Woodbury - Stonetree Manor

NEW -> Contingent Buyer Assistance Program
I know that you can setup dual recording by installing dual cable cards within the TIVO. Read this article below to get a better idea of how it's done.

Link here
 
Yes TiVO (version 3) can now tape two shows at once. Can also do HD.

Per the payment plan - awhile back there was an upgrade offer (over now) where if you had a series 1 with unlimited time, you could upgrade it to a newer TiVO (and still avoid paying the subscription). Offer no longer valid, who knows if it will return one day.
 
I got an e-mail from John Laing Homes that begins with, “Wish yourself into a new home.” Here is the rest. The Pottery Barn shopping spree just makes me swoon. And such a low payment. Why rent when you can buy?

“ Now is a smart time to buy a new home. John Laing Homes-the award winning builder-is offering incredibly flexible, personalized purchase opportunities for a new home at StoneTree Manor at Woodbury in Irvine, a community with elegant living in the right proportions.

It's called the John Laing Wish List. Maybe it's a customized Design Studio upgrade package. Maybe it's special financing options. A serious shopping spree at Pottery Barn. Or moving services. Or a combination of these offers on your Wish List.

Homesite #31 - Plan 1

Monthly payment as low as $2,827*

· 1,964 square feet with 3 beds and 3 baths

· Stainless steel appliances

· Upgraded Master Bath decorative tile liners

· Granite counter tops in Kitchen with full backsplash

· Upgraded electrical options throughout home

· 3-year Peace of Mind warranty

· Priced at $780,880

This program is specific to select homes. Discuss your Wish List choices with one of our Home Counselors."
 
Stopped in today, and in addition to the flexible incentives noted above, both Melissa and Cheryl made the comment "Make us an offer" -- and it was not just for the Dec move-in's, they also would be entertaining offers for January availability. $15k incentive still applies. Implication was that an offer of 5-7 percent off list would be solid, 10 percent off list would probably not be accepted. I left feeling like I could have a Plan 1 for about $725k. If they would give it to me for $625k, I might have pulled out my checkbook. But I bet when they are trying to unload that last phase at this time next year, $625k will not be out of the question.
 
Lots of stuff going on, but I thought I'd provide a quick update to the forum...

Escrow close date is Wednesday, move in date is this Saturday. Our final inspection was last week, and the staff seemed very eager to correct the small problems we found.

Overall, we're still very happy we purchased this home, even though we know that there's probably another 10-30% of bubble-burst in the price.

As an aside, all the phase 3 and 4 homes have been sold, and a very informal survey of our new neighbors revealed that most of us have conforming 30 year fixed loans (with a few of the homes sold for cash). I suppose this is because we all purchased (March-May), after Countrywide was already clamping down on stated income sub-prime loans and the like. Hopefully this bodes well for our little area of Woodbury in regards to vacated homes.

I'll start posting photos later...

-OCR
 
We're renting in STM, very close to the Commons. We do like the setup, being able to walk to the town center, around the community, etc. There are a handful of homes for sale in the neighborhood that are just SITTING. Some of them are empty. 5 minutes into meeting our landlord she said "I am very open to selling this, too. I bought this as a spec home and am renting it because I can't sell it." While that gave us pause, she showed us that she had more than 50% LTV and a fixed loan. Regardless, the issue is not so much the acquisition price as it is the excessive mello roos and HOA fees (for both associations). That adds a substantial portion to the monthly payment, and at least on the HOA side, is completely non-deductible.

A couple other quibbles: we miss having a gate. Never thought I'd say it, but it's true. Various door-to-door salespeople, cars blazing through to cut to the town center, and random teenager drivers/late night park dwellers are a nuisance.

Neighbors are nice, lots of kids, but quite a bit of anonymity despite being so close together. Our last place in Tustin Ranch was much more neighbor friendly, which of course has its plusses and minuses.

All in all, STM is a great place to live, and I would consider buying after pricing was adjusted for the extra monthly costs.
 
>>and I would consider buying after pricing was adjusted for the extra monthly costs.

I concur. It's not just the excessive home price, but all the "extras," too.
 
Just visited Stonetree yesterday and got the price sheet which is as follows:

Residence 1 - From $740,880,

Residence 2 - From $795,880, and

Residence 3 - From $820,880.
 
Wow. Down to 360 sq/ft on the model 3? I am SO very fortunate for not buying earlier. I cannot contemplate having over-paid by 130K. Let's see, that works out to about 14% off the original offering?
 
Uh, it looks like JLH broke their promise (see posts above). If the "make us an offer" they told me last fall still stands, you can get Plan 3 for a lot less than $360 sq ft.
 
Hi,

We are looking at Stonetree Manor ATM. What's the difference between Stonetree and Stonetree Manor? besides the price. Did the units have similar design? Is it worth while to try and find a resale ST vs brand new STM? I understand that there's an anti-spec clause that prevents newer STM from being sold within the first year of purchase.

Thanks
 
Ultra: No difference in floor plans, just a different development.

Some of the later resale STs were purchased originally for 900K+, so trying to talk them down to $820 might be tougher. I've noticed that the resellers in the area are consistently priced $100K over what Laing is offering new.

-OCR
 
Wow. The new prices are $45,000 less than we paid ($867,880). Markets forces in action!

For what it's worth, my wife and I really like the plan 3 so far. It seems well designed.

-OCR
 
My two cents - Plan 3 is my favorite as well.

Plan 2 has very bad Feng Shui. When you walk through the front door, you immediately walk straight into a wall. It may not bother some people, but it will limit your buyers when you sell. It's no secret that Irvine has a large Asian population - and most will notice this flaw.
 
OakCreek - Just wondering how easy it is to witness the new sale - downward pricing slope. I'm not asking to be jerky, but rather to get some insight. I am currently really considering Villa Rosa (sometime this year) if I can sell my condo, etc. But I also recognize the potential for future reductions in price... I'm trying to balance buying a home that I plan to live in for 10 years or more with the "Oh, Sh*t" factor of possibly/probably witnessing a price reduction next year...

and I agree. Model 3 in Stonetree is a great home.
 
Very easy. But my situation/attitude isn't typical:

1. I know I'm going to live there for the long-haul, or at least rent and return for the long haul, since my family (and my wife's family) are in Orange County. As such, short term fluctuations of 10%-15% don't really bother me.

2. We're only carrying a $400K mortgage, so in essence, we're effectively paying $3,200/month (PITI) to live in a 4BR/4BA home, which is at or near the rental rate.

3. I tend to be a glass half-full person. In other words, I see a comfy home that I enjoy living in, rather than a depreciating asset.

4. If you'd like, you can also think of a new home as a new car, where both will suffer a 30% loss in value after the first year. Yet people still buy new cars, right?

5. As I mentioned before, there are two parts to ta real estate purchase, Real estate as "investment", and Real estate as "home". Depending on how much emphasis you put on either of these parts will largely determine how well you'll sleep at night.

6. We love living in Woodbury (as an aside, the LA fitness at the town center is very nice...)

As you can see by the post, I'm a "Real estate as home" person; my financial plan doesn't depend on gains from the sale of a home because I don't plan on selling it.

It'd be nice to get the home at a discount, but I already purchased it, so if I did try and sell it, I'd be hosed. So why worry about what I can't control anymore? I can also get a plasma screen for $3,000 instead of $6,000 3 years ago...

-OCR
 
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