Eastwood is way over priced

[DrTravel]

Does the price for the single story qualify as a WTF listing?

Look at the site map - residence four (single story) is on the end of a long street. The dreaded T?

Residence one has an address of 114 - the super dreaded death address.

Pricing for residence three:

Phase One
102 Meander Traditional Monterey $1,310,000 (elevation premium but it's a T house)
108 Meander Formal Spanish $1,290,000

Phase Two
112 Meander French $1,252,000
118 Meander Santa Barbara $1,244,000

All lots the same size with no upgrades yet. Looks like a price drop to my untrained eye.

 

[Bullsback]

Did Phase One have upgrades in them? It had to.

 

[DrTravel]

Did Phase One have upgrades in them? It had to.

As noted in my two previous posts, Phase One pricing contains no upgrades. They have not broken ground on these yet and the expected move-in date is October-November.

 

[Bullsback]

These phase 2 prices are more reasonable (I'd still argue on the high side as I think OH should have a slight premium to EW and that is not reflective in the price) but I can't really figure out Phase 1, especially if lots are normal, etc.  I saw phase 1 and was like, well, there goes me buying Belvedere (literally didn't even want to bother looking at that price point).

I am thinking something is off on that phase 1 vs. phase 2 pricing though. None of it adds up, like at all, and when stuff doesn't add up, it usually isn't correct (not calling you out Dr. Travel, just saying we are missing some info). 

 

[AW]

Maybe it's when they were rubbing their hands waiting for all the cash deposits on phase one, they saw the buyers walk across the street to SG for the better deal

Then they adjusted phase 2, lol

 

[DrTravel]

I don't work for Irvine Pacific so I can't offer up any inside information. I did provide the Phase One and Phase Two price sheets that IP sent to all on the priority list plus I posted a photo showing their site map with those "sold" buttons from last weekend's opening. Let's look at the facts and you draw your own conclusions. Note that all prices include no upgrades - the agents told me that at the presale event and notice all prices end in "000" without any of those asterisks indicating upgrades.

Residence One
Phase One - 104 Meander Formal Spanish $1,110,000 SOLD
Phase Two - 114 Meander Early California $1,114,000 - a $4K increase

Residence Two
Phase One - 106 Meander Spanish Monterey $1,171,000 SOLD (likely a $10K elevation premium)
Phase One - 110 Meander Early California $1,161,000 SOLD
Phase Two - 116 Meander Formal Spanish $1,165,000 - a $4K increase

Residence Three
Phase One - 102 Meander Traditional Monterey $1,310,000 NOT sold (likely a $20K elevation premium)
Phase One - 108 Meander Formal Spanish $1,290,000 NOT sold
Phase Two - 112 Meander French $1,252,000
Phase Two - 118 Meander Santa Barbara $1,244,000

Residence Three X
Phase One - 100 Meander Santa Barbara $1,311,000 SOLD
Phase Two - none available

 

[Bullsback]

Interesting, so did none of the residence three sell in phase one?  I can't think of the last TIC release where everything didn't sell in the first phase.  And Dr. Travel, I in no way was doubting your information, I was just saying nothing made sense.  The Residence One pricing and even to some extent the residence two pricing I could see, but residence three just made zero sense to me.  You are paying (phase 1 prices) more than the starting price of Palo Alto and Arcadia across the street for a house that is at least a few hundred square feet smaller on relatively similar lot sizes.  Location is pretty much identical. Just doesn't add up and usually TIC is extremely shrewd at evaluating the market.

And to come out and overprice at phase 1 is just a bad move, imo.  I don't know how you cut prices that significantly that quick if you miss price. On the flip side, if you price too low, you can bump up pretty good and no one gets too mad (presuming you move up to market prices).

 

[paydawg]

Interesting, so did none of the residence three sell in phase one?  I can't think of the last TIC release where everything didn't sell in the first phase.  And Dr. Travel, I in no way was doubting your information, I was just saying nothing made sense.  The Residence One pricing and even to some extent the residence two pricing I could see, but residence three just made zero sense to me.  You are paying (phase 1 prices) more than the starting price of Palo Alto and Arcadia across the street for a house that is at least a few hundred square feet smaller on relatively similar lot sizes.  Location is pretty much identical. Just doesn't add up and usually TIC is extremely shrewd at evaluating the market.

And to come out and overprice at phase 1 is just a bad move, imo.  I don't know how you cut prices that significantly that quick if you miss price. On the flip side, if you price too low, you can bump up pretty good and no one gets too mad (presuming you move up to market prices).

TIC trying to capitalize on the Northwood HS zoning?  They're very shrewd on playing to the whims of market supply and demand, as unsubstantiated as they might be.

