The Motor Court Company
Well-known member
Signature living experience -> pay price premium so you can be more intimate with your neighbors and sharing driveway together!
New communities in Portola Springs
- Thread starter abhinata
- Start date
Signature living experience -> pay price premium so you can be more intimate with your neighbors and sharing driveway together!
irviniteeee said:BlueLabel said:Just received an email from Fiore.. thought was an interesting / funny tone. They seemed to acknowledge the market is changing, yet double down on their pricing / value. :
They still have outstanding homes from the 5 lots released in Phase One
LOL I love that they spelled their own name wrong. ?IRIVINE PACIFIC?.
Oh my... I didnt even catch that! Make it so much more laughable ;D
CalBears96
Well-known member
We stopped by Bluffs sales office at the end of our walk yesterday.
Sales lady said that they have a few homes remaining and will be building out in March. She mentioned that IP won't negotiate price and won't give incentives for Bluffs, like other builders are doing. Not sure how they're going to sell the remaining homes, then. She said the reason for that is they want to sell the model homes at highest price possible. They're slowing down construction and releases to not flood the inventories.
She gave me the price sheet, and the prices look quite ridiculously high, ~$1.8M for Bluffs 1 and $1.9M for Bluffs. They include some pre-selected upgrades, but they shouldn't be worth more than $30k at most.
Bluffs 1:
Homesites 67 & 70 have relatively small lots, although about the same as the model home.
Homesite 79 has a pretty big lot.
Bluffs 2:
Homesite 77 has a very big lot, even bigger than mine (3900 sq ft).
Bluffs 2X:
Homesite 68 has mountain view and very big lot. Guess the mountain view premium isn't worth much since it's only $30k more than site 77.
Sales lady said that they have a few homes remaining and will be building out in March. She mentioned that IP won't negotiate price and won't give incentives for Bluffs, like other builders are doing. Not sure how they're going to sell the remaining homes, then. She said the reason for that is they want to sell the model homes at highest price possible. They're slowing down construction and releases to not flood the inventories.
She gave me the price sheet, and the prices look quite ridiculously high, ~$1.8M for Bluffs 1 and $1.9M for Bluffs. They include some pre-selected upgrades, but they shouldn't be worth more than $30k at most.
Bluffs 1:
Homesites 67 & 70 have relatively small lots, although about the same as the model home.
Homesite 79 has a pretty big lot.
Bluffs 2:
Homesite 77 has a very big lot, even bigger than mine (3900 sq ft).
Bluffs 2X:
Homesite 68 has mountain view and very big lot. Guess the mountain view premium isn't worth much since it's only $30k more than site 77.
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usctrojancpa
Well-known member
Irvine Pacific has always been very stubborn but that's primarily because their cost basis for the land is basically zero and they are most likely not using debt to finance the construction costs not to mention that they are privately owned so they can be very stubborn/patient. I think lot 68 will probably sell first and the Plan 1 will sit for a long while as the market keeps cooling.
CalBears96
Well-known member
She also said IP probably won't sell any land in OH4 to other builders so that it's easier for them to control the price.
sleepy5136
Well-known member
Tell IP good luck. They don’t call the shots during a cooling market. They should have learned that lesson in 2008. But I guess we shall see what the FED plans to do and see how stubborn IP will be.
CalBears96
Well-known member
I'm not disagreeing with you, but IP could just completely pause construction if market cools down too much. My co-worker who bought at Stonegate back in 2011 said that they paused inventory until market started picking up. He waited for some time before getting the call from sales to come in to pick a lot.
usctrojancpa
Well-known member
That is true but they may have a wait a few years before things pick up.
They have the money to stay idle until market picks up again even during the great recession. When i bought my old home in 2009, Woodbury had 1/3 of the lot empty. They shut down all constructions until 2011-2012.
CalBears96
Well-known member
That would work out great for me if they really really slowed down construction on Cielo. A few years would be great.
This was my price sheet from July 2022 for reference.
Homesite:
#79 - $1,770,000 -> $1,808,744
#77 - $1,840,000 -> $1,894,997
So they closed on #76,78? and adjusted move in to March.
CalBears96
Well-known member
I'm guessing that they did sell #76 and #78. I've seen 114 Tall Reed (#78) listed on Zillow, so maybe that helped.
The increase in price is most likely due to additional pre-selected options. Most likely, it includes flooring options (stage 4) in order for the price to increase by that much. It's surprising though, considering it's still 6 months until CoE. When I bought, my CoE was end of May and we had our flooring appt beginning of February, which was 3 months before CoE.
sleepy5136
Well-known member
Let them pause. They can only control the new construction side all they want but they have no ability to control resale. Sure new homes sell at a premium but it ain’t going to be that much of a premium. Especially when prices are heading downward.
Plus if they are pausing construction, why are they calling me about Cielo?
Lol they called because they know you cant afford it. It doesnt hurt to call. Keep them busy. Another way of pausing.Let them pause. They can only control the new construction side all they want but they have no ability to control resale. Sure new homes sell at a premium but it ain’t going to be that much of a premium. Especially when prices are heading downward.
Plus if they are pausing construction, why are they calling me about Cielo?
CalBears96
Well-known member
Nobody is saying that prices aren't heading down. What I'm saying, and IP is doing, is that they won't be participating in selling homes at those lower prices. They'll wait until the market is picking up again and then start releasing homes. Then they'll be selling at higher prices again.Let them pause. They can only control the new construction side all they want but they have no ability to control resale. Sure new homes sell at a premium but it ain’t going to be that much of a premium. Especially when prices are heading downward.
Plus if they are pausing construction, why are they calling me about Cielo?
And I'm not saying that they've started pausing construction yet. I mean, new homes are at peak prices still so they can still sell them. Also, there are still Cielo inventories that were released a couple months ago, from Phase 1. Maybe that's why they're calling you. To clear those inventories.
The thing is with Cielo is that the view lots are still selling like hot cakes. It's the non-view lots that are sitting. That works out for me, too, because I'm not about to spend $100k-$200k for hillside view. I just want to buy a Cielo 1, which seems to be the least popular Plan (at least, among real estate agents on Youtube), at some point. So that's another advantage for me also.
sleepy5136
Well-known member
Lmao more like the easy days of collecting a paycheck is over for agents.Lol they called because they know you cant afford it. It doesnt hurt to call. Keep them busy. Another way of pausing.
Btw are you my financial advisor? Because you must be looking at the wrong accounts there
It’s called educated guess. I would also say that you currently cant afford owning irvine ,let alone cieloLmao more like the easy days of collecting a paycheck is over for agents.
Btw are you my financial advisor? Because you must be looking at the wrong accounts there
anyone still getting info on releases at sierra? we've taken a step back (haven't refreshed on our loan prequalification) and are renting at the moment, but curious as to how they're backing down from the stratospheric pricing. i know they've been offering upgrades and/or buydown on points.
irvinehomeowner
Well-known member
Pausing for the 2025 New Home Collection.
The Motor Court Company
Well-known member
and then there are people who can afford Irvine but wont pay for overpriced items.It’s called educated guess. I would also say that you currently cant afford owning irvine ,let alone cielo