Hidden Canyon in Irvine

aquabliss said:
Funkie said:
fortune11 said:
Whats happening with this one Capri Home on Redfin .  Non view lot , but a very decent sized parcel (side yard and back yard) and a lot of privacy around it.  No landscaping but interior furnishings seem reasonable. 

Big price cut as well after more than a month of sitting on the market.
https://www.redfin.com/CA/Irvine/100-Whiteplume-92618/home/113115315
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$2.65M is not unreasonable giving the lot size and location.  There are still new homes to choose from, but none of the Capri would offer this type of lot size or location...
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I wonder what the bid was for the landscape renderings in pictures 18-26.... $250k+ I would guess.
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I would say $400k.  Those palm trees alone would be $70k+. 

That is a nice lot and with the price reduction after only 30 days, should fetch a buyer.  Seems like motivated sellers.  I would not pay 3 milion since a lot of the lot is in the front which is a bit of a waste to me.  Much prefer an average front setback with a huge backyard.  Still a very nice lot, feel bad for sellers who have to leave in such a hurry.  Another year or two would have been great for them.
 
That Capri property is a pending foreclosure. My guess is that someone is going to get that one for a bargain because it's so unattractive without the yard completed. Once the yard is done, it will actually be a pretty desirable home.
 
Looks like the neighbors also ran out of money, they did all grass in the front and back yard and left the CA room with a concrete pad as-is.
 
aquabliss said:
Looks like the neighbors also ran out of money, they did all grass in the front and back yard and left the CA room with a concrete pad as-is.
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I guess the HOA is not required to ensure awesomeness in landscaping, just homogeneity...
 
One home itself is not representative of course , but I find it surprising that -- despite the flood of initial interest and the supposed vetting by Toll for the highest quality (read:cash buyer) applicants , how did they end up with a foreclosure within 1 year of initial phase closings ? 


 
OC-Broker said:
Happy to show the above pre-foreclosure Capri property if anyone is interested.
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This is what happens when you buy a home you can't afford, too much leverage!

The owner probably financed the purchase via Private Money Lenders.

The high interest payments for such hard money loans (double digits interest rate like 12% is not uncommon), plus the high cost of homeowners insurance policy for each and every lender on the Deed is the killer!

Private money lenders are leeches!

Hope the desperate owner learned his lesson!!!
 
Funkie said:
How do you foreclose on a cash buy?  They would have done a cash out refi....  doesn't make sense...
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There are lots of other expense that goes with new home ownership a buyer, especially someone unfamiliar with US real estate, may not realize. For example, at least $200k+ in upgrades to make it somewhat resemble the model, another $200k+ for the landscape they drew up, $40k+/year in property tax and Mello Roos, and $5k/year in HOA. They all add up. Maybe the buyer just want out after doing the math.
 
Likely 1st impact sign of offshore capital controls. I doubt this will be a one off event.

My .02c

Soylent Green Is People
 
If this is a bank foreclosure, there will be an auction and likely that the eventual price may end up being higher than what we see now.  I would guess some people who are still putting money down on remaining empty lots in HC may want to consider this instead. 

At the price listed and how tastefully the interior is done, it does seem like decent value for a finished home (sans landscaping) compared to other properties in the HC community and also compared to the higher end in Laguna Altura and Quail Hill listings nearby. 
 
It is incorrectly based on the fact that hc has no contingency buyers.

Of course, that doesn't mean all buys were cash. You just had to qualify with proof of funds. Toll doesn't care how you get funding once you qualify.
 
The OH and HC homes were prob trying to start a bidding war, lower the price, attract offers, and have buyers compete w/ each other.  So, they were prob not planning to sell the homes at the advertised low listing price....  I thought $2.65M was very reasonable for the HC home... 

 
New home smell is definitely strong in Irvine.
FCB only want new homes and west of the 405. Too much supply in Cypress Village, Portola Springs, Great Park, Lake Forest, etc...

The best value for your $$ is probably HC and LA right now. Quail Hill is okay too, but a little overpriced since the homes are not in a gated community (and a bit older).

That being said, did any of you notice these Baker Ranch homes being sold for mid $2 millions? Maybe the Irvine HC ones are underpriced if these homes are actually selling...
https://www.redfin.com/CA/Lake-Forest/48-Hyacinth-92630/home/113417366

Square Footage wise, almost the same as HC...

Maybe its time to move and buy one of these...
https://www.tollbrothers.com/luxury...na-at-Flower-Mound/Quick-Move-In/MLS-13430267

Only $850k!! What a steal...and no 405 traffic.
 
The size of the Baker Ranch house is overstated by approx 500sf.  4,500sf would include the garage and California room. 
 
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