Cadence Park - Great Park

iacrenter said:
Compressed-Village said:
bones said:
Compressed-Village said:
I think things will only get more expensive. Lambert ranch has no mello, but the price tag is something to think about.

So you worry about not able to sell in the future because of tax goes up? 8k is peanut, sorry and I hope to not offend you.

I?ve been to almost all of the states for my work. And by the time I get home I really think I can?t live anywhere else. Heck I can?t even live in San Bernardino and it?s in California.

Is Lambert Ranch a lot more expensive than BP?
https://www.redfin.com/CA/Irvine/54-Andrews-92618/home/51682973

versus
https://www.redfin.com/CA/Irvine/127-Kennard-92618/home/103690766

Similar size house.  Closed in the last 3 months. 

So $0 MR on LR house versus what, $10k? on the Beacon Park house.  I pick LR in this case, but you may pick BP and that's fine.  At LR, you get gates, a smaller/quieter neighborhood.  At BP, you pay $10k more a year and get The Pools and closer proximity to GP amenities.
And you keep saying money in varying amounts is "peanuts".  It doesn't offend me.  Or impress me.  But obviously money matters and people have to work within the confines of their income and financial situation.

I am with you. I would picked LR. Again you see that the Lambert homes got scoop up almost immediately at full price within weeks of listing. This show you that buyers are frustrated with the bidding war of resale and resolved to something else.

+1 Lambert Ranch >>> Beacon Park.

I don't care how many fancy pools or soccer fields you build, I'm not crazy enough to pay double MR for land on a former superfund site.

As long as homes are not selling in these high tax high price homes, something gotta give. This will gives a clear message to the  builders 1) Lower the price 2) lower the tax. 3) Gives much more incentives. Will just have to see which way it will go. Builders have better resources and numbers to judge the market pricing. Let?s see if buyers or builders blink first at new homes going forward from here.
 
Compressed-Village said:
iacrenter said:
Compressed-Village said:
bones said:
Compressed-Village said:
I think things will only get more expensive. Lambert ranch has no mello, but the price tag is something to think about.

So you worry about not able to sell in the future because of tax goes up? 8k is peanut, sorry and I hope to not offend you.

I?ve been to almost all of the states for my work. And by the time I get home I really think I can?t live anywhere else. Heck I can?t even live in San Bernardino and it?s in California.

Is Lambert Ranch a lot more expensive than BP?
https://www.redfin.com/CA/Irvine/54-Andrews-92618/home/51682973

versus
https://www.redfin.com/CA/Irvine/127-Kennard-92618/home/103690766

Similar size house.  Closed in the last 3 months. 

So $0 MR on LR house versus what, $10k? on the Beacon Park house.  I pick LR in this case, but you may pick BP and that's fine.  At LR, you get gates, a smaller/quieter neighborhood.  At BP, you pay $10k more a year and get The Pools and closer proximity to GP amenities.
And you keep saying money in varying amounts is "peanuts".  It doesn't offend me.  Or impress me.  But obviously money matters and people have to work within the confines of their income and financial situation.

I am with you. I would picked LR. Again you see that the Lambert homes got scoop up almost immediately at full price within weeks of listing. This show you that buyers are frustrated with the bidding war of resale and resolved to something else.

+1 Lambert Ranch >>> Beacon Park.

I don't care how many fancy pools or soccer fields you build, I'm not crazy enough to pay double MR for land on a former superfund site.

As long as homes are not selling in these high tax high price homes, something gotta give. This will gives a clear message to the  builders 1) Lower the price 2) lower the tax. 3) Gives much more incentives. Will just have to see which way it will go. Builders have better resources and numbers to judge the market pricing. Let?s see if buyers or builders blink first at new homes going forward from here.
https://finance.yahoo.com/news/home-buyers-fall-biggest-savings-133000224.html?.tsrc=applewf

Speak and builders listen.
 
The last development at Cadence Park is finally opening their models this month at Cabaletta by Richmond American Homes.

