Montecito / Sonoma / Carmel Pricing

[Irvine2Irvine]

Sonoma update:

2 Plan 3's back on the market.  One of thes has a 5th bedroom in pladce of the loft.

Wonder if the original purchasers lost their 3% earnest money deposit if they backed out becasue they changed their mind.  From what I understand, only excusible reason is the loss of income that will disqualify them from getting a loan.

Maybe Carmel II proved to be too irresistible.    Or maybe all this rain is potentially rotting all the wood for their phase?  I'm just kidding of course.

Yeah, they say that a little rain does not do any harm to all the wood framing of the house.
But, given the choice, I rather have it stay dry until they put a roof and stucco over the wood frame before it starts to rain.

 

[irvinehomeowner]

I wonder if Carmel II is causing people to capitulate on the Sonoma Plan 3s.

 

[nytransplant]

Both homes are on small lots abt 3500-3600 sq ft.  That might play into it.

 

[usctrojancpa]

Sonoma update:

2 Plan 3's back on the market.  One of thes has a 5th bedroom in pladce of the loft.

Wonder if the original purchasers lost their 3% earnest money deposit if they backed out becasue they changed their mind.  From what I understand, only excusible reason is the loss of income that will disqualify them from getting a loan.

One of my buyers cancelled their escrow months after signing their contract and got all their deposit back.

 

[oakcreekrenter]

I recently received a sales call from one of the Carmel agents.  Sounds like they are having difficulty selling out the Carmel II phases they've already released, as they still have homes available.  The 5th and last phase that was supposed to go on sale a couple of weeks ago is now waiting for approval from TIC to go on sale, and it will probably be another few weeks before they release it.

It will be interesting to see what happens with the remaining Carmel II homes for sale in the next few months.  The market for 1.1 million homes with less than ideal floorplans (IMO - much worse than Carmel I), before landscaping and upgrades, won't be growing any time soon, even in Irvine.  Whatever happens to Carmel II will influence the size and price of homes that will be built to fill in the rest of that corner of Woodbury. 

 

[sonoma]

I recently received a sales call from one of the Carmel agents.  Sounds like they are having difficulty selling out the Carmel II phases they've already released, as they still have homes available.  The 5th and last phase that was supposed to go on sale a couple of weeks ago is now waiting for approval from TIC to go on sale, and it will probably be another few weeks before they release it.

It will be interesting to see what happens with the remaining Carmel II homes for sale in the next few months.  The market for 1.1 million homes with less than ideal floorplans (IMO - much worse than Carmel I), before landscaping and upgrades, won't be growing any time soon, even in Irvine.  Whatever happens to Carmel II will influence the size and price of homes that will be built to fill in the rest of that corner of Woodbury.

If you like Carmel I, they can do that for you.  You will receive a credit (not much).  Carmel  II is located in a much nicer spot than Carmel I with bigger lots and plenty of parking.

 

[annabanana]

Would they sell the Carmel 1 at the same $/sqft as Carmel II on the Carmel II lots?

 

[irvinehomeowner]

That's why I think they need to go less expensive homes on those remaining lots by Irvine Pacific... but I guess the lot sizes prevent that.

 

[irvinehomeowner]

Last price check for Montecito:

Plan 1: $760k-764k
Plan 2: $804k-807k
Plan 3: $823k

I think there is still a Plan 3 available for Sonoma.

Does anyone know how Carmel II is doing?

 

[test]

Last price check for Montecito:

Plan 1: $760k-764k
Plan 2: $804k-807k
Plan 3: $823k

Sales are a little slow eh?

 

[irvinehomeowner]

Last price check for Montecito:

Plan 1: $760k-764k
Plan 2: $804k-807k
Plan 3: $823k

Sales are a little slow eh?

Not sure what you are saying.

I don't know if that means sales are slow, all I know is that is Release 7 of MII and their prices keep going up. While I think the homes are nice... I think going above $750k is pushing it.

 

[qwerty]

i remember when these things first came out and one of my wifes coworkers bought plan one for about 715-720K and i thought they were crazy for paying that, now they want 760K - that is nuts.

 

[nytransplant]

This is good new for the folks in Sonoma.  People are going to have to pay a premium if they want a traditional SFR in Woodbury.

 

[nytransplant]

Went by the sales office at Sonoma the other day.  They have one Plan 1 C left for $805,000.  I think its a corner lot, which might explain the price.

 

[irvinehomeowner]

Went by the sales office at Sonoma the other day.  They have one Plan 1 C left for $805,000.  I think its a corner lot, which might explain the price.

Knock $50k off of that and add a room downstairs and I'll think about it.

 

[nytransplant]

The 50K off might be reasonable but not for a 4 bedroom (at least for a true SFR).

 

[irvinehomeowner]

Does it have the Conservatory option? I might "settle" for that.

And are they offering broker co-op?

 

[sonoma]

Went by the sales office at Sonoma the other day.  They have one Plan 1 C left for $805,000.  I think its a corner lot, which might explain the price.

Knock $50k off of that and add a room downstairs and I'll think about it.

If the Dow keeps moving up, Irvine won't need your business.  Trust me. 

 

[irvinehomeowner]

So I looked at the home the other day, it's not the corner but one off the corner on Statuary.

It's a decent location as it's not on the main road between Sonoma and Carmel II, the park is just one street up and it's far from Sand Canyon.

It has upgraded tile flooring but it's ceramic (or porcelain) and while they used the bigger tiles downstairs (in a basic pattern, not 45 degree or running bond), they use the smaller ones upstairs. It's white cabinets (which I think is an upgrade) and the standard Sunset Gold or whatever that beige color granite is in the kitchen. It is also just the Cali Room, no Observatory. Carpet has not been installed so at least you have that choice.

It's a nice home... and even if they do discount it down to mid/upper $700k, it's very hard to wrap our minds (and budget) around a home that has less rooms and living spaces (although more square footage) than our current home. The newness is quite tempting and I do like the year-round schedule of Woodbury Elem but I'm still not too keen on the northeast Irvine area (which includes Portola Springs).

But I would rather buy that than Montecito Plan 1 or 2 at that price point because quite simply, Sonoma feels more like a home to me (my personal opinion for all you Monte owners). But... strictly based on floor plans and features, there are advantages that Monte has over Sonoma.

 

[akim997]

I too had a chance to go over and look at the Sonoma model.  The ceramic tile (that was stated as an "upgrade") was a downgrade in our minds, and something that would need to be replaced.  The upgrades over OEM are 1) European cabinetry (white) throughout, 2) Extended top and bottom cabinets in the buffet area 3) Upgraded countertops in the Master and Bath 2 and 4) Addition of recessed lighting in certain areas.  I'm not sure what the stated cost is on these and how it compares to the last two that were sold which was $769K for 3400 sq ft lot and $785 for 3800 sq ft lot.  Those are the two plan ones you see right as you enter the neighboorhood.  We didnt like the street location back then and passed. 

Overall, the pricing isn't HORRIBLE with respect to current inventory and pricing around Irvine for SFR.  You get about the same sq footage at 2 Northpark properties on Oroville and Spring Valley... listed between $830-840K.  The bad with sonoma one is that it really is a 3BR townhouse on HGH...  I'd be the perfect house for me if it only had a small loft or something in addition to the 3 BR...  I think the developers grew keen on this notion and that's why smaller offerings typically include a loft/tech space or something (see Casero)...