Olivewood at Portola Springs by New Home Co.

The reason why the broker co-op on Azul is so low is because CalPac is the builder. Irvine Pacific offered a $45k broker co-op for Azul which is the same as what Olivewood is currently offering.
Irvine Pacific always had the best broker co-op. They offered $65k for Cielo, but Shea knocked it down to $50k.
 
I thought when the market was hot IP wasn't giving out any broker co-ops? I know Shea did and Lennar was giving a laughable 5k

No, Irvine Pacific gave broker co-ops but they reduced it once or twice in developments. For example, at Highland it was initially $38k then it got cut to $25k and then it got cut to $18k. When the market slowed down they increased the broker co-ops. CalPac did not have broker co-ops at Sierra and Azalea (although they brought back the broker co-op at Sierra when the market slowed down).
 
That was July 2022, right? They must have increased it at the end of 2022 or early 2023 when the homes were just sitting there. I brought my agent in Jan 2023, I think, and it was $65k.

Yeah that was mid 2022. The low of the market was at the end of 2022 so not surprising they bumped the broker co-op up, I know they were having problems selling their interior lots but the view lots went fast.
 
Yeah that was mid 2022. The low of the market was at the end of 2022 so not surprising they bumped the broker co-op up, I know they were having problems selling their interior lots but the view lots went fast.
Actually, some interior lots from phase 1 didn't sell for quite some time. It started stacking up by Nov 2022, which is why they increased broker co-op.
 
Olivewood still going strong with their prices, even though they still have 5 homes sitting. Let see if there’s any suckers for that lot 93 for $4.7M. :ROFLMAO:

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To be fair, lot 93 is a corner view lot with a huge lot. I mean, it's really rare to find Olivewood lots that are more than 5 ft to the back wall and lot 93 is probably around 20 ft to the back wall, not to mention having a side yard of 15-20 ft to the wall. Clearly, it's the best lot in Olivewood and it's a Plan 3 as well.
 
To be fair, lot 93 is a corner view lot with a huge lot. I mean, it's really rare to find Olivewood lots that are more than 5 ft to the back wall and lot 93 is probably around 20 ft to the back wall, not to mention having a side yard of 15-20 ft to the wall. Clearly, it's the best lot in Olivewood and it's a Plan 3 as well.

I'd rather got CDM/Newport and find an ocean view, it's cooler out there too for roughly the same price. Or I'd go to Turtle and do a tear down to a wall and rebuild for probably less than this. Not hating on PS, but at that price point there are better options IMO.
 
I'd rather got CDM/Newport and find an ocean view, it's cooler out there too for roughly the same price. Or I'd go to Turtle and do a tear down to a wall and rebuild for probably less than this. Not hating on PS, but at that price point there are better options IMO.
I'm not saying it's worth it. Of course, it isn't. I'm just saying, compared to the pricing of other Olivewood lots, it is fair, which is still insanely ridiculous. I would not pay $3.5M for ANY Olivewood home, let alone $4.7M.
 
I'd rather got CDM/Newport and find an ocean view, it's cooler out there too for roughly the same price. Or I'd go to Turtle and do a tear down to a wall and rebuild for probably less than this. Not hating on PS, but at that price point there are better options IMO.
I've come to realize that some buyers in this area just want new and don't have much of an idea about anything outside of that general North Irvine new home bubble. Reason being, there are a lot of FCBs or international buyers. Also people moving from other areas who are unfamiliar. Your sentiment is my exact sentiment, but probably because we are familiar with the other options.

I know people who bought in those new areas that don't even know what south of the 5 or 405 even are because they simply don't go to those areas. I go all over town, but I've always frequented the southern side of town for things and I have a friend in Stonegate who goes to the Market Place, Northpark, Tustin, and even LF and literally never has a reason to go to Woodbridge, Oak Creek, Westpark, UCI area for dining and shopping.
 
I'd rather got CDM/Newport and find an ocean view, it's cooler out there too for roughly the same price. Or I'd go to Turtle and do a tear down to a wall and rebuild for probably less than this. Not hating on PS, but at that price point there are better options IMO.
I would rather get a tract home in Newport Coast with an ocean view as well rather than a nearly $5M tract home in Portola Springs. The FCB's buying these homes in Irvine at this price range are just being fooled by the new home builders and their realtors.
 
I've come to realize that some buyers in this area just want new and don't have much of an idea about anything outside of that general North Irvine new home bubble. Reason being, there are a lot of FCBs or international buyers. Also people moving from other areas who are unfamiliar. Your sentiment is my exact sentiment, but probably because we are familiar with the other options.

I know people who bought in those new areas that don't even know what south of the 5 or 405 even are because they simply don't go to those areas. I go all over town, but I've always frequented the southern side of town for things and I have a friend in Stonegate who goes to the Market Place, Northpark, Tustin, and even LF and literally never has a reason to go to Woodbridge, Oak Creek, Westpark, UCI area for dining and shopping.
TBH let's have all the FCB's buy up the Irvine tract homes. Let the locals buy the better homes.
 
I would rather get a tract home in Newport Coast with an ocean view as well rather than a nearly $5M tract home in Portola Springs. The FCB's buying these homes in Irvine at this price range are just being fooled by the new home builders and their realtors.
I actually know a young couple with a newborn that was looking for houses a few years back approaching this price range (they were FCBs originally, but bought in the Bay Area and were looking to move down here). It was important to them that they get a brand new construction, and high schools had to have 10/10 test scores – despite the child not even being in preschool yet. They considered Newport Coast but ultimately got something in Altair without any view at all. At the time, CDM High had lower test scores than Portola High, not sure if that's still true. Like the other poster mentioned, they seemed to like the "newer" parts of Irvine like Orchard Hills and Portola Springs. I could have seen them going for something like Olivewood. Go figure.
 
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