On October 20, 2018, the opening at Cabaletta will have snacks, refreshments and more.
https://www.greatparkneighborhoods.com/news-and-events/event/cabaletta-model-home-grand-opening


CABALETTA AT CADENCE PARK  - Richmond American Homes (2,330 - 2,450 sq ft) 

Paired condos
http://www.talkirvine.com/index.php?topic=15970.0
https://www.richmondamerican.com/california/orange-county-new-homes/irvine/cabaletta-at-cadence-park
 
Cadence Park has soooo many rooftop decks which I really love the concept but don't know which one would be a good decision to make on purchasing? Which one would be the best buy to make? The 2 I think I am most interested in is KB Prado or Richmond American just opened up with Cabaletta. The only thing is KB doesn't have a open deck concept but Richmond's homes have both on that 3rd level. What are your thoughts?
-First time buyer.. 
 
Any thoughts on Lennar's Mercato @ Cadence Park? Seems to be quite a high entry PSF.

103 Measure: https://www.redfin.com/CA/Irvine/103-Measure-92618/home/148314288?riftinfo=ZXY9ZW1haWwmcD1zaGFyZV9saXN0aW5nc19lbWFpbCZ0cz0xNTQ0MzI4OTgyNTI2JmE9Y2xpY2smcz1ob21lY2FyZCZ0PWhvbWVfYWRkcmVzcw==&utm_source=web_share&utm_medium=share&utm_campaign=email_this_listing&utm_nooverride=1&utm_content=address

I wonder if it's better to buy secondary sales at Pavilion Park such as these homes that recently closed for a "reasonable" PSF:

137 Cardinal:https://www.redfin.com/CA/Irvine/137-Cardinal-92618/home/51682996
163 Allium: https://www.redfin.com/CA/Irvine/163-Allium-92618/home/51682862?utm_source=ios_share&utm_medium=share&utm_campaign=text&utm_nooverride=1&utm_content=link
223 Compass:https://www.redfin.com/CA/Irvine/223-Compass-92618/home/51682881
 
Seems like all the non-motorcourt SFR inventory in PP under $1.8M has dried up fast.  Nothing active I see in $1.4M - $1.6M range right now.
 
Does any one know if Lennar is planning to build more of:

Capella residence 3 (I think currently phase 4/5 out of 7)
Serenade residence 3 homes (they?re building phase 7 or 8 now but will they be done after phase 8)?

Looking for a cul de sac home site and or a relatively  private homesite for both plans and residences.
 
meccos12 said:
USCTrojanCPA said:
Looks like we have flippers in Cadence Park already....
https://www.redfin.com/CA/Universal-City/150-Scale-91618/home/147164786

Good luck getting over $500/sf on this Adagio detached condo with no landscaping and minimal upgrades.  haha

Do you happen to know what the purchase price was?

Adagio started at mid-900s last summer. Most sold around $1.0-1.05 mil. When they first opened up the waitlist they had over 200 people trying to buy homes. When reality set in that they were quite a bit above $1M all the people dropped including myself. They had homes approaching $1.2 which at that point you might as well bought Encore which was $1.2-1.3M but 3000 sqft.
 
Cares said:
meccos12 said:
USCTrojanCPA said:
Looks like we have flippers in Cadence Park already....
https://www.redfin.com/CA/Universal-City/150-Scale-91618/home/147164786

Good luck getting over $500/sf on this Adagio detached condo with no landscaping and minimal upgrades.  haha

Do you happen to know what the purchase price was?

Adagio started at mid-900s last summer. Most sold around $1.0-1.05 mil. When they first opened up the waitlist they had over 200 people trying to buy homes. When reality set in that they were quite a bit above $1M all the people dropped including myself. They had homes approaching $1.2 which at that point you might as well bought Encore which was $1.2-1.3M but 3000 sqft.

A case of the builder getting too greedy.
 
Does anyone know how Cadence Park homes are selling?  What percent are they to sell out?  Have any plans sold out yet?  Thanks for your help.
 
davidchase said:
Does anyone know how Cadence Park homes are selling?  What percent are they to sell out?  Have any plans sold out yet?  Thanks for your help.

Slow sales with several quick move-in on the SFR homes and I'm sure the condos aren't doing a lot better.  Lennar is definitely willing to negotiate on price, credits, and flooring.
 
USCTrojanCPA said:
meccos12 said:
USCTrojanCPA said:
Looks like we have flippers in Cadence Park already....
https://www.redfin.com/CA/Universal-City/150-Scale-91618/home/147164786

Good luck getting over $500/sf on this Adagio detached condo with no landscaping and minimal upgrades.  haha

Do you happen to know what the purchase price was?

