Newer Irvine listings with crazy WTF asking prices from equity sellers

Compressed-Village said:
Irvine Dream said:
Any idea why they are taking a 10% haircut.  Is this house on the missile path of NK?https://www.redfin.com/CA/Irvine/127-Branch-92618/home/51684947
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Nice, the seller found a buyer. This is a really nice bargain. House is under contract. In a matter of days...This is no small amount 1.8 mil. pretty impressive.
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PP was a great neighborhood, too bad it is destined to be an one-off product for 5P. Remember when PP first came out: nice traditional architecture and landscaping, very large back yards by Irvine standards, lower prices than TIC and NHC...it was a win win win (only minor issue is MR but lower sale price made up for that).

After PP, the wheels fell off at 5P. Starting with Beacon Park, 5P offered ridiculously high prices, ultra high density, small yards, badlands landscaping, cemetery, Josef Stalin inspired housing blocks, all on land that may or may not still be toxic. If only 5P had stuck with the PP template.

I know lots of former TIC owners who traded in for PP. I do not know any TIC owner who is interested in trading for any current GPN product. I doubt any PP owner is interesed in what 5P is now peddling.

 
Agree with most except density. 

Pavillion park has 947 homes on 172 acres or 5.51 homes/acre
Beacon park has 1029 homes on 234 acres or 4.4 homes/acre. 
 
LongIrvine said:
Agree with most except density. 

Pavillion park has 947 homes on 172 acres or 5.51 homes/acre
Beacon park has 1029 homes on 234 acres or 4.4 homes/acre. 
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Does that include school?
 
LongIrvine said:
Of course, pretty sure school isn't 47 acres.
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Does it include water park.  It sits in between parasol park, so stats for parasol would be extra dense, they only have that zip line park and no school.
 
AW said:
LongIrvine said:
Of course, pretty sure school isn't 47 acres.
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Does it include water park.  It sits in between parasol park, so stats for parasol would be extra dense, they only have that zip line park and no school.
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There?s also that greenbelt.  Included?
 
LongIrvine said:
Agree with most except density. 

Pavillion park has 947 homes on 172 acres or 5.51 homes/acre
Beacon park has 1029 homes on 234 acres or 4.4 homes/acre.
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Pretty sure PP is only 725 units
 
Good catch, eyes went to headline numbers

Pavilion Park. In May 2013, the Great Park Venture completed development of Pavilion Park, which includes 947 homesites, an approximately six acre park and a community center with a swimming pool, a greenhouse and a playground. In May 2013, the Great Park Venture sold 726 of the homesites in this development area to eight homebuilders for aggregate consideration of $337.7 million. An additional $19.1 million was received in connection with participation payments from builders. The grand opening event for home sales at Pavilion Park occurred in September 2013 and the 726 single-family detached homes, with sizes ranging from 1,878 square feet to 4,240 square feet, were approximately 98% sold out in March 2015, with prices ranging from $772,000 to $2,200,000. Pavilion Park will also include 221 affordable units that are being developed by a third-party partnership. The grand opening event for these affordable units occurred in November 2015.

Beacon Park. Beacon Park includes 1,029 homesites designed for single-family detached homes and single-family attached homes, with sizes ranging from approximately 1,450 square feet to approximately 4,700 square feet, as well as an approximately six acre park and a community center with a swimming pool. The Great Park Venture sold 921 homesites in December 2014 and the remaining 108 homesites in the second quarter of 2015. The homesites were sold to ten homebuilders for aggregate base consideration of $510.9 million, with the potential to receive from each homebuilder additional payments in the event that such homebuilder?s overall profitability of the homes built exceeds an agreed-upon margin. The grand opening for home sales at Beacon Park occurred in August 2015. Beacon Park will also include a new K-8 school, which the Irvine Unified School District broke ground on in April 2015 and was completed and opened in August 2016.

 
Technically speaking both PP and BP were correct...albeit they did move the price point up when they launched BP (vs. PP). 
 
Just to clarify, I said BP was the beginning of GPN's descent, but BP is certainly not an eyesore like later GP neighborhoods. BP's main problem was caused by excessive pricing which forced them to cut prices which destroyed the sales momentum. Sorry, but Beacon Park ain't no Orchard Hills. This is why the Crane become a Turkey.
 
Good prices in PP back in the day.  Here's a blast from the past:

fpa5n9.jpg
 
Ya I think some of the first phase 1 Beachwood homes went for Mid 800?s and they are detached with driveways (not classified as detached condos like Springhouse).  Those Beachwoods are reselling now between 1.25 - 1.4.

Don?t think we?ll see that type of % appreciation that quickly with any of the new 5P products.
 
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