Hidden Canyon in Irvine

[jamboreedude]

Latest price sheet for Capri. I guess you can't defy gravity forever. They're finally succumbing to the market slow down hitting all of Irvine. They're including upgrade incentives for the first time for a newly released phase. Not sure what the included upgrades are but, previously, they only included upgrades in case of a earlier buyer backed out of a purchase.

The upgrade incentives are for home sites on the first street of the community, near the gates and stormwater retention basin.

The Capri homes on these lots (as listed on the latest price sheet) have been on the market since the start of the year. No one wants them.  :-\

 

[eatthis]

The upgrade incentives are for home sites on the first street of the community, near the gates and stormwater retention basin.

The homes on the first street is definitely the worst location in the entire community. But, the homes facing the storm basin are actually selling. It's the other side of the street without view, backed against homes overlooking them, that has no taker.

 

[inagawa]

They'll sell eventually, to buyers who don't want to wait. TB's Enclave at Yorba Linda is using recycled Capri/Marbella plans. Phase 1 ranged from $1.8-2.6m for non-view/view lots, and were all sold fairly quickly.

So for the same price range (2.2-2.6m), potential buyers can buy a crappy lot in HC, or buy an above average lot in Enclave. The funny thing is... Enclave is "guard-gated" as well, but for just 6hrs a day... Plus relatively less amenities with no pool/kids' play area, etc. for a saving of $5k in MR per year...  HOA is the same.

 

[aquabliss]

The funny thing is... Enclave is "guard-gated" as well, but for just 6hrs a day...

That makes sense.  The bad guys probably won't try to get in during the evening hours.

 

[Villager]

The funny thing is... Enclave is "guard-gated" as well, but for just 6hrs a day...

For the time being, of course. It doesn't make sense to have it guard-gated for 24-hours while construction is going on. If this were the case, the association would essentially be paying the guard to just stand there and wave hello to the construction workers as they enter and exit the community. Hiring the guard to man the gate only after sales/construction hours is more than reasonable.

 

[RHOC]

The Irvine market is finally slowing down.
https://www.redfin.com/CA/Irvine/33-Hidden-Trl-92603/home/5927965

This  one after almost in the market listed at 2.5 sold finally for 2.1. Same one in the market now and for 2.5 and the agent quietly said to me and my husband to make an offer and they would be willing to negotiate!! I just don't understand why mark up so high and go down 400K!!!
https://www.redfin.com/CA/Irvine/45-Hidden-Trl-92603/home/5927950

I noticed all homes in Turtle Ridge are listing almost $100/sq ft more, then sold for SO much less. Not to mention they sit on the market for a long time. It's about time for the FCB to stop jacking up the prices. My guess will be the prices will finally stabilize and the sellers will have to deal with a reality check that normal none FB will not pay those crazy prices!!!

 

[eatthis]

https://www.redfin.com/CA/Irvine/33-Hidden-Trl-92603/home/5927965

This  one after almost in the market listed at 2.5 sold finally for 2.1. Same one in the market now and for 2.5 and the agent quietly said to me and my husband to make an offer and they would be willing to negotiate!! I just don't understand why mark up so high and go down 400K!!!

I have to say that the homes on Hidden Trail have a bizarre setup. They have awesome views but are on very narrow lots with nearly all of the homes attached at the garage. Really? At this price range? It's a big turnoff for most buyers. Expect to have the same problem if you were to resell.

Looks like 45 Hidden Trail might be the only home on the street not to be attached at all. It'd make sense that it'd go for a bit more. That said, even 33 Hidden Trail still sold for $651/sqft. That's quite a bit more than OH or HC.

 

[RHOC]

Looks like 45 Hidden Trail might be the only home on the street not to be attached at all. It'd make sense that it'd go for a bit more. That said, even 33 Hidden Trail still sold for $651/sqft. That's quite a bit more than OH or HC.
[/quote]

I would take Turtle Ridge over HC any day due to its much more central location. It's always going to be a better purchase then QH or HC no matter what. Btw, there are more detached ones for sale on that street actually but they pulled out of market after 6 months of no action. However, Irvine market is def been in cold lately!!

