Palo Alto, Plan 3 at SG

[lnc]

Palo Alto is a TIC development.. correct?
What is the difference for a buyer between GP and TIC? Is the difference in taxes, management or something else?

The main question should landfill be concern for Palo Alto?

Stonegate, Eastwood, Orchard Hills and Portola Springs are all TIC developed Neighborhoods.  Beacon Park, Parasol Park are GP development.  GP's neighborhoods are usually less dense, bigger lot sizes but higher HOA fee and much higher MR taxes.

The landfill actually is a good distant away from Stonegate and the only nuisance is the truck traffic noises for the homes that are close to the entrance of the landfill.  For Palo Alto, just avoid the home that are back against Portola Pkw. 

Looks like you are interested in neighborhood that are zone to Portola High and home in 3000 sf range, may I suggest check out Portola Springs Neighborhood 5A (maybe coming in late 2017 or sometimes in 2018).  You might be interested in this future track 17967.  Many lots has a view and the home is much closer to the high school.
http://www.talkirvine.com/index.php/topic,14215.msg301511.html#msg301511

 

[Sunnyirvine]

17967 is this futuretrack in SG?

 

[lnc]

17967 is this futuretrack in SG?

It's in the Portola Springs neighborhood 5A.

If you go down PS and check out Cressa and look for that high earth mount North of it, that's where this next community is at. But don't confuse  with the high elevation East of it, that's another future community call Altair.

 

[kayochan]

If you are looking at Portola High School, I would recommend Cressa in Portola Springs.  It is walking/biking distance to the high school and the floorplan really flows.  Also, the backyard size of the models are a good indication of the minimum you will get as they used the average size lots (unlike other models that use the biggest lots.) 

By the way, they just had a phase release (I think over the weekend) and they sold 7 out of 8 homes already.  But theres still one (I think it is a plan 1) home left in the phase. 

There are also two homes from a previous phase that are left.  One is on a dreaded T-section but the other one seems to be a nice one and probably has a bunch of upgrades included.  I think that people on the list are waiting for the big lots that are coming up in the last phase.

You can wait until PS5 but those will be more expensive for the same sqft.  We are at WB now and are considering these homes for the high school, so I am getting very familiar with them.

 

[Bullsback]

17967 is this futuretrack in SG?

It's in the Portola Springs neighborhood 5A.

If you go down PS and check out Cressa and look for that high earth mount North of it, that's where this next community is at. But don't confuse  with the high elevation East of it, that's another future community call Altair.

Both of those communities are supposed to be gated, correct? 

 

[Bullsback]

Is the next Cressa phase actually the last phase? 

 

[lnc]

17967 is this futuretrack in SG?

It's in the Portola Springs neighborhood 5A.

If you go down PS and check out Cressa and look for that high earth mount North of it, that's where this next community is at. But don't confuse  with the high elevation East of it, that's another future community call Altair.

Both of those communities are supposed to be gated, correct? 

Only Altair.  PS-5A is not gated but other future PS-5B and PS-5C might be gated. 

 

[AW]

Palo Alto is a TIC development.. correct?
What is the difference for a buyer between GP and TIC? Is the difference in taxes, management or something else?

The main question should landfill be concern for Palo Alto?

Stonegate, Eastwood, Orchard Hills and Portola Springs are all TIC developed Neighborhoods.  Beacon Park, Parasol Park are GP development.  GP's neighborhoods are usually less dense, bigger lot sizes but higher HOA fee and much higher MR taxes.

I dunno, the new Parasol Park appears to build upwards with 3 stories being the norm, it'll probably end up more dense and smaller lot sizes (or equivalent to current TIC lots, lol), I haven't taken a look at the neighborhood design to see how many pocket parks, open spaces there'll be...

 

[AW]

I do believe majority of TIC development will sell out in approximately 5 years, especially the products that are under $1.3m.

I post this a few months ago that there are approximately 11,000 more home to be built in Irvine.
http://www.talkirvine.com/index.php/topic,14947.msg300330.html#msg300330

However, out of 11,000 homes, less than 40% are TIC products and rest are GP's.  Base on what we're are seeing, TIC neighborhoods are selling way faster than GP's and I can totally see TIC home are near sell out in 5 years.  Probably the only home remains in TIC villages 5 years from now are some over $2m homes, anything at lower price point are all gone.

Depends on the market, you guys remember circa 2005 around when WB was just built up?  TIC actually sent brochures or postcards (wished I kept them) touting OH, SFR with elbow room, going to open up fall of 2007 or something like that, but of course OH opened up much later, and houses outside the gates sure don't live up to that marketing

 

[aquabliss]

Not true, it's about an elbows length between you and your neighbors.

 

[jbot747]

I just biked up the Jeffrey Open Space Trail, through Portola, and around the Great Park to Irvine Blvd / Alton on Monday. Does everyone see how much land the Irvine Company still has to develop on?

Don't be fooled into thinking that they are going to run out any time soon, we are at the top of a market cycle, and historical precedent would have a correction within the next 2 years. There is a reason why all the FCB's stopped buying at these prices. That being said, I feel like any correction will quickly bring back the institutional investors / FCB's...

Only a 35% of land circled actually belong to the Irvine Company.  The rest belong to Five Point.

With that said, TIC expects to finish everything within the the 5 years.

There may be no more 'new" homes available 10 years from now.
This is the "last chance" to buy anything brand new in Irvine.

It is an unique opportunity for the buyers.

