Serrano Summit | Lake Forest

[usctrojancpa]

Yeah, a co-worker of mine got Plan 1 for $1.1M back in March 2021. And it was one that was close to ready to move-in.

But I heard that the waitlist for Amara is pretty long, so I guess people on the list just jumped on them.

Yeah, the home that my buyer purchase was a quick move-in home hence why I was about to get them a small discount.  Wait listings for all new homes are long as buyers are hedging their bets by getting onto various lists while still bidding on resale homes.  In fact, one of my buyers who got outbid several times on resale homes just reserved a lot at Highland today.

Highland had a new release this weekend?

Yeah, they released lots 10-13 this weekend.

 

[CalBears96]

Yeah, the home that my buyer purchase was a quick move-in home hence why I was about to get them a small discount.  Wait listings for all new homes are long as buyers are hedging their bets by getting onto various lists while still bidding on resale homes.  In fact, one of my buyers who got outbid several times on resale homes just reserved a lot at Highland today.

Highland had a new release this weekend?

Yeah, they released lots 10-13 this weekend.

Huh? Lots 10-13 were released on 10/23. I expected all of them to be reserved some time ago.

 

[CalBears96]

When did your buyer get on the waitlist and which lot did your buyer reserve? A TI'er wanted lot 13 (plan 2X), but is #12 on the list.

 

[usctrojancpa]

When did your buyer get on the waitlist and which lot did your buyer reserve? A TI'er wanted lot 13 (plan 2X), but is #12 on the list.

Oh interesting, maybe then the buyer for their lot dropped off and they were next on the list. They got on the list early/mid July.

 

[sleepy5136]

They are now releasing phase 10. They have increased base price significantly. ~75k for residence 2.

Residence 1
$1,417,990 3994 lot size

Residence 2
$1,597,990 3973 lot size

Residence 3
$1,484,990 4,494 lot size

Residence 3X
$1,724,990 3627 lot size

Wow...3 of the 4 homes have been snatched up already.

Only the 3X remains. Seems pricey for a smaller lot.

Got told that all homes are now sold. Kinda crazy how they were able to raise the base price by 75k and add in the lot premiums is easily 100k+ more than previous phases. The previous phase had view lots too. Granted the views were all covered by trees.

I'm honestly shocked that they were able to raise the price so significantly and buyers have not pushed back on them. Even with no inventory, you would think people would think twice about paying those premiums.

 

[CalBears96]

When did your buyer get on the waitlist and which lot did your buyer reserve? A TI'er wanted lot 13 (plan 2X), but is #12 on the list.

Oh interesting, maybe then the buyer for their lot dropped off and they were next on the list. They got on the list early/mid July.

Makes sense. I was thinking that someone must have changed his/her mind. But according to lady at Bluffs, if you changed your mind after 3 days, you lose your deposit. Not sure what the case is here.

The TI'er got on waitlist some time in August. I got on waitlist late September. After next phase, it will go into the super small lots, so I have to wait until those are cleared. It could take up to 5 months.  :-\

 

[CalBears96]

Got told that all homes are now sold. Kinda crazy how they were able to raise the base price by 75k and add in the lot premiums is easily 100k+ more than previous phases. The previous phase had view lots too. Granted the views were all covered by trees.

I'm honestly shocked that they were able to raise the price so significantly and buyers have not pushed back on them. Even with no inventory, you would think people would think twice about paying those premiums.

I guess since it's a long waitlist, the people just didn't want to miss out. And they're probably thinking that the price will just keeps going up. But yeah, I'm kinda shocked too.

 

[Irvinehomeseeker]

They are now releasing phase 10. They have increased base price significantly. ~75k for residence 2.

Residence 1
$1,417,990 3994 lot size

Residence 2
$1,597,990 3973 lot size

Residence 3
$1,484,990 4,494 lot size

Residence 3X
$1,724,990 3627 lot size

Wow...3 of the 4 homes have been snatched up already.

Only the 3X remains. Seems pricey for a smaller lot.

Got told that all homes are now sold. Kinda crazy how they were able to raise the base price by 75k and add in the lot premiums is easily 100k+ more than previous phases. The previous phase had view lots too. Granted the views were all covered by trees.

I'm honestly shocked that they were able to raise the price so significantly and buyers have not pushed back on them. Even with no inventory, you would think people would think twice about paying those premiums.

Buyers shopping in Irvine seem to have deep pockets..much deeper than what folks on TI can think of. Before TI members thought it was foreign money that allowed buyers to keep paying the high prices...now it appears it's US buyers with deep pockets. May be people are making tons of money in stocks and so 100K price increase doesn't look so bad. IP is good at being to gauge the purchasing power of the buyer pool...so what looks a huge increase is taken in stride by the much financially well-healed buyers. And  when IP ups the prices, other builders follow suit...

