Orchard Hills Neighborhood 3
- Thread starter happycat
- Start date
Trojanman said:
I don't think they will go that high. $2M would mean ~$2.2m after options and landscaping (more if you want a bomb yard with pool, bbq, etc). You can buy some amazing homes for $2.2M in Irvine and surrounding areas. And people with $2.2M could probably swing $2.3, 2.4, 2.5, etc. so now you're competing with Bella/Alta Vista, 5k+ sq ft homes in Altair, Newport, Turtle Ridge, Quail, Tustin estates, etc.
And if they price the view lots wrong and don't get a big ramp in sales, I think the Reserve is in a world of trouble. There will be over 1000 homes in the Reserve so if they can't start moving units, the Reserve sales offices will be open for a long time. My guess for the view lots is $1.60 for plan 1 with a small lot, up to 1.85 for plan 3 with large lot.
The Reserve will not be in any trouble even if sales are not as fast as expected. Other builders have land acquisition and construction loan they need to pay down, as well shareholders and Wall Street to please, so they will cut prices if they need to. TIC has no loans and no carrying costs and everything belongs to Bren, so they can take as long as they want to sell. They delayed OH for 7 years from 2007 to 2014 rather than sell cheap, no other developer could do that.Jcl725 said:
True with regards to IC vs other publicly traded builders.
But delaying a community all together is one thing. Slowing down construction mid-way or having homes sit unsold is another. Definitely holding costs, even for IC. It's also a bad sign if your "premium product" does not sell.
IC has hedged of course by only doing half the Reserve first. But 600 units is still close to $1B of inventory. And if does take 7 years to sell, the bubble has to pop before then right? IC probably thinks it's not going to happen in the next couple of years to push ahead with the Reserve, but 7 years?
But delaying a community all together is one thing. Slowing down construction mid-way or having homes sit unsold is another. Definitely holding costs, even for IC. It's also a bad sign if your "premium product" does not sell.
IC has hedged of course by only doing half the Reserve first. But 600 units is still close to $1B of inventory. And if does take 7 years to sell, the bubble has to pop before then right? IC probably thinks it's not going to happen in the next couple of years to push ahead with the Reserve, but 7 years?
qwerty
Well-known member
Not sure why everyone thinks Irvine Company has no debt
https://www.google.com/amp/www.ocre...o-gets-12-billion-in-loans-on-apartments/amp/
https://www.google.com/amp/www.ocre...o-gets-12-billion-in-loans-on-apartments/amp/
Here are the latest price sheets and site availability for Como and Vivo.
Vivo has sold 15 out of 25 lots - not really selling as well as previous iterations of this project.
Como has sold 16 out of 22 lots - looks like their view premium is about $175K!
Vivo has sold 15 out of 25 lots - not really selling as well as previous iterations of this project.
Como has sold 16 out of 22 lots - looks like their view premium is about $175K!
Attachments
Here are the latest price sheets and site availability for Verdi and Lago.
Lago has sold 28 out of 36 home sites. Prices have increased $75K for Plan 1 and $125K for Plan 2 since the grand opening. Just so-so sales thus far. Isn't this the plan they are building at Barcelona at Olivos Village?
Verdi has sold 15 out of 28 home sites. 9 out of the available 13 are Plan 1 - obviously not desired by the buying public. Prices have increased $55K for Plan 1 and $65K for Plan 2 since the grand opening. Weak showing overall.
Lago has sold 28 out of 36 home sites. Prices have increased $75K for Plan 1 and $125K for Plan 2 since the grand opening. Just so-so sales thus far. Isn't this the plan they are building at Barcelona at Olivos Village?
Verdi has sold 15 out of 28 home sites. 9 out of the available 13 are Plan 1 - obviously not desired by the buying public. Prices have increased $55K for Plan 1 and $65K for Plan 2 since the grand opening. Weak showing overall.
Attachments
Here are the latest price sheets and site availability for Como and Terra.
