Villages of Columbus - Columbus Square - Camden Place

[quote author="wolvie3421" date=1232987585]Thanks IR.



I had been searching in Irvine for the last 2 months. Looked at over 10 foreclosures and actually put an offer on an REO in University Place. After 2 weeks of not getting back an executed contract and a not so nice home inspection I decided to look around and this thread actually peaked my interest. I originally thought Columbus Square was out of my price range but after considering that I would be spending just as much remodeling the REO, I could buy a new town home and not worry about fixing anything for a while. The very next day I took off of work early and zoomed over there to meet Clayton (super awesome sales guy), toured 4 homes (2 camdens and 2 meriweathers) and fell in love with the camden plan 3. One of the 2 remaining ones was scheduled to sell this past weekend and I did the same for the last one.



Original asking was:

$490k

$10k incentive for flooring

$25k for closing costs



I offered $480 with 20% down and they took away the $10k for flooring which is no biggie for me. I'm going with standard flooring. I was really interested in this plan 3 since each floor has it's own bedroom & bathroom, may make a good college rental later on. I toured the last 2 meriweathers (2 bed/2 bath) but weren't impressed with the living quarters being right above 3 garage doors. The long stairway from the garage to the 2nd floor living quarters was also funky.



I am a little concerned with the toxic soil issues, but then again there isn't any land to plant anything anyways so I kind of waived that off.



Oh and I guess I should mention the 3.99% 30-year fixed through UAMC. That totally sealed the deal. But then the ~$1k/month in HOA+Taxes kind of makes it a wash.



So if everything goes as planned with escrow:



Camden Plan 3

$480k

No Closing Costs

3.99% 30-year fixed

Maybe some extra plume colored hairs.</blockquote>


Thx, Wolvie,



Was the Uni Park home the one on Banyan Tree or Gilman or ???



I'll have to admit that I am not a big fan of the Meriweather carriage units (the ones above the garages) for the same reason. You can't control when someone else comes home or leaves.



Congratulations again. All the info is appreciated. Keep us updated as escrow progresses.



Thank you again,

-IR2
 
[quote author="graphrix" date=1232995145]



Congrats on your purchase. Now, I hope you don't take offense, but I am going to break down your purchase and see if the math of the lower rate works out best for you over 5 years.



$490k

$10k incentive for flooring (This was built into the price since they threw it out, and since they make 80% profit on the flooring, this was a smart choice)

$25k for closing costs (They built this into the price to cover the closing costs and your rate buy down, so you are paying for it. Please see above for proof.)



At a $480k purchase price you put down $96k

At a rate of 4% your payment for a 30 year fixed is $1833 a month.

You pay $440 a month in regular property taxes.

Approximately $440 a month in mello roos.

And $290 a month for HOA.

<strong>For a total of $3003 a month.</strong>

After five years you would have spent $180,180 and have a principal balance of $347,320.



If you knocked off the $25k in closing costs to the price, you would pay $455k, and only have to put $91k down.

At a market rate of 5.25% your payment for a 30 year fixed is $2010 a month.

You pay $417 a month in regular property taxes.

Approximately $440 a month in mello roos. (Keep in mind, mello roos never change due to the purchase price, and they are a set number every month for 30-40 years)

And $290 a month for HOA.

<strong>For a total of $2717 a month.</strong>

After five years you would have spent $163,020 and have a principal balance of $335,424.



</blockquote>


Hey graphrix, thanks for the breakdown. Very interesting. Is the 2nd monthly payment a little off? I came up with $3157/month instead of $2717. I think you left off the mello roos. How's that affect the rest of your analysis? Thanks!
 
[quote author="IrvineRealtor" date=1233015526][quote author="wolvie3421" date=1232987585]Thanks IR.



I had been searching in Irvine for the last 2 months. Looked at over 10 foreclosures and actually put an offer on an REO in University Place. After 2 weeks of not getting back an executed contract and a not so nice home inspection I decided to look around and this thread actually peaked my interest. I originally thought Columbus Square was out of my price range but after considering that I would be spending just as much remodeling the REO, I could buy a new town home and not worry about fixing anything for a while. The very next day I took off of work early and zoomed over there to meet Clayton (super awesome sales guy), toured 4 homes (2 camdens and 2 meriweathers) and fell in love with the camden plan 3. One of the 2 remaining ones was scheduled to sell this past weekend and I did the same for the last one.



