Beacon Park

The California Court Company said:
the builders also need to consider Yuan's recent depreciation of 3%. the purchase power of prospective buyers just took a dip
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if they consider Yuan, then they should also consider <you know what>
 
DJW1705 said:
Perspective said:
yaliu07 said:
does anyone have info on number of beacon park house been sold?
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Six of the eight homes at Torrey are available today, from $1,469,900-$1,662,900 + 1.1% tax rate + $9,961-$10,478 mello roos subject to 2% annual increase.
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Nobody in their right mind would spend that on these homes.  They are NOT $1.5M+ homes.  Does Irvine think they are Newport now?  The bigger homes will continue to sit and collect dust at these prices.  The other smaller homes will sell.  I can't wait to see how Legend does!  May not even sell a single one at this rate.
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I wouldn't be able to afford these $1.5M+ homes but I would be interested in the lower priced products. Feel pretty good to be sharing the neighborhood and park amenities with these million dollar home owners  ;D
 
yaliu07 said:
The California Court Company said:
the builders also need to consider Yuan's recent depreciation of 3%. the purchase power of prospective buyers just took a dip
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if they consider Yuan, then they should also consider <you know what>
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money is still free flowing out of China, consider how expensive Chinese housing market is. despite the high cost of tax, it is still cheaper than buying a condo in Beijing, Shanghai or Guangzhou.

did you get a piece of BP this time?
 
bones said:
Bullsback said:
I think their is a lot of unsold product, with exception to the smaller product, which continues to sell very well in this market. The bigger SFR homes are struggling to sell, which shouldn't surprise anyone, given their prices relative to projects in Stonegate which while selling, don't sell like hotcakes either (TriPointe sells but not crazy and Palo Alto is similar in that you can get a home if you want...they have at least a couple plan 1's and plan 2's available (not sure if plan 3 is).  And both of those homes are selling in the low 400 sq/ft range with mella around 4K. 

I could prove to be wrong, but I think the follow-up phases are going to be less in price. Maybe one of the problems is some of the phase 1 had significant builder upgrades so maybe base prices come down and it isn't so bad.  I don't know, but for phase 1 of a development people were excited about, this has to be a pretty poor start (and not what Five Points was expecting). 

Note: My comments relate to the 2500-3200 sq ft market.  I can't comment on the larger homes like Torrey as they are out of my league (well at least in Irvine), but it sure seems like they aren't selling either. 
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There's just no sense of urgency to buy now (or be forever priced out).  The only development with some sort of urgency is Ellwood to get the good lots.  Everyone else - a lot of the better lots are in the later phases or it's all pretty much the same.  How's Arcadia doing in Stonegate?  Haven't their prices been pretty much flat in the last year or so?
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Completely agree and regarding TriPointe, their prices have essentially remained flat over a full year and their is nothing wrong with that, but they aren't exactly selling like hotcakes. I think their premium for the oversized lots was approximately 25K, so you could have gotten a 3000 sq foot home on a 5K sq foot lot (set back was 30 feet) for just over 1.2M.  Whether you like the floor plan or not, different story, but that same home is roughly 1.3M at beacon with double mella roos (shots...shots...shots!). 

It makes me wonder what data fivepoints (and the builders) were looking at to support the prices? 
 
It makes me wonder what data fivepoints (and the builders) were looking at to support the prices?
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I wonder if Fivepoints is betting big on the new K-8 school.  Building the IUSD K-8 school in the smack middle of the community (w. new HS close by) and hoping Asian parents will pay the whatever the price to live near by.  It seems like this strategy worked for TIC (CV, WB, SG, and Eastwood).

btw, I was at BP on Sunday afternoon to check out the larger sized homes (Torrey, Silvermist, etc.).  Not sure if it was the extreme heat or the high price/high MR, but the foot traffic for the high square footage homes were extremely low for a grand opening day.  For Pulte home, I was the only person touring the entire model with most of the staff sitting and bored to death (it was around 3:00 p.m.).  No one was inside Oakmont model plans 1-2.  More people on Oakmont plan 3 as it had a great floorplan.  No one was in the sales office.  I think you can walk in and grab few a lot from phases 1/2 for many of these larger homes.

