New communities in Portola Springs

[trematix]

LOL i just went to their website, its 3% on the first $25,000 only. Yea a lot of cash buyers will disappear with all the interest on their 25k...

First Bank is now offering new customer 3% savings rate on performance checking account.  Most cash buyers will disappear once all banks start offering 3-4% savings rate.  Why would cash buyers keep buying homes if home prices NOT going up anymore?  Besides, imagine less buyers can qualify for mortgages once mortgage rates hit 6-7% by end of this year.  Demand will be less than supply?..
Expect supply to go up in the near futurehttps://www.wsj.com/amp/articles/as...ar-time-is-running-out-to-cash-in-11649275058

 

[CalBears96]

LOL i just went to their website, its 3% on the first $25,000 only. Yea a lot of cash buyers will disappear with all the interest on their 25k...

First Bank is now offering new customer 3% savings rate on performance checking account.  Most cash buyers will disappear once all banks start offering 3-4% savings rate.  Why would cash buyers keep buying homes if home prices NOT going up anymore?  Besides, imagine less buyers can qualify for mortgages once mortgage rates hit 6-7% by end of this year.  Demand will be less than supply?..
Expect supply to go up in the near futurehttps://www.wsj.com/amp/articles/as...ar-time-is-running-out-to-cash-in-11649275058

$25k is like pocket changes for cash buyers. Basically, they put $25k in First Bank and STILL keep buying homes.

 

[bkimxmd]

Martin, did you by chance get the phase 4 price sheet at Sierra?

 

[usctrojancpa]

Martin, did you by chance get the phase 4 price sheet at Sierra?

Here's the Phase 4 pricing.  The lot premiums range from $130k to $150k.

 

[CalBears96]

Martin, did you by chance get the phase 4 price sheet at Sierra?

Here's the Phase 4 pricing.  The lot premiums range from $130k to $150k.

Plan 2X was on our wishlist before we decided to stay with Bluffs 2/Highland 1. Not that we could afford it now anyway. 

 

[usctrojancpa]

Martin, did you by chance get the phase 4 price sheet at Sierra?

Here's the Phase 4 pricing.  The lot premiums range from $130k to $150k.

Plan 2X was on our wishlist before we decided to stay with Bluffs 2/Highland 1. Not that we could afford it now anyway. 

And why I told my dad to buy in Phase 1.

 

[abhinata]

Sierra prices are the direction for future releases of Highlands and Bluffs. Looks like the remaining Highland view lots will be $2M+ and Bluffs will be $1.8M+. Interest rate hikes and inflation is not slowing things down here..It can no longer be a value village as described by some earlier!!

 

[OCLuvr]

As I have said earlier, ?PS and EW have been the best bang for buck for Irvine buyers?

 

[YLgirl]

Is there a new price sheet for Lapis?

 

[Sysko]

so they can sell detached condos at inflated prices  >

I think it makes economical sense as they can increase the profit margin for the lower priced product if the view lot premium is fixed.

They'll have detached condos at 19175 and the homes at 19176 even though the best views will be at 19175?  That makes no sense.

Yeah, that's really odd.  SFRs on the hill would go for a lot.

Maybe they are building homes like Highland. Keep in mind Highland homes are classified as condo even though IP calls them quasi-SFR

I heard those detached condos will be Hillside.

Per the Master Plan, this community will be called Marea.

 

[Sysko]

New development southwest of Big Dipper and Whispering Hills in Neighborhood 5B of Planning Area 6 (Across the street from Sierra; where the new park will be)

• VTTM 19175 - 122 detached residential condominiums
• VTTM 19176 - 100 single-family residences

See attachment

Per the Master Plan, VTTM 19175 is Marea and VTTM 19176 is Forza

I rode my bike through the site.  Both communities will be at different elevations.  Therefore, the outer single family homes in Forza will have incredible views.  These homes will have the highest elevation in all of PS.

Both will have separate entrances.  Entrance to Forza will be off Whispering Hills; Entrance to Marea will be off Big Dipper (across the Spotted Quail)

BTW...Entrance to the park and parking lot will be off Big Dipper.  Looking forward to the new park.

 

[CalBears96]

So they did save the best premium lots for the bigger homes Forza. These are going to be $3M homes?

 

[CalBears96]

Went to look at progress of my Bluffs 2 home site today, so I got price sheets for Bluffs and Highland. Prices include pre-selected upgrades. Bluffs lady said Bluffs upgrades are about $35k or so, so the Bluffs 2X without upgrades would be $1.9M.

Bluffs lady she's working on price sheet for next phase release, which comes back to Tall Reed, and we're back to Plan 2. She said that base price for Plan 2 (with smallest lot) will be $1.7M. When I purchased my Plan 2 back in December, the base price was $1.48M. Even with lot premium and full upgrades ($135k worth), the final price for my home is $1.685M, still lower than current base price.

 

[CalBears96]

Bluffs lady did say that she's a bit concerned about the housing price because of the potential buyers on her priority list were dropped due to pre-approval limit not meeting sales price. As of now, she was still able to sell the homes, but she had to go further down the list. Before, the homes were snatched up before she barely moved down the list.

 

[sleepy5136]

Bluffs lady did say that she's a bit concerned about the housing price because of the potential buyers on her priority list were dropped due to pre-approval limit not meeting sales price. As of now, she was still able to sell the homes, but she had to go further down the list. Before, the homes were snatched up before she barely moved down the list.

Nothing to be concerned about. If anything it?s something to cheer for as it may get to a point where buyers can ask for upgrade credits or towards closing costs. What is happening now should have happened way earlier.

 

[CalBears96]

Bluffs lady did say that she's a bit concerned about the housing price because of the potential buyers on her priority list were dropped due to pre-approval limit not meeting sales price. As of now, she was still able to sell the homes, but she had to go further down the list. Before, the homes were snatched up before she barely moved down the list.

Nothing to be concerned about. If anything it?s something to cheer for as it may get to a point where buyers can ask for upgrade credits or towards closing costs. What is happening now should have happened way earlier.

Like I said, their pre-approval amount is becoming less than the listed price, so they would either need to update the pre-approval amount or get dropped from the priority list. Getting upgrade credits or closing cost credits ain't helping that. She did mention there are some cash buyers on her list, which is why she was still able to sell the homes.

I mean, when I started getting on the priority list, I got pre-approved for $1.7M because the price was $1.35M-$1.45M back then. In December, I was thinking about updating my pre-approval, but fortunately, I got the call for a purchase opportunity.

 

[usctrojancpa]

Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory. 

 

[CalBears96]

Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

 

[Ready2Downsize]

Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

When u commit to buy, can u get a rate lock to cover the amount of time it will take to close?

 

[CalBears96]

Builders are getting to max pricing now because they are ahead of where resale prices are (over $800/sf vs mid $700/sf) and rates going up isn't helping them.  Yes, cash buyers can still get it down but the builders will need to slow down their price increases or they'll have unsold inventory.

We're seeing a slow down at Fresco, and Bluffs lady told me next phase is "only" increasing at ~$30-40k instead of $70k. As long as they still have buyers, builders will keep increasing the price.

When u commit to buy, can u get a rate lock to cover the amount of time it will take to close?

Depends on the lender you go with. Union Bank (IP's preferred lender), has a 90-day lock, but will charge a fee for extending the lock.

I locked with Citibank. They have a 60-day lock, but with no charges for extension if builder delays closing date. So with Citibank, it's really an extended lock. Their rate was comparable with Union Bank, but they had a better relationship discount, so I went with Citibank.