 

[sleepy5136]

They are now releasing phase 10. They have increased base price significantly. ~75k for residence 2.

Residence 1
$1,417,990 3994 lot size

Residence 2
$1,597,990 3973 lot size

Residence 3
$1,484,990 4,494 lot size

Residence 3X
$1,724,990 3627 lot size

Wow...3 of the 4 homes have been snatched up already.

Only the 3X remains. Seems pricey for a smaller lot.

Got told that all homes are now sold. Kinda crazy how they were able to raise the base price by 75k and add in the lot premiums is easily 100k+ more than previous phases. The previous phase had view lots too. Granted the views were all covered by trees.

I'm honestly shocked that they were able to raise the price so significantly and buyers have not pushed back on them. Even with no inventory, you would think people would think twice about paying those premiums.

Buyers shopping in Irvine seem to have deep pockets..much deeper than what folks on TI can think of. Before TI members thought it was foreign money that allowed buyers to keep paying the high prices...now it appears it's US buyers with deep pockets. May be people are making tons of money in stocks and so 100K price increase doesn't look so bad. IP is good at being to gauge the purchasing power of the buyer pool...so what looks a huge increase is taken in stride by the much financially well-healed buyers. And  when IP ups the prices, other builders follow suit...

This isn't Irvine though. It's Lake Forest. Unless you're saying some Irvine buyers are priced out of Irvine and have moved to other options like Lake Forest.

 

[Irvinehomeseeker]

Sorry, I missed noting it's not Irvine. But I think similar crowd of buyers is now moving towards Lake Forest new builds.

 

[CalBears96]

Some people, like my brother-in-law, don't mind living in Lake Forest due to no mello-roos. He just bought a The Oaks at Portola Hills home.

We did consider both Serrano Summit and TB's The Meadows. Only reason we gave up on both is that we don't like that they're located in commercial areas. We really wanted to buy Soria until we checked out Bluffs. After that, we just lost interest in Soria. My wife just fell in love with Portola Springs.

 

[usctrojancpa]

Sorry, I missed noting it's not Irvine. But I think similar crowd of buyers is now moving towards Lake Forest new builds.

It's not just Irvine and Lake Forest, it's basically everywhere. Demand > Supply

 

[CalBears96]

Lennar just released 3 more Amara homes.

Residence 2
$1,654,990

Residence 2
$1,727,990

Residence 3X
$1,989,990

All view lots. Lot size not listed, but the cheaper 2 seems to be the same as previous release, which was priced at $1,597,990. The more expensive 2's lot size seems to be quite a bit bigger. Lot size for 3 seems huge.

 

[sleepy5136]

Homesite 15 (Plan 2)
$1,727,990
5,038 sqft lot

Homesite 16 (Plan 3X)
$1,989,990
7,155 sqft lot

Homesite 17 (Plan 2)
$1,654,990
3,659 sqft lot

We should clarify when we say views. Homesite 15 faces the city but is completely covered by trees. I wouldn't say that is a view, but a no neighbor premium + a bigger lot. Homesite 16 and 17 has a view of the water plant.

 

[CalBears96]

So site 17 is actually smaller than almost 300 sq ft smaller than plan 2 from previous release, but costs $55k more. Wow.

 

[sleepy5136]

funny thing is it will still sell. buyers are flooded with cash and lack of inventory is allowing Lennar to raise it however much they feel.

 

[CalBears96]

If I had to spend $2M for plan 3X, I would rather buy Ravello at OH. And for the price of plan 2, I would rather buy Evergreen at The Meadows or CalPac's Sierra 2X.

 

[sleepy5136]

If I had to spend $2M for plan 3X, I would rather buy Ravello at OH. And for the price of plan 2, I would rather buy Evergreen at The Meadows or CalPac's Sierra 2X.

I don?t know if Ravello would be 2m for a 7k lot though.

 

[CalBears96]

If I had to spend $2M for plan 3X, I would rather buy Ravello at OH. And for the price of plan 2, I would rather buy Evergreen at The Meadows or CalPac's Sierra 2X.

I don?t know if Ravello would be 2m for a 7k lot though.

True, but smaller lot is my personal preference. I'm currently living in a 3309 sq ft. home on a 9k lot and frankly, I hate it. Too much yard work and maintenance.

 

[Mety]

If I had to spend $2M for plan 3X, I would rather buy Ravello at OH. And for the price of plan 2, I would rather buy Evergreen at The Meadows or CalPac's Sierra 2X.

I don?t know if Ravello would be 2m for a 7k lot though.

True, but smaller lot is my personal preference. I'm currently living in a 3309 sq ft. home on a 9k lot and frankly, I hate it. Too much yard work and maintenance.

Delano at EW sounds like a perfect fit for you. Here it is while it's still in around $1M range.https://www.redfin.com/CA/Irvine/70-Parkwood-92602/home/167401774