New communities in Portola Springs

NEW -> Contingent Buyer Assistance Program
What's crazy about this one is it sold for 2.7m in January 2024. The owner now thinks the home is worth 800k more in a span of 4 months? What's sad is someone will pick this up close to 3.5m and that's the concerning part about Irvine RE. Those comps will be used for future homes and the prices keep on going up. Until one day it can no longer go up, that's when things will get very interesting.
Still cheaper than Newport Coast which keeps going up and up 😝
Look at Anthony Rendon here with his contract money
 

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It's not, really. Did you not see Azul, Olivewood and Cielo new construction view lots that I posted? You CAN'T get a view lot in PS below $4.2M anymore. The latest Olivewood view lots aren't even city views and they're still $4M+.

The one above is actually a city view and it does have quite a bit of upgrades ($200k+ in the description), so asking for $4.5M isn't really ridiculous. This one has a 4,800 sq ft lot, which is bigger than most of the new construction view lots. Is it a bit high? Probably, but not ridiculous
Just because you can’t get a view lot below $4.2M in PS doesn’t mean it isn’t absolutely ridiculous
 
We saw the sign this weekend when we walked up there, but we didn't know which home it was. Listing price is crazy at $4.5M. I mean, it's a nice view lot, but the lot size is really really tiny at 3600 sq ft. The owner bought this home at $3.72M + upgrades from New Home Co. Assuming they added a bunch of upgrades and closed at $3.9M (quite generous estimate), that's $600k profit right after close of escrow. 😎
 
If I had to spend $4.5M on a view lot, then I would rather buy 105 Sunnyslope. That one has the same view, but is bigger, 3365 sq ft vs. 2980 sq ft. Not to mention a 4800 sq ft lot instead of 3600 sq ft lot. And it has more upgrades as well. Basically, a Cielo 2 vs. Olivewood 2 resale.
 
One could also get Corona Del Mar, Newport Beach, or Laguna Beach for same or higher SF, same or higher lot size, and equal level schools. What do you miss? That "new home smell", higher property taxes, HOA dues, about 10 degrees in temperature, and some food options. (IMHO zero decent (authentic) Asian food places in CDM, NP or LB)

 
From Crystal Cove, taking the Newport Coast Dr and you'll be in Irvine University within 10 minutes.

I would be all-in if I have the dough for CDM. The city views is cool and all, but I can never get tire of ocean view. Yeah, and there is more to look at than just the ocean.:)
 
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