New communities in Portola Springs

[ScottWilson]

I want to meet the people who are buying these houses. Its more impressive than the Tik Tok videos where they ask Hypercar owners what they do for a living. The property tax bill alone is an impressive feat to pay.

 

[CalBears96]

I got an email from IP about new homes in PS. Apparently, the two Bluffs quick move-in homes have been sold: 121 Tall Reed (Bluffs 1 with minimal lot size), priced at $1.69M or so, and 115 Tall Reed (Bluffs 2 with relatively large lot size and somewhat privacy, right next to my house), priced at $1.89M (I believe). These two homes were in the previous email, but disappeared this time. Only two Fiore (one Plan 1 and one Plan 2) and three Highland (all Plan 1) quick move-ins remain.

I wonder if the 121 Tall Reed was sold because of the listing of 124 Poppyseed at $1.8M. 😂 124 Poppyseed is pretty much the same as 121 Tall Reed, minimal lot size with very little upgrades (just flooring in great room and hallway, and maybe kitchen). I suspect 121 Tall Reed might have more upgrades than that. So, for $100k less and actual brand new, who wouldn't choose it instead of 124 Poppyseed? Plus maybe half of the $35k-$45k buyer agent commission as well.

 

[Mawesome Sauce]

I got an email from IP about new homes in PS. Apparently, the two Bluffs quick move-in homes have been sold: 121 Tall Reed (Bluffs 1 with minimal lot size), priced at $1.69M or so, and 115 Tall Reed (Bluffs 2 with relatively large lot size and somewhat privacy, right next to my house), priced at $1.89M (I believe). These two homes were in the previous email, but disappeared this time. Only two Fiore (one Plan 1 and one Plan 2) and three Highland (all Plan 1) quick move-ins remain.

I wonder if the 121 Tall Reed was sold because of the listing of 124 Poppyseed at $1.8M. 😂 124 Poppyseed is pretty much the same as 121 Tall Reed, minimal lot size with very little upgrades (just flooring in great room and hallway, and maybe kitchen). I suspect 121 Tall Reed might have more upgrades than that. So, for $100k less and actual brand new, who wouldn't choose it instead of 124 Poppyseed? Plus maybe half of the $35k-$45k buyer agent commission as well.

Well, I guess I’m never buying in Irvine.

 

[ratchet_resident]

I get the appeal of Irvine, but if I was buying plan 3 of Ravello for what, 3M and someone took me to the Evergreen models in The Meadows i’d cry.

For substantially less you get *such* a nicer house, at least from how the models feel. Very similar floorplan but the much more expensive one feels like a cheap imitation.

I agree. Although the Meadow's proximity to the 241 is undesirable and the location isn't the best, from what I've seen, the houses (especially the larger models) are very luxurious and remind me of homes in prestigious communities like Altair. Toll Brothers seems to always put in extra effort in decorating their model homes, however, so maybe the actual homes won't live up to the standard.

 

[anteaterMD]

I agree. Although the Meadow's proximity to the 241 is undesirable and the location isn't the best, from what I've seen, the houses (especially the larger models) are very luxurious and remind me of homes in prestigious communities like Altair. Toll Brothers seems to always put in extra effort in decorating their model homes, however, so maybe the actual homes won't live up to the standard.

Not a huge fan of the interior or landscaping design choices for model homes in general; they tend to be bold and overstated. For these reasons, I'd wager that my home will look better than the model equivalent in no time

 

[CalBears96]

So I don't know what kind of delusion pills this owner has been eating, but he's re-listing the home at $1.88M after reducing from $1.89M (6/11/22) to $1.828M (7/14/22) to $1.799M (8/4/22) finally to $1.72M (1/12/23) last month.

124 Poppyseed, Irvine, CA 92618 - 4 beds/4 baths

(CRMLS) For Sale: 4 beds, 4 baths ∙ 2432 sq. ft. ∙ 124 Poppyseed, Irvine, CA 92618 ∙ $1,880,000 ∙ MLS# OC23028084 ∙ Within the Portola Springs community of Irvine is a stunning, never lived in before detac...

www.redfin.com

 

[CalBears96]

Seems like the housing market is picking up pace a little bit, unfortunately. I stopped by Cielo sales office to sign up with my agent today. The new price sheet has home sites 31 and 35 being sold. Last month, home site 33 sold. This is after 3 months or so without any home being sold. I'm not happy about it since I wanted Cielo to move slowly. Oh well.

