Great Park Neighborhoods

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MFWIC

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Been trying to figure this out.  Is Phase 2 going to be more valuable than Phase 1?  Buying a house now will put a lot of stress on me as I really need to focus on work.  I see earth movers yesterday starting on the Phase 2 area already.  I work less than a mile from Phase 2, and that is part of the reason why I like that.  Don't know if the homes will be bigger and lot sizes, etc.  It seems far away from the center of the Great Park as well.

Any insights from the Gurus here?

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MFWIC said:
Been trying to figure this out.  Is Phase 2 going to be more valuable than Phase 1?  Buying a house now will put a lot of stress on me as I really need to focus on work.  I see earth movers yesterday starting on the Phase 2 area already.  I work less than a mile from Phase 2, and that is part of the reason why I like that.  Don't know if the homes will be bigger and lot sizes, etc.  It seems far away from the center of the Great Park as well.

Any insights from the Gurus here?

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I believe all of the things that I personally like about Pavillion Park are going away in Phase 2. Pavillion Park has an Anti modern TIC feel, while still having nice amenities.  You have wider streets, a lot more SFR residences (although still have some motorcourts), bigger lots, etc. It is the anti dense stonegate / woodbury / etc.  You also don't have a bunch of apartments, I think that changes with the next phases where stuff is expected to be more dense but I might be mistaken. 
 
How many total homes are part of the project? Or like total homes vs. townhomes vs. apartments? Is that data available or is it still too early and too subject to various changes? 
 
MFWIC said:
Been trying to figure this out.  Is Phase 2 going to be more valuable than Phase 1?  Buying a house now will put a lot of stress on me as I really need to focus on work.  I see earth movers yesterday starting on the Phase 2 area already.  I work less than a mile from Phase 2, and that is part of the reason why I like that.  Don't know if the homes will be bigger and lot sizes, etc.  It seems far away from the center of the Great Park as well.

Any insights from the Gurus here?

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My understanding is that PP is the best part of GP.  The land is the least toxic and closest to "Irvine" and the Freeway. 
 
Irvinecommuter said:
My understanding is that PP is the best part of GP.  The land is the least toxic and closest to "Irvine" and the Freeway.
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Outside of pollution, I think the only thing that scares me about PP is the mella roos. That is a good chunk of money to pay if it grows. I guess 2% is in theory in line with historical inflation (give or take 1%), but I have zero faith usually in companies not taking advantage of that and that could put the properties in a much different position when compared with other peers. However, in terms of new housing in Irvine, new home development is going to die in the next 10 years (and it will be a lot slower even 5 years from now, unless another bubble happens and causes a drastic slowdown in construction) so the upside is you find yourself with one of the more unique new home properties in Irvine.

Really, outside of very small pockets, there haven't been new home tracts like PP built in the last 10 years. You have to go back to the early 2000's and the new developments in Northwood to find something similar, imo.  That alone should put people that live there in a unique position. Plus, like you mentioned, given the pollution, at least where PP is, you are more concerned about run-off since you aren't directly on the site of hazardous materials.

Does anyone know if PP owners get similar disclosures as Tustin Fields? 
 
I think Tustin Fields (or whatever the name of the project on the old Tustin airbase) had various disclosures which included the need to wash your hands if you touch the dirt, due to various pollutants still potentially on the land. I'm generalizing to some extent but it was something of that nature, basically warning you of the land.  I will also point out Lennar had to spend big bucks to perform an environmental clean-up on the land (same with the land by the Great Park), so far all I know, after the clean-up the land is cleaner then other lands in Irvine. 
 
Bullsback said:
I think Tustin Fields (or whatever the name of the project on the old Tustin airbase) had various disclosures which included the need to wash your hands if you touch the dirt, due to various pollutants still potentially on the land. I'm generalizing to some extent but it was something of that nature, basically warning you of the land.  I will also point out Lennar had to spend big bucks to perform an environmental clean-up on the land (same with the land by the Great Park), so far all I know, after the clean-up the land is cleaner then other lands in Irvine.
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PP got disclosures.. but the land doesn't have any toxic areas.. it was farmland before.  That will be different in the other neighborhoods. 
 
jmoney74 said:
Bullsback said:
I think Tustin Fields (or whatever the name of the project on the old Tustin airbase) had various disclosures which included the need to wash your hands if you touch the dirt, due to various pollutants still potentially on the land. I'm generalizing to some extent but it was something of that nature, basically warning you of the land.  I will also point out Lennar had to spend big bucks to perform an environmental clean-up on the land (same with the land by the Great Park), so far all I know, after the clean-up the land is cleaner then other lands in Irvine.
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PP got disclosures.. but the land doesn't have any toxic areas.. it was farmland before.  That will be different in the other neighborhoods.
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I've seen the PP disclosures, there is reference to toxic/nuclear materials.
 
Bullsback said:
How many total homes are part of the project? Or like total homes vs. townhomes vs. apartments? Is that data available or is it still too early and too subject to various changes?
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4,894 Homes were approved for Phase 1.

Currently I believe 5 Points is trying to get 4,606 Homes approved for Phase 2 that are south/west of Irvine Blvd.
 
irvinehomeowner said:
ob1 said:
I've seen the PP disclosures, there is reference to toxic/nuclear materials.
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Boing?!?

That trumps qwerchete's Ninja Limes.
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I guess the next Great Park Neighborhoods are going to be called Nuclear Park, Atomic Village, and Bikini Bottom.
 
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