The Oaks at Portola Hills

[sleepy5136]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

 

[usctrojancpa]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

 

[CalBears96]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

I agree with sleepy. It's ridiculously dumb to purchase a view lot with a huge premium for a rental. The tenants aren't going to pay a huge premium for the view.

 

[usctrojancpa]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

I agree with sleepy. It's ridiculously dumb to purchase a view lot with a huge premium for a rental. The tenants aren't going to pay a huge premium for the view.

I agree but both buyers are investors so they are hoping for appreciation (first one got it, second one may not).

 

[CalBears96]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

I agree with sleepy. It's ridiculously dumb to purchase a view lot with a huge premium for a rental. The tenants aren't going to pay a huge premium for the view.

I agree but both buyers are investors so they are hoping for appreciation (first one got it, second one may not).

Appreciation from $3M in Lake Forest? Yeah, good luck with that.

 

[usctrojancpa]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

I agree with sleepy. It's ridiculously dumb to purchase a view lot with a huge premium for a rental. The tenants aren't going to pay a huge premium for the view.

I agree but both buyers are investors so they are hoping for appreciation (first one got it, second one may not).

Appreciation from $3M in Lake Forest? Yeah, good luck with that.

The second buyer (LLC) purchased it for all cash.  Maybe it was a 1031 exchange or they are trying to launder $$$.  I would

 

[marmott]

The Oaks is planning to open new models at some point next year. It will be refresh of the current floorplans with minor tweaks (gathered from buyers/prospective buyers feedback).

The whole operation feels very mom and pop with a very slow release cadence. Apparently they own the land and don't feel in any rush to pump houses out.

 

[sleepy5136]

The Oaks is planning to open new models at some point next year. It will be refresh of the current floorplans with minor tweaks (gathered from buyers/prospective buyers feedback).

The whole operation feels very mom and pop with a very slow release cadence. Apparently they own the land and don't feel in any rush to pump houses out.

with that location in LF, I don't blame them. The taxes they pay is nothing compared to taxes they would need to pay if those homes do not sell. From looking at the current homes, they aren't selling. The location is also meh... That's subjective though since I generally go to Irvine for my grocery runs.

 

[sleepy5136]

I noticed a lot of investors bought here and have flipped or are currently in the process of flipping these. They were selling these homes low $400s sq/ft at some point.

Like this one:https://redf.in/56Ew4G

Bought for 1.5m and sold for 3m. Now it?s a rental

Wow.

At the peak people were paying big premiums for view lots.

The weird thing is it?s a rental now. I understand paying a huge premium for view lot as primary residence?.but for rental??

It was purchased by an investor originally and then the current buyer is also an investor (LLC that paid cash).  haha

I agree with sleepy. It's ridiculously dumb to purchase a view lot with a huge premium for a rental. The tenants aren't going to pay a huge premium for the view.

I agree but both buyers are investors so they are hoping for appreciation (first one got it, second one may not).

Appreciation from $3M in Lake Forest? Yeah, good luck with that.

The second buyer (LLC) purchased it for all cash.  Maybe it was a 1031 exchange or they are trying to launder $$$.  I would

If I had 3m for an investment property, I would probably buy in Irvine if there wasn't MR. But 3m wouldn't get you that kind of home + view in Irvine. Maybe I'll buy the Shea homes Yorba Linda single level plan

 

[homesweethome]

Does anyone know how long has Baldwin & Sons taken to deliver homes from "Sale" to "Closing"? I

 

[CalBears96]

Does anyone know how long has Baldwin & Sons taken to deliver homes from "Sale" to "Closing"? I

Almost a year.

The last phase they sold, my brother-in-law bought in Oct 2021 and they got the house Aug/Sep 2022.

And as far as I know, they haven't released any home since.