Montecito / Sonoma / Carmel Pricing

irvinehomeowner said:
We went back to look at both Montecito and Sonoma just to compare what we could buy for under $800k (the magic tax credit number).

A big drawback for us in regards to Sonoma is its zero lot line on one side of your home. The salesperson tried to spin it by saying you don't notice it if you put trees up or whatever on that side but it is a concern. Interestingly enough, the first two phases, the ones north of the park and above the old CalPac homes were not zero lot lines.

Montecito, on the other hand, while having a motorcourt, is not zero lot line as you have a wall around your entire property meaning you have 2 side yards (although that's a stretch since there's not much side to it). But still, something can be said for "some" separation from your neighbors.

What's even more distressing is even though many feel these homes are overpriced... they are sold out through all phases at both Montecito and Sonoma (we did not check Carmel). These homes don't open until May-September so anything can happen (as what usually does once they near completion) but it's amazing that so many people will pay these prices. I'm not saying I don't understand it, it's just that there is no pressure on TIC to lower prices as long as this demand keeps up.

I still think Irvine is different... I just went to that Summit Crest project in Lake Forest, new 2500-3000 sft homes for $670-$710k and I wonder if they'll see the demand that Woodbury is getting.
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What's different is the excellent PR campaign run by TIC. Perception is reality. I am sure they could sell a cardboard box for $500K if given the right marketing tools.
 
escrowbear said:
Does anyone know when the first wave of settlers will be moving into Carmel/Montecito/Sonoma?
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Phase 1 of Montecito is moving in around the 3rd to 4th week of April.  Phase 2 should be moving in around late May.
 
Current Pricing for Montecito (Phase 9)

Residence 1: From $751,500
Residence 2: From $792,500
Residence 3: From $814,500
 
ajw522 said:
Current Pricing for Montecito (Phase 9)

Residence 1: From $751,500
Residence 2: From $792,500
Residence 3: From $814,500
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Prices are up 1-2% from Feb...interesting.  Looks like all those homes will be sold like I predicted.  The Irvine real estate market keeps plugging along.
 
I went by Sonoma the other day and they had a bunch of home left on their current release plus one left form the previous release.  It might be due to the location - corner of sand canyon and trabuco.  I seems like their next release date has been delayed a week
 
nytransplant said:
I went by Sonoma the other day and they had a bunch of home left on their current release plus one left form the previous release.  It might be due to the location - corner of sand canyon and trabuco.  I seems like their next release date has been delayed a week
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How many homes were available?  What phase were they in?  Maybe it is a location thing.  2 Major streets is sucky.
 
The higher-priced homes will sell more slowly because:

1. They are overpriced (in my opinon).
2. They exceed the tax credit limitations.
3. Reason number one.

I don't think they are overpriced just because of numbers... for that price, you should get more. Carmel should have at least 2.5 garages and one additional downstairs space. A Great Room is nice, but you still need a 2nd dining or a parlor/living room.
 
irvinehomeowner said:
The higher-priced homes will sell more slowly because:

1. They are overpriced (in my opinon).
2. They exceed the tax credit limitations.
3. Reason number one.

I don't think they are overpriced just because of numbers... for that price, you should get more. Carmel should have at least 2.5 garages and one additional downstairs space. A Great Room is nice, but you still need a 2nd dining or a parlor/living room.
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Unless home inventory levels increase and do so quickly, those remaining homes will sell (maybe at a slower pace, but they will sell).  I hate to say this but those Woodbury homes are priced lower than many of the re-sales in Irvine.
 
escrowbear said:
How many homes were available?  What phase were they in?  Maybe it is a location thing.  2 Major streets is sucky.
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They are in phase release 7.  There were 4 homes left in that phase and 1 left from phase 6. 
 
usctrojancpa said:
irvinehomeowner said:
The higher-priced homes will sell more slowly because:

1. They are overpriced (in my opinon).
2. They exceed the tax credit limitations.
3. Reason number one.

I don't think they are overpriced just because of numbers... for that price, you should get more. Carmel should have at least 2.5 garages and one additional downstairs space. A Great Room is nice, but you still need a 2nd dining or a parlor/living room.
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Unless home inventory levels increase and do so quickly, those remaining homes will sell (maybe at a slower pace, but they will sell).  I hate to say this but those Woodbury homes are priced lower than many of the re-sales in Irvine.
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I fin that interesting that the re-sales in Irvine are so high.  I've looked at many homes in woodbury and most of the resales at the same price point of sonoma, don't match up.  What drives these prices?
 