Como has sold 30 out of 35 home sites. At the end of January they had sold 17 out of 22 so in 4 1/2 months they have sold 13 units. Prices have increased $60K for Plan 1 and $80K for Plan 2 since late January.
Terra has sold 32 out of 45 home sites. Exterior lots selling very well (they all have views of something) but interior lot sales sucking big time. Makes sense to me! Exterior lot premium seems to be $225K for Plan 1 (Lots 16 vs 47) and $150K for Plan 2 (Lots 15 vs 48) and #250K for Plan 3 (Lots 14 vs 55). Lot 14 sold for $1.972 mil. Next phase these should break $2 mil. Prices have increased about $130K since grand opening (about $85K since the end of February, 2018).
Como has sold 30 out of 35 home sites. At the end of January they had sold 17 out of 22 so in 4 1/2 months they have sold 13 units. Prices have increased $60K for Plan 1 and $80K for Plan 2 since late January.
Terra has sold 32 out of 45 home sites. Exterior lots selling very well (they all have views of something) but interior lot sales sucking big time. Makes sense to me! Exterior lot premium seems to be $225K for Plan 1 (Lots 16 vs 47) and $150K for Plan 2 (Lots 15 vs 48) and #250K for Plan 3 (Lots 14 vs 55). Lot 14 sold for $1.972 mil. Next phase these should break $2 mil. Prices have increased about $130K since grand opening (about $85K since the end of February, 2018).
Attachments
Think is the first resale in OH3 (closed in February??)
https://www.redfin.com/CA/Irvine/224-Oceano-92602/home/145683227
Home was listed on the Phase 1 price sheet at $1,169,527 which obviously included most of the preselected options so all they added was the flooring - back yard still hasn't been worked on. Current Model 3's start at $1,164,000. This lot has an extra large narrow back yard with peek-a-boo views of the distant hill blocked by some Terra homes (a little plus) and the only street into Vivo (a big minus). Not a feng shui expert but I have to believe that having the main street driving straight towards the rear of the house (and master bedroom) before it jogs around the house isn't good... Views from the front balcony are nice.
Never lived in and it looks like they used the standard crappy IP flooring. No window coverings but the professional photographer/stager included decorator items as a plants by the kitchen and upstairs bath sink, towel in the upstairs sink and bath tub, views of the entry to the Reserves and surrounding hills, plus pictures of the clubhouse which is a 10-15 minute walk away. I'm sure USCTrojan uses the same photographer/stager...NOT!
https://www.redfin.com/CA/Irvine/224-Oceano-92602/home/145683227
Home was listed on the Phase 1 price sheet at $1,169,527 which obviously included most of the preselected options so all they added was the flooring - back yard still hasn't been worked on. Current Model 3's start at $1,164,000. This lot has an extra large narrow back yard with peek-a-boo views of the distant hill blocked by some Terra homes (a little plus) and the only street into Vivo (a big minus). Not a feng shui expert but I have to believe that having the main street driving straight towards the rear of the house (and master bedroom) before it jogs around the house isn't good... Views from the front balcony are nice.
Never lived in and it looks like they used the standard crappy IP flooring. No window coverings but the professional photographer/stager included decorator items as a plants by the kitchen and upstairs bath sink, towel in the upstairs sink and bath tub, views of the entry to the Reserves and surrounding hills, plus pictures of the clubhouse which is a 10-15 minute walk away. I'm sure USCTrojan uses the same photographer/stager...NOT!
Burn That Belly
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Burn That Belly
New member
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brianlin87
Member
Just got an email regarding a newproduct from IPac - Ravello in OH3.
I'm guessing these will be closer to the $1.8-low $2M
https://www.irvinepacific.com/reserveatorchardhills/ravello
I'm guessing these will be closer to the $1.8-low $2M
usctrojancpa
Well-known member
It's the super sized Terra.
usctrojancpa
Well-known member
Goriot said:
They released similar sized ones in Woodbury and Laguna Altura....can't think of the names off hand.