irvinehomeowner
Well-known member
Do I hear $6m? $7m? 
New communities in Portola Springs
- Thread starter abhinata
- Start date
NEW -> Contingent Buyer Assistance Program
In comparison, lot 81 is a Plan 2, with 7012 sq ft lot, with slightly better view, is selling at $4.785M.
Well, let's see if these new releases sell or not.
Buyers from phase 12 are backing out, prices on those lots are now $1 mil cheaper, Shea is getting desperate. Market is tanking.
It's neighbor lot 80 sold for $5.3 mil. Thats got to be a record for PS.
123 Drumbeat still unsold.
How do you know, are you one of those buyers? I can assure you that you are wrong, just like you are wrong about the Toll Brothers wait list. You don't even have to be a buyer, just common sense, to see that $6 mil is not a stretch from recent Cielo lots that are $5+ mil especially for buyers that pay 100% cash.
You keep comparing apples to oranges.
That remains to be seen. Crestview came in a lot lower than anyone expected. This is a declining market. Toll Bros expected 6 mil starting price could easily drop to below 5 mil.
Buyers looking for a new construction 7-8 mil view lot would absolutely consider a new construction 5 mil view lot, especially when there are no other choices. Likewise someone looking to spend 5 mil cash could easily take a 3 mil loan to make an 8 mil purchase.
Imagine I have 10 mil in uninvested cash. I want to spend half of that on a new construction home. Cielo at 3-5 mil seems reasonable right? Then I see there's the Summit which will open in the summer at 3-6 mil. Why wouldn't I wait to see those homes before pulling the trigger? Even at 7-8 mil that's not out of my price range. Keep in mind just because I have 10 mil to spend and want to spend 5 mil doesn't mean I won't wait until prices drop to 3 mil before buying.
Lots of people fall for the curated illusion of artificial scarcity only to overpay for a mediocre product.
GrowthStateofMind
Active member
Meanwhile, 105 Sunnyslope in Cielo remains sitting on the market day 96…
CalBears96
Well-known member
Well, 105 Sunnyslope is a Plan 2, with 4804 sq ft lot. Its view is nice, but still not as good as these ones.
In comparison, lot 81 is a Plan 2, with 7012 sq ft lot, with slightly better view, is selling at $4.785M.
Well, let's see if these new releases sell or not.
Buyers from phase 12 are backing out, prices on those lots are now $1 mil cheaper, Shea is getting desperate. Market is tanking.
It's neighbor lot 80 sold for $5.3 mil. Thats got to be a record for PS.
So Cielo is finally moving into view lots release. The view lot premium is around $1M to $1.3M. I guess, comparing to Olivewood and Fresco and Ravello in OH, it's a steal at $4M.
View attachment 9767
123 Drumbeat still unsold.
Shea dropped the price by $500k??
CalBears96
Well-known member
I think buyers are now just focusing on OH Summit. No one cares about PS anymore. On the other hand, Shea already closed their priority list, so buyers can't even buy Crestview even if they wanted to.
CalBears96
Well-known member
Apples and oranges. Someone who's looking at Cielo is definitely not waiting for Pinnacle or Skyline, which are anticipated to start from $6M.
How do you know, are you one of those buyers? I can assure you that you are wrong, just like you are wrong about the Toll Brothers wait list. You don't even have to be a buyer, just common sense, to see that $6 mil is not a stretch from recent Cielo lots that are $5+ mil especially for buyers that pay 100% cash.
irvinehomeowner
Well-known member
Jeepers... when did $10-50k premiums become $1m?
I'm moving to where LL lives.
I'm moving to where LL lives.
CalBears96
Well-known member
It only takes common sense to understand that someone looking at $3.5M+ home is not going for $6M+ home. Cielo lots that were $5M+ were view lots, which would go at $7.5M to $8M at Pinnacle and Skyline. These $6M lots are just normal lots. View lots will have $1.5M lot premium.
You keep comparing apples to oranges.
That remains to be seen. Crestview came in a lot lower than anyone expected. This is a declining market. Toll Bros expected 6 mil starting price could easily drop to below 5 mil.
Buyers looking for a new construction 7-8 mil view lot would absolutely consider a new construction 5 mil view lot, especially when there are no other choices. Likewise someone looking to spend 5 mil cash could easily take a 3 mil loan to make an 8 mil purchase.
Imagine I have 10 mil in uninvested cash. I want to spend half of that on a new construction home. Cielo at 3-5 mil seems reasonable right? Then I see there's the Summit which will open in the summer at 3-6 mil. Why wouldn't I wait to see those homes before pulling the trigger? Even at 7-8 mil that's not out of my price range. Keep in mind just because I have 10 mil to spend and want to spend 5 mil doesn't mean I won't wait until prices drop to 3 mil before buying.
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Liar Loan
Well-known member
Paying a lot premium of any kind in Irvine is like paying for a seat license to watch the LA Chargers.
Lots of people fall for the curated illusion of artificial scarcity only to overpay for a mediocre product.