Paying $3k.  Stating which plan narrows provides a little more info than I’d like to provide =).

We looked at renting a bunch of places in Irvine/Tustin that were 2200-2700 sq ft before looking at our current place.  Most of the rentals were older or smaller than what we’re in now, not much less monthly, and not nearly as nice .  Neighbors are nice and the location is very convenient.

uppercuts, that’s a great price for a new home when you consider that the owner has to pay around $1,500-$1,600 a month for Taxes and HOA.  Sounds like a loosing transaction for your landlord and a great situation for you.  I will look hard there to see if I can become your neighbor as a renter.

Just got this email this morning

Good Afternoon!

I wanted to email you with an opportunity that just came up!

We just reduced the prices of select Gables Plan Three homes by $40,000!  If you are ready to move in quickly, we absolutely have an opportunity for you!  We have included marble and wood flooring in these spacious homes and are also offering additional seller incentives we can’t wait to share with you!  In order to take advantage of this offer, you will need to be ready to move by March month end!  

The Plan Three floorplan ranges from 3,227 - 3,241 square feet with 4 bedrooms and a beautiful loft!  The locations include Homesite 152, 154 and 157, and are now priced from $1,044,000!   Please visit the highlighted links for a location map and floorplan information.

We would love to demonstrate our homes to you in person.  Are you available to visit sometime this week?

got that email today also. so the last price point was: $1,084,000?

Psshaw. Not sure I’d want to live near the train tracks, in view of the hangars, at any price. I don’t think I’m in the minority thinking that those homes are still considerably overpriced and will drop in value in the short and long term.

Plan 3 Gables just hit MLS today for $999K.
1403 Williamsburg St

Tustin (TUS), CA 92782

Price as of 4/02/08

Residence 1: from $944,000 (w/ Bonus Room)
Residence 2: from $999,000
Residence 3: from $1,088,000
Residence 4: from $1,325,000

I am astonished by the 10/2006 to 2/2007 drop in pricing, followed by an almost complete rebound by 4/2008!  WTF!!!  What a roller coaster… and exactly what is the reason for the uptrend in the cost of million dollar homes when everything in the market signals disaster?  I keep seeing the various (and intelligent) charts posted on this blog, and am completely stymied by the reality of the pricing.

lennar still has time to mess around with the pricing. wait until end of year and we will see some serious price slashing.  4/2/2008 price are for suckers…. if they get one to bite then they did a good job of marketing. i seen a few people who bought in camden at the begining of 2008 and paid a higher price then someone who bought in 11/2007.  there should be a tread about how much the builder hate this website due to the fact that their pricing is posted up for all to see and compare. hahahaha

Must be the bounce in sales volumes that Lennar is trying to cash in on.  They must see that a greater number of buyers are coming off the fence to buy over the last couple of months…

I agree with IPO.  It seems like buying RE has become a topic of conversation again by the water cooler at my work.  No one is dumb enough to say it will always go up but now people are talking about the market flattening and it being a good time to buy foreclosures etc.  I personally know 2 guys at my office who will probably buy in the next few months.

rkp- there is a sucker born every minute…......

Hello all, I am considering purchasing a plan 3 for $999,000 with a 20% down and they give $70,000 in incentives.  My wife and I can afford the monthly payment easily. Lennar is promising a really good 30 year fixed interest rate for this development only.  My wife is very particular about the lot she chooses (must face the right direction, get a certain amount of sunlight, etc.. ) and thus there is only one lot that she likes. 

I have heard the many negative about this area:
1) close to train tracks
2) industrial area close by
3) proposed homeless family shelter a few blocks away (dont yell at me for this one!)
4) supposed toxic soil
5) view of the hangar
6) school district not so hot

Does anyone have anything good to say about this area or would I be making a completely foolish decision to buy a house here?  We could buy a slightly smaller home in Woodbury for $110,000 more but then we wouldnt get the incentives or the great 30 year fixed rate.
Our situation - late 30s… no kids, both professionals.

Does the deal they are offering here counterbalance the negatives????

GasJ

If your wife is particular about lot selection, than no the negs don’t outweigh the positives.  I think woodbury is more dense and VoC is a more open site plan.  Although, one day, Villages will be come a great place to live due to having a massive regional park next door and many retail outlets.

1) close to train tracks - huge factor, your windows may have a high STC rating however, it is still audible and a little disappointing when you can’t speak over the noise outside next to your million dollar home

2) industrial area close by - non factor

3) proposed homeless family shelter a few blocks away (dont yell at me for this one!) - non factor, not homeless its really a transitional family shelter, very well kept, does not attract homeless indiv

4) supposed toxic soil - non factor

5) view of the hangar - I like it, cool land mark.

