Altair - new Irvine luxury housing by Lennar/Toll Bros - not Great Park, not TIC

aquabliss said:
Wow, a lot of very large homes here.  Also a good amount of descent lots if you look around the perimeter of the community.  I think this neighborhood will be very nice, but it will have to be since the only leg up it will have on Baker Ranch is the school district.

Proximity wise I think this might be closer to the jail than Baker Ranch (or a very close second).  Most likely to get to the 5 you'll be going down Alton instead of Sand Canyon.

I would bet the developers are considering going no Mello Roos here but time will tell.
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No Mello Roos was a great marketing tactic for TNHC and if I were Toll/Lennar I would do the same thing.  They'd be able to sell the homes for a higher price than the cost of the paying off the bonds.  We'll see what happens...
 
USCTrojanCPA said:
aquabliss said:
Wow, a lot of very large homes here.  Also a good amount of descent lots if you look around the perimeter of the community.  I think this neighborhood will be very nice, but it will have to be since the only leg up it will have on Baker Ranch is the school district.

Proximity wise I think this might be closer to the jail than Baker Ranch (or a very close second).  Most likely to get to the 5 you'll be going down Alton instead of Sand Canyon.

I would bet the developers are considering going no Mello Roos here but time will tell.
Click to expand...

No Mello Roos was a great marketing tactic for TNHC and if I were Toll/Lennar I would do the same thing.  They'd be able to sell the homes for a higher price than the cost of the paying off the bonds.  We'll see what happens...
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Didn't Toll already do that with Baker Ranch  ;)
 
Those are some big homes.  I wonder if this will be guard gated or keypad entry gated. 

They should do no MR with higher prices, tend to sell better this way.
 
aquabliss said:
Those are some big homes.  I wonder if this will be guard gated or keypad entry gated. 

They should do no MR with higher prices, tend to sell better this way.
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Not sure how they can do it without MR
Let's say these pretty large homes follow the high MR of BP, for simple math $10k per year, times 40 years, that total premium is too high
 
Hmmm interesting.  I think the only way for Lennar + Toll Brothers to offer no MR is to pay off the bonds themselves and pass the cost to the homeowner in the house price. 

Before 5Point sold the homesites to Lennar + Toll, the city already created a "CFD District" for all Great Park (which includes Heritage Hills), not sure though what the tiered amount is for each neighborhood. 
 
aquabliss said:
irvinehomeowner said:
So who's gonna be the Fresh Prince of Altair?
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We could totally make a whole rap...

Innnnnn West Irvine, born and raised
At the Spectrum, was where I spent most of my days
Chillin out maxin, Laguna Altura
Drinkin some boba outside of the school
When a couple FCB's, that were up to no good
Started makin trouble in my Irvine hood
I got in one little street race and my mom got scared
She said 'You're movin' with your auntie and uncle in Altair'

<I digress>
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best post of 2017
 
B2FiNiTY said:
aquabliss said:
irvinehomeowner said:
So who's gonna be the Fresh Prince of Altair?
Click to expand...

We could totally make a whole rap...

Innnnnn West Irvine, born and raised
At the Spectrum, was where I spent most of my days
Chillin out maxin, Laguna Altura
Drinkin some boba outside of the school
When a couple FCB's, that were up to no good
Started makin trouble in my Irvine hood
I got in one little street race and my mom got scared
She said 'You're movin' with your auntie and uncle in Altair'

<I digress>
Click to expand...

best post of 2017
Click to expand...

That was so last year ;)
 
aquabliss said:
Those are some big homes.  I wonder if this will be guard gated or keypad entry gated. 

They should do no MR with higher prices, tend to sell better this way.
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The main gate will staffed with a guard.  The secondary gate will remain unstaffed. 
 
lnc said:
aquabliss said:
Those are some big homes.  I wonder if this will be guard gated or keypad entry gated. 

They should do no MR with higher prices, tend to sell better this way.
Click to expand...


The main gate will staffed with a guard.  The secondary gate will remain unstaffed. 
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So the 2nd gate is exit only then I assume?  Doesn't make sense to let some visitors tailgate in while others have to be buzzed in by the guard.
 
irvinehomeowner said:
At that price point I don't think buyers see MRs as a deterrent.

No MRs is for Lake Forest dwellers. :)
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The uber wealthy are a lot stingier than you think.
 
How does the developer prepay the MR work? I know with Baker Ranch, Shea/Toll Brothers just paid it, but we are dwellers in Lake forest  :'(

At these price points, the MR is probably $5k/year minimum
1000 homes? It's a large area
$5 million a year.  30 year bonds? $150 million total or $150k increase per home

I think the math works like you said if they just increase each home by $150k



 
Except this is in the GP, they're probably including the massive money that was lost, squandered away in the initial stages?
Somehow it's always the consumers that pays...
 
If this is guard gated with no MR, I think people will pay $150k additional.

However, I think MR on these larger homes would be $10k+ / yr over 40 yrs so that's $400k and wouldn't go over so well. 

Maybe they'll leave it, or pay down half? 
 
This is the only thing Lennar is saying so far about Altair (which is on the website):

Solstice - Approx. 2,542 - 3,327 square feet | 3 - 4 bedrooms | 3.5 - 4.5 baths
Aurora - Approx. 2,964 - 3,518 square feet | 3 - 4 bedrooms | 3.5 - 4.5 baths
Celestial - Approx. 2,909 - 4,256 square feet | 3 - 5 bedrooms | 2.5.5 - 4.5.5 baths
Eclipse - Approx. 3,198 - 3,798 square feet | 4 bedrooms | 3.5.5 - 4.5 baths
Starlight - Approx. 3,084 - 4,357 square feet | 3 - 4 bedrooms | 3.5 - 4.5.5 baths
Lumiere - Approx. 3,028 - 6,656 square feet | 3 - 6 bedrooms | 3.5 - 6.5.5 baths
 
Looks like it's coming along.  Lennar signs on left and TB on right.
 

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marmott said:
This is the only thing Lennar is saying so far about Altair (which is on the website):

Solstice - Approx. 2,542 - 3,327 square feet | 3 - 4 bedrooms | 3.5 - 4.5 baths
Aurora - Approx. 2,964 - 3,518 square feet | 3 - 4 bedrooms | 3.5 - 4.5 baths
Celestial - Approx. 2,909 - 4,256 square feet | 3 - 5 bedrooms | 2.5.5 - 4.5.5 baths
Eclipse - Approx. 3,198 - 3,798 square feet | 4 bedrooms | 3.5.5 - 4.5 baths
Starlight - Approx. 3,084 - 4,357 square feet | 3 - 4 bedrooms | 3.5 - 4.5.5 baths
Lumiere - Approx. 3,028 - 6,656 square feet | 3 - 6 bedrooms | 3.5 - 6.5.5 baths
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Here are all the neighborhoods including Toll Brothers
http://brokerjulie.com/promo/altair-irvine/


 
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