Ellwood rooftop deck was really nice with a great 180/270 view including the huge ugly hill near the landfill.  Any plans to cover this up?  It's so ugly to see from everywhere around Irvine.
 
Goriot said:
It makes me wonder what data fivepoints (and the builders) were looking at to support the prices?
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I wonder if Fivepoints is betting BIG on the new K-8 school.  Building the IUSD K-8 school in the smack middle of the community (w. new HS close by) and hoping Asian parents will pay the whatever the price to live near by.  It seems like this strategy worked for TIC (CV, WB, SG, and Eastwood).

btw, I was at BP on Sunday afternoon to check out the larger sized homes (Torrey, Silvermist, etc.).  Not sure if it was the extreme heat or the high price/high MR, but the foot traffic for the high square footage homes were extremely low for a grand opening day.  For Pulte home, I was the only person touring the entire model with most of the staff sitting and bored to death (it was around 3:00 p.m.).  No one was inside Oakmont model plans 1-2.  More people on Oakmont plan 3 as it had a great floorplan.  No one was in the sales office.  I think you can walk in and grab a lot from phases 1/2 for many of these larger homes.

Ellwood rooftop deck was really nice with a great 180/270 view including the huge ugly hill near the landfill.  Any plans to cover this up?  It's so ugly to see from everywhere around Irvine.
[/quote]
 
Goriot said:
Goriot said:
It makes me wonder what data fivepoints (and the builders) were looking at to support the prices?
Click to expand...

I wonder if Fivepoints is betting BIG on the new K-8 school.  Building the IUSD K-8 school in the smack middle of the community (w. new HS close by) and hoping Asian parents will pay the whatever the price to live near by.  It seems like this strategy worked for TIC (CV, WB, SG, and Eastwood).

btw, I was at BP on Sunday afternoon to check out the larger sized homes (Torrey, Silvermist, etc.).  Not sure if it was the extreme heat or the high price/high MR, but the foot traffic for the high square footage homes were extremely low for a grand opening day.  For Pulte home, I was the only person touring the entire model with most of the staff sitting and bored to death (it was around 3:00 p.m.).  No one was inside Oakmont model plans 1-2.  More people on Oakmont plan 3 as it had a great floorplan.  No one was in the sales office.  I think you can walk in and grab a lot from phases 1/2 for many of these larger homes.

Ellwood rooftop deck was really nice with a great 180/270 view including the huge ugly hill near the landfill.  Any plans to cover this up?  It's so ugly to see from everywhere around Irvine.
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I don't get how Oakmont could have whiffed so badly on two floorplans and then hit it totally out of the park with the 3rd floorplan. If only it were 100K less, I'd have plopped down a deposit. 
 
I don't get how Oakmont could have whiffed so badly on two floorplans and then hit it totally out of the park with the 3rd floorplan. If only it were 100K less, I'd have plopped down a deposit.
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btw, some of the Oakmont homes includes $50,000 in upgrades so the base price is actually lower.  I think this is true for many of the Phase 1/2 homes with upgrades included.  Thus, it might seem prices look little high then should be for a base model.  Subsequent phases with just the base price would look little more reasonable.  Most new SF homes, you should be expected to plunk down about 5% to 10% of base price in upgrades.
 
So now we wait.  It was all about grand opening last month.  Now it's all about the next phase.
 
yaliu07 said:
any chance that builder will LOWER their price???
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I doubt it. If past history is any indication builder would rather throw in more free upgrades than to lower price. Lowering price has such bad stigma builder would only resort to that if nothing else worked. I don't think we're anywhere near that in the current market.
 
Only way to really justify lowering prices would mean the first phases came with lots of upgrades, so they'll start deleting stuff. 
See the bedroom, now it doesn't come with closet = office, etc etc... :(
 
Imagine if PP started now, that ratio would be skewed even more since there are no condos there
 
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