SCHB,

Sorry I don’t know that.

I talked to the sales agent today, she mentioned that incentives are available.  BTW, the homes are not built yet, and they are scheduled to move -in in April 08

Visited today.  Sales agents were very eager to "sit down and talk about what we can do to make something work." I have no doubt that one could negotiate Plan 3’s to 800K or below, most especially Unit 5, which is already built and has fallen out of escrow. I personally would never purchase one of these homes…they all have a very nice view of the toll road, which practically runs through the back yard.

More detail to supplement BethN’s post:

Plan One

Unit 21 $754,900

Plan Two

Unit 8 $774,000

Unit 20 $804,900

Plan 3

Unit 5 $832,000

Plan 3X

Unit 7 $864,000

"Standard" included features on all units are granite slab with 6" backsplash in kitchens, stainless steel GE Profile microwave/slide out hood, 5 burner gas cook top, 30" single self cleaning convection oven, and multicycle dishwasher.

I love these homes. . .great wide open floors.  However, I would never buy in PS.  . . too darn far away from the freeway.
The new prices are incredible. . .that is like a 20-25% drop in one year plus incentives and still no takers.

Just visited Manzanita yesterday and got the price sheet.  No change in prices except for plan 3x (with 3rd floor loft) was listed for $879,900 (up from $864,000).

Has anyone tried to negotiate with the builders on plan 2? What is the best deal anyone has been able to negotiate down to?

I would love to buy one these homes? $804,900 is bit of a stretch, but i can comfortably afford in the mid $600’s. Any idea if prices may fall to those level?  Also, what phase is Manzanita in on their development? Are they opening up only 3-4 homes a phase like Villa Rosa - Woodbury?

Here is a nice comp killer that just came up:

Plan 1: $699,990
Previous Sale (12/19/2006): $939,000 (-25%)

Ouch

http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087

BLUE FIRE - 10 June 2008 07:32 PM

Here is a nice comp killer that just came up:

Plan 1: $699,990
Previous Sale (12/19/2006): $939,000 (-25%)

Ouch

http://www.redfin.com/CA/Irvine/21-Conservancy-92618/home/12257087

Ouch is right.  Very interesting.

SCHB

Can anyone post the financing history on this bad boy?

21 Conservancy

Purchased 12/19/2006 from the builder for $939,000
- Loan 1: $750,900 (80%)
- Loan 2: $187,725 (20%)

Silly me for thinking 80/20 meant a 20% downpayment…

That’s awesome. The buyer put down $375 on a nearly $1M home. I don’t know why this still amazes me given all the properties IR profiles every day and all of the bad notes that we know are still out there, but it is truly mind boggling. Its a strange feeling…the rational side of my brain still cannot entirely grasp the stupidity of our “modern” financial system over the last number of years. Anyone who continues to think that we still don’t have a long way to fall is out of their mind.

Stopped by Manzanita today and here are the new prices.

Plan One - $700,341 from $754,800
Plan Two - $774,000 from $765,503
Plan Three - $830,341 from $832,000

In this trip, I am really starting appreciate the open space in Portola Springs more than Woodbury, Northwood II, and Pasadera in Glenwood in Aliso Viejo. I really appreciate the fact that the homes are built around the hills and the mountains giving the homes a nature’s touch. The downfall of Portola Springs is definitely the high Taxes and HOA. Woodbury and Northwood II just feels like a mass production of homes on a grid. The only reason i was looking into Aliso Viejo was because you can a brand new single family home for $250 - $260 per square foot, but i am not really not digging the area. Irvine feels to me like driving a BMW whereas Aliso Viejo feels like driving a Ford.

Panda, it’s only open because it’s not built.

I’ve got to disagree NSR. Even when fully built out PS will still be surrounded by a swath of open space. They’ll never build on top of the 241

Or the landfill

Just went to PS and saw the Manzanita Plan 2.  $765k. 

What do you guys think of the price?  I am thinking that the pricing in Irvine will go down even more.  Should i wait it out?  There is one for sale right now in its current phase.  They told me that they have no idea when they are going to start the next phase.  is this common? I would think that at least the next phase would be built since there are only 4 homes for sale in the current phase. 

Any comments or suggestions on what i should do would be great

Thanks