Villa Rosa Listing for under $900,000

[quote author="PANDA" date=1255348359]Eva,

I mainly like the way the Villa Rosa looks from the outside, but not a big of the interior layout of the home. However, since there is a such a shortage of these newer 2500 - 2700 square feet SFRs like VR and Rosemoor, we don't have much to choose from at the moment. Given the choice, I would much rather prefer Las Colinas over Villa Rosa.</blockquote>
What about considering homes over in Northwood Pointe or Northwood II or even Oak Creek?
 
I tried to look at an 3WCG Open House at Oak Creek today, but I missed it (weird time noon to 3pm) because I was at WB and PS... first thing the wife says "If we didn't look at those new homes first, I would consider it". Doh.



She does know there is over a $200k difference not to mention higher Mello Roos and HOA... but she's not keen on the Oak Creek location. It's weird but from the street you can still hear the 405 even though this was an interior location.



I had a question that some other buyers might want to know, obviously we've been to the new home sales offices before we started using a realtor... can we still use one after the fact? I realize they say that there has to be one during the first visit but I would like to be represented by someone even in a new home sale... like Deuce.



BTW: Although inventory is light for resales, it seems like new homes aren't selling very quick. I think Villa Rosa will still be around until Summer 2010 and Los Colinas will be around past then.
 
[quote author="irvine_home_owner" date=1255354055]I tried to look at an 3WCG Open House at Oak Creek today, but I missed it (weird time noon to 3pm) because I was at WB and PS... first thing the wife says "If we didn't look at those new homes first, I would consider it". Doh.



She does know there is over a $200k difference not to mention higher Mello Roos and HOA... but she's not keen on the Oak Creek location. It's weird but from the street you can still hear the 405 even though this was an interior location.



I had a question that some other buyers might want to know, obviously we've been to the new home sales offices before we started using a realtor... can we still use one after the fact? I realize they say that there has to be one during the first visit but I would like to be represented by someone even in a new home sale... like Deuce.



BTW: Although inventory is light for resales, it seems like new homes aren't selling very quick. I think Villa Rosa will still be around until Summer 2010 and Los Colinas will be around past then.</blockquote>
Yeah, you can still ensure that you can use a realtor with a new home sale even if you went in without one (just make sure you don't sign anything and tell them that you are working with a realtor). The commission for the realtor is a really a referral fee and the realtor does not do anything in a new home sale transaction (i.e. no forms, no inspection other than the final walkthru, no negotiations, etc).



One additional note....as the economy and the housing market improves the builders will reduce or eliminate the co-op referral fee for agents (during the bubble years no builders offered these referral fees).
 
[quote author="irvine_home_owner" date=1255344092]So to get back on topic after graph killjoyed it...</blockquote>


Yeah... I will have to keep that in mind when the OC Housewives thread has more posts than all of the Irvine section. I'll just stay quite and refrain from any actual quality discussion.



FWIW, these places will get down to $650k. 1. Because it is Lennar, and they have gone beyond cheaper than the cheap they once were. 2. Because unemployment will increase to near depression levels.



I just thought it would be nice to have discussion that says otherwise, but alas... no one really cares. Well, panda does, and at least I give him some facts that support his hope. Can't say that much about OP.
 
Will they really get down to $650k? I was just there and they could probably lower their prices to $850k and sell everything they have left in one weekend.



The problem that I'm having here is trying to find historical proof that there will be a 40% drop off of new home pricing in Irvine.



I've asked this question a dozen times but during the 90s bubble, was their such a drop on *new* homes sold in Irvine at the peak of 89/90 to 96/97?



A house built in the late 90s in Westpark II just went for $880k, even though the comps are low $800s... the Kool-Aid is strong in Irvine so I'm really finding it hard to believe that new construction that went for $1m is going to drop down to $650k. Maybe mid $700s... but even that I'm not too sure of.
 
[quote author="USCTrojanCPA" date=1255354609]... the realtor does not do anything in a new home sale transaction (i.e. no forms, no inspection other than the final walkthru, no negotiations, etc).rral fees).</blockquote>
Are you sure? I remember reading in some other thread that there are some things a good realtor will do for you even in a new home sale transaction.
 
"...These places will get down to 650K..."?!?! Not sure I'd bet on that. These places started in the 1.1-1.25m range back in 2006ish... and even the model 2 and 3s that are being sold (brand new) today, are still going for 1.1... I think that the cheapest that Lennar ever had to drop prices was to 1.05m (one or two phases ago).



It is a crazy world, and people buy these things. I'm even aware of one Villa Rosa that was purchased in the last year as a "rental property!" Someone please explain how anyone could make money renting one of these million dollar homes out. I can understand over-paying and living in the home... but over paying just to try and rent it out?!



I still see a disconnect in the market place, and not just in real estate. Just turn on CNBC and it is beyond obvious that the corporate office (GE-NBC) called down to there and said, "stop reporting honestly." As a result, the market continues to flirt with higher levels that make no sense. In this upside down world, I would bet on a stock market rally after Russia/China/Middle East walk away from the dollar as a "reserve currency."
 
[quote author="USCTrojanCPA" date=1255354609]The commission for the realtor is a really a referral fee and <span style="color: blue;">the realtor does not do anything in a new home sale transaction</span> (i.e. no forms, <span style="color: blue;">no inspection</span> other than the final walkthru, no negotiations, etc).</blockquote>


This probably isn't commonplace... but I think it should be... I would still order an inspection on a new construction. Just because something was built recently doesn't mean it was built right. My friend bought a new home (out of state) and the inspection revealed some missteps that they wouldn't have known about otherwise.... the builder fixed it before escrow closed. I would hope that a Realtor would be proactive and recommend one to the buyer as they are supposed to look out for them and not just be idle. Buyers: C.Y.A.
 