 

[eatthis]

I would take Turtle Ridge over HC any day due to its much more central location.

I used to think this as well but now I'm not so sure. The center of Irvine used to be around the airport and Jamboree. But, it's been drifting south toward Spectrum. There are several brand new office building and retail shops coming online in that area. I think the winds of change are unstoppable.

It's always going to be a better purchase then QH or HC no matter what.

It depends on what you mean by better purchase. If you mean that it will cost more $ per sqft then true. But, if you think it'd be more profitable then I'm not so sure. The best part of TR is the community, the mature trees and the views are the best in Irvine. But, those who bought in early phase of HC already made bank. If Spectrum truly become the center then QH and HC will be considered more centrally located. Plus, for many of the TR homes, the design is really showing it's age. The lack of a 10' ceiling and truly open design concept make those home less appealing for today's buyers.

 

[irvinehomeowner]

@eatthis:

What year was Irvine ever centered around Jamboree and SNA?

There are way too many homes west of Jeffrey for Irvine to ever be centered around the Spectrum... especially with the IBC adding so many residents.

 

[eatthis]

@eatthis:

What year was Irvine ever centered around Jamboree and SNA?

There are way too many homes west of Jeffrey for Irvine to ever be centered around the Spectrum... especially with the IBC adding so many residents.

It depends on what you mean by center of Irvine. I'm referring to all the place people go for work or play. The large number of office buildings, company complexes, and restaurants around Spectrum will likely make it the new center of Irvine.

 

[eatthis]

Latest April price sheet for Capri.

 

[inagawa]

For the time being, of course. It doesn't make sense to have it guard-gated for 24-hours while construction is going on. If this were the case, the association would essentially be paying the guard to just stand there and wave hello to the construction workers as they enter and exit the community. Hiring the guard to man the gate only after sales/construction hours is more than reasonable.

No guards during construction, 6hrs a day after homes close.

 

[fortune11]

Long time no activity on this thread.  Thought I would check in with the previous buyers / people who were interested in this development . 

We have started looking at available homes (indifferent between Capri and Marbella , but would prefer Marbella)  as this seemed a bit more value for money than the older homes in turtle ridge .  Question is --

1.  Do you guys think market is slowing down enough that it is better to wait for resales / flips of homes that were sold early last year as opposed to signing a new contract directly w Toll ?

2 .  If you are a buyer that has closed or is under contract , any second thoughts or regrets ?

It is a big decision and while we generally like the development , want to make sure we are heading into it with our eyes open and all the feedback available from those who have gone through this process before us . 

Thanks much !

 

[collected]

The market isn't slowing down.  While there's anecdotes of this in the overall scheme of things home inventory is at historical lows in OC compared to the average for this time of year. 

Have you checked Quail Hill?  Let's not forget the cost of upgrades and you can always make an offer.  All these homes have views by the way.
https://www.redfin.com/CA/Irvine/33-Balcony-92603/home/5929266https://www.redfin.com/CA/Irvine/523-Luminous-92603/home/5929429https://www.redfin.com/CA/Irvine/512-Luminous-92603/home/5929407

 

[eatthis]

1.  Do you guys think market is slowing down enough that it is better to wait for resales / flips of homes that were sold early last year as opposed to signing a new contract directly w Toll ?

Market is definitely slowing down at this price range. HC now has standing inventory, which was inconceivable a year ago. Early last year they were taking cash buyers only because demand was so high.

As for waiting for resale versus buy new it depends. Do you like the location of the early phase homes? Are you willing to wait since there's no telling when one would come on the market? Is there a particular model or elevation you prefer? Will the price be much better than new? How particular are you with options? If you want to have it exactly how you want it then you better buy new.

How much do you like the community and the house. If you're okay with all the uncertainty then by all means, wait. Just know that you're leaving a lot to chance.

