced states are all competing for houses in those areas.

Of course Irvine is higher priced but you still have people buying who are moving from higher priced areas that feel they are getting a bargain with their even higher priced homes or foreign investors. You have people that are flush with stock option money who will just put down a large down payment in tech areas.

One of my daughters has friends who formed a group of millenial investors. They pool their money and buy up properties that they air bnb. Soon as they are fixed up and making money they set sail to find some more. They came back a couple weeks ago from a trip to Tennessee. They bid on 10 homes and got 6 of them. Those houses aren't coming back to the market for quite a while and they aren't even going to rent to locals.

I plan on moving to AZ. Rents are up koo koo crazy. The house I want isn't released and it will take 13-14 months to build. What's a girl to do? That is longer than a year lease. I don't want to move twice. Where am I going to put a houseful of furniture? I'm buying another house instead of renting. Solves all my problems. I can move when I want from here and into my new place. I can keep an eye on the building, take pix of all the walls etc. And they aren't so dang picky they won't let you on the lot there. I figure if I lose less than 30K on the place, I'm ahead vs. renting and most likely I can lose more than that because rents just keep going up. I don't care. I'm spending my Sunshine Dollars. Everything looks like a bargain there (even after going up alot) and I'm sure we look the same to other people here.

So what is happening here? The poor, the lower class, those just trying to make ends meet or trying to move up by working hard ONCE AGAIN are losing out because of policies that supposedly are to help them. Keep rates low, cuz what would happen to poor people if rates go up? Give them money to offset rent, food, etc. Enact higher min. wage which never keeps up cuz all of that is going right into the pockets of people who rent to them and that is why investors just keep on buying. Thank the fed and the government for making the poor more dependent and poor.

 

[usctrojancpa]

Even if rates go up to 4%c home prices won?t go down. Best case prices will be flattish.  There is much much buyer demand out there right now, I see it on both the listing side and buyer agent side.

 

[neverabletoafford]

So well said. I really feel sorry for the hard-working low-income families. How are they able to afford a house now?

I don?t see how housing prices can go up 10-15% in 2022, just like I don?t expect people continue to pay an average of $5000 mark up for new cars and gas prices won?t go up to $6/gallon in 2022.  Supply and Demand are not the only factors to determine housing prices. If mortgage rates went down from 4% to 3% have caused home prices gone up 20% in 2022, I don?t expect housing remains the same once Federal Reserve starts raising interest rate and mortgage rates head back to 4%.
I still remember the demand was high in 2006 & 2007 before the 2008 financial crisis.  Listen to what Ivy Zelman said.  She forecasted the last housing peak in 2005.
https://youtu.be/FX0-7RoKz0Q

I'm surprised houses went up as much as they did as quick as they did, BUT rents are up too...... alot. There are some areas that have gone up alot (arizona and florida among others) that you can STILL pick up a house for 20% down and be cash flow positive because rents have gone up so much. Investors, rental companies, first time buyers, down sizers, people moving from higher priced states are all competing for houses in those areas.

Of course Irvine is higher priced but you still have people buying who are moving from higher priced areas that feel they are getting a bargain with their even higher priced homes or foreign investors. You have people that are flush with stock option money who will just put down a large down payment in tech areas.

One of my daughters has friends who formed a group of millenial investors. They pool their money and buy up properties that they air bnb. Soon as they are fixed up and making money they set sail to find some more. They came back a couple weeks ago from a trip to Tennessee. They bid on 10 homes and got 6 of them. Those houses aren't coming back to the market for quite a while and they aren't even going to rent to locals.

I plan on moving to AZ. Rents are up koo koo crazy. The house I want isn't released and it will take 13-14 months to build. What's a girl to do? That is longer than a year lease. I don't want to move twice. Where am I going to put a houseful of furniture? I'm buying another house instead of renting. Solves all my problems. I can move when I want from here and into my new place. I can keep an eye on the building, take pix of all the walls etc. And they aren't so dang picky they won't let you on the lot there. I figure if I lose less than 30K on the place, I'm ahead vs. renting and most likely I can lose more than that because rents just keep going up. I don't care. I'm spending my Sunshine Dollars. Everything looks like a bargain there (even after going up alot) and I'm sure we look the same to other people here.

So what is happening here? The poor, the lower class, those just trying to make ends meet or trying to move up by working hard ONCE AGAIN are losing out because of policies that supposedly are to help them. Keep rates low, cuz what would happen to poor people if rates go up? Give them money to offset rent, food, etc. Enact higher min. wage which never keeps up cuz all of that is going right into the pockets of people who rent to them and that is why investors just keep on buying. Thank the fed and the government for making the poor more dependent and poor.

 

[eyephone]

Riverside 

So well said. I really feel sorry for the hard-working low-income families. How are they able to afford a house now?

I don?t see how housing prices can go up 10-15% in 2022, just like I don?t expect people continue to pay an average of $5000 mark up for new cars and gas prices won?t go up to $6/gallon in 2022.  Supply and Demand are not the only factors to determine housing prices. If mortgage rates went down from 4% to 3% have caused home prices gone up 20% in 2022, I don?t expect housing remains the same once Federal Reserve starts raising interest rate and mortgage rates head back to 4%.
I still remember the demand was high in 2006 & 2007 before the 2008 financial crisis.  Listen to what Ivy Zelman said.  She forecasted the last housing peak in 2005.
https://youtu.be/FX0-7RoKz0Q

I'm surprised houses went up as much as they did as quick as they did, BUT rents are up too...... alot. There are some areas that have gone up alot (arizona and florida among others) that you can STILL pick up a house for 20% down and be cash flow positive because rents have gone up so much. Investors, rental companies, first time buyers, down sizers, people moving from higher priced states are all competing for houses in those areas.

Of course Irvine is higher priced but you still have people buying who are moving from higher priced areas that feel they are getting a bargain with their even higher priced homes or foreign investors. You have people that are flush with stock option money who will just put down a large down payment in tech areas.

One of my daughters has friends who formed a group of millenial investors. They pool their money and buy up properties that they air bnb. Soon as they are fixed up and making money they set sail to find some more. They came back a couple weeks ago from a trip to Tennessee. They bid on 10 homes and got 6 of them. Those houses aren't coming back to the market for quite a while and they aren't even going to rent to locals.

I plan on moving to AZ. Rents are up koo koo crazy. The house I want isn't released and it will take 13-14 months to build. What's a girl to do? That is longer than a year lease. I don't want to move twice. Where am I going to put a houseful of furniture? I'm buying another house instead of renting. Solves all my problems. I can move when I want from here and into my new place. I can keep an eye on the building, take pix of all the walls etc. And they aren't so dang picky they won't let you on the lot there. I figure if I lose less than 30K on the place, I'm ahead vs. renting and most likely I can lose more than that because rents just keep going up. I don't care. I'm spending my Sunshine Dollars. Everything looks like a bargain there (even after going up alot) and I'm sure we look the same to other people here.

So what is happening here? The poor, the lower class, those just trying to make ends meet or trying to move up by working hard ONCE AGAIN are losing out because of policies that supposedly are to help them. Keep rates low, cuz what would happen to poor people if rates go up? Give them money to offset rent, food, etc. Enact higher min. wage which never keeps up cuz all of that is going right into the pockets of people who rent to them and that is why investors just keep on buying. Thank the fed and the government for making the poor more dependent and poor.