40% drop exists in over inflated neighborhoods with older homes (without clones) along the Irvine fringes such as Santa Ana. The properties in Irvine are too homogeneous to allow such a drop because 100 homeowners with the same floor have to agree to the -40% price. Even if a property does come on to the market with a -40% price then it would be snapped up so quickly before it has a chance for the public to learn about it.
 
[quote author="bkshopr" date=1255399089]40% drop exists in over inflated neighborhoods with older homes (without clones) along the Irvine fringes such as Santa Ana. The properties in Irvine are too homogeneous to allow such a drop because 100 homeowners with the same floor have to agree to the -40% price. Even if a property does come on to the market with a -40% price then it would be snapped up so quickly before it has a chance for the public to learn about it.</blockquote>
This is what I have been getting at since I've been here. There is a whole lot of non-fundamental factors that are in play when trying to reduce the basis price of entire neighborhoods, and at the price they paid... a 40% (or more) drop is going to be a tough pill to swallow... even with unemployment at record highs.



Again... if history proves this incorrect for Irvine new homes built in the 89/90 bubble high... please give me that data.
 
[quote author="escrowbear" date=1257299596]Villa Rosa is listing the Plan 2 model for sale. Does this mean that they are done with the project?



http://www.redfin.com/CA/Irvine/26-Vine-92620/home/5959011</blockquote>
From what I remember when I was last there, Villa Rosa had sold those homes to a 3rd party a while ago and they were renting them back to use as models. I think they sold them thinking they were finishing off their neighborhood but it took longer than they thought.



Now that they are nearing the end of their build (I think they only have 1 more phase and the space directly adjacent and across from the models) they told us that the owners were going to sell the models.
 
Last time I was there, the salesperson told me that they had closed off Plan 2 because they wouldn't be building any Plan 2s in the future phases. My guess is because it'll have too much competition against the new homes coming on- esp Carmel.
 
Sorry. I have no idea what I'm talking about. It's Plan 1 that they're no longer selling in the future phases. The 2,600SF model.
 
<a href="http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474">http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474</a>



FINALLY!!! THESE BABIES ARE COMING DOWN! It is about time DAMMIT! $899,900 - ($249,900 Bubble) = $650,000 in 2012.



This Villa Rosa listing is Not a Short Sale.



Sold for $910,000.
 
[quote author="PANDA" date=1257757603]<a href="http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474">http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474</a>



FINALLY!!! THESE BABIES ARE COMING DOWN! It is about time DAMMIT! $899,900 - ($249,900 Bubble) = $650,000 in 2012.



This Villa Rosa listing is Not a Short Sale.



Sold for $910,000.</blockquote>


Wow. pretty good price. Well, like I said, I think the master bedroom downstairs lowered the price of this house.
 
[quote author="frank69m" date=1258270457][quote author="PANDA" date=1257757603]<a href="http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474">http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474</a>



FINALLY!!! THESE BABIES ARE COMING DOWN! It is about time DAMMIT! $899,900 - ($249,900 Bubble) = $650,000 in 2012.



This Villa Rosa listing is Not a Short Sale.



Sold for $910,000.</blockquote>


Wow. pretty good price. Well, like I said, I think the master bedroom downstairs lowered the price of this house.</blockquote>


Really??? I think the buyer over paid alteast 20% on this house. That's crazy.. someone would pay $910,000 for this house.
 
[quote author="PANDA" date=1258271028][quote author="frank69m" date=1258270457][quote author="PANDA" date=1257757603]<a href="http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474">http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474</a>



FINALLY!!! THESE BABIES ARE COMING DOWN! It is about time DAMMIT! $899,900 - ($249,900 Bubble) = $650,000 in 2012.



This Villa Rosa listing is Not a Short Sale.



Sold for $910,000.</blockquote>


Wow. pretty good price. Well, like I said, I think the master bedroom downstairs lowered the price of this house.</blockquote>


Really??? I think the buyer over paid alteast 20% on this house. That's crazy.. someone would pay $910,000 for this house.</blockquote>


Especially crazy from my point of view when it seems like all you are really buying is pictures of common areas. Such a small lot, sometimes I just can't figure out Irvine people.
 
[quote author="PANDA" date=1258271028][quote author="frank69m" date=1258270457][quote author="PANDA" date=1257757603]<a href="http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474">http://www.redfin.com/CA/Irvine/28-Winding-Way-92620/home/5959474</a>



FINALLY!!! THESE BABIES ARE COMING DOWN! It is about time DAMMIT! $899,900 - ($249,900 Bubble) = $650,000 in 2012.



This Villa Rosa listing is Not a Short Sale.



Sold for $910,000.</blockquote>


Wow. pretty good price. Well, like I said, I think the master bedroom downstairs lowered the price of this house.</blockquote>


Really??? I think the buyer over paid alteast 20% on this house. That's crazy.. someone would pay $910,000 for this house.</blockquote>


overpaid 20%, so seriously you think a house like this will go for 728K within the next year? doubt it.



the new carmels, which start at 2600sqft (same as this house) are starting in the low 900,000's and that will be at least through mid 2010.



it'll be a while before prices move from where they are in irvine, though they will move downwards eventually to some extent. right now, there are a bunch of frustrated buyers, who are willing to pay the premium for the location. we'll see what happens through 2012...
 
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