Olivewood at Portola Springs by New Home Co.

usctrojancpa said:
There are only a few decent sized view lots like 93, the rest are very small with 8-10 foot backyards. Now I'm wondering what kind of premium my 30-feet deep backyard view lot would fetch. :unsure:
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My current Bluffs 2 is 27-feet backyard, and that's the short side. The long side is 36 feet. Which is why I declined on lot 59 when they offered it to me 3 weeks ago. Well, plus I was waiting for Cielo 1, so I would have declined it regardless.

I reckon lot 93, which has a 6700 sq ft lot size, would go for at least $4M, perhaps $4.5M by the time they release it. Not only is it a huge view lot, but also has privacy on one side, which is also a view to the community park. And it's also a Plan 3.
 
CalBears96 said:
My current Bluffs 2 is 27-feet backyard, and that's the short side. The long side is 36 feet. Which is why I declined on lot 59 when they offered it to me 3 weeks ago. Well, plus I was waiting for Cielo 1, so I would have declined it regardless.

I reckon lot 93, which has a 6700 sq ft lot size, would go for at least $4M, perhaps $4.5M by the time they release it. Not only is it a huge view lot, but also has privacy on one side, which is also a view to the community park. And it's also a Plan 3.
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Yeah my guess is that lot 93 will be well into the $4m range. The builder will keep pushing the view lot premiums if the demand is there, I wouldn't be surprised if we see a $1.5m+ view lot premium coming.
 
usctrojancpa said:
Yeah my guess is that lot 93 will be well into the $4m range. The builder will keep pushing the view lot premiums if the demand is there, I wouldn't be surprised if we see a $1.5m+ view lot premium coming.
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$1.5M+ view lot premium for Olivewood is very possible since Cielo was planning to charge $1M-$1.5M for view lots and the view from Olivewood is much better than Cielo.
 
usctrojancpa said:
Very true, it would be a eye watering price. 🤣
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At $4.5m with a whopping 50% down that monthly nut is approaching $21k per month (PITIHOAMR). You're earning $600kpy (+/-) to write that kind of a house payment check. Remember , that's not $600k NET. $600k gross in a 40 pct tax rate is about $30,000 net per month eating up $21,0000 in monthly mortgage payments alone,

Are there that many people in OC consistently earning that income? Fair to say most of the top priced homes will be all cash deals?
 
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$600k/year for a couple is not unusual in Irvine. Engineers, Physicians, Attorneys, etc. (late 30s, early 40s age) will easily get there. $600k as a single earner is much more rare....
 
sgip said:
At $4.5m with a whopping 50% down that monthly nut is approaching $21k per month (PITIHOAMR). You're earning $600kpy (+/-) to write that kind of a house payment check. Are there that many people in OC consistently earning that income? Fair to say most of the top priced homes will be all cash deals?
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I would venture to say that 80%+ of the view lot buyers are cash buyers with the rest being move-up buyers that have 7 figure equity in their current home/s.
 
usctrojancpa said:
I would venture to say that 80%+ of the view lot buyers are cash buyers with the rest being move-up buyers that have 7 figure equity in their current home/s.
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Assuming those with 7 figure equity in their current homes don't mind a small or non-existent backyard it makes sense.
 
I was checking out the frames of lots 59, 62, and 63, and the spacing to the back wall is really little, even less than the Highland homes on White Jasmine. Highland on White Jasmine has about 8 ft to the back wall, but these homes are probably 5-6 ft to the back wall.
 
woodburyowner said:
$600k/year for a couple is not unusual in Irvine. Engineers, Physicians, Attorneys, etc. (late 30s, early 40s age) will easily get there. $600k as a single earner is much more rare....
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$600k gross is not particularly rare for a mid-30s rank and file (software) engineer, myself being one and knowing countless others. $600k net on the other hand... you'd need to gross what, $1.2-$1.3m/year? yeah, not going to be too common I would think, even by Bay Area standards. My guess is these are largely dual-income families or cash buyers.
 
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reldiber said:
$600k gross is not particularly rare for a mid-30s rank and file (software) engineer, myself being one and knowing countless others. $600k net on the other hand... you'd need to gross what, $1.2-$1.3m/year? yeah, not going to be too common I would think, even by Bay Area standards. My guess is these are largely dual-income families or cash buyers.
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“Not particularly rare”? You can look up average TC for various levels. It’s the top end if L6 ranges at big tech companies.

L6 at faang type companies is what, less than 10%? So no, i’d argue it’s fairly rare these days.


Maybe you work at TGS in irvine where it’s average, but it’s definitely quite a bit over average for google/amazon, almost unheard of at microsoft and smaller non deca-corns.
 
ThirtySomethingWEquity said:
“Not particularly rare”? You can look up average TC for various levels. It’s the top end if L6 ranges at big tech companies.

L6 at faang type companies is what, less than 10%? So no, i’d argue it’s fairly rare these days.


Maybe you work at TGS in irvine where it’s average, but it’s definitely quite a bit over average for google/amazon, almost unheard of at microsoft and smaller non deca-corns.
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The other thing I would add here is many of these highly compensated tech employees receive compensation in the form of (restricted) stock/options as well as large year end bonuses, which are typically predicated on individual and/or division/company performance, not guaranteed (though big tech has been crushing it so consistently lately that it seems guaranteed). So even if you're one of the rare high 6 figure W-2 earners, it's not necessarily completely liquid nor paid ratably with each paycheck. Anyway, it's rad that OP is making $600k gross in their mid 30s. You're very fortunate and less common than you may think.
 
someguy said:
Anyway, it's rad that OP is making $600k gross in their mid 30s. You're very fortunate and less common than you may think.
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Something I would like to add is that some people forget that "they and the 'countless' people they know still belong to the same group", which does not represent the general population. $600k gross for dual incomes is common, yes, but definitely NOT common for single earners.
 
Are there really that many coupes in Irvine that make 600k? You would generally need a combination of lawyer/doctor/engineer/finance exec. Are there that many couples where both spouses fall into those categories? I do know a couple of those types of marriages. But not sure if that is common. I guess depending on the type of lawyer/doctor/engineer/finance you maybe only need one spouse to be one of those and the other spouse can make let’s call it $150k.
 
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