Villages of Columbus - Columbus Square - Verandas |
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McMansion
Total Posts: 1380
Joined 2008-04-06
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JVNA - 09 June 2009 08:59 PM usctrojanman29 - 18 May 2009 10:57 PM Newbee - 18 May 2009 10:49 PM I have another friend that purchased a phase 6 and he agreed to give me the full 5,000 referral. Of course he’ll want me to pay for the taxes from the 5,000, which works out better than bringing an agent. In regards to changing lots, if my friend wants to change to phase 8 (not released yet) will he have to wait until it is released or can they process this before?
It does? If I remember correctly, the buyer’s agent will get 3% of the sales price as commission. So even after taxes and the broker split, you’ll get more than $5,000. My point is not to leave any free money on the table from the builder.
How do you arrange to a portion of the 3% from the buyer’s agent? Do you have them sign a contract or just a verbal contract? I’d like to keep this in mind if I purchase a new build. Thanks…
Just ask us. |
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Living with Parents
Total Posts: 82
Joined 2008-02-19
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Custom Estate
Total Posts: 3867
Joined 2008-06-03
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JVNA - 09 June 2009 08:59 PM usctrojanman29 - 18 May 2009 10:57 PM Newbee - 18 May 2009 10:49 PM I have another friend that purchased a phase 6 and he agreed to give me the full 5,000 referral. Of course he’ll want me to pay for the taxes from the 5,000, which works out better than bringing an agent. In regards to changing lots, if my friend wants to change to phase 8 (not released yet) will he have to wait until it is released or can they process this before?
It does? If I remember correctly, the buyer’s agent will get 3% of the sales price as commission. So even after taxes and the broker split, you’ll get more than $5,000. My point is not to leave any free money on the table from the builder.
How do you arrange to a portion of the 3% from the buyer’s agent? Do you have them sign a contract or just a verbal contract? I’d like to keep this in mind if I purchase a new build. Thanks…
Typically most builders will have buyer agent co-op commissions for bringing in a buyer (especially in a buyer’s markets). These can range from 1-6% of the sales price depending on how desperate the builder is to get closings (I believe that Lennar does not pay these co-op commissions, but I could be wrong). Basically when you sign your contract (you let the sales people know that you were referred over by your agent before you get to the contract step) you bring your agent who gives the sales person their business card and that’s about it. It is more of a referral fee than anything else. There is no other work that the buyer’s agent has to do but show up to since the contract and hand a business card over. Unfortunately, the builder (seller) will not allow the agent to contribute any part of their commission to their buyer’s escrow so any exchange of funds will need to take place outside of escrow. This is exchange of funds outside of escrow is against the rules and should never be done.  |
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Homeless Newbie
Total Posts: 7
Joined 2009-06-19
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Long story short, Id rather not buy now…but getting pressured by the wife to buy a detached single family there.
Im under the impression, thanks to IHB, that prices are on their way down in general. But what about this community?
Anyone care to give general forecasts about this area?
One option for me is to wait it out and buy later, but we have our eye set on one particular model. But I have to weigh the odds that someone in there, living at the model we want, will be wanting to sell in a year or so. |
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Custom Estate
Total Posts: 3867
Joined 2008-06-03
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sad.machine - 25 June 2009 10:35 PM Long story short, Id rather not buy now…but getting pressured by the wife to buy a detached single family there.
Im under the impression, thanks to IHB, that prices are on their way down in general. But what about this community?
Anyone care to give general forecasts about this area?
One option for me is to wait it out and buy later, but we have our eye set on one particular model. But I have to weigh the odds that someone in there, living at the model we want, will be wanting to sell in a year or so.
Why are you looking at Verandas over at Columbus Grove? What do you like about the area and floorplan? |
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Living with Parents
Total Posts: 82
Joined 2008-02-19
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Just to clarify, Verandas is at Columbus Square. |
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Homeless Newbie
Total Posts: 7
Joined 2009-06-19
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usctrojanman29 - 25 June 2009 10:41 PM sad.machine - 25 June 2009 10:35 PM Long story short, Id rather not buy now…but getting pressured by the wife to buy a detached single family there.
