Standard Pacific Homes in Brea 2008

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Girl In the OC_IHB

Girl In the OC_IHB

New member
Hey everyone!

I follow this blog continually, and appreciate everyone's information & input...

So, even though this upcoming community is not in Irvine... I wanted to see if anyone had any information.

Standard Pacific bought the Unocal property in Brea, at the corner of Imperial Hwy & Valencia. I have friends in the area, so I have driven by a few times. It's all fenced off now, and the website says models will be available in 2008.

Does anyone have any information? I would only be interested in the Single Family DETACHED. I am hoping by 2008 when models are released the prices will be much more in line!

Thanks in advance for any input you may have! :-)

GITOC
 
GITOC,

I drove by this area several time and like it a lot too.

I am sure you put your name on the interest list as it is the best way to get new information.

Did you see any framing yet? Model home usually follows within a few months.

I think it is in a great location. The area is very open and the surrounding is pretty and new. Brea is doing a great job creating communities, businesses, and shops, similarly to Irvine.

I think it's a winner if you decide to buy there.
 
Hello,

I work in Brea and can testify that the traffic on Imperial HWY is quite bad during rush hour.

Where do you work? If you work in Brea, you can dodge the traffic on Imperial HWY via Birch/Rose Drive from Valencia. 57 FWY entrance is nearby, and you can get to the 91/55 FWY easily via Rose Drive down to Placentia. There's a train station by Rose/Tustin Ave & La Palma too.

If you work up in Chino, might want to check traffic conditions on Carbon Canyon Rd. I'm not sure what the condition is like for south-north commute.

You might also want to check seismic hazard zone maps and purchase earthquake insurance, from Geovera or another provider, if desired.
 
Thank you everyone for your concerns regarding my commute!

I actually used to live not too far from this development, sold my house May 2006... and I've been renting here in Irvine ever since. Figured if I had to rent for a bit, I would do so in Irvine since I work here.

But, through all these disappointing developments in Irvine (High Prices, Poor Layouts, Houses soooo close together, no driveways, mello roos, high taxes... you guys all know the drill!) I'm considering moving back to the Brea area. I usually would take Imperial to the 91 to the 241 into Irvine, took about 30 minutes that way. Plus, I tend to NOT be a morning person, so I usually got on the road about 9 AM, and just worked longer to make up for it!

I'm curious momopi, why the seismic concerns???

GITOC
 
Just remember that this development will be on the only route in & out of the Brea Landfill (Valencia) lots and lots of heavy truck traffic. I know the people who bought in the area above Rose & valencia are not happy about it. Aside from concerns about the oil I would consider the ill effects of the land fill on your decision. They may tell you that that land fill is closing soon but they are wrong.
 
So, this development by Standard Pacific was orginally slated for 2008, last year they changed the website and pushed in back to 2009... just checked the website... now pushed back to 2010....
 
Just so I get my thinking straight, is Standard Pacific taking the gamble that they will sell more houses in 2010, when the market supposedly bottoms, than to build now and lose money while the houses are sitting on the lots unsold? When the prices adjust in 2010, won't they make much less profit from sales?

Anyone have an idea of the price range for these homes? I know its not until 2010, but a starting price would help...
 
Shooby said:
Just so I get my thinking straight, is Standard Pacific taking the gamble that they will sell more houses in 2010, when the market supposedly bottoms, than to build now and lose money while the houses are sitting on the lots unsold? When the prices adjust in 2010, won't they make much less profit from sales?

Anyone have an idea of the price range for these homes? I know its not until 2010, but a starting price would help...
Click to expand...
Don't hold your breathe...Standard Pacific will be liquidated by 2010 after they fill for bankruptcy.
 
Shooby said:
Just so I get my thinking straight, is Standard Pacific taking the gamble that they will sell more houses in 2010, when the market supposedly bottoms, than to build now and lose money while the houses are sitting on the lots unsold? When the prices adjust in 2010, won't they make much less profit from sales?

Anyone have an idea of the price range for these homes? I know its not until 2010, but a starting price would help...
Click to expand...

The starting price isn't what is important for StanPac, it is what the option contract price is for the land and what they can renegotiate to in this market. Judging by the delays on this project, they have already renegotiated at least the delivery time of the contract and possibly the price. If they only lose their initial deposit, then it doesn't matter when they actually lose it, because they have either lost it already or will lose it in 2010. That is if they are still around in 2010.
 
Ok, so here's an update...

La Floresta - Brea

Very disappointed in this development so far... I certainly hope they re-think their plans...

3 story town homes

Work/ Live Lofts

"Cluster" planned housing

Zero lot line housing

This all sucks... when will developers get a decent community of true Single Family DETACHED homes with their OWN driveway and a modest yard?

BK... this is the development I was venting about on Wednesday... any thoughts? There is a map of the area, with notations of which area is planned for which style of housing... seems its all high density. :blank:
 
This all sucks? when will developers get a decent community of true Single Family DETACHED homes with their OWN driveway and a modest yard?
Click to expand...

