Villages of Columbus - Columbus Grove - Madison

NEW -> Contingent Buyer Assistance Program
Just got an email from KB

Plan 1 $829,990

Plan 2 $849,990

Plan 2 $854,990

The featured homes include maple cabinetry, granite countertops, and Whirlpool appliances in the kitchen.
 
They have two plan 2's and one plan 1 built and available. Been available for many months... Guess they finally decided to cut prices and move them since they have more coming online in late October. I'm quite sure that some people in the phase they have closing at the end of this month will cancel so they'll have more already built inventory available.
 
And BTW, one of the plan 2's, I assume the cheaper one, backs to Harvard. It's just two houses in from the main entrance to that area from Harvard.
 
Just in case anyone is interested, Madison now has a plan 3 (almost finished) listed at $889K. Already has some options installed...

Probably the first of a number of cancels for the phase they are just finishing up.
 
Isn't it funny that here we have yet another new home development dropping prices by $100K in one month --- and it barely even registers with anyone? I have been watching this blog for probably close to a year now, and can remember when everyone would get excited when a development would offer $10K in incentives --- now we hardly even acknowledge a $100k base price drop because it is so expected.

I think it is kind of cheesy when people pull out that "got popcorn" comment, but I guess it fits....
 
For that particular plan 3 at $889K, I think KB might have already pocketed all the initial deposits and option deposits from the previous buyer since this house dropped out of escrow. In a market like this, builders are very aggressive in keep the deposits allowed by the purchase contract. The total deposits probably will be at least 50K to 60K. So the builder can afford to cut deep.
 
Had to check this out after the price updates noted above. Nothing new to report on prices -- still $829k, $849k, $889k. My 4 year old daughter was very impressed that they have teamed up with the Disney Princesses to sell these homes. Free princess lunchboxes for the kids. Nice homes, I liked them better than the first time we visited. If the neighborhood looked better, might be worth considering -- but going here immediately after having visited Woodbury and Northpark Square really highlighted the crappy feel of this neighborhood. Reminds me of something in the IE. They need to plant some trees.
 
real estate market in genereal is efficient in turns of relative price differences among neighbourhoods.

Home at VOC / Tustin field will mostly likely always cheaper than woodbury on comparable sizes. While Woodbury will be cheaper than Quail Hill. "You get what you pay for". For this very reason, I don't believe you can use one general $ / sq ft number to value the homes for Irvine.

We are already at $300 or lower / sq ft at VOC, and likely to continue to go down.

Same goes to true for the SFHs at Woodbury, which have been transacted between $350 to $375 a sq ft before landscape ( add another $10 to 20 / sq ft for landscape). There are 10 closed since Aug.

I haven't see many (if any) Quail HIll SFH close for lower than $400 sq ft yet. Most of the homes got pulled off the market or rented out in Quail Hill. I was looking at that area.

So from here on, it is a good bet that all those neighbourhoods will down, and I don't believe the depreciation velocity will be too different among those neighbour. One might be able to argue % drop will be smallest for Quail Hill, then Woodbury, then VOC. The bottom line is there will always been a price difference in terms of $/ sq ft for a comparable home among those mentioned neighbourhoods. My gueess is there might be $75 / sq ft difference between Woodbury and VOC, while there might be up to $30 / sq ft between woodbury and and Quail Hill.

I can't see how the price differences can be erased, because there are largely location based. Am I missing something?
 
I don't know if I am on track or not, but I have given what I personally think the fair value for each neighborhood is some thought. The prices below would probably get me off the fence:

Columbus Grove (not Square --- that is out of question at any price), Westpark, Woodbridge, or Brady Bunch Northwood - $225 sq ft

Oak Creek or West Irvine - $250 sq ft

Northpark Square or Northwood Pointe - $280 sq ft

Northpark (Gated) - $300 sq ft.....This is our most likely destination, so watching this the closest.

Woodbury - $315-$325 sq ft

Quail, Turtle Rock and Turtle Ridge (Uni HS) - $325 - $350 sq ft

But this is just what I am thinking at the end of October 2007. Open to any arguements on why I am crazy. Regardless, I'm still not buying anything until at least Jan 1, 2009. If prices are what I note above at that time, I jump in. If they are lower, better yet. If they are still higher, I'll renew my lease again.
 
CK,

I hope you realized Columbus Grove is right next to a concrete factory whereas Columbus Square is not.
 
CK,

Great assessment of the Irvine area and it's pricing. Even though I agree with your assessment, I don't understand the premium for Woodbury. When I was search for a home, I considered Woodbury but didn't like the compactness of the area. Majority of the homes are small and the larger ones doesn't have much front or backyard at all. All the homes are so close to each other. And if you want a driveway in Woodbury, you have to pay at least 1 million.

BTW, you didn't list Portola Spring in the mix. I think PS would be Columbus Grove, Tustin Field, West Park, etc. In addition, Northpark prices have been coming down tremendously recently. I see lots of home for sales now. With all the competition, I think a target price of $250 sq ft is more likely.
 
JP --- Agree about the concrete factory, but I'm just as turned off by the hangers looming over my shoulder at Columbus Square. But it's the Columbus Square schools that void that neighborhood for me.

Slam - I forgot all about Portola, probably because it is not on my personal radar. Thanks for reminding me. I would probably put a bit of a premium on Portoloa from the Columbus Grove group --- If only because Portola is assigned to Northwood HS, and that appeals to many folks. I only apply a premium to Woodbury because it is newer, but all things equal, I would personally go for Northpark, Northwood Pointe, or NP Square before Woodbury. I like the look and feel of all those areas better than Woodbury.
 
Excellent question.

The answer is I don't know. I like North park, but we can't seem to be able to find a the floor plan we like on a lot we like for the price we are willing to pay. Same goes with Northwood. Resale has been more expensive in the last year plus when compare with new builds. I don't know much about Oakceek at all. I haven't done enough research to really tell you.

I think Northwood is similar to Woodbury, since they are right across the street. Northwood has no-guard-gates, which I believe is useless anyway. One might believe it should sell at a bit premium, but for sure no more than $10 / sq ft. I don't like no-guard-gates, since you can get in by tail gating, and get out just like no gates. With the gates, since the streets became "private", more than half of your HOA fees go to reserves to maintain the the roads inside the community. For me, it is just not worth it.
 
Has anyone had a price adjustment to their purchase price after recent price drop. Or has anyone received a check from KB Home after they close the escrow and the new home price had drop during escrow. We were told they do that, but would like to know if anyone had actually experience it. Thanks
 
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