Development: Villages of Columbus

Village: Columbus Square

Tract: Cambridge Lane (156 attached townhomes and condominiums) in the City of Tustin

Builder: William Lyon Homes

Schools: Tustin School District (TUSD): Marjorie Veeh Elementary, A.G. Currie Middle, Tustin High

Tax Rate: The anticipated total effective tax rate is approximately 1.8%

HOA Dues: Estimated build-out Master Homeowner Association and Sub-Association combined will be $308/month

Deposit Required: $5,000

Notes: This tract contain some units designated for the Villages of Columbus Affordable Homeownership program

Plans:

Residence 1 - 1bd/1.5ba - 1114 sq. ft.

Residence 2 - 1bd/1.5ba  - 1231 sq. ft.

Residence 3 - 2bd/2.5ba - 1302 sq. ft.

Residence 4 - 3bd/3ba - 1334 sq. ft. (Reserved for City of Tustin’s Affordable Homeownership Program)

Residence 5 - 2bd/2.5ba  - 1259 sq. ft.

Residence 6 - 3bd/2.5ba - 1599 sq. ft.

<u>PRICING</u>

Phase ? (October/November 2006)

Residence 1 - Temporarily Unavailable

Residence 2 - From $443,910

Residence 3 - From $469,043

Residence 4 - Reserved

Residence 5 - From $484,749

Residence 6 - Temporarily Sold Out

Phase 2 (1/18/2007)

Residence 1 - Temporarily Unavailable

Residence 2 - From $433,910

Residence 3 - From $476,990

Residence 4 - Reserved

Residence 5 - From $476,990

Residence 6 - From $564,990

Phase ? (as of 6/10/2007)
Residence 1 - Sold Out

Residence 2 - $390,394

Residence 3 - $462,572

Residence 4 - Reserved

Residence 5 - $482,195

Residence 6 - $569,985
Prices as of 9/15/2007
Residence 1: $429,990

Residence 2: $404,233

Residence 3: $464,336

Residence 4: Reserved

Residence 5: $479,336

Residence 6: $568,988
Prices as of 10/17/2007
Residence 1: Sold Out

Residence 2: $369,990

Residence 3: $464,336

Residence 4: Reserved

Residence 5: $445,990

Residence 6: $572,351
Prices as of 11/04/2007

Prices include upgraded flooring

</strong>

Residence 6- $582,442
<strong>Prices as of 2/11/2008

Residence 1 - $374,990

Residence 2 - $359,990

Residence 3 - $419,990

Residence 5 - $434,990

Residence 6 - $522,990

Some plans come with 2-car driveways. Plans 3, 5 and 6 come with 2 car garages.

$20,000 incentive that can be used towards buy-down, upgrades or closing costs if you qualify with their lender.

They are about to finish selling out of phase 4 with 7 phases total.

Pricesheet from Oct/Nov 2006 (I can’t remember exactly when I picked up this price sheet and there’s no date printed on it):
Res 1 - Temporarily Unavailable
Res 2 - From $443,910
Res 3 - From $469,043
Res 4 - Reserved
Res 5 - From $484,749
Res 6 - Temporarily Sold Out

Phase 1, Residence 6 started at $539k.
They sold out immediately.
SCHB

just got an email today. there is a Plan 2 going for $333/sq ft.. that puts it about $410,000. i still would never pay that much for a 1 bedroom, but it makes me happy when i see a drop in a new development

I was here the other day and like the floor plans of the Resident 3. It is priced at $462K and the phase will be completed in Oct. What does everyone think about the price? I’m sure most will say it will drop more. This of course is the base price for the condo/townhome and I wouldn’t consider purchasing unless they throw in free upgrades.
Which brings me to my next question is…Will builders throw in free upgrades? These already seemed resonably priced compared to other comps in the area. I want to ask for granite, SS appliances, wood flooring, upgraded sinks, and upgraded cabinets. Is that unreasonble?
I am a first time home buyer so I am new to game, and this former have been very helpful. Thanks

Price Sheet (as of June 10th)
1-Sold Out
2-$390,394
3-462,572.
5-482,195
6-569,985
 
I really like #1 but its sold out. Does that mean all phases or just the current phase? I want to buy in the last phase.
 

Wendy-
Keep in mind 1 bedrooms are particularly challenging to resell.  A 2 bd 2 ba will have a much better shot at appreciation (after the coming slump is over).
SCHB

Cambridge Lane is currently having the Phase One residents move in.  Phase Two should be built by October.  I’m pretty sure all Residences will be available for the successive phases.

Prices as of 9/15/2007 1: $429,990 2: $404,233 3: 464,336 5: $479,336 6: $568,988 Still way too overpriced imo.  

Price as of 10/17/2007
1) Sold Out
2) 369,990
3) 464,336
5) 445,990
6) 572,351

Went by today.

