Orchard Hills 4 - "The Summit" Updates

NEW -> Contingent Buyer Assistance Program
So 975 a month, 20k mr, 70k property tax. Then you still need a gardener, exterminator, housekeeper, auto detailers, pet groomers…that’s rolling pretty hard. Even if you pay cash for the house that’s a bit of upkeep to Mai train that lifestyle. At least 10k a month.
 
Imnotmoving said:
So 975 a month, 20k mr, 70k property tax. Then you still need a gardener, exterminator, housekeeper, auto detailers, pet groomers…that’s rolling pretty hard. Even if you pay cash for the house that’s a bit of upkeep to Mai train that lifestyle. At least 10k a month.
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Your figures are mixed up. $975/month and $20k MR don't go together.
 
Yah, it is called money filter - and only if you can afford/ignore the high ongoing cost you belong to that club of targeted customer pool.
 
I made a couple of videos walking through Pinnacle and Skyline models and breaking down, tax, HOA, additional costs, and how it stacks up against competing re-sale neighborhoods in Irvine. You can Click Here to view the more recent video on Pinnacle.
 
After slower than anticipated sales Brookfield cut prices by $400k on all of their homes listed. And it immediately had an impact, in the following 10 days they sold every home that they had listed. This price cut combined with their $300k design allowance puts their homes around $1,250 sqft, which is much more in line with market average for guard gated view lot homes in Irvine. It also puts them at a much more attractive price than competing Pinnacle by Toll Brothers which is sitting at an estimated $1,520 sqft at completion (Interior upgrades and Landscaping), Brookfield is also now over $1.5m cheaper when looking at price tag. What impressed me the most on the price cut, was that they called clients that were already under contract letting them know that their home's closing price would also be reduced by $400k. Getting to call my client to let them know an addendum was being sent over cutting their purchase price by $400k was a great way to start the weekend lol.
 
CWH-RealEstate said:
What impressed me the most on the price cut, was that they called clients that were already under contract letting them know that their home's closing price would also be reduced by $400k.
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How is that impressive? If they didn't do that those buyers would cancel and Brookfield will have to find new buyers all over again. They are doing themselves a favor. Just look at all the buyers backing out of Cielo, another one just went on the market today.
 
Had the builder not offered the same deal to under contract, near to closing buyers everyone would have cancelled. Reselling a previously customized home can be difficult. Those who already closed would have put signs in their windows complaining about the builder eventually causing a stigma based doom loop in the community. I've seen this before in other areas and it's not pretty. The builders here have wizened up and now know what's right to do in an overpriced community.
 
You can tell prices in Irvine are out of control when drops are measured in $100ks or even millions.

Back in late 2000s, the new buyers were complaining when KB (I think it was KB) was dropping prices by multiples of $10k or so (I think it was in the non-TIC Columbus Grove village).
 
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