Olivewood at Portola Springs by New Home Co.

usctrojancpa said:
Yeah I picked that up yesterday. I heard most of those reserve lots were purchased in the past 2 weeks during Lunar New Year. A lack of resale inventory is definitely helping.
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Must be because of the proposal by US Treasury Department's Financial Crimes Enforcement Network (FinCEN) to require real estate professionals to flag suspicious activity seen in cash residential home purchases. So they need to buy before the proposal is finalized. 😂
 
So Olivewood pricing is coming down quite a bit on the latest release. I wonder how those previous buyers must be feeling.

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@CalBears96
Did the 3220 sqft plans get a $1M price cut from your last price sheet? Do the buyers who are already under contract get a price adjustment?

It is crazy to see where the prices are today. When i was touring Las Colinas (Taylor Morrison) in Portola Springs back in 2010, the exact same sqft was priced right under $1M. Seems like new homes have gone up 300% since then.
 
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panda said:
@CalBears96
Did the 3220 sqft plans get a $1M price cut from your last price sheet? Do the buyers who are already under contract get a price adjustment?

It is crazy to see where the prices are today. When i was touring Las Colinas (Taylor Morrison) in Portola Springs back in 2010, the exact same sqft was priced right under $1M. Seems like new homes have gone up 300% since then.
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2010-2012ish was a very interesting time. Some homes were priced very low. I remember fully furnished model homes selling for less than previous phases. Crazy time.
 
If you look at history, the previous bottom cycle in Irvine, 1995 - 1997 was absolutely the golden years for a young married couple to purchase a 3220 sqft SFR. These homes sold new construction for $546k in Northwood Pointe off of Plumeria. Fast forward to 2010-2012, The same 3220 sqft Taylor Morrison SFR in Portola Springs sold new construction for slight below a $1M. Let's say next bottom cycle in Irvine is 2027, Olivewood would bottom maybe $2M, if we are lucky to $1.75M. How does a newly married couple with a child on the way in Irvine enter a housing market like this? I have great sympathy for the 20s - 30s married couple age group living in Irvine trying to build their family.

irviniteeee said:
2010-2012ish was a very interesting time. Some homes were priced very low. I remember fully furnished model homes selling for less than previous phases. Crazy time.
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You must have heard this qoutes before "You will own, nothing. And you will love it". WEF.

The Irvine Company is building a massive Multi-housing unit in the Irvine Market Place.

The renters nation is getting strongers by each passing year.

Many millenials are not ready for owning and have regrets of recent purchase because

the financial commitment for owning is too great. It makes sense to rent rather than trap in a place you not love.
 
panda said:
@CalBears96
Did the 3220 sqft plans get a $1M price cut from your last price sheet? Do the buyers who are already under contract get a price adjustment?
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Some of the previous 3220 sq ft plans were view lots and some had larger lots, so it's difficult to say exactly how much was the price cut, but there was definitely some price cut.
 
panda said:
If you look at history, the previous bottom cycle in Irvine, 1995 - 1997 was absolutely the golden years for a young married couple to purchase a 3220 sqft SFR. These homes sold new construction for $546k in Northwood Pointe off of Plumeria. Fast forward to 2010-2012, The same 3220 sqft Taylor Morrison SFR in Portola Springs sold new construction for slight below a $1M. Let's say next bottom cycle in Irvine is 2027, Olivewood would bottom maybe $2M, if we are lucky to $1.75M. How does a newly married couple with a child on the way in Irvine enter a housing market like this? I have great sympathy for the 20s - 30s married couple age group living in Irvine trying to build their family.
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Someone can correct me if I'm wrong, but people in their 20s-30s are not the ones living in these 2.5m+ communities in Irvine. Unless your family is loaded with money which is possible, most of these buyers are FCB investment homes or people that are move up buyers that gained equity from their previous homes.

If anything, younger couples/families seem to be in the new construction areas in LF (Baker Ranch, Meadows, Serrano Summit, etc).
 
I like Olivewood's location given it's closer to the community park and elementary school but the lot size is throwing me off
 
irvineblue said:
I like Olivewood's location given it's closer to the community park and elementary school but the lot size is throwing me off
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Olivewood's location is prime, but yeah, the lot sizes are really tiny. Both Cielo and Azul are also very close to the community park, although an older one. In fact, walking distance wise, Cielo and Azul are closer to Highland Park than Olivewood to the new community park.

Olivewood is sitting above the park, but you would have to walk down Brimwood, then Portola Springs, then Big Dipper before you get to the gate of the park. On the other hand, it could get quite noisy due to its proximity to the park.
 
Seems like the person who bought lot 93 had a buyer's remorse, as it's back on the market now. Previous price was $4,689,990, but now it's back at $4,714,990. Way to be more delusional, New Home Company. 😂
 
vchoi said:
75K if you use their lender, 150k if you don't.
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$75k if you use US Bank and $150k if you use East West Bank. They want you to get loan pre-approved with one of those lenders.

Btw, looks like Lot 93 go reserved again from the updated sheet that I saw this morning when I registered a buyer at the sales office.
 
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