 

[Goriot]

Did Phase One have upgrades in them? It had to.

As noted in my two previous posts, Phase One pricing contains no upgrades. They have not broken ground on these yet and the expected move-in date is October-November.

Based on the pricing sheet from the grand opening, I believe there was some designer option and upgrades built into the Phase 1 pricing with * next to prices.  I will double check later and upload pricing sheet from Phase 1. 

 

[DrTravel]

Pardon the scribbles

 

[sky949]

Pardon the scribbles

Any idea what the lot sizes are for these belvedere lots -- and what is the standard setback?

 

[PR77W]

Pardon the scribbles

Any idea what the lot sizes are for these belvedere lots -- and what is the standard setback?

When I asked the salesman last Saturday he said average Belvedere lots are 3500 sq. ft.  When I went over to Piedmont, the saleswoman said 3700 sq. ft...I don't know if these two people mixed it up or something.  I just checked the online GIS and Belvedere's lots are 3500-4500 on average while Piedmont is around 3500-3800. 

 

[lnc]

Pardon the scribbles

Any idea what the lot sizes are for these belvedere lots -- and what is the standard setback?

When I asked the salesman last Saturday he said average Belvedere lots are 3,500 sq. ft.  When I went over to Piedmont, the saleswoman said 3,700 sq. ft...I don't know if these two people mixed it up or something.

According to city record, Belvedere's average lot size is 3837 s.f..  The lot size range from 3552 s.f. to 5558 s.f. and the minimum lot dimension required is 48'x74'. 

Piedmont's average lot size is 3736 s.f.  The lot range from 3496 s.f. to 5474 s.f. and minimum lot required is 38'x92'. 

You can see the info here.  Belevedere = Track# 17854  Piedmont  = Track#17859 & #17860http://www.talkirvine.com/index.php/topic,3654.msg267466.html#msg267466

 

[DrTravel]

Does the price for the single story qualify as a WTF listing?

Look at the site map - residence four (single story) is on the end of a long street. The dreaded T?

Residence one has an address of 114 - the super dreaded death address.

Pricing for residence three:

Phase One
102 Meander Traditional Monterey $1,310,000 (elevation premium but it's a T house)
108 Meander Formal Spanish $1,290,000

Phase Two
112 Meander French $1,252,000
118 Meander Santa Barbara $1,244,000

All lots the same size with no upgrades yet. Looks like a price drop to my untrained eye.

Spoke with the ladies over at Belvedere today and asked them about the pricing. They told me marketing made a mistake and that printed Phase 1 prices for Plan 3 were $50K too high but they fixed the problem prior to writing any contracts!? They were suppose to be $1,260,000 and $1,240,000. So then Phase 2 prices for Plan 3 increased $4k from Phase 1 - the exact same increase found for Plans 1 and 2.

 

[Irvinecommuter]

Visited Belvedere over the weekend and they are way overpriced, especially since similar homes are up for sale at Stonegate.

Personally, I think they're are going to hit a wall at those prices pretty soon.  I visited OH as well and there is definitely a slowdown there.

 

[jmoney74]

If it's selling well.. it's not overpriced.  How is it going over there?

 

[Irvinecommuter]

If it's selling well.. it's not overpriced.  How is it going over there?

I don't think it's selling well...Belvedere released phase 2 price over the weekend for a phase release on Monday.  That means no significant waitlist or demand.

 

[Irvine or Bust]

Does the price for the single story qualify as a WTF listing?

Look at the site map - residence four (single story) is on the end of a long street. The dreaded T?

Residence one has an address of 114 - the super dreaded death address.

Pricing for residence three:

Phase One
102 Meander Traditional Monterey $1,310,000 (elevation premium but it's a T house)
108 Meander Formal Spanish $1,290,000

Phase Two
112 Meander French $1,252,000
118 Meander Santa Barbara $1,244,000

All lots the same size with no upgrades yet. Looks like a price drop to my untrained eye.

Spoke with the ladies over at Belvedere today and asked them about the pricing. They told me marketing made a mistake and that printed Phase 1 prices for Plan 3 were $50K too high but they fixed the problem prior to writing any contracts!? They were suppose to be $1,260,000 and $1,240,000. So then Phase 2 prices for Plan 3 increased $4k from Phase 1 - the exact same increase found for Plans 1 and 2.

Marketing made a mistake? I highly doubt that. Published pricing sheet is a pretty big deal. They lowered the price without admitting.

 

[AW]

Yeah no kidding. This large of a project and scope to make a "mistake" seem fishy to me.

 

[zubs]

A marketing mistake is truthful.  Marketing thought adding $50,000 to the homes would maximize profit.  After they re-calculated, they realized they were wrong.  Now selling it at -$50,000 will maximize profits.