You think if the market corrects they will just continue building? They would have built out by now if they didn't more or less completely stop building in 2008, and slowly start again in 2011. I just hate the way people create a false sense of urgency, it clouds normally reasonable ppl's judgement, and makes it more of an emotional / impulsive purchase. For those that don't think housing is going to correct, just look at the last 30 years of SoCal real-estate. Personally, I am waiting for prices to get down to around $300/sqft, $350 if no HOA/MelloRoos.

 

[Sunnyirvine]

I know we do not have crystal ball to tell future.
That brings up a question that if we have to rate  new communities in terms of holding home values in future for the following which one will rate higher.
OH Orchar hills
SG stone gate
PS Portola springs
EW Eastwood
BP Beacon park
CV Cypress Village
HC Hidden Canyon ( I thought it is not comparable with above listed communities due to very higher starting price point.
Or any other new community

 

[acf]

Eastwood

 

[lnc]

I know we do not have crystal ball to tell future.
That brings up a question that if we have to rate  new communities in terms of holding home values in future for the following which one will rate higher.
OH Orchar hills
SG stone gate
PS Portola springs
EW Eastwood
BP Beacon park
CV Cypress Village
HC Hidden Canyon ( I thought it is not comparable with above listed communities due to very higher starting price point.
Or any other new community

What sell well right now are most likely sell well in the future.  Some neighborhoods already have a higher price premium and most likely these neighborhood will also sell at higher price in the future.  However, on average, all home in Irvine probably appreciate the same rate.

During the up market, every home appreciate and everything sell well.  The issue is trying to sell a home during down market.  A neighborhood with less demand will get hammered way more than a higher demand area.

If this is your forever home, you won't sell it for a long long time, it really does not matter much.  In a long run, all S. Cal real estate all appreciate significant amount.  It matters more if this is a starter home with likelihood of trade up in the near term is very possible.

 

[usctrojancpa]

I just biked up the Jeffrey Open Space Trail, through Portola, and around the Great Park to Irvine Blvd / Alton on Monday. Does everyone see how much land the Irvine Company still has to develop on?

Don't be fooled into thinking that they are going to run out any time soon, we are at the top of a market cycle, and historical precedent would have a correction within the next 2 years. There is a reason why all the FCB's stopped buying at these prices. That being said, I feel like any correction will quickly bring back the institutional investors / FCB's...

Only a 35% of land circled actually belong to the Irvine Company.  The rest belong to Five Point.

With that said, TIC expects to finish everything within the the 5 years.

There may be no more 'new" homes available 10 years from now.
This is the "last chance" to buy anything brand new in Irvine.

It is an unique opportunity for the buyers.

You think if the market corrects they will just continue building? They would have built out by now if they didn't more or less completely stop building in 2008, and slowly start again in 2011. I just hate the way people create a false sense of urgency, it clouds normally reasonable ppl's judgement, and makes it more of an emotional / impulsive purchase. For those that don't think housing is going to correct, just look at the last 30 years of SoCal real-estate. Personally, I am waiting for prices to get down to around $300/sqft, $350 if no HOA/MelloRoos.

The question is, what would bring housing down to $300-$350/sf?  China or Europe imploding?  Interest rates going to 6%+?  It's not going to the loans that have been underwritten in the past 7+ years because the it's not easy to get a loan. 

 

[Sunnyirvine]

Getting to 300-350sq/ft in Irvine for new communities sounds too good to be true. First purchase price of the house will decisive for the appreciation.

 

[irvinebullhousing]

I just biked up the Jeffrey Open Space Trail, through Portola, and around the Great Park to Irvine Blvd / Alton on Monday. Does everyone see how much land the Irvine Company still has to develop on?

Don't be fooled into thinking that they are going to run out any time soon, we are at the top of a market cycle, and historical precedent would have a correction within the next 2 years. There is a reason why all the FCB's stopped buying at these prices. That being said, I feel like any correction will quickly bring back the institutional investors / FCB's...

Only a 35% of land circled actually belong to the Irvine Company.  The rest belong to Five Point.

With that said, TIC expects to finish everything within the the 5 years.

There may be no more 'new" homes available 10 years from now.
This is the "last chance" to buy anything brand new in Irvine.

It is an unique opportunity for the buyers.

You think if the market corrects they will just continue building? They would have built out by now if they didn't more or less completely stop building in 2008, and slowly start again in 2011. I just hate the way people create a false sense of urgency, it clouds normally reasonable ppl's judgement, and makes it more of an emotional / impulsive purchase. For those that don't think housing is going to correct, just look at the last 30 years of SoCal real-estate. Personally, I am waiting for prices to get down to around $300/sqft, $350 if no HOA/MelloRoos.

You might have to wait FOREVER at the price range you looking for. On another thought, move to TRUMP LAND, FLYOVER COUNTRY will do it.

 

[Sunnyirvine]

Staying on the topic, it is strange that in Palo Alto plan 3, per sqft price is coming to be cheaper than plan 2.

Base price plan 3  for 3551 is 1,365,210 that means 384/sqft
Base price plan 2 for 3260 is 1,314,990 that means 405/sqft

Sales person did not have any explanation. Is it possible to have such price difference?

 

[paydawg]

With inflation set to go up the next few years....don't expect for $/sq ft to go down much (if at all).  Owning a home can be a great inflation hedge.

 

[Goriot]

Staying on the topic, it is strange that in Palo Alto plan 3, per sqft price is coming to be cheaper than plan 2.

Base price plan 3  for 3551 is 1,365,210 that means 384/sqft
Base price plan 2 for 3260 is 1,314,990 that means 405/sqft

Sales person did not have any explanation. Is it possible to have such price difference?

If the lot sizes are similar between the two, the incremental cost of construction ($200/sqft) + mark up, the average sqft could be little lower for larger size home in a same size lot.