Skylark 2 - Great Park

[GPI]

Hello,

My wife and I are looking to buy a place in Great Park and have gone to model homes by Taylor Morrison, Pulte, and Lennar.

So far, we like the Skylark 2 built by Lennar with a COE of Nov 2022. As the housing market is still volatile, I'd appreciate some thoughts on how to proceed forward. We expect the house price to be around ~1.5M and want to ensure we're getting a fair deal. The Salesperson mentioned a 20k incentive that can be used towards closing costs.

We expect to live in this house for at least 5-10 years, and I'd appreciate any guidance on whether it is an good time to buy right now or if we should hold off for now.

Thanks You.

 

[Danimal]

Hello,

My wife and I are looking to buy a place in Great Park and have gone to model homes by Taylor Morrison, Pulte, and Lennar.

So far, we like the Skylark 2 built by Lennar with a COE of Nov 2022. As the housing market is still volatile, I'd appreciate some thoughts on how to proceed forward. We expect the house price to be around ~1.5M and want to ensure we're getting a fair deal. The Salesperson mentioned a 20k incentive that can be used towards closing costs.

We expect to live in this house for at least 5-10 years, and I'd appreciate any guidance on whether it is an good time to buy right now or if we should hold off for now.

Thanks You.

Have you looked into high tax imposed on GP residents?
There is a thread here in TI discussed about it.

 

[The Motor Court Company]

doesn't GP have Mello-roos that are perpetual?

Hello,

My wife and I are looking to buy a place in Great Park and have gone to model homes by Taylor Morrison, Pulte, and Lennar.

So far, we like the Skylark 2 built by Lennar with a COE of Nov 2022. As the housing market is still volatile, I'd appreciate some thoughts on how to proceed forward. We expect the house price to be around ~1.5M and want to ensure we're getting a fair deal. The Salesperson mentioned a 20k incentive that can be used towards closing costs.

We expect to live in this house for at least 5-10 years, and I'd appreciate any guidance on whether it is an good time to buy right now or if we should hold off for now.

Thanks You.

Have you looked into high tax imposed on GP residents?
There is a thread here in TI discussed about it.

 

[CalBears96]

doesn't GP have Mello-roos that are perpetual?

Hello,

My wife and I are looking to buy a place in Great Park and have gone to model homes by Taylor Morrison, Pulte, and Lennar.

So far, we like the Skylark 2 built by Lennar with a COE of Nov 2022. As the housing market is still volatile, I'd appreciate some thoughts on how to proceed forward. We expect the house price to be around ~1.5M and want to ensure we're getting a fair deal. The Salesperson mentioned a 20k incentive that can be used towards closing costs.

We expect to live in this house for at least 5-10 years, and I'd appreciate any guidance on whether it is an good time to buy right now or if we should hold off for now.

Thanks You.

Have you looked into high tax imposed on GP residents?
There is a thread here in TI discussed about it.

MR in GP depends a little bit on the community and lot size. I remember it ranges from around $8k to $14k.

 

[Maserson]

The GP mellos scale by house size, not lot size.

 

[CalBears96]

The GP mellos scale by house size, not lot size.

You're right. That makes more sense.

 

[GPI]

Thank you for the responses so far. We're familiar with the MR and have accepted the additional cost of living in GP. We also explored other neighborhoods, but my wife wants a place with access to better amenities.

What are your thoughts on the current market rates in Irvine? We have been offered an incentive of $20k by the builder. Do you think we can negotiate for more? Any tips on negotiating with Lennar on a new house?

Thank you again.

 

[usctrojancpa]

Thank you for the responses so far. We're familiar with the MR and have accepted the additional cost of living in GP. We also explored other neighborhoods, but my wife wants a place with access to better amenities.

What are your thoughts on the current market rates in Irvine? We have been offered an incentive of $20k by the builder. Do you think we can negotiate for more? Any tips on negotiating with Lennar on a new house?

Thank you again.

Of course you can negotiate more.  Remember that an closing cost credits will be limited to your actual closing costs (kind of a use it or lose it thing) so if you have $10k of closing costs and a $20k credit for closing costs from the builder you'll only get $10k of benefit.  I would definitely ask for more, ask for design center credits (those are worth about 50 cents on the dollar) and get 1-1.5% of the purchase price for closing costs (100 cents on the dollar value).  You can increase the amount of closing costs by buying down your interest rate and/or setting up a lender impound account for insurance and property tax which soaks up a lot of dollars (that is your money sitting in a lender impound account). I'd say for $50k total in credits and see what they come back with.

 

[sgip]

It also goes without saying here and in other posts.....

Now that builders are paying Broker / Agent referral fees be sure to register your Realtor with the community at first visit. You may not get a chance later down the buying timeline so be sure to take this important first step. Your Realtor will receive compensation from the builder for their referral. That compensation may be shared, depending on the Realtor and Brokerage.

Also, if you are seeing phases closing at or near the end of Q4, be on the look out for cancellations. A publicly owned builder is under great pressure to close every available unit by their fiscal year end. If a buyer falls out and you are at the ready, I have seen substantial discounts offered if you can squeeze in a last minute closing.

My .02c

 

[usctrojancpa]

It also goes without saying here and in other posts.....

Now that builders are paying Broker / Agent referral fees be sure to register your Realtor with the community at first visit. You may not get a chance later down the buying timeline so be sure to take this important first step. Your Realtor will receive compensation from the builder for their referral. That compensation may be shared, depending on the Realtor and Brokerage.