6) school district not so hot - yep,but i think it’s easy to request that your child attend IUSD. just what i heard but i could be very wrong.  new schools will be built to serve this area, some day but not anytime soon.

the plan 4 gables has been my absolute favorite of all the floorplans i’ve seen in the past few yrs that are within a reasonable price range for me in the next few yrs (although if this tract was in irvine, the pricing would probably be similar to turtle ridge summit.)  i admit i’m probably drawn to the california basement with the home theater.  it’s easy to imagine a lot of guys wouldn’t mind voluntary exile down there after a spat with the wife.  basements and cost of construction have been discussed in other threads but aside from that, the plan 4 hasnt really been talked about here—probably because that plan has managed to sell and hasn’t been available. 

i’m curious what others that have seen the model think—in terms of the floorplan, forgetting all the issues with the neighborhood.  i’m actually surprised there hasn’t been more discussion on why the plan 4 has managed to sell.  certainly there’s a cool factor with the floorplan but any functional, architectural, feng shui considerations regarding the floor plan?

Plan 4 is sweet!  however, more than we are willing to pay at this time. We are considering a plan 3.

Remember, this area is about a mile north of Jamboree so it feels distant to the rest of the VoC (Columbus Grove).  The surrounding areas are not as nice as the Columbus Grove area.  However, prices are about the same as that area.

I fear that waiting a while, we may not get the corner lot we want. I got my finger on the trigger.  Should I pull?

GasJ

5) view of the hangar - I like it, cool land mark.

I agree it looks cool now.  But it’s going to look much, much cooler once it’s converted to “Play at Tustin Legacy”. 

http://media.ocregister.com/media/tustin_play/tustin_broad.html

asianinvasian - 07 April 2008 08:55 PM

5) view of the hangar - I like it, cool land mark.

I agree it looks cool now.  But it’s going to look much, much cooler once it’s converted to “Play at Tustin Legacy”. 

http://media.ocregister.com/media/tustin_play/tustin_broad.html

With all the compression on the video, it sounds like it was narrated by South Park’s Shelly… 

http://www.southparkstudios.com/clips/151729

-SCHB

gas, why do we have to remember that its a mile from jamboree.  Well, it sounds like you are going to make your purchase based upon emotion, which is fine as long as you can make the payments and are in the home for the long term.  By the size and price point of these homes, i would say that’s the case.  Sure, pull the trigger, why the f- not. 

Do you think $70K in improvement allowance will get you far in this home or does the EI package have a lot of features you already like?

They are building Phase 8 now. Are they selling them now? Or are they already selling Phase 9?

I liked the Gables… I am just not sold on the area.  I really prefer Woodbury… and I also like the notion of Orchard Hills - although there is simply no way that I will wait until 2009-10. Also, I’d be more inclined to seriously consider VoC if I knew I’d get IUSD… not that Tustin is bad… but for 1m, I just don’t want to compromise on too much… is that really that unreasonable?

Lennar web site offers loans for Gables at 3.75% (year 1), 4.75% (year 2), and 5.75% (for the life of loan). But you need to have at least 25% down payment, credit score of 700+, & close by 5/29. Who has 25% down nowadays?

esp - 18 April 2008 03:15 PM

Lennar web site offers loans for Gables at 3.75% (year 1), 4.75% (year 2), and 5.75% (for the life of loan). But you need to have at least 25% down payment, credit score of 700+, & close by 5/29. Who has 25% down nowadays?

Those rates are for true jumbos, i.e. $729K and above.  For conforming jumbos, the life of loan rate right now is supposed to be more like 5.25%.  I stopped by today and got a price sheet.  Had to see the famous Cal basement in plan 4.  Prices are as follows for phase 8 as of today:

Plan 1 - $889K
Plan 2 - $949K
Plan 3 - $999K
Plan 4 - unchanged at $1.325M

The plan 4 home just looks like it doesn’t belong.  Great on the inside but ugly on the outside IMO…  Houses towering over the street like that should be set back more.

With train tracks, blimp hangars, poor schools (at least for now), and a relatively unremarkable neighborhood, I don’t think I’d ever live there.

IPOPLAYA:

Do you know whether there were any incentives with those prices besides from the jumbo loan rates?

blindmice - 22 April 2008 04:16 PM

IPOPLAYA:

Do you know whether there were any incentives with those prices besides from the jumbo loan rates?

Sorry blind, I didn’t think to ask that question.  The rep talked about the price drops and the mortgage incentive but that was it…