Laguna Crossing & Orchard Hills Postponed to 2009

irvine123_IHB

irvine123_IHB

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<p>Irvine Company has updated their new village lead page. Both Laguna Crossing and Orchard Hills developments are showing as 2009 opening now (vs. 2008 previously). </p>

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<p>I live over in Quail Ridge. I pass Laguna Crossing every day. They have about 50 graders just changing the face of the entire canyon. Dont see any slow down to date. You can see the hill coming down. I used to not be able to see the high rises at the Spectrum. Now they are visable. Just the tops. When I take my morning walk. </p>
 
There's a new community call "Stonegate". The grading went on for some time. Then everything came to a halt. I think that might be the same for Laguna Crossing. They might just be preparing the land. The actual construction might not happen.
 
<p>To paraphrase the 1992 Bill Clinton campaign, "It's the prices, stupid."</p>

<p>In fact, I received an e-mail from Richmond American today regarding Manzanita. They have some "quick move-in" properties available. I sort of liked these, but am I going to pay $875,000 to live in a detached condo? <em>Hell no.</em></p>
 
<p>From bkshpr's previous posting, TIC and builders are holding off on constructions until the market recovers. And that is 2009-2010. </p>
 
Do TIC and the builders know the real estate market will recover by 2009 or 2010? Might TIC postpone again later if Bren doesn't like prices at that time?
 
<em>"Might TIC postpone again later if Bren doesn't like prices at that time?"</em>





I have thought about this as well. I guess it comes down to how long he is willing to sit on a non-performing asset, particularly when he is getting pressure from various governmental entities to provide housing -- affordable and otherwise.
 
<p>Yeah, it's kind of an eye sore looking at the unfinished Orchard Hills and Stonegate. At least, Portola Springs is tucked away so you can't see it. </p>

<p>Have anyone seen the "grading" of land on the corner of Trabuco and Jeffrey? Can you believe the community is yet to be named?</p>
 
Well, I did ask BK in another thread if Bren built during the last downturn. He identified two luxury products in Northwood Point<em>e</em> and, IIRC, Westpark.
 
Westpark kept on plugging away during the downturn. I can remember checking out the models at Corte Bella off of Harvard.
 
<p><em>"From bkshpr's previous posting, TIC and builders are holding off on constructions until the market recovers. And that is 2009-2010</em>. "</p>

<p>I am assuming that they hold off the construction because they will not get the asking prices. If they were to price them right, people would buy them. Is it safe to assume that the incomes will catch up with the house prices? How will it be any difference in 2010? Housing prices will be many times the incomes. Move up buyers? Something is fundamentally flawed in thinking that people will be able to afford a house many times over incomes. Am I missing something?</p>
 
According to NIR, all the rich Asians are moving to Irvine and will pay whatever price Bren wants for as long as there are homes on the Ranch and top schools for kids.
 
<p>bdshpr,</p>

<p>I hope you have data to back me up, hopefully. I see that many of the 2nd gen asians are highly educated with typical household income of $300K+. When these asians buy home, they buy the area, not the home itself. They want peace and quite, they want the best social influence for their children, they also want space. TIC knows exactly who are they buyers for its product. So yes, there is no pricing issue for $1.2M+ type of homes...IMHO</p>
 
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