Im under the impression, thanks to IHB, that prices are on their way down in general. But what about this community?
Anyone care to give general forecasts about this area?
One option for me is to wait it out and buy later, but we have our eye set on one particular model. But I have to weigh the odds that someone in there, living at the model we want, will be wanting to sell in a year or so.
Why are you looking at Verandas over at Columbus Grove? What do you like about the area and floorplan?
Yes Columbus Square like JVNA said. I made the change to the post.
IMO it seems like the new properties being built in Irvine and the surrounding areas are either really large and expensive (in the millions) or smaller and cheaper (condos/townhomes) with high association fees.
i want to avoid high association fees and condos and townhomes so i am looking for new single family detached homes.
verandas is in my price range. if anyone knows of alternative new homes in the area, or ones that are coming, that are in that price range let me know.
the alternative is to buy an older detached home in irvine, but currently those are out my price range. even if i wait for prices to come down, i cant guarantee how much they will come down, or even at all. and on top of that, wifey no likey the older homes in irvine like in northwood anyway. |
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Administrator
Total Posts: 3324
Joined 2007-01-02
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sad.machine - 26 June 2009 12:32 AM usctrojanman29 - 25 June 2009 10:41 PM sad.machine - 25 June 2009 10:35 PM Long story short, Id rather not buy now…but getting pressured by the wife to buy a detached single family there.
Im under the impression, thanks to IHB, that prices are on their way down in general. But what about this community?
Anyone care to give general forecasts about this area?
One option for me is to wait it out and buy later, but we have our eye set on one particular model. But I have to weigh the odds that someone in there, living at the model we want, will be wanting to sell in a year or so.
Why are you looking at Verandas over at Columbus Grove? What do you like about the area and floorplan?
Yes Columbus Square like JVNA said. I made the change to the post.
IMO it seems like the new properties being built in Irvine and the surrounding areas are either really large and expensive (in the millions) or smaller and cheaper (condos/townhomes) with high association fees.
i want to avoid high association fees and condos and townhomes so i am looking for new single family detached homes.
verandas is in my price range. if anyone knows of alternative new homes in the area, or ones that are coming, that are in that price range let me know.
the alternative is to buy an older detached home in irvine, but currently those are out my price range. even if i wait for prices to come down, i cant guarantee how much they will come down, or even at all. and on top of that, wifey no likey the older homes in irvine like in northwood anyway.
Rest assured that mid to high end prices in Irvine will come down.
Any new home is going to have high HOA dues and Mello Roos. The HOA will be somewhat smaller for SFDs than condos, but all new homes will all have HOAs in Irvine. |
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Custom Estate
Total Posts: 4257
Joined 2007-05-16
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New homes will be expensive at a higher bench mark pricing compared to existing resales. The pressure from your spouse wanting a new home will exert financial pressure on your family.
New home supply will be extremely limited to rally demand. Wait and don’t buy until prices really come down to align with resale. New home sale transactions would give the existing owners of resale a reason to raise their selling price.
Consumers must exercise restraint and do not create momentum if you want to see home prices continue to fall. |
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McMansion
Total Posts: 1806
Joined 2008-03-24
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How about an almost new house in Ladera or RSM? |
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Condo
Total Posts: 395
Joined 2008-04-26
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You’ll see see a 5-10% cut this December, but that’s about it. Inflation will see to it prices don’t slide more than that. |
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McMansion
Total Posts: 1806
Joined 2008-03-24
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PadreBrian - 27 June 2009 07:04 AM You’ll see see a 5-10% cut this December, but that’s about it. Inflation will see to it prices don’t slide more than that.
Do you think that general inflation will occur to any significant extent in a year?