 

[fortune11]

The market isn't slowing down.  While there's anecdotes of this in the overall scheme of things home inventory is at historical lows in OC compared to the average for this time of year. 

Have you checked Quail Hill?  Let's not forget the cost of upgrades and you can always make an offer.  All these homes have views by the way.
https://www.redfin.com/CA/Irvine/33-Balcony-92603/home/5929266https://www.redfin.com/CA/Irvine/523-Luminous-92603/home/5929429https://www.redfin.com/CA/Irvine/512-Luminous-92603/home/5929407

Thanks collected .  I do feel longer term these communities set at an elevation - like quail hill, HC , turtle ridge have limited competing supply and therefore should hold up better .  In our experience , I have found recent listings to be priced well above 2007 peak levels while sellers will negotiate , the initial price anchor is so high that it makes negotiation very difficult since most of them have equity and will choose to wait it out rather than sell it where the market transaction should occur . 

I did compare versus turtle ridge and found the floor plans to be somewhat dated when compared with the HC layouts which felt more open and modern to me.  I do feel though that these older communities offer value in terms of large green spaces , something which HC has not focused on  in favor of higher density. 

 

[fortune11]

1.  Do you guys think market is slowing down enough that it is better to wait for resales / flips of homes that were sold early last year as opposed to signing a new contract directly w Toll ?

Market is definitely slowing down at this price range. HC now has standing inventory, which was inconceivable a year ago. Early last year they were taking cash buyers only because demand was so high.

As for waiting for resale versus buy new it depends. Do you like the location of the early phase homes? Are you willing to wait since there's no telling when one would come on the market? Is there a particular model or elevation you prefer? Will the price be much better than new? How particular are you with options? If you want to have it exactly how you want it then you better buy new.

How much do you like the community and the house. If you're okay with all the uncertainty then by all means, wait. Just know that you're leaving a lot to chance.

Yes , you are so right there.  We are by no means cash buyers , but what we were told when we first started looking is that plenty of the cash buyers have had trouble getting the $$ together and hence some of the homes have come back and there is now standing inventory and quick delivery homes for that reason .  The desirability of these is up for debate as some of them back into each other with no view . 

For the desirable lots, it seems there is still some demand and we haven't seen any of those come back into standing inventory.  So I guess going by that logic , maybe it is not worth waiting for a desirable lot to open up for cheap next year , unless the market really goes into a downturn and your point is well taken

I missed some really attractive properties in west LA  trying to time the bottom during 09-10 and don't want to make the same mistake again hence the dilemma . 

 

[OC-Broker]

Totally agree. I feel like demand is down for less desirable lots. But for the larger view and non view lots, demand is still strong. Several homes have sold rather quickly at a base price above $3m in the last few months in Capri. And many more have sold at this level in Marbella. Just depends on the location. I know the lots near the front gate on the non view side of the street sat for a while with no takers.

 

[collected]

Thanks collected .  I do feel longer term these communities set at an elevation - like quail hill, HC , turtle ridge have limited competing supply and therefore should hold up better .

I think the same too.  There's not many view lots in Irvine compared to NC, LB, and NT.

In our experience , I have found recent listings to be priced well above 2007 peak levels while sellers will negotiate , the initial price anchor is so high that it makes negotiation very difficult since most of them have equity and will choose to wait it out rather than sell it where the market transaction should occur . 

If your offers don't go through then you won't lose anything.

I did compare versus turtle ridge and found the floor plans to be somewhat dated when compared with the HC layouts which felt more open and modern to me.  I do feel though that these older communities offer value in terms of large green spaces , something which HC has not focused on  in favor of higher density.

If there's an older home that's cheap per sqft for the location then you can always remodel.  $100k turns most houses into something livable.  Only downside is that you usually need cash.  I'd rather pay 100k over 30 years at 3.5%.

A wall seperating the kitchen and living room you can usually get that taken down no problem.  Worse case is that a support beam needs to be put in.