Meadows is a horrible location IMO. Hills vs bottom of Baker Ranch and surrounded by 4 busy streets in what I deem a strange location for homes. What do people say about real estate, location, location, location.
Evergreen models look great on the outside, but I feel that inside, it's not as good as Ravello.
And it's not just Irvine vs. Lake Forest. I've talked about this before and some people were saying how I was bad mouthing Lake Forest, but the location for The Meadows is very undesirable because the houses are like in a crater compared to the surrounding streets.
Again, the delta in price is due to location. You would get depressed in a hurry if you were to live in Evergreen, and that's the point.
Also, I think Ravello 3 is superior to all the Evergreen models, except for the exterior. The same goes for Cielo 3. We visited Evergreen models a couple months ago. We were extremely impressed with the exterior. They are by far the best we've seen, but we weren't that impressed with the inside. My wife was disappointed because she was really looking forward to seeing a TB floorplan. I mean, it they look more luxurious (materials used) than IP homes, but somehow, the floorplans just didn't look as good as the IP homes. For instance, the floating stairs were really nice, but not practical (losing store room) and not efficiently placed.
Again, that's just my opinion on the floorplan comparison.
However, objectively speaking, location is why there's such a difference in price.
I want to say terrain also plays a role, but that's subjective. I may want to live in a quiet secluded neighborhood higher up on a hill, but others may prefer convenience, even though it's in an industrial/commercial area.
Aww poor Meadows getting crapped on in the PS thread. Let's be fair though
1) As far as being surrounded by 4 streets
Bake Parkway to the west, yes, a high speed 4 lane street
Rancho Parkway to the north, a low speed 4 lane street
Serrano Creek, not a street
A tech industrial park, not a street
Consider Stonegate. Surrounded by Portola Parkway, Jeffrey Road, Irvine Blvd, Sand Canyon. Beautiful highly desired community surrounded by 4 roads. It's possible to have a desirable community surrounded by 4 roads. Meadows only has 2.
2) As far as being in a pit or crater, yes, 3 sides for sure. The industrial park is arguably on even ground, though the meadows is clearly lower than most of it's surroundings. But you do get some beautiful views of saddleback mountain and plenty of tree coverage along serrano creek.
3) As far as the models, you all know this already, but every house sold by TB or IP starts as cheap carpet/tile, drywall, nearly cardboard doors, etc everywhere. The impressiveness of the model finishes, furniture, lot, and landscaping aren't a reflection of what you get for the base price. You could argue comparing model to model is the builder's best foot forward, though there's some subjectivity in interior/exterior design.
4) Irvine vs Lake Forest, very different cities. If you don't mind paying an extra few K of MR per year (in some cases indefinitely) to fund newly constructed schools, a demographic tilted heavily towards mainland Chinese (not saying this is a bad thing, it's just reality), increasing local traffic congestion that will only get worse as PS, OH 4, and GP are built out, and paying an extra $100-$200/sqft for a house, Irvine is a clear winner. Everyone has a limited amount of resources to allocate to their various priorities. Some people find the Irvine premium worth it, others not.
5) Floor plans. It's a trade off. TB's evergreens have some weaknesses, like the small pantries or lack of general storage closet. They also have some advantages, like the primary bath being more like a room than a hallway, two story entry ways, and plenty of hang out room (large great room + flex room + loft). Just depends what's important to the buyer.
The Meadows is clearly not an IP product. IP products clearly have some very real advantages over The Meadows. The Meadows isn't priced like an IP product though. And when it really comes down to it, everything normalizes. A lot of things that are fun to think make a big difference in quality of life after our basic needs are met just end up being forgotten in place of what is really meaningful, like connections with friends and loved ones, shared experiences, sense of purpose, etc.