Do you think that this will carry over to wages, such that people will be getting raises in order to pay for these $500k houses? |
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Homeless Newbie
Total Posts: 7
Joined 2009-06-19
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PadreBrian - 27 June 2009 07:04 AM You’ll see see a 5-10% cut this December, but that’s about it. Inflation will see to it prices don’t slide more than that.
so you are predicting 5-10% on verandas specifically? |
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Living with Parents
Total Posts: 82
Joined 2008-02-19
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optimusprime - 26 June 2009 07:47 PM So a nice 2200 sq ft Verandas Unit runs for $599k? (I saw one listing on Redfin… I assume this is it. http://www.redfin.com/CA/Tustin/1419-Georgia-St-92782/home/12257533
Any chance a similar unit of $599k will drop another 10-15% in the 12-16 months?
That home is brand new and still being built. I’m guessing that the builder is trying to sell a home that fell out of escrow? I think that within 12-16 months, all of the Verandas will be built out. That means only resales or foreclosed homes will be for sale. |
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Living with Parents
Total Posts: 82
Joined 2008-02-19
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hehegrl - 29 June 2009 09:57 PM this one is a resale but also a short sale .... ( a Plan 3)
http://www.redfin.com/CA/Tustin/1447-Madison-St-92782/home/12257531
the listing price is lower than the current “new” home price.
If you account for the $25k incentive, a new build of Plan 3 would be cheaper. Crazy how it’s a short sale after only a year. What were the buyers thinking? |
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Custom Estate
Total Posts: 3867
Joined 2008-06-03
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JVNA - 30 June 2009 03:28 PM hehegrl - 29 June 2009 09:57 PM this one is a resale but also a short sale .... ( a Plan 3)
http://www.redfin.com/CA/Tustin/1447-Madison-St-92782/home/12257531
the listing price is lower than the current “new” home price.
If you account for the $25k incentive, a new build of Plan 3 would be cheaper. Crazy how it’s a short sale after only a year. What were the buyers thinking?
They weren’t, they were too busy drinking kool-aid. |
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Homeless Newbie
Total Posts: 7
Joined 2009-06-19
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JVNA - 30 June 2009 03:28 PM
If you account for the $25k incentive, a new build of Plan 3 would be cheaper. Crazy how it’s a short sale after only a year. What were the buyers thinking?
where did you hear it was $25K? I was told it was $20K |
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Living with Parents
Total Posts: 82
Joined 2008-02-19
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sad.machine - 30 June 2009 11:18 PM JVNA - 30 June 2009 03:28 PM
If you account for the $25k incentive, a new build of Plan 3 would be cheaper. Crazy how it’s a short sale after only a year. What were the buyers thinking?
where did you hear it was $25K? I was told it was $20K
You’re right, I believe it was $20k. |
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Homeless Newbie
Total Posts: 7
Joined 2009-06-19
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o well. im screwed anyways. according to the economic forecaster i follow, housing and the stock market are on the verge of being brought to their knees by massive deflation. |
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Condo
Total Posts: 462
Joined 2007-11-05
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Anyone have the latest prices/specials on these? |
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Homeless Newbie
Total Posts: 24
Joined 2009-03-30
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Shooby - 13 July 2009 09:10 PM Anyone have the latest prices/specials on these?
temporarily sold out. |
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Living with Parents
Total Posts: 83
Joined 2008-01-09
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usctrojanman29 - 30 June 2009 03:55 PM JVNA - 30 June 2009 03:28 PM hehegrl - 29 June 2009 09:57 PM this one is a resale but also a short sale .... ( a Plan 3)
http://www.redfin.com/CA/Tustin/1447-Madison-St-92782/home/12257531
the listing price is lower than the current “new” home price.
If you account for the $25k incentive, a new build of Plan 3 would be cheaper. Crazy how it’s a short sale after only a year. What were the buyers thinking?
They weren’t, they were too busy drinking kool-aid.
Interesting - they upgraded the window coverings to shutters, but kept the white laminate cupboards and white tile in the kitchen. |
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