Looks like the seller bought it for $1.09m in Dec 2018...OUCH!

Another case of being greedy and it bites you in the butts. Didn't they get the memos, flipping is dead long ago.
 
Compressed-Village said:
USCTrojanCPA said:
meccos12 said:
USCTrojanCPA said:
Looks like we have flippers in Cadence Park already....
https://www.redfin.com/CA/Universal-City/150-Scale-91618/home/147164786

Good luck getting over $500/sf on this Adagio detached condo with no landscaping and minimal upgrades.  haha

Do you happen to know what the purchase price was?

Looks like the seller bought it for $1.09m in Dec 2018...OUCH!

Another case of being greedy and it bites you in the butts. Didn't they get the memos, flipping is dead long ago.

That memo most have got lost in the mail. haha
 
You guys obviously didn?t read the detailed description:
HUGE SIZED FRONT PORCH. EXTRA ASSIGNED PARKING LOT. *  *  *  *  *  *

I mean it would be one thing if this property had an extra parking space assigned, but an entire parking LOT... that?s gotta be worth some $$$.
 
aquabliss said:
You guys obviously didn?t read the detailed description:
HUGE SIZED FRONT PORCH. EXTRA ASSIGNED PARKING LOT. *  *  *  *  *  *

I mean it would be one thing if this property had an extra parking space assigned, but an entire parking LOT... that?s gotta be worth some $$$.

No wonder it has a high listing price.  haha
 
realEstatey said:
kbinteriordesign said:
Mety said:
I'm sorry. After looking in to these homes more. THAT price is NOT a first time home buying price.

You took the words right out of my mouth, or rather, my fingertips. However, I would really like to know who is buying these properties!

I'm curious about the Residence 2 with the detached garage -- so, where is the garage located? If you think hauling groceries up a flight of stairs is bad, imagine having to haul them from the outdoors when it's super hot or raining!

I can see how those floor plans may work for some people, perhaps those with roommates or extended family living with them. There's a bright side to everything, right? :)

Hi All,

I wanted to join the conversation because my fiance and I recently put a deposit down on an attached 3 story home in Cadence park (~800k)! In particular, we went with Muse plan 1 (4 bedroom 3.5 baths with the extended ground level suite). We were in the market for almost 8 months and after numerous homes lost to over asking cash offers, we decided to look at new construction.

Why we chose Muse? Firstly, the potential of the neighborhood. My fiance and I are planning to have a family and the area is going to be amazing when everything is built.

Neighborhood:

  • New k-8 School
  • Parks, Pools, and Sports Facilities
  • Warehouse 415 - boutique shops and restaurants
  • Five-points Amphitheater
  • And much more walking/biking distance!

Secondly, the floor-plan is amazing and the home is energy efficient/new! Many on this forum have mentioned the difficulties of a three story plan but the builders make up for this in many ways.

The open layout, high ceilings, and large deck is something we couldn't find in any 2-story homes that we could afford. The use of space makes the home feel much larger than the square footage. The washer and dryer are on the same floor as the bedrooms (3 of 4) which makes laundry easy. The kitchen is huge! An 8 foot by 4 foot island is flanked by a sea of cabinets. This kitchen feels like it belongs in a much more expensive house.

The master-bedroom has a largeeee walk in closet. Again, something you can't find in resale homes in this price range. The ground level suite, where my parents will stay when they retire, is large enough for a bedroom set and a couch/tv area.

I completely agree that if we could afford a larger mortgage a 2-story with a yard and driveway would be ideal but that is harder and harder to come across with a 800k budget in Irvine. When an entry 2-story home does come on the market it's scooped up for more than asking with a cash offer.

I think the 3-story homes are here to stay for "first time buyers". I used quotes because 800k is a very large amount and that is not lost on us. So, when you ask who are buying these homes? I say professional couples in their early thirties/late twenties that are looking for a place to raise a family in a new neighborhood with all the amenities that brings.


Thanks for taking the time to read!

Just curious - have you and your finance moved in yet? What have you heard about the warehouse 415 development? We are really intrigued by this but it doesn't seem like it's actually happening.

We loved the muse plan 1! I agree with you completely that the three level condos are perfect starter homes for couples and young families. I see why people focus on the downsides, but when you're looking at a tighter budget they are a great option. If we could have stretched to 800k muse would have been a strong contender. I hope you guys are happy with your home!

 
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