Varenna by Tri Pointe Homes at Orchard Hills

[lovingit]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.  I guess when homes are priced well, they sell.  Not like Capella which started too high and didn't even sell that much (excluding the model homes) in the later phases.

Capella first phases started at $1.28 for a home over 3000 sqft. That was the builder price for our home without the extra options we added. How is that overpriced compared to Varenna? And that's for a relative "view lot" of orchards and at least no home behind. Varenna has homes behind every house except for the ones backing directly to the toll. And their first phase pricing is $1.262 for 2600sqft

Yes but what were the Capella pricing toward the end phases?
I'm not talking about the model homes.  There were a slew of them in the $1.3m - $1.4m that couldn't sell that well.  There were even a few homes in the $1.26m that couldn't sell with the high walls behind.  Let's see where Varenna ends up in the later phases.  If it's still in the $1.3m, then it hasn't done that well. 

For comparison, Strada started in the high $900k and are now close to $1.3m.  Thats almost 30% increase in pricing and they are halfway through building.  Capella did not increase their pricing that much.  $100k increase in pricing from where they started in phase 1 is a 8% increase.  What I'm saying is that when a community is priced right from the beginning, and there is a steady increase per next phase release, the later phases' pricing is much higher and they will still sell. 

 

[Villager]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.

20? Whoa...are they on phase 4 after one week? I thought it was 6 per phase.

Can we get a second confirmation on this? I want to believe this, but 20 houses seems like an inflated figure.

 

[Ready2Downsize]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.  I guess when homes are priced well, they sell.  Not like Capella which started too high and didn't even sell that much (excluding the model homes) in the later phases.

Capella first phases started at $1.28 for a home over 3000 sqft. That was the builder price for our home without the extra options we added. How is that overpriced compared to Varenna? And that's for a relative "view lot" of orchards and at least no home behind. Varenna has homes behind every house except for the ones backing directly to the toll. And their first phase pricing is $1.262 for 2600sqft

There are at least two kinds of views.

One with a clear fence or fence out of wrought iron, no neighbors behind you (and never will be) and the other with a regular block wall, backing up to a road with a view from upstairs.

The first is more valuable than the second. Those are the views that some of the La Vita homes have.

Both are better than no view or having neighbors on top of you from the rear but backing up to a road will remove some buyers who don't want to back up to a road especially with the tiny set backs that Capella has. (Yes, I know it's an interior road, not Irvine Blvd or a freeway but it will still be an issue to some if it comes down to picking between two houses in a resale situation).

Not sure how tall trees will get from the land in front of the clear wall/ iron fence lots but if they get tall enough the "view" could become a view of trees and a home marketed as "very private".

 

[Paris167]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.  I guess when homes are priced well, they sell.  Not like Capella which started too high and didn't even sell that much (excluding the model homes) in the later phases.

Capella first phases started at $1.28 for a home over 3000 sqft. That was the builder price for our home without the extra options we added. How is that overpriced compared to Varenna? And that's for a relative "view lot" of orchards and at least no home behind. Varenna has homes behind every house except for the ones backing directly to the toll. And their first phase pricing is $1.262 for 2600sqft

Yes but what were the Capella pricing toward the end phases?
I'm not talking about the model homes.  There were a slew of them in the $1.3m - $1.4m that couldn't sell that well.  There were even a few homes in the $1.26m that couldn't sell with the high walls behind.  Let's see where Varenna ends up in the later phases.  If it's still in the $1.3m, then it hasn't done that well. 

For comparison, Strada started in the high $900k and are now close to $1.3m.  Thats almost 30% increase in pricing and they are halfway through building.  Capella did not increase their pricing that much.  $100k increase in pricing from where they started in phase 1 is a 8% increase.  What I'm saying is that when a community is priced right from the beginning, and there is a steady increase per next phase release, the later phases' pricing is much higher and they will still sell.

I don't think a home just over 3200sqft at $1.28 is an unreasonable price which was the starting prices for the capella plan 1 - that's $400/sqft!  The biggest size for varenna is 2600sqft and it's right next to the toll road. So maybe personal bias but there is better value in the Capellas and more home for your $$ over these Varennas.
R2D I would take a home backing into an interior road any day over my neighbors house directly behind me, looking down onto my house (esp with tight backyards) or the home backing into a toll road or major street like Jamboree. And we have views of the orchard hills from the 1st and 2nd floors. To me it's a pretty serene very green view of orchards and hills. Of course La Vita's clear glass city views are very nice and is truly considered to be "a view" but these homes are over $1 million dollars more expensive than what I paid for my home so they can keep their views. I'll pocket the extra $1 million for alternate investments.

