Great Park District 1 West - Novel Park

[Kings]

These look a little better, not as convalescent looking as the other GP homes.

Wonder how much the price is on the bachelor pad 654sq ft. unit.  Since it's attached, huge MRs, dual HOAs, I'm guessing can't cost more than $300K.

I?d wager closer to $400k. Is this the first 1br unit to be sold in GP? Wouldn?t surprise me if we flirt with $600/sf.

GP can?t sell anywhere near $600/sqft today. That?s porsche territory.. but for these particular units they might be able to get away with it being so small... they?ll be the limited edition Golf RS (if they made one)

Yes, just for the tiny 654 sf units.  I think if GP developers can convince millennials to live in a shoebox, $400k is a steal since there's nothing on the market close to that price point.

 

[Happiness]

These look a little better, not as convalescent looking as the other GP homes.

Definitely less institutional looking. Reminds me of 1980s Miami drug lord architecture. Just need to put some sicarios on the decks and balconies.

 

[Burn That Belly]

x

 

[IHS3000]

Photos and information of the new senior apartments for Great Park - District 1 - West on Magnet St. (near Sterling and a water basin). The city recently discussed these plans this week.

The rest of the units at District 1 - West will be 187 senior affordable apartments with their own two private parks and swimming pool.

 

[IHS3000]

Elevation photos and new park plan of the new senior apartment development at GP District 1 - West.

Photos and information of the new senior apartments for Great Park - District 1 - West on Magnet St. (near Sterling and a water basin). The city recently discussed these plans this week.

The rest of the units at District 1 - West will be 187 senior affordable apartments with their own two private parks and swimming pool.

 

[IHS3000]

It appears the remaining entitled affordable housing units (likely a little over 300 units) at Great Park will go to the future District 5 and 6.

The future child care centers at Great Park appear to have moved near Cadence Park and the future District 5 and 6 too.

See maps.

Elevation photos and new park plan of the new senior apartment development at GP District 1 - West.

Photos and information of the new senior apartments for Great Park - District 1 - West on Magnet St. (near Sterling and a water basin). The city recently discussed these plans this week.

The rest of the units at District 1 - West will be 187 senior affordable apartments with their own two private parks and swimming pool.

 

[Satishleo]

do you know when is the childcare facility planning to open ?

 

[capboba]

do you know when is the childcare facility planning to open ?

just based on this it'll be years down the line. if its decided that it'll be at cadence, then it'll be sooner rather than later. but even then we're looking at 2019/2020.

 

[capboba]

btw thanks so much IHS3000 for posting all of these. Very informative.

Been debating on staying in PP as we need to upsize and this helps a lot in the decision process. It'll definitely get busy in GPN.

I hope they can squeeze in more retail space.

 

[IHS3000]

https://ir.fivepoint.com/news-releases/2018/05-14-2018-211533147
https://www.cnbc.com/amp/2018/05/14...llc-announces-first-quarter-2018-results.html

Recent movement at District 1-West:

?In May, the Great Park Venture completed the sale of 33 acres for $166 million, or $5 million per acre, in the Great Park Neighborhoods? and ?with approval to build 536 homes in the Great Park Neighborhoods.?

I am wondering who the builders will be for this new development. There is a lot of activity on this site including installation of new roads too.

 

[IHS3000]

REAL ESTATE: $166M LAND BUY FOR HOMES STARTING AT $350K

Lyon Lead for Next Great Park Homes Leg
By Mark Mueller
Monday, June 18, 2018

?William Lyon Homes (NYSE: WLH) has been tapped to build one of the most unique home developments in Orange County in several years, a 536-unit project at Great Park Neighborhoods in Irvine with a large number of affordably priced homes...?
https://www.ocbj.com/news/2018/jun/18/lyon-lead-next-great-park-homes-leg/

Note: one needs a subscription to read the whole article.

IMHO, the 350K product in Great Park - District 1 West is the one bedroom condo.

 

[Kings]

REAL ESTATE: $166M LAND BUY FOR HOMES STARTING AT $350K

Lyon Lead for Next Great Park Homes Leg
By Mark Mueller
Monday, June 18, 2018

?William Lyon Homes (NYSE: WLH) has been tapped to build one of the most unique home developments in Orange County in several years, a 536-unit project at Great Park Neighborhoods in Irvine with a large number of affordably priced homes...?
https://www.ocbj.com/news/2018/jun/18/lyon-lead-next-great-park-homes-leg/

Note: one needs a subscription to read the whole article.

