Villages of Columbus - Columbus Square - Camden Place

<p>it can be allocated between: </p>

<p>1. buying down your interest rate


2. up to 2 years of HOA dues


3. design center (upgrades to flooring, counters, window coverings, etc... )</p>

<p>it cannot be allocated to reduce the purchase price. the reps explained it's more of a "rebate" than a discount. however, the $2500 internet discount does go toward the purchase price.</p>
 
i went to take a peek after work today and the last residence 3 in this phase sold just as we left. i guess lennar's price cuts worked out well for them...
 
<p>You are saying a 1,689 home is (was) selling for $459,000 minus $27,500 so $255/sq. ft. That seems really good. I understand it's Tustin, but still seems like a very very good deal.</p>

<p>Which phase was that? I know they were selling thru phase 10 and waiting for 2008 to build more. Phase 10 had some (about $20,000) location premium added to the cost.</p>
 
I remember looking at these plans on their website about a year ago and liking the 3 story layout.



They're finally starting to dip down into the range where they should start selling a few units.



From my perspective it still has a ways to go. But it's a real solid start.
 
it was neighborhood 8 i believe. i went back this morning to show my parents and the residence 3 is back up to $528,000 as of Oct 12th. i have the price sheet somewhere, but everything went back up in price. i'm first on the waiting list if one of the $459 units falls through, but i'm still doing my due diligence. i found a website that tracks air traffic and SNA incoming flights do not pass over tustin legacy. i spoke with a someone from Meriwether and they said village of hope recently had a fundraiser/soiree where they educated some of the columbus square sales reps about their program. i'm sure some people here are less optimistic than i am, but supposedly village of hope is not a walk-in shelter (which is what first came to my mind). it's a Christian run facility that has a rigorous application process, weekly drug screening for adult residents, work and education programs, and a required minimum stay of 1 year. most residents of village of hope will be families or single parents with kids. also, i was told that they have strict rules and regulations to ensure that the residents are good neighbors... if they break the rules, they're kicked out of the program and the facility. also, i might add that the area directly surrounding the village of hope is being developed into a tech college and the giant blimp hangar is slated to become a state of the art sports center with the urban park surrounding it. tustin doesn't sound too bad after all... specially since there is an inter district policy so children in this community can opt to go to irvine schools.





btw, residence 3 is gorgeous! the SFR's i've been viewing in the $600k range do not even compare!
 
<p>My wife and I also love Camden Place; we've been on the interest list since phase 3; luckily they never got to us, and we were smart enough to defer when the market turned. It's been great seeing the prices finally drop so much; we knew the prices couldn't keep rising, phase after phase.</p>

<p>A great comp for Camden Place is Venturanza Del Verde; up by Tustin Ranch. It similar with tri-level units and two car garages. <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=988221">http://www.redfin.com/stingray/do/printable-listing?listing-id=988221</a> A four bedroom, 2000 sq/ft place is $549,000. I know it's not NEW but I'll take anything built after 92.</p>

<p>In doing the numbers here is how it compares:</p>

<p>Venturanza - $549K; $109,800 - 20% Down; 6.9% 30 year Fix; $337-Tax/Month; $246-HOA - Comes to <strong>$3,827.20/Month</strong></p>

<p>Camden Plan #3 - $528K; $105,600 - 20% Down; 6.9% 30 year Fix; $457.60-Tax/Month; $225-Mello; $300-HOA - Comes to <strong>$3,996.53/Month</strong></p>

<p>Again I know that VOC is newer, and the Tustin Legacy will really develop that whole area, but TR is not bad with the Sports Park and Golf Course and The Marketplace. Just something to compare!</p>
 
Can you buy down the interest if you use another lender?
 
jpmorganfunds, i'm pretty sure you won't get the same incentives if you use a different lender. the incentives come from the builder and are only offered for their preferred lender (UAMC).
 
<p>Just got some email From Lennar saying they have some Time is Running Out, 3 Day Year-End Home Sales Event. Up to 25% off select inventory homes sale is on from Friday Oct 19th though Sunday, Oct 21st.</p>

<p>When I click on their "Orange County" button in the email, takes me to <a href="http://www.lennar.com/orangecounty">http://www.lennar.com/orangecounty</a> which lists Camden place and other Tustin/Irvine properties as well.</p>

<p> </p>
 
The question here is which of the big developers will go bankrupt first........my bet is that a few of them were unable to put the breaks on fast enough keep enough cash to stay going........no cash.......no business.....
 
I'd also love to know what percent of contracts signed during those much-hyped firesales fell through. DR Horton has a 48% cancellation rate, and <a href="http://findingforeclosures.entrepreneur.com/2007/10/16/how-much-deeper-can-builders-cut/">a reporter's</a> "conversations with other major builder offices in California, Texas, and Florida further support that the price reductions that were taken by DR Horton, Hovnanian, Shea Homes, created great public relations, along with additional activity, while many of the sales and contracts that were issued have since canceled."
 
i checked out Camden place over the weekend...the pricesheet for Residence 3 showed $459k price at the time of visit. I was disappointed by the fact there were no rep available to answer some of my questions. I guess they were out and about...





Likewise, I have been looking for home pricing to drop...and it's finally happening. I still think the prices are high. With the soft market, I still think lower prices are in store for the next 6-12 months. I expect Camden Place residence3 to drop additional $20-30k ... and will be selling for $420k or even $400k within next 6-12 months. Sign me up then!





Just want to share my 2cent on the whole pricing on Camden place. Correction is finally taking place ... and hopefully lower prices are in store for us middle class buyers.
 
They put new construction on hold until Q1 2008.





They are trying to sell phase 8, 9, and 10. I would guess 15 condos or so are left.





I'll call them tomorrow to know this and how much incentive they will be giving over the week-end.
 
<p>Phase 8 and 9 are already sold out. Phase 9 and 10 are still under construction.</p>

<p> </p>
 
i just received an email from Lennar regarding 3 day sale event on existing inventory 20% off. Will these apply to Camden place? The email doesn't specify which community the offer applies to. I went to Lennar website and also noticed the price of the homes are in the 400s ...as standard pricing. <a href="http://www.lennar.com/findhome/plan.aspx?DIVID=OCHLEN&COMID=2161&PLANID=1679">http://www.lennar.com/findhome/plan.aspx?DIVID=OCHLEN&COMID=2161&PLANID=1679</a>
 
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