 

[Bullsback]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.  I guess when homes are priced well, they sell.  Not like Capella which started too high and didn't even sell that much (excluding the model homes) in the later phases.

Capella first phases started at $1.28 for a home over 3000 sqft. That was the builder price for our home without the extra options we added. How is that overpriced compared to Varenna? And that's for a relative "view lot" of orchards and at least no home behind. Varenna has homes behind every house except for the ones backing directly to the toll. And their first phase pricing is $1.262 for 2600sqft

Yes but what were the Capella pricing toward the end phases?
I'm not talking about the model homes.  There were a slew of them in the $1.3m - $1.4m that couldn't sell that well.  There were even a few homes in the $1.26m that couldn't sell with the high walls behind.  Let's see where Varenna ends up in the later phases.  If it's still in the $1.3m, then it hasn't done that well. 

For comparison, Strada started in the high $900k and are now close to $1.3m.  Thats almost 30% increase in pricing and they are halfway through building.  Capella did not increase their pricing that much.  $100k increase in pricing from where they started in phase 1 is a 8% increase.  What I'm saying is that when a community is priced right from the beginning, and there is a steady increase per next phase release, the later phases' pricing is much higher and they will still sell.

I don't think a home just over 3200sqft at $1.28 is an unreasonable price which was the starting prices for the capella plan 1 - that's $400/sqft!  The biggest size for varenna is 2600sqft and it's right next to the toll road. So maybe personal bias but there is better value in the Capellas and more home for your $$ over these Varennas.
R2D I would take a home backing into an interior road any day over my neighbors house directly behind me, looking down onto my house (esp with tight backyards) or the home backing into a toll road or major street like Jamboree. And we have views of the orchard hills from the 1st and 2nd floors. To me it's a pretty serene very green view of orchards and hills. Of course La Vita's clear glass city views are very nice and is truly considered to be "a view" but these homes are over $1 million dollars more expensive than what I paid for my home so they can keep their views. I'll pocket the extra $1 million for alternate investments.

Paris...I agree 1000% with you.  And I suppose I'll probably wander over and check out Varenna this weekend just to see what it is like, but I would really be surprised, given how other stuff has been moving, that they got 20 of them out (although if they did, touche for TriPointe). 

 

[usctrojancpa]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.

20? Whoa...are they on phase 4 after one week? I thought it was 6 per phase.

Can we get a second confirmation on this? I want to believe this, but 20 houses seems like an inflated figure.

I call BS too on the 20 houses....the most I've ever seen sell at a new home development is phase 1 & 2 homes and then the builder bumps the prices up if sales are so strong.

 

[capboba]

the tuscan elevations are always nice.

wonder will most ppl go with formal dining room or an office for plan 3

 

[Ready2Downsize]

Personally I won't buy a house backing to a road. It's a complete deal killer to me.

The bottom line for everyone is if you find a place YOU like, buy it. Do with it what YOU want and enjoy it.

Who knows what will be in or out down the road.

I don't think we could have predicted we would have this big of a FS issue 20 years ago (although I did know about other cultures putting stock into numbers and by then Irvine had eliminated houses numbered 4 and 13).

In another 10 years FS may not mean a thing if we get people buying here that are assimilated into our culture. Besides that Asians prefer new to resale anyway.

My thing is decorate the house the way you want and enjoy it. Worry about selling it later (and my feeling is any gain u might have is just icing on the cake. Houses imo are for living in, controlling costs since u own it and doing whatever the heck you want). Plenty of other areas don't see people moving around like here and see their houses sit  f o r e v e r with barely any gains.

As for the crash coming that others are worried about. You need lots of people running for the exit all at one time. Could it happen, yeah but you've probably got enough investors who would buy here with a significant drop. If it were to happen only locally there would have to be a reason that could stick, like increasing crime, lowering test scores, maybe a mass shooting (not even sure that would stick long term). You'd still have a central location, newer homes, decent jobs nearby. Maybe prices will drop (or soften) but I don't see a huge drop coming........ not while the Irvine company markets directly to the Chinese. I know I have cash and if we were to see a big drop, I'd buy a smaller place for cash for my youngest daughter and I will bet there are a lot of others who would buy.

 

[capboba]

In another 10 years FS may not mean a thing if we get people buying here that are assimilated into our culture. Besides that Asians prefer new to resale anyway.