Original asking was:

$490k

$10k incentive for flooring

$25k for closing costs



I offered $480 with 20% down and they took away the $10k for flooring which is no biggie for me. I'm going with standard flooring. I was really interested in this plan 3 since each floor has it's own bedroom & bathroom, may make a good college rental later on. I toured the last 2 meriweathers (2 bed/2 bath) but weren't impressed with the living quarters being right above 3 garage doors. The long stairway from the garage to the 2nd floor living quarters was also funky.



I am a little concerned with the toxic soil issues, but then again there isn't any land to plant anything anyways so I kind of waived that off.



Oh and I guess I should mention the 3.99% 30-year fixed through UAMC. That totally sealed the deal. But then the ~$1k/month in HOA+Taxes kind of makes it a wash.



So if everything goes as planned with escrow:



Camden Plan 3

$480k

No Closing Costs

3.99% 30-year fixed

Maybe some extra plume colored hairs.</blockquote>


Thx, Wolvie,



Was the Uni Park home the one on Banyan Tree or Gilman or ???



I'll have to admit that I am not a big fan of the Meriweather carriage units (the ones above the garages) for the same reason. You can't control when someone else comes home or leaves.



Congratulations again. All the info is appreciated. Keep us updated as escrow progresses.



Thank you again,

-IR2</blockquote>


It was 24 Rockrose.
 
Hey -- about the closing costs. Don't they typically run about 1-2% of the purchase price of the home? (I don't remember exactly - it's been a while since I bought.) That would come to around $7k in this case. Nowhere near $25k. Is the remainder just intended to be extra incentive? Or are the closing costs much higher on a new home for some reason? Can someone fill me in? Thanks!
 
[quote author="wolvie3421" date=1233017752]It was actually up to $25k in closing costs and the closing costs for me are around ~$14k.</blockquote>


Are closing costs higher on a new home? I did not know this.
 
[quote author="SoCal78" date=1233018635][quote author="wolvie3421" date=1233017752]It was actually up to $25k in closing costs and the closing costs for me are around ~$14k.</blockquote>


Are closing costs higher on a new home? I did not know this.</blockquote>


If the wording in your escrow docs is "up to $25K" and you are only using $14K, don't leave the rest on the table.

All of the following are considered recurring and non-recurring closing costs.

You can press them to bump up your prepaid interest.

===================================

<em>The down payment

Buyer's portion of the escrow holder's fee

Loan fees (points (aka: loan origination fee), application fee, credit report fee, tax service fee, flood certification fee)

Appraisal fee

<span style="color: red;"><strong>Prepaid interest on the loan </strong></span>

Private Mortgage Insurance (PMI)

Any impounds on the loan

Mortgage broker's fee

Homeowner's insurance

Buyer's portion of title insurance

Inspection fees (if not paid for at the time of the inspection)

Home warranty plan (aka home protection plan)

Homeowner's association transfer fee and fee to provide documents

Homeowner's association dues (prorated)

Property taxes (prorated)

Other fees as per the Purchase Agreement

Miscellaneous fees (notary fees, messenger fees, etc.) </em>



Good luck,

-IR2
 
[quote author="wolvie3421" date=1233017106]Hey graphrix, thanks for the breakdown. Very interesting. Is the 2nd monthly payment a little off? I came up with $3157/month instead of $2717. I think you left off the mello roos. How's that affect the rest of your analysis? Thanks!</blockquote>


Nice catch, I did miss that. However you would still net about $2k more by having the lower price. Plus, like IR2 said, if you don't use the full $25k you lose what you don't use. So, you are throwing away $11k, but if you used that to buy your rate down even lower, then you probably come out ahead.
 
wolvie,



did you offer them to forget the flooring incentive and pay 10k less on the house, or was that what they offered to you? if you offered that to them, did they tell you no at first?



ive read on here that theyve let people use/substitute the incentives to lower the price of the home, but when i went in and asked, they said no, and it was a quick and firm no.
 
Depends on how desperate the builders are, and which sales agent you get. When I purchased, she suggested to me that I use the 20K towards the principal. But during that same sales period, I had heard of other buyers who were told no. If there is only one sales agent, I think it has to do with the time of the month and whether they are trying to make a final push in sales or not.



In Cambridge, the sales agent said she suggested to the builder that they start allowing incentives to be used towards principal since most people weren't looking for flooring incentives during this downturn. Anyway, the builder agreed and they are letting you use incentives towards principal in Cambridge right now.
 
