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New communities in Portola Springs

CalBears96

Well-known member
And these are Marea floorplans, if anyone is interested.
 

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Portolaresident

New member
I just received an email from CalPac offering 3.625% 30 yrs fixed for their Lapis. I stopped by Lapis few weeks ago and they had like 15 available/unsold sites. I stopped by Fiore too and no-one was really there beside me. I wonder if CalPac and Irvine Pacific ever start reducing the prices. $1.3 for townhouse with shared walls (Lapis) and $1.6M for detached condo (Fiore) that does not even have a guest bedroom with its own bathroom is ridiculous (Also the location of lapis and flora is not very ideal). The floorpans posted for Marea and Forza also seem not having a guest bedroom (except for biggest Forza plan), can't they make them at least jack and Jill design? I mean $1.6-$1.7M starting asking price and your guest can't have little privacy???
 

CalBears96

Well-known member
I just received an email from CalPac offering 3.625% 30 yrs fixed for their Lapis. I stopped by Lapis few weeks ago and they had like 15 available/unsold sites. I stopped by Fiore too and no-one was really there beside me. I wonder if CalPac and Irvine Pacific ever start reducing the prices. $1.3 for townhouse with shared walls (Lapis) and $1.6M for detached condo (Fiore) that does not even have a guest bedroom with its own bathroom is ridiculous (Also the location of lapis and flora is not very ideal). The floorpans posted for Marea and Forza also seem not having a guest bedroom (except for biggest Forza plan), can't they make them at least jack and Jill design? I mean $1.6-$1.7M starting asking price and your guest can't have little privacy???
I got the same email.

CalPac might reduce prices because they can't afford sitting on too many unsold sites or empty lots since they paid for the land.

Irvine Pacific, on the other hand, WILL NOT reduce prices because they own the land and can sit on unsold sites and empty lots forever if they have to. My wife watched a Youtube video from some agent who brought in her client to try to negotiate the price at Bluffs and the answer from sales lady was a resounding NO. IP wouldn't even negotiate the price, let alone reducing it. 😂
 

CalBears96

Well-known member
I think Sierra homes are selling better partly thanks to the stubbornness of IP's refusal to reduce the prices on Bluffs and Highland.
 

sgip

Well-known member
That's a pretty amazing deal. The cost to buy a 30 year fixed rate down to that level (if it's a permanent rate buydown) is extraordinary. Any screen shots as to what the "real deal" is?

Better to take that $$$ off the price instead of buying the rate down, but that ain't gonna happen.
 

sgip

Well-known member
2-1 buydowns cost roughly 2-2.25 pct of the loan amount, so that will give some idea of the amount you'll have as a concession if you refuse the buydown.

Also, you don't qualify at 3.5 or 3.625, but at 5.5-5.625
 

bones

Well-known member
Good info. I think in this market, you can negotiate on both ends with builders not named iPac, esp on move in ready homes.
 

CalBears96

Well-known member
Good info. I think in this market, you can negotiate on both ends with builders not named iPac, esp on move in ready homes.
I would say particularly so with CalPac since they're a small builder that really need to get rid of the move in ready homes.
 

CalBears96

Well-known member
For some reason, I thought CalPac was also related to TIC.
I actually thought CalPac was a subsidiary of TIC.

I mean, you're not wrong that CalPac was related to TIC since it was FOUNDED by Donald Bren in 1958. He then sold it to his son, Cary Bren, in 2000 for $25M. It was actually OC's largest home builder in 1997, when Cary Bren was named president of the company.
 

CalBears96

Well-known member
Got price sheets from Cielo and Azul today. As expected, a few homes that had extra designer upgrades had price increase according to the upgrade costs they added.

What I didn't expect, though, was the price sheet now states Release 2 when previous price sheet (11/19/22) stated Release 3. Previous price sheet had the listing price for homesite 9. I've never seen listing price for homesites 7 and 8, other than a post from marmott showing listing price for homesites 7 and 8 as part of Release 3 from an email from IP. Homesites 29 and 30 were also supposed to be apart of Release 3, but that never showed up.

Homesites 7-9 and 29-30 were shown on sales map in previous price sheet, but they have been removed from the sales map in the latest price sheet. I don't know what the heck that means since I see that homesites 7-9 are pretty far along. The structures are nearly complete.

But it does look more and more like IP is starting to pause construction and stopped releasing new homes.
 
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