Also, if you are seeing phases closing at or near the end of Q4, be on the look out for cancellations. A publicly owned builder is under great pressure to close every available unit by their fiscal year end. If a buyer falls out and you are at the ready, I have seen substantial discounts offered if you can squeeze in a last minute closing.

My .02c

Good point, the best time to negotiate with a publicly traded home builder is to do it right before the end of their financial quarter (like 1-2 weeks before).

 

[GPI]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

 

[irvinebullhousing]

Nothing speaks better than black and white, as in writing on official offer. A deal strike in the sale office must be deliver to a prospective buyer in a formal letter. This letter will be use in your price reduction to your lender final pricing. Builder sale agent under pressure and eager to agree low price which is great, but make sure you complete to task of black and white locked in a sure number.

 

[Danimal]

Thank you for the responses so far. We're familiar with the MR and have accepted the additional cost of living in GP. We also explored other neighborhoods, but my wife wants a place with access to better amenities.

What are your thoughts on the current market rates in Irvine? We have been offered an incentive of $20k by the builder. Do you think we can negotiate for more? Any tips on negotiating with Lennar on a new house?

Thank you again.

Of course you can negotiate more.  Remember that an closing cost credits will be limited to your actual closing costs (kind of a use it or lose it thing) so if you have $10k of closing costs and a $20k credit for closing costs from the builder you'll only get $10k of benefit.  I would definitely ask for more, ask for design center credits (those are worth about 50 cents on the dollar) and get 1-1.5% of the purchase price for closing costs (100 cents on the dollar value).  You can increase the amount of closing costs by buying down your interest rate and/or setting up a lender impound account for insurance and property tax which soaks up a lot of dollars (that is your money sitting in a lender impound account). I'd say for $50k total in credits and see what they come back with.

Cal Pac gave me $35k credit when i bought my home back then. I was able to use all that money toward upgrades,CC, and rest went to property tax.

 

[Cares]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

It's too late now but Redfin really "gouges" any rebates they give you for new construction purchase. Some people I know only got maybe $5000 on a $50k commission with a Redfin agent.

 

[CalBears96]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

Like cares said, it's too late, but you could have registered with Martin.

As for not leaving any money on the table, you can negotiate the incentives amount, AND what it could go toward. For example, CalPac allows you to use the incentives for closing costs, rate buy down, or paying off a year of HOA fees. You could also negotiate in using it toward design center upgrades. In the current market, you have much more negotiating power than a few months ago.

 

[Danimal]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

Like cares said, it's too late, but you could have registered with Martin.

As for not leaving any money on the table, you can negotiate the incentives amount, AND what it could go toward. For example, CalPac allows you to use the incentives for closing costs, rate buy down, or paying off a year of HOA fees. You could also negotiate in using it toward design center upgrades. In the current market, you have much more negotiating power than a few months ago.

It?s never too late. Op can put down his wife?s name or another name with different email/ phone number assuming sale rep doesnt remember his face. I highly doubt it since they deal with so many customers.

When i put my name down with IP. They had it wrong which they corrected later when we did paperworks.

 

[CalBears96]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

Like cares said, it's too late, but you could have registered with Martin.

As for not leaving any money on the table, you can negotiate the incentives amount, AND what it could go toward. For example, CalPac allows you to use the incentives for closing costs, rate buy down, or paying off a year of HOA fees. You could also negotiate in using it toward design center upgrades. In the current market, you have much more negotiating power than a few months ago.

It?s never too late. Op can put down his wife?s name or another name with different email/ phone number assuming sale rep doesnt remember his face. I highly doubt it since they deal with so many customers.

When i put my name down with IP. They had it wrong which they corrected later when we did paperworks.

Yeah, that might work now that there's no wait list. Wouldn't have worked before with the wait list.

 

[usctrojancpa]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

It's too late now but Redfin really "gouges" any rebates they give you for new construction purchase. Some people I know only got maybe $5000 on a $50k commission with a Redfin agent.

Redfin has decreased their rebates by a lot, it's about 10-15% nowadays. 

 

[usctrojancpa]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

Like cares said, it's too late, but you could have registered with Martin.

As for not leaving any money on the table, you can negotiate the incentives amount, AND what it could go toward. For example, CalPac allows you to use the incentives for closing costs, rate buy down, or paying off a year of HOA fees. You could also negotiate in using it toward design center upgrades. In the current market, you have much more negotiating power than a few months ago.

It?s never too late. Op can put down his wife?s name or another name with different email/ phone number assuming sale rep doesnt remember his face. I highly doubt it since they deal with so many customers.

When i put my name down with IP. They had it wrong which they corrected later when we did paperworks.

Back in 2011, one of the builders allowed my client to back out of the broker co-op with Redfin (Redfin had to provide them a written notice) which allowed me to register my buyer with the builder.  Depends on the builder and the sales people.

 

[usctrojancpa]

Thank you folks. Appreciate the suggestions here. I did register my agent before the first visit and she?s a Redfin agent so I will receive some cash back.

We?re looking at going under contract soon for a house with COE in Nov 2022. Based on this information, are there any concrete steps you recommend I take to ensure I am not leaving any money on the table.

Thank you for the responses so far.

Did you ask how much of a rebate you would be getting back from Redfin?