Product is driven by what the market can afford based on the cost is of bringing product to market using the land residual method.

Based on land costs, entitlement fees, construction costs along with carry costs there won't be too many buyers able to afford the price needed to make a profit.

Builders finding construction lenders in toady's market will continue to be challenging.

The biggest problem is that most people won't be able to finance or afford what they say they want.

Have you looked at an REO or foreclosure on a 1 or 2 year old SFR home or possibly an older home that was updated?

Everyone has wanted prices to come down and as they do it makes it harder for builders to bring new product to the market.

Land costs will continue to increase density in OC except for the uber-rich.

Good luck
 
xsocal land merchant said:
This all sucks? when will developers get a decent community of true Single Family DETACHED homes with their OWN driveway and a modest yard?
Click to expand...

Product is driven by what the market can afford based on the cost is of bringing product to market using the land residual method.

Based on land costs, entitlement fees, construction costs along with carry costs there won't be too many buyers able to afford the price needed to make a profit.

Builders finding construction lenders in toady's market will continue to be challenging.

The biggest problem is that most people won't be able to finance or afford what they say they want.

Have you looked at an REO or foreclosure on a 1 or 2 year old SFR home or possibly an older home that was updated?

Everyone has wanted prices to come down and as they do it makes it harder for builders to bring new product to the market.

Land costs will continue to increase density in OC except for the uber-rich.

Good luck
Click to expand...

No offense xsocal, but this is the same mentality that crushed the builders, like JM Peters and Paisley in the 90s. I'm surprised you of all people still believe this, as you should know that Lennar and CalPac took over the condo projects that JM Peters and Paisley veered to in that time because it became a more "affordable" product. Back then, SFRs dropped before condos did, but when the condos started to drop, they dropped harder and faster than SFRs. Trying to maximize land value in flooding the market with a product that the public doesn't want, doesn't mean they will profit more from it, and in fact they will lose more money. Land costs have come down significantly in OC, not to the negative land values of the IE, but they have drastically dropped. Not only have land values come down, but material prices have come down big time.

Builders who do this are only trying to catch a falling knife. They flood the market with a product people don't want, when the prices for this product continues to fall faster than the product the people want. IMHO, this is the dumbest thing to do in a falling market. Just look at all the condo/live work/zero lot line product out there, and you will see there is way, way too much for the demand. StanPac obviously still has people on their staff that have forgotten the past, and judging by the demand they are doomed to suffer the same fate they did in the past. There is plenty of land in the OC, trust me, I know there is when population growth is stagnant and job growth is negative and heading back to 2004 levels. Builders just need to build a product people want to maximize value, and people DO NOT WANT this product. OC is a great place to live, but it is not NYC, nor will it ever be. High density is not something we have grown to love, we love big lots with modestly sized homes. WANT LOT, WANT TO NOT SEE MY NEIGHBOR.

If StanPac does go this route, then remember this thread, because like those in the 90s who didn't listen to econ 101 of demand, they will fail, and someone will update this thread on which builder has taken over StanPac's project.

[/rant]
 
Graph

Sorry if I didn't express it correctly. My line of thought was that builders will build what pencils but not what people want. I remember building/selling stacked flats with detached garages when we had to do 3,2,1 buydowns with FHA to get people in starting at $69,990. Since nobody "wanted" them we had to create a market where the cost to own was less then rent to attract buyers who had no alternative.

It sounds like the current auto industry problems.

With lead time being what it is and most of the entitlements having started during the boom times I would be surprised if there are a large number of SFR lots with driveways in the process. I have totally lost touch with the business so I can't be sure of that statement.

The bad economy and new lending practices will also limit what the buyers can afford. What is happening in the construction lending these days? The lending on both ends would seem to be a double whammy against new construction getting more affordable.

On the surface it would seem to people not familiar with the new home industry that falling prices would give one the ability to buy the same home for less dollars but I have never seen this. Builders go to smaller sq ft, less amenities, and smaller lots to keep the price down. You pay less but you get less except for current inventory being cleaned out. Now may be the best time to buy. ;-) Just kidding.

What say you?

Have a great day!
 
Graph,

Didn't sound like xsm was defending the practice, just explaining it.

Sounds like somebody's got a case of the Mondays.

(embedded video no longer available)

BTW, has anyone seen my stapler?
 
Graph,

Didn?t sound like xsm was defending the practice, just explaining it.

Sounds like somebody?s got a case of the Mondays.
Click to expand...

Thanks IR. I hope my next post explained it better.

We should write a song titled "Snarly Monday".

But Graph is Graph so we accept him just the way he is. :coolgrin:

Enjoy!
 
Does anyone have any news on the La Floresta project in Brea? Are they still proceding from google maps it seems to be all graded.
 
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