Has anyone seen a plan 1 sonoma with conservatory option?  From floorplans seems like an awkward layout like plan 3 with furniture placement the main issue.  Plan 2 seems to benefit the most from the conservatory extension as the great room flows into the kitchen without it being cut off by the island like in plan 1. 

How does the 3 leftover CalPac models impact future comps in the area?  I think they're smaller and according to the sales staff at Sonoma, are all sold. 

We finally toured Sonoma this past weekend.  It was exciting to tour a open layout compared to our "cramped" Calpac mericort plan 2.  Best price per sq ft seems to be either plan 1 or 3.  Don't know why plan 2 has the highest $/sq ft.  Adding a conservatory cost about $28000 extra per sales staff.  Adds maybe 150 sq ft which is cheap at about $200 per sq ft.  Adding a 5th bedroom to plan 3 cost less than $8000 (forgot what sales told me).  But a 5 bedroom with 2 car garage is not a good ratio or for resale.  We like that it has more curb appeal then the motorcourt Montecito and Santa Cruz.  Don't know much about the builder except they're ex-Williams Lyons in NB.  Semi-interested in Sonoma plan 1, priced out of 2 and 3.  Location could be an issue with Sand Canyon vs. Trabuco but can't get any worse then my present situation (Culver vs. 5 freeway).  We have enough savings to stretch into 20% down on a plan 1 without contingency on our current home.  We put in our app recently but having some remorse after reading the posts here.  I want our next home to be our "permanent" home, something that will satisfy our family needs (1 kid so far with 1 planned) and also after kids (not too big for the two of us).  I feel lucky that Irvine homebuyers have the resources of this forum, I do feel empowered with all the info I gathered here, too bad it mostly takes away the "high" of touring model homes. 
 
@ps99472:

Thanks for your post and I totally understand what you mean about the buzzkill of some of the posts here (especially mine).

I actually like Sonoma quite a bit but for the price... it just doesn't make sense to me. But... it has made sense for many others so you can console yourself in knowing that not everyone is as pessimistic as I am.

If the Sonoma Plan 1 had a downstairs bedroom or den, we would probably really look into it as I liked the second floor of that model the best. But they keep raising the price which is quite irritating. Again, if these were $50k-100k lower... best value in Irvine even with the Woodbury density (which some people like).

I also like Montecito Plan 2 but it's not just the motorcourt that doesn't appeal to me, it's the way that Carmel/Monte neighborhood is laid out. Rumor is there is supposed to be another area with Montecito models and depending on how that looks... it may move us to buy... but based on that last Phase pricing, the  Plan 2 will be well over $800k by then and that's ridiculous.
 
IHO,

Your posts are not bad at all.  Remember the home that I bought has 101 flaws?  It's cool man.  People still have to make decision for their own regardless of what other people are saying.  I do agree with you that the pricing at montecito is getting out of hand.  Selling out is more important than their little price increase. 
 
Sonoma Phase 7: (4/19/10)

3A $883,500
2C  $843,500 (sold)
3D  $888,500  (sold)
1B  $783,500 (5000 sq ft lot, but backs onto Sand Canyon)
3BR  $881,500
1C  $767,500
3DR  $876,500 (sold)
2AR  $833,500 (sold)

Some of these carry the Statuary street name..  Not a good choice in my opinion, sounds like Statutory, and I hate correcting people when I give out my address.  Plus I don't see any statues around.....

There is one plan 1 leftover from previous phase

1CR  $766,500

I think the ideal lots will be the ones below the CalPac models, seems like bigger lots and not too close to Sand Canyon nor Trabuco.  Plus the first 3 phases will border the Arbor Apt complex.  I prequalified with them, but will probably hold off till later.. maybe when there are more incentives. 
 
Wow... the pricing has gotten ridiculous. Seriously... it's like they are using the tax incentives and low interest to justify making the prices so high.
 
irvinehomeowner said:
Wow... the pricing has gotten ridiculous. Seriously... it's like they are using the tax incentives and low interest to justify making the prices so high.
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And this surprises you because...?
 
http://lyonsancarloscourt.com/plans/index.php

IHO, There is a price point that fits everyone's budget to live in lovely Irvine! :)

Seeing the activity in the new HK collection, I don't see Irvine correcting more than 5% from here even if mortgage rates sharply rise! It is kind of funny to see OC/LA as whole correcting 40% while Irvine has corrected only 15% off from its peak. May 2011 will be the bottom in Irvine with another 5% price reduction tops.
 
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