Hidden Canyon in Irvine
- Thread starter lcms2002
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ilikepizza
New member
First house in Capri collection to break $3M. It's a large view lot at the end of cul-de-sac on a single loaded street. The price is currently listed as preliminary. The phase will be officially released on 10/17. The sales lady tells me there are several folks waiting for it. It'll be interesting to see how quickly it moves.
I'm not sure what you consider a view but your view is from roof tops on the first floor. They called us for the Portofino model lot 52 almost next door since we had our name placed and we went to see the lot. I was shocked!! To think your paying 2.8m for a small lot, roof top view is absolutely RIDICULOUS!! Oh, and TWO car garage! 
I said to the sales guy in the golf cart: thanks but not thanks! I am never going back to that place again. Let their "cash" foreign buyers go at it. I may place an offer after the homes take a dump and the Chinese economy crashes. Bubbles will always burst my dear!!
I said to the sales guy in the golf cart: thanks but not thanks! I am never going back to that place again. Let their "cash" foreign buyers go at it. I may place an offer after the homes take a dump and the Chinese economy crashes. Bubbles will always burst my dear!! eatthis said:First house in Capri collection to break $3M. It's a large view lot at the end of cul-de-sac on a single loaded street. The price is currently listed as preliminary. The phase will be officially released on 10/17. The sales lady tells me there are several folks waiting for it. It'll be interesting to see how quickly it moves.
RHOC said:I'm not sure what you consider a view but your view is from roof tops on the first floor. They called us for the Portofino model lot 52 almost next door since we had our name placed and we went to see the lot. I was shocked!! To think your paying 2.8m for a small lot, roof top view is absolutely RIDICULOUS!! Oh, and TWO car garage!
I know it's heresy to say this on TI, but I am not too bothered by a house with only 2 car garage. We have 3 car tandem garage now but one of them is used exclusively for storage. As long as there is decent storage space I'd be fine. I think 10 years from now, in the "Uberized" future and self-driving cars, the need to own more than 2 cars will be even less. One day, we will look back and think in amazement that so much space in our house is set aside to park cars.
How big is lot 52? I thought Amber Sky is pretty high up so view would be quite nice. I'm sure you'll see the roof top below but is the view obstructed by it? I guess it comes down to the price. At $2.8M there are some comparably priced homes in Turtle Ridge that, although smaller, have pretty nice views.
I've actually been up on lot 52 too, and I do agree that it is small. But Amber sky is one of the most desirable streets-- single loaded, with real views (i.e. nothing blocking the first floor after build out), and it's towards the top of Capri. So I can see why they're asking what they're asking. Personally, I would probably choose this over a non-view lot in Marbella. But I think most buyers will go in the other direction- opting for Marbella.
Perspective
Well-known member
People throw around the term "bubble" far too frequently. Everyone buying houses since 2009 has used cash and/or traditional conservative boring non-exotic loans with REAL proven income to finance the purchase. You'll need forced sellers for these high prices to pop and prove a bubble exists. That will only happen if FCBs flea in mass (liquidating due to foreign market crashes) and/or we have a serious second Great Recession causing massive income disruptions here.
It's a matter of time before not only the domestic but probably first the foreign markets take a massive slop. It doesn't take a financial analyst or a quantum to figure that one out..without the FCB's the Irvine market would be just like any other flat lander housing community . "bubble" or no bubble this incline just like any incline in history has it slop..Unfortunately, people like me make emotional purchases and feed into this frenzy! I'm a women what can I say..LOL! Smart people wait for the down turn to purchase! Finance 101!!! ;D
I'm a women what can I say..LOL! Smart people wait for the down turn to purchase! Finance 101!!! ;DPerspective said:
Ready2Downsize
Well-known member
Actually no that isn't all that could happen to pressure Irvine home prices.
Chinese who prefer new and have plenty of cash also want a "deal". Harder to get that with new homes but now that the new larger homes in Irvine are basically near a cemetery or tiny lots they could branch out into older homes where they deal with individual buyers. Since they hold the cash and it's harder for traditional mainlanders to qualify for higher priced homes they could pressure prices in the higher end resale market. Eventually new home prices would also be under pressure if that were to happen and once Irvine drops, so go the surrounding areas.
To me, it looks like the higher end resale price per sq foot has been dropping and I'll bet the reason is the above.
Chinese who prefer new and have plenty of cash also want a "deal". Harder to get that with new homes but now that the new larger homes in Irvine are basically near a cemetery or tiny lots they could branch out into older homes where they deal with individual buyers. Since they hold the cash and it's harder for traditional mainlanders to qualify for higher priced homes they could pressure prices in the higher end resale market. Eventually new home prices would also be under pressure if that were to happen and once Irvine drops, so go the surrounding areas.
To me, it looks like the higher end resale price per sq foot has been dropping and I'll bet the reason is the above.
fudgemuffin
New member
If you're waiting for the Chinese to stop buying in Irvine, or think they'll stop buying because the Chinese economy is slowing down, you may be waiting quite awhile.
First and foremost, China LOVES Irvine! It is safe, clean, has great schools, has great weather, it's in OC and there are a lot of business that cater to the Chinese. For a lot of Chinese, Irvine is their exit strategy from China. For others, it's "portfolio diversification", parking their money in what they consider to be a safe and stable place compared to the rest of the world. Right or wrong, they have that perception and as long as they do Irvine will continue to be in demand.
If anything, the slowdown in China may increase the number of Chinese buying here. The smart Chinese got their money out of China a long time ago, and the ones that didn't are trying any way they can to get their money out before the Chinese government imposes even tighter controls on taking money out of the country than are in place now. China already limits the amount of money an individual can move out of the country to $50,000 per year, but I am that clever ways have been developed to work around that limit. If the Chinese economy continues to slow, the government likely impose tighter limits on taking money out of China.
Just my 2 cents worth. And by the way, I'm not a shill for Toll Bros. They are a miserable company to deal with. That being said, I still love HC.
First and foremost, China LOVES Irvine! It is safe, clean, has great schools, has great weather, it's in OC and there are a lot of business that cater to the Chinese. For a lot of Chinese, Irvine is their exit strategy from China. For others, it's "portfolio diversification", parking their money in what they consider to be a safe and stable place compared to the rest of the world. Right or wrong, they have that perception and as long as they do Irvine will continue to be in demand.
If anything, the slowdown in China may increase the number of Chinese buying here. The smart Chinese got their money out of China a long time ago, and the ones that didn't are trying any way they can to get their money out before the Chinese government imposes even tighter controls on taking money out of the country than are in place now. China already limits the amount of money an individual can move out of the country to $50,000 per year, but I am that clever ways have been developed to work around that limit. If the Chinese economy continues to slow, the government likely impose tighter limits on taking money out of China.
Just my 2 cents worth. And by the way, I'm not a shill for Toll Bros. They are a miserable company to deal with. That being said, I still love HC.
Looks like they expanded the latest release to 6 homes from the 3 on the original price sheet. The site plan have them all marked as reserved. Orchid Terrace view lots are as good as it gets with Capri.
They typically release only 4 homes for each release so this is a bit unusual. Maybe they're trying to move inventory faster before interest rate go up too much.
They typically release only 4 homes for each release so this is a bit unusual. Maybe they're trying to move inventory faster before interest rate go up too much.
Strange. They must be making some adjustments based on the response they're getting. Lot 52, 53 had preliminary prices on a previous price sheet. Now it's coming soon. But, they're both marked as reserved in the site map on Toll Brother website. It's also strange that lot 57 - 59 are marked as reserved on the site but they're "officially" still selling earlier lots. Must be the secret waiting list...