Azalea: New Low Cost or Investment Homes for Cypress Village

[usctrojancpa]

Yes 50% rebate on new construction should be a minimum! The amount time required on new construction by the agent is minimal.

My real estate agent gave us 100% of the commission.

Was that before or after taxes?

Is the rebate taxable? My agent gave me a 1099 for it. What should I do with it?

It is not, it's a reduction in cost basis in the home (the same way it would be if the rebate was done through escrow).  You should go back to your agent and have them rescind the 1099.  Since when did a buyer do work for an agent?  It's the agent that did work for the buyer hence it is not earned income.

 

[ryan3398]

Yes 50% rebate on new construction should be a minimum! The amount time required on new construction by the agent is minimal.

My real estate agent gave us 100% of the commission.

Was that before or after taxes?

Is the rebate taxable? My agent gave me a 1099 for it. What should I do with it?

you have an agent for Azalea?

 

[usctrojancpa]

Yes 50% rebate on new construction should be a minimum! The amount time required on new construction by the agent is minimal.

My real estate agent gave us 100% of the commission.

Was that before or after taxes?

Is the rebate taxable? My agent gave me a 1099 for it. What should I do with it?

you have an agent for Azalea?

Azalea does not offer an broker coop for agents at this time.

 

[ryan3398]

Yes 50% rebate on new construction should be a minimum! The amount time required on new construction by the agent is minimal.

My real estate agent gave us 100% of the commission.

Was that before or after taxes?

Is the rebate taxable? My agent gave me a 1099 for it. What should I do with it?

you have an agent for Azalea?

Azalea does not offer an broker coop for agents at this time.

yeah, I'm on the waiting list, but I don't have confidence to get one.  we waited Brisa for few month for final phase and got nothing. currently interested in Azalea & The Meadows. 

 

[Cares]

No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.

Looks like I called the pricing correctly back in March.
https://imgur.com/zaGbRub.jpg

 

[irviniteeee]

No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.

Looks like I called the pricing correctly back in March.
https://imgur.com/zaGbRub.jpg

Very interesting. I have a feeling they chose the pricing as close to opening as they could. It's ironic that as soon as their other condo/townhome tracts sold out, these were released. The pricing is much higher than what they JUST had available in PS.

 

[usctrojancpa]

No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.

Looks like I called the pricing correctly back in March.
https://imgur.com/zaGbRub.jpg

Very interesting. I have a feeling they chose the pricing as close to opening as they could. It's ironic that as soon as their other condo/townhome tracts sold out, these were released. The pricing is much higher than what they JUST had available in PS.

That's also because the Mello Roos is less than half as much as their PS condos.

 

[the.irvine]

Any info on the price?

 

[Cares]

Any info on the price?

I posted it a few posts up.

Very interesting. I have a feeling they chose the pricing as close to opening as they could. It's ironic that as soon as their other condo/townhome tracts sold out, these were released. The pricing is much higher than what they JUST had available in PS.

I don't think the pricing is RIDICULOUS compared to today's market. Consider it is new construction and low MR of $1700. Look up other 2BR attached homes in Irvine and look at what they are selling at. I think it is inline. Similar homes are selling around low $600s per sqft. So $680-$700 isn't absurd in my opinion. 15% premium to old home.

 

[Kick53rv3]

Anyone dealt with their design center before to know roughly how much all the upgrades would be? Such as flooring, counter and master bath?

 

[Cares]

Anyone dealt with their design center before to know roughly how much all the upgrades would be? Such as flooring, counter and master bath?

I don't know how it really compares to other builders but they aren't cheap. To extend the tile flooring from the kitchen into the living room (300 sqft?) it was going to cost $6,000 and I got someone to do the ENTIRE first floor for only $3,500 including demo of the original flooring. Also those garage combo remote things that cost $20 on Amazon? They were going to charge $100 to install one.

 

[irviniteeee]

No word on pricing yet. My best guess is starting between $675-700k for the smaller 1000 sqft units. Low inventory overall and cost of lumber is up significantly. They will pass the cost onto the buyers.

Looks like I called the pricing correctly back in March.
https://imgur.com/zaGbRub.jpg

Very interesting. I have a feeling they chose the pricing as close to opening as they could. It's ironic that as soon as their other condo/townhome tracts sold out, these were released. The pricing is much higher than what they JUST had available in PS.