Prices include Upgraded Flooring

Residence 1- 429,990

2- 415,087

3- 472,279

5- 488,832

6- 582,442

I moved into the phase 1, plan 3 in June. Very satified with my home here. Neighbors are respectful and quiet overall. Chose one with a driveway that can park two cars. This will be beneficial when all the units are full and less parking close available for visitors.  I purchased early December 2006. The pricing I felt was very decent even though we are in a very unstable market. News of market have become worse of late. So I have been trying to keep up with what they are doing with the pricing with homes at Cambridge Lane. Since December 2006: Plan 1 and 2 dropped the most significantly. Plan 3, which I live in dropped maybe about $12-15k. Not bad in this market. Price of plan 5 and 6 have gone up a little bit.

At Cambridge, the plan 5 and 6 only have roughly 25 of each total in the community and that is probably why that price have went up slighly. All economics on this. Market is bad, but supply for these is unmatched by the demand with the low amount that will be built for plan 5 and 6 after all phases completed. For plan 3’s there are roughly 2-3 of these per building. Therefore, more available and probably justifies why it went down a bit.

Over at Camden, I here they have slashed pricing even by $100k. What I figure is supply and demand. There are only 156 units here in Cambridge. I know Camden has 10+ phases with more units. Square footage over at Camden is more than Cambridge. Some are even going as low as $420k lately which is pretty low. Those interested may want to check those out if price seems right. There is another blog on Camden.

New E-mail

 
     
        15249 Kensington Park Dr
        Plan 3 - Lot 69 - $472,990
     
 

Home Specifications

1,302 Square Feet, 2 Bedrooms, 2.5 Baths, 2-Car Garage

Stainless Steel Appliances, Pre-wiring for Plasma TV Above Fireplace, Recessed Lighting in Family Room, Ceiling Fan Pre-wiring in all Bedrooms, Upgraded Flooring, and 40K Lender Incentive.

Interesting that part of Cambridge is on Kensington Park Dr.   I know, I am easily amused/confused.

 
     
        1516 Valencia Avenue
        Plan 3 - Lot 88 - $412,990
         
     
 

 
     
       
       
        Home Specifications

        1,302 Square Feet, 2 Bedrooms, 2.5 Baths, 2-Car Garage

        Stainless Steel Appliances, Upgraded Flooring, Recent Price Reduction of $60,000 and Seller Credit of $15,000 Towards Closing Costs

       
     
     
        For more information:

        1486 Montgomery Street Tustin, CA 92782

        Ph: (888) 242-1727 Contact Us Via Email

bump

Phase 1, Residence 6 started at $539k.

They sold out immediately.

SCHB
_________________________________________

Just Spoke to the sales girl and she said she had one unit of residence 6 price at 590k with 75k incentives…. after reading this posting by SCHB i am like… WTF? did they raise their price and up the incentives and playing games with the number? even if you look at the pricing during each release it seems to keep going up and up even though we are in a housing slump… i guess they just gave those people more and more incentives making them think that they got a good deal.

When they first were releasing these, I believe about July/August of 2006, there was still some leftover momentum from the big run-up.
Their plan 6 was definitley one of the more affordable new 3 bed/2 bath combos that was not 3 stories tall.  Compared to SFRs, it was extremely affordable and I think demand was high for those seeking refuge from the cost of a SFR.
Lyon chased the prices up until they felt resistance, and now are in the awkward position of needing to keep the apparent asking price high but adding big incentives.  It is a vain attempt to not lower the price and piss off the previous buyers.
The prices will continue to fall.
SCHB

 
     
        1518 Valencia Avenue
        Plan 6 - Lot 87 - $530,990
         
     
 

 
     
       
       
        Home Specifications

        1,599 Square Feet, 3 Bedrooms, 2.5 Baths, 1-Car Garage

        Upgraded hardwood flooring and carpet, stainless steel appliances, stained cognac cabinetry in kitchen, granite tile in kitchen, laundry room, plasma pre-wiring, recessed lighting in family room. $15,000 buyer can use towards closing cost provided they finance with William Lyon Financial Services.

       
     
     
        For more information:

        1486 Montgomery Street Tustin, CA 92782

        Ph: (888) 242-1727     Contact Us Via Email

While I am also becoming increasingly suspect of asianivasian’s motives for posting, it is worth noting that the 3 bedroom, 1600 sq ft plan 6, lot 87 has a ONE-friggin car garage!
SCHB

one car garage for a 3bd townhouse? man that design suck.

I’m pretty sure that’s a typo - definitely should have a 2-car garage.

It’s a typo.  If you click on the floorplan it has 2 car garage.
 

asianinvasion…...by any chance do you also post as IRVINTEEEE  ?   Very similar style.

UH NO THAT PERSON IS NOT ME, SINCE WHEN DO I POST LIKE THAT ?

Quit yellin’.  I was just asking.

Oh, no I wasn’t yelling, I just already had my caps lock on haha.