I'm not sure about the new vs resale thing. anecdote but every client my wife has taken are preferring resale vs new.

here are some valid reason and mindset to ponder on:

• time frame, they can't wait for a build out cuz they need the money moving now and not later. they're leaving the country in X days/weeks/months (cuz they've just given birth and need to go back heh, or they're just here for a limited amount of time to shop for a home)
  
  
• they don't like waiting in the waiting list too. some thinks cash will solve the waiting list issue but thats not always true. some aren't sure if they will have the liquidity available in future to close escrow, etc.
  
  
• at certain price point, many will still prefer taking out a foreign national loan to leverage things a bit  - resale makes that easier to complete in terms of escrow time frame.
  
• they don't trust builders to deliver what they promise - new homes in China are NOT furnished in terms of fixtures, carpentry, and more. most literally give you an empty home and you need to put in flooring, tile, the-works.
  
• they don't trust a community to develop out as promised/envisioned. why pick a spartan looking neighborhood where trees are still sparse/short and landscaping is so-so, vs an older established neighborhood with much more greenery, established schools, etc.
  
  

 

[Goriot]

Sales told me six homes were sold before opening day and currently, 20 homes are sold.

20? Whoa...are they on phase 4 after one week? I thought it was 6 per phase.

Can we get a second confirmation on this? I want to believe this, but 20 houses seems like an inflated figure.

I call BS too on the 20 houses....the most I've ever seen sell at a new home development is phase 1 & 2 homes and then the builder bumps the prices up if sales are so strong.

I see on Varenna's pamphlet saying that the Phase I release is tomorrow (July 30th) and they will be calling people on the pre-qualified list so 20 homes sold is not correct.  Maybe they are referring to pre-qualified list or people who is waiting to pick up the phone call, etc.

 

[Paris167]

the tuscan elevations are always nice.

wonder will most ppl go with formal dining room or an office for plan 3

The outside elevation details are very nicely done at varenna.
I would probably do formal dining in lieu of office given there are still 4 bedrooms and expanding the downstairs common space is more functional for entertaining.

 

[renter1]

Any idea pricing??

 

[dethman]

I visited today.  They said 3 of 6 first phase homes released sold.  No other sold homes as phases are not released.  Not sure where the 20 number comes from.  Maybe reservations?

These homes are TINy btw.  Downstairs are so small.  Lofts are decent i guess.

 

[DrTravel]

First two phase are sold out - twelve total homes. Phase three will be released September 17.

 

[nyc to oc]

First two phase are sold out - twelve total homes. Phase three will be released September 17.

wow, that seems severely overpriced. 1.2M for 2500 sq ft with tiny lots and directly over the toll road???

If you have flexibility on your budget and can go just a bit higher you get a much better deal price per sq ft, and lot size/location wise in the main part of the Groves at Vicenza, Saviero and Messina.

 

[lnc]

They are expensive but I don't think they are over priced. 

Varenna in a way its very similar to Mulberry in the CV, they share the identical lot dimension, similar floor plan design and approx. the same size. And Varenna's price is actually lower than the asking price of some recent for sale Mulberry homes.  Also people are suckers for the gate.  Being the lowest price home in the gated side of OH, Varenna is going to sell well. 

 

[DrTravel]

First two phase are sold out - twelve total homes. Phase three will be released September 17.

Looks like I was given misinformation by the sales staff 4 weeks ago. First two phases are not sold out - unless folks dropped out. Phase three was released but only consisted of three home sites instead of six. Prices on today's price sheet slightly lower than the previously posted one. Plan One dropped from $1,212,900 to $1,173,900 while Plan Two dropped from $1,229,900 to $1,219,900 - of course the new lower prices could just reflect that the home sites from Phase One came back on the market. Didn't want to stick around too long - the sales agent kind of didn't want me to leave.

Sales thus far:
Phase One: 3 out of 6
Phase Two: 4 out of 6
Phase Three: 1 out of 3 for a total of 8 out of 15

 

[shadyoc]

Saw the grading above Varenna.  It got back pretty far.  I wonder which builder it is?

 

[lnc]

Saw the grading above Varenna.  It got back pretty far.  I wonder which builder it is?

I'm wondering too.  The lot slop slightly upward with cu-de-sacs at some street, 3 car garage floor plans,  looks pretty promising. 
http://www.talkirvine.com/index.php/topic,14647.0.html

 

[irvinebullhousing]

Heard it was TB. Not 100 % sure if that is true.