IMHO, the 350K product in Great Park - District 1 West is the one bedroom condo.

These look a little better, not as convalescent looking as the other GP homes.

Wonder how much the price is on the bachelor pad 654sq ft. unit.  Since it's attached, huge MRs, dual HOAs, I'm guessing can't cost more than $300K.

I?d wager closer to $400k. Is this the first 1br unit to be sold in GP? Wouldn?t surprise me if we flirt with $600/sf.

GP can?t sell anywhere near $600/sqft today. That?s porsche territory.. but for these particular units they might be able to get away with it being so small... they?ll be the limited edition Golf RS (if they made one)

Yes, just for the tiny 654 sf units.  I think if GP developers can convince millennials to live in a shoebox, $400k is a steal since there's nothing on the market close to that price point.

i guess they saw our posts and split the difference btb? 

 

[Burn That Belly]

x

 

[irvinebullhousing]

REAL ESTATE: $166M LAND BUY FOR HOMES STARTING AT $350K

Lyon Lead for Next Great Park Homes Leg
By Mark Mueller
Monday, June 18, 2018

?William Lyon Homes (NYSE: WLH) has been tapped to build one of the most unique home developments in Orange County in several years, a 536-unit project at Great Park Neighborhoods in Irvine with a large number of affordably priced homes...?
https://www.ocbj.com/news/2018/jun/18/lyon-lead-next-great-park-homes-leg/

Note: one needs a subscription to read the whole article.

IMHO, the 350K product in Great Park - District 1 West is the one bedroom condo.

Here is a problem solver, right there. Of course you will have some noise from NIMBY people complaints about more cars more people, yah di yadi.

 

[irvinebullhousing]

The Mello-Roos the way it works in GP is that it calculate the total sqft of land + improvements (total sqft of living space) then multiply by X factors to comes up with the Mello-Roos cost. If you have a shared ownership of land, which is what this is, and your smaller improvements cost will NOT be at 8000K in Mello Roos. It will be substantially lower than that, the number is not exact, yet, since this is the very beginning. But your HOA will be Master + Sub which is similar to what other attached is valued at.

FivePoints principle is this, they prefer building owner occupy developments, since their core belief is that ownership has a bigger stake in the community and pride themselves and protect the homes values better. This is the reason why you will not see any apartment type housing in GP vs TIC. TIC loves their rental units as it becomes one of the lucrative cash cow division for Irvine Co. You will see lots of TIC apartment build right along side the multi millions development. Two different principle at works.

 

[paperboyNC]

i guess they saw our posts and split the difference btb? 

Yep. $350K is nicely affordable starter bachelor pad but it will come with $8000+ in MR and $400 in HOA. They'll conveniently leave this out of their brochures until you asked them. I'm assuming these 536-units gonna be attached.

Mello-roos will not exceed $2,500/yr.

 

[IHS3000]

REAL ESTATE: $166M LAND BUY FOR HOMES STARTING AT $350K

Lyon Lead for Next Great Park Homes Leg
By Mark Mueller
Monday, June 18, 2018

?William Lyon Homes (NYSE: WLH) has been tapped to build one of the most unique home developments in Orange County in several years, a 536-unit project at Great Park Neighborhoods in Irvine with a large number of affordably priced homes...?
https://www.ocbj.com/news/2018/jun/18/lyon-lead-next-great-park-homes-leg/

Note: one needs a subscription to read the whole article.

IMHO, the 350K product in Great Park - District 1 West is the one bedroom condo.

It appears the new GPN development at District 1 - West will be named Novel Park. Novel Park will be the fifth neighborhood at the Great Park.

If you drive on Ridge Valley Rd, William Lyon has their construction signs up. Massive construction work is ongoing and the streets are paved. Photos are attached.

 

[usctrojancpa]

Why no 12-pack?  I see they are only doing an 11-pack...WTH.  haha

 

[Kings]

novel park...who comes up with these names?  is it supposed to be novel like "a novel idea" or novel like a book?  book park?

 

[Happiness]

novel park...who comes up with these names?  is it supposed to be novel like "a novel idea" or novel like a book?  book park?

I thought GP names were designed to appeal to mainland Chinese buyers:
Pavillion and Parasol - blocking the sun, East Asians hate the sun.
Beacon and Cadence - bicycle related, mainland Chinese are very nostalgic about bicycles.

I can't figure out what "novel" is about. Maybe it will make sense when the next GP hood arrives.