[quote author="wolvie3421" date=1233017106][quote author="graphrix" date=1232995145]



Congrats on your purchase. Now, I hope you don't take offense, but I am going to break down your purchase and see if the math of the lower rate works out best for you over 5 years.



$490k

$10k incentive for flooring (This was built into the price since they threw it out, and since they make 80% profit on the flooring, this was a smart choice)

$25k for closing costs (They built this into the price to cover the closing costs and your rate buy down, so you are paying for it. Please see above for proof.)



At a $480k purchase price you put down $96k

At a rate of 4% your payment for a 30 year fixed is $1833 a month.

You pay $440 a month in regular property taxes.

Approximately $440 a month in mello roos.

And $290 a month for HOA.

<strong>For a total of $3003 a month.</strong>

After five years you would have spent $180,180 and have a principal balance of $347,320.



If you knocked off the $25k in closing costs to the price, you would pay $455k, and only have to put $91k down.

At a market rate of 5.25% your payment for a 30 year fixed is $2010 a month.

You pay $417 a month in regular property taxes.

Approximately $440 a month in mello roos. (Keep in mind, mello roos never change due to the purchase price, and they are a set number every month for 30-40 years)

And $290 a month for HOA.

<strong>For a total of $2717 a month.</strong>

After five years you would have spent $163,020 and have a principal balance of $335,424.



</blockquote>


Hey graphrix, thanks for the breakdown. Very interesting. Is the 2nd monthly payment a little off? I came up with <strong>$3157/month instead of $2717</strong>. I think you left off the mello roos. How's that affect the rest of your analysis? Thanks!</blockquote>


3.99% fixed is an amazing rate. Congrats! If you aren't planning to sell any time soon, a lower rate will save you considerably more money in the long run.
 
[quote author="cj723" date=1233070168]wolvie,



did you offer them to forget the flooring incentive and pay 10k less on the house, or was that what they offered to you? if you offered that to them, did they tell you no at first?



ive read on here that theyve let people use/substitute the incentives to lower the price of the home, but when i went in and asked, they said no, and it was a quick and firm no.</blockquote>


After touring the properties, I told my sales guy that I would sign for the house if I could get it for $480k. So he fired off some emails to his corporate contacts and they initially said no, but he said he'll work with them to see what they could do for me. He called me back in the morning with the previously said offer.
 
Wolvie: Can I ask what happened to the rest of the $25 incentive? You only used $14K towards closing costs. So that leaves you $11K. When I was looking they said you can use some of the money towards HOA fees.
 
From Lennar yesterday,



Camden Place:

Plan One - Approximately 1,465 square feet, 2 bedrooms + loft, 2.5 bath, 2 car garage; priced from $429,000

Plan Two - Approximately 1,553 square feet, 2 bedrooms + den, 2.5 bath, 2 car garage; priced from $433,000

Plan Three - Approximately 1,679 square feet, 3 bedrooms, 3 bath, 2 car garage; priced from $489,000
 
[quote author="RedElmo" date=1236482811]Anyone know what the incentives are right now?</blockquote>


i think $10,000 total.
 
Someone posted something saying that the bathtubs are now no longer included? What does that mean? I know they swapped out the jacuzzi tub in the master bath (plan 3) for a regular deep/large tub... is this not the case? Is that an "upgrade" as well? Any explanation welcome, thanks.
 
From what the saleslady told me, anything in the later phases (13-16) for Plans #2 and #3 won't come with a bathtub period. How accurate this is, i'm not sure since I haven't spoken to anyone that recently moved in.



On another note, the latest phase finishing construction (facing Montgomery) had their appliances installed this week. All of them were non-stainless steel. At least they are still including fridges unlike William Lyon at Cambridge.
 
Thanks for the info. We just put a deposit down for a plan 3, but it now appears that we may have been mislead about a number of options. If anything, the "included" badges all over the model really need to be taken down. These little details started to trickle out about what is different from the models after you have already taken it all in. We were actually told that the bathtub is the same, just not a jacuzzi tub (same size) and that everything in the kitchen is the same except for the microwave and oven going from GE Stainless Profile to the non-Profile line.



I'm glad I'm finding this out now, because they're going to lose my business very quickly if I find out I was lied to. I'm having a detailed "included" list emailed to me. I'll report back....
 
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