Laguna Altura...can you say broker co-op?

NEW -> Contingent Buyer Assistance Program
61 Modena is listed at $966,847.  If you know a broker who will give the full commission you can deduct $22,500 which comes out to  $944,347 for a 2380 sq ft 4BR SFR.

I would much rather live in Turtle Ridge but for that price you can only live in Canyon's Edge.  I like to call it Canyon's Bottom since it is at the bottom of the hill.  Hmmmm...where would I rather live?  Laguna Altura or Canyon's Bottom?
 
bones said:
shokunin said:
Isn't the final closing price public record?  Just looking at the property tax bills should give an indication on price as well as redfin.  I think well see some minor drop in price, built in upgrades (counter upgrades, baseboards, etc) and 75k to 100k in designer credits, which is really more like 30-40k in upgrades if you take out their markup.
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I understand these aren't selling well, but do you really think IPac will offer $75k to $100k in designer credits??  Even during the worst of 2008 - this wasn't happening.
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The builders in 2008 were hog-tied by TIC's land costs, they had little to no room to move, other than to take losses or simply stop building, which they did.  This time, iPAC has huge margins since the land holding cost for them is so low.  Besides designer credits are a huge cash-cow to iPac / rip-off to the homebuyers that 100K probably only costs them 30K since they are buying at wholesale prices.
 
Laguna Altura is an innovative and unique new neighborhood that offers an intimate environment

Unfortunatley, that's the problem.  The houses are a little too intimate with the neighboring houses especially at that price.  Give me a smaller house with a lot of space around it please.

And I read they are building 1700 apartment units where Wild Rivers is.  That's going to be a nice tranquil place to live.
 
iacrenter said:
More evidence of the lack of LA new home sales--just saw these homes listed on Redfin today:

A Toscana Plan 1 for $1.168Mhttp://www.redfin.com/CA/Irvine/36-COMO-92618/home/39982886

A Cortona Plan 1 for $966Khttp://www.redfin.com/CA/Irvine/61-MODENA-92618/home/39982733
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iacrenter said:
More evidence of the lack of LA new home sales--just saw these homes listed on Redfin today:

A Toscana Plan 1 for $1.168Mhttp://www.redfin.com/CA/Irvine/36-COMO-92618/home/39982886

A Cortona Plan 1 for $966Khttp://www.redfin.com/CA/Irvine/61-MODENA-92618/home/39982733
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locolocal said:
Laguna Altura is an innovative and unique new neighborhood that offers an intimate environment

Unfortunatley, that's the problem.  The houses are a little too intimate with the neighboring houses especially at that price.  Give me a smaller house with a lot of space around it please.

And I read they are building 1700 apartment units where Wild Rivers is.  That's going to be a nice tranquil place to live.
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Looks like Cortana's broker co-op is $22,500 and Toscana's broker co-op is $25,000. 
 
I'll be honest, I have not been paying attention at all but have new homes been selling in the $400/sq. ft range?  Have they been in that ballpark at all?
 
Got the official broker co-op email from TIC a few hours ago.  Here's the breakdown:

Siena - $15,000
San Remo - $17,500
Cortana - $22,500
Toscana - $25,000
 
61 Modena dropped to $881,847, $85K drop...  i guess the plan 1's for Cortona doesn't sell as well at LA versus Maricopa at Stonegate.  If they drop the price to 781K (new conforming jumbo limit) then I bet they would have no problem selling. 
 
ps99472 said:
61 Modena dropped to $881,847, $85K drop...  i guess the plan 1's for Cortona doesn't sell as well at LA versus Maricopa at Stonegate.  If they drop the price to 781K (new conforming jumbo limit) then I bet they would have no problem selling.
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Is there something specifically wrong with 61 Modena?  Have any other Plan 1's sold yet?  $370/sf seems almost like a good deal.

36 Como also dropped in price from $1,168,114 to $1,108,114.
 
Is there a $20,000 Vermin Removal Credit?

Have you guys seen the size of the rats running around Laguna Altura? (I'm not talking about TIC reps either)
 
I got a call from one of the sales people over at San Remo about an hour ago.  She told me how they dropped the price of their homes by $40k-$50k and that the other communities have dropped their prices as well.  I'm smelling blood in the water.......
 
USCTrojanCPA said:
I got a call from one of the sales people over at San Remo about an hour ago.  She told me how they dropped the price of their homes by $40k-$50k and that the other communities have dropped their prices as well.  I'm smelling blood in the water.......
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It's over baby! It's the 10th round and TIC can barely get off its stool!
 
irvinehomeowner said:
Maybe they'll stop building.  ;)
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They might be too far into it to stop at this point.  Imagine what kind of signal that would provide perspective buyers if TIC stopping building/selling LA and Stonegate.  I don't think they want to go down that path.  The reality is that they were too damn greedy with their initial pricing.  There's real demand out there for their product, they just have to price accordingly.
 
USCTrojanCPA said:
irvinehomeowner said:
Maybe they'll stop building.  ;)
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They might be too far into it to stop at this point.  Imagine what kind of signal that would provide perspective buyers if TIC stopping building/selling LA and Stonegate.  I don't think they want to go down that path.  The reality is that they were too damn greedy with their initial pricing.  There's real demand out there for their product, they just have to price accordingly.
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No way man. TIC will stop building to control supply. That's what any company does when demand for their product decreases. I'm a student of the Irvinehomeowner school of Guess-O-Nomics.
 
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