That's also because the Mello Roos is less than half as much as their PS condos.

That's fair. We'll see how they do.

 

[usctrojancpa]

Anyone dealt with their design center before to know roughly how much all the upgrades would be? Such as flooring, counter and master bath?

I don't know how it really compares to other builders but they aren't cheap. To extend the tile flooring from the kitchen into the living room (300 sqft?) it was going to cost $6,000 and I got someone to do the ENTIRE first floor for only $3,500 including demo of the original flooring. Also those garage combo remote things that cost $20 on Amazon? They were going to charge $100 to install one.

To decently update the Plan 1, you'll be in at over $700k (not including flooring through the builder).  Might as well add another $150k and buy a two-level 3bd condo.

 

[Cares]

Anyone dealt with their design center before to know roughly how much all the upgrades would be? Such as flooring, counter and master bath?

I don't know how it really compares to other builders but they aren't cheap. To extend the tile flooring from the kitchen into the living room (300 sqft?) it was going to cost $6,000 and I got someone to do the ENTIRE first floor for only $3,500 including demo of the original flooring. Also those garage combo remote things that cost $20 on Amazon? They were going to charge $100 to install one.

To decently update the Plan 1, you'll be in at over $700k (not including flooring through the builder).  Might as well add another $150k and buy a two-level 3bd condo.

Yea even if you don't touch it, I don't think you could breakeven with 25% down. Your PITIA is around $3400. Can a 2BR 1000 sqft home in Irvine rent that high? I think $3000 might be the ceiling.

 

[Kick53rv3]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

 

[irviniteeee]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

Maybe something else you like in CV will come up. Going up to 950 could snag you a Tristania if one is listed. Then you get to be in the same neighborhood in a more traditional townhome.

OR maybe one of the Lantana 2 level plans will become available. Again, same neighborhood but more traditional townhome setup.

 

[Cares]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

Maybe something else you like in CV will come up. Going up to 950 could snag you a Tristania if one is listed. Then you get to be in the same neighborhood in a more traditional townhome.

OR maybe one of the Lantana 2 level plans will become available. Again, same neighborhood but more traditional townhome setup.

Most recent Lantana home went for $880,000 cash and 5 day escrow no contingencies. The buyers turned it around and leased it the next day for $4000. LOL.

 

[irviniteeee]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

Maybe something else you like in CV will come up. Going up to 950 could snag you a Tristania if one is listed. Then you get to be in the same neighborhood in a more traditional townhome.

OR maybe one of the Lantana 2 level plans will become available. Again, same neighborhood but more traditional townhome setup.

Most recent Lantana home went for $880,000 cash and 5 day escrow no contingencies. The buyers turned it around and leased it the next day for $4000. LOL.

LOL jeez!

 

[usctrojancpa]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

Maybe something else you like in CV will come up. Going up to 950 could snag you a Tristania if one is listed. Then you get to be in the same neighborhood in a more traditional townhome.

OR maybe one of the Lantana 2 level plans will become available. Again, same neighborhood but more traditional townhome setup.

Most recent Lantana home went for $880,000 cash and 5 day escrow no contingencies. The buyers turned it around and leased it the next day for $4000. LOL.

That's a high rent even though it's a 4bd condo.

 

[Cares]

Yeah we are debating hard on whether to see if we can get a decently new 2 story 3bd or something in baker ranch, at around 950k as that?ll probably be the final price for the largest plan at azalea which we are looking at. Given that we are buying for a long term home to live in, the customizability and distance to work is a big draw (assuming it should save 10 min each way compare to PS or Baker ranch).

But yeah if buying go rent out then probably not a good deal for new constructions right now in this market?

Maybe something else you like in CV will come up. Going up to 950 could snag you a Tristania if one is listed. Then you get to be in the same neighborhood in a more traditional townhome.

OR maybe one of the Lantana 2 level plans will become available. Again, same neighborhood but more traditional townhome setup.

Most recent Lantana home went for $880,000 cash and 5 day escrow no contingencies. The buyers turned it around and leased it the next day for $4000. LOL.

That's a high rent even though it's a 4bd condo.

The 4 bed detached in Cypress are renting between $4200-4400 recently. I was a little shocked that this home got $4000 though.