 

[Mawesome Sauce]

So sad the market isn’t falling more… either I’m completely wrong about inflation or the Fed is not doing its job

 

[sleepy5136]

So sad the market isn’t falling more… either I’m completely wrong about inflation or the Fed is not doing its job

Unemployment is at a record low of 3.4% in January. so 96.6% are employed and people who have homes have homes with mortgages < 4%, paid off their mortgages, or close to paying it off. In addition, no NINJA loans and most people have fixed rated mortgages.

So if people have jobs and and are locked in with a rate of < 4%, why would they sell? If they don't sell that means no inventory in the market.

I bet Cielo is being picked up by all these cash buyers from China. Simply parking their cash in America. I'm very curious to see if Builders accept RMB or different currency when selling their homes. I'm guessing they don't, but wouldn't be surprised if IP can work with them to convert RMB to USD since that is their targeted buyers.

 

[CalBears96]

I bet Cielo is being picked up by all these cash buyers from China. Simply parking their cash in America. I'm very curious to see if Builders accept RMB or different currency when selling their homes. I'm guessing they don't, but wouldn't be surprised if IP can work with them to convert RMB to USD since that is their targeted buyers.

This is probably spurred on by the 11 states banning Chinese citizens from buying homes. So they're flooding California.

 

[Mawesome Sauce]

This is probably spurred on by the 11 states banning Chinese citizens from buying homes. So they're flooding California.

We could do it here too… problem solved. Non California residents pay higher property tax.

 

[Danimal]

There was an open house on my walk today so i stopped by around 3 PM to check it out. It was packed with 4-5 buyers. This house was bought $100k cheaper compared to current LP on March of last year. Listing agent said offers are coming in even though the house was just opened this weekend. Crazy stuff.

113 Mangrove Banks, Irvine, CA 92620 - 4 beds/4 baths

(CRMLS) Sold: 4 beds, 4 baths, 2546 sq. ft. house located at 113 Mangrove Banks, Irvine, CA 92620 sold for $2,140,000 on Mar 13, 2023. MLS# OC23026727. Exceptional living awaits in this amazing 4bedroom 3 ...

redf.in

 

[CalBears96]

There was an open house on my walk today so i stopped by around 3 PM to check it out. It was packed with 4-5 buyers. This house was bought $100k cheaper compared to current LP on March of last year. Listing agent said offers are coming in even though the house was just opened this weekend. Crazy stuff.

113 Mangrove Banks, Irvine, CA 92620 - 4 beds/4 baths

(CRMLS) Sold: 4 beds, 4 baths, 2546 sq. ft. house located at 113 Mangrove Banks, Irvine, CA 92620 sold for $2,140,000 on Mar 13, 2023. MLS# OC23026727. Exceptional living awaits in this amazing 4bedroom 3 ...

redf.in

That's crazy, considering March 2022 was near the peak.

 

[potsticker]

The market is buzzing again. Definitely hearing more multiple offer situations and homes going into contract for significantly over asking.

 

[someguy]

I suspect buyers are getting over their skis again thinking the worst is over and this buzz will be followed by a hangover.

 

[usctrojancpa]

Seems like the housing market is picking up pace a little bit, unfortunately. I stopped by Cielo sales office to sign up with my agent today. The new price sheet has home sites 31 and 35 being sold. Last month, home site 33 sold. This is after 3 months or so without any home being sold. I'm not happy about it since I wanted Cielo to move slowly. Oh well.

I went by Highland to register a buy and to there is only one lot left unsold (Plan 1). Not a bad thing because I have a Plan 1 resale listing in Highland coming up in a few weeks.

 

[usctrojancpa]

I suspect buyers are getting over their skis again thinking the worst is over and this buzz will be followed by a hangover.

I hate to sound like a broken record but the issue is a lack of new listing inventory coming to market. There are less home for sale now than at year end. Inventory has to increase materially before prices can come down.