Let’s welcome graphrix and his blog, OC Econ 101, to the blogosphere! “This blog will be on the economics of OC and the various industries contributing to the local economy.”
He’s already got some great posts on OC job growth (and RE related job growth), foreclosures, and of course all the headlines for “housing market” from the OC Register from 1987-1993.
There’s already some great stuff there and I’m looking forward to reading more. Check it out!
Verandas, a William Lyon tract in Columbus Square, had their grand opening today. These are single family detached homes (or so they say) in the City of Tustin. They ARE detached but the size of the yard? is similar to many of the detached condos in Irvine.
We stopped by a little after lunch and I was really surprised how many people were out and about looking at homes. Perhaps all the balloons, hot dogs, and Villages of Columbus stamped cookies brought everyone in today. I didn’t visit any of the other neighborhoods today as I was primarily interested in what the pricing would be at Verandas. The models at Verandas saw a good amount of traffic (as even finding a parking spot was a little tough). From the looks of it, some people were seriously considering purchasing. Others weren’t so pleased.. I overheard some guy say that the floor plan on Model 1 was crap lol 😉
We took a quick tour through the three models and weren’t too impressed. Everything felt cramped even though there was plenty of square footage (1887-2394 sq ft). In general, I like the large kitchen that opens into the great room. None of the models felt like that to me and I’m having a hard time thinking about something positive to say about them. They aren’t all that bad, but for a new home my expectations are just different I suppose.
Perhaps the pricing is what is most appealing about this tract. The Plan 1’s start at $674,990. That’s a pretty competitive price (isn’t it?) for the market right now. A quick ZipRealty search of similar homes didn’t provide too many results. You can find the rest of the pricing in the Verandas thread on our Forums.
Did anyone else check these (or any other) models out? What did you think?
I found this gem thanks to Saving in LA on Lansner’s Blog. Full article at:
Here are some snippets:
“The builder, one of the biggest developers in Orange County with 8,000 to 14,000 homes on the drawing board, began circulating letters and meeting with subcontractors earlier this month, seeking cuts that reflect lower home prices, said Jeff Roos, Lennar’s Southwestern U.S. regional vice president.”
“Lennar’s demand is the latest example of how falling home prices are sending ripples through the entire housing economy. The missive is at least the second Lennar has sent out since June seeking price cuts. And industry officials say most homebuilders are pressuring contractors for reductions in future bidding.”
” “It’s almost like asking your employees after they’ve done the work … to take a pay cut,” said Brad Diede, executive vice president of the California Professional Association of Specialty Contractors, with 500 member companies in the state. “It’s kind of an unjust tactic to ask for retroactive concessions.” “
While reading the thread about the Bowerman Landfill in Irvine, I saw a post by EvaLSeraphim that mentioned a development called Stonegate to be built just north of Woodbury (across Irvine Blvd). I tried to find more information about this but so far I haven’t had much luck.
During my search, I came across the City of Irvine’s Zoning Map:
If you haven’t seen this yet, check it out! This map is dated 1/22/2007 so that’s pretty cool. From looking at this map, you can see that the Landfill is closest to Portola Springs (Planning Area 6).
Address: 45 Nightshade, Irvine, CA 92603 (Quail Hill)
Plan: 1553 sq ft – 3/3
MLS: S469390 DOM: 37
Sale History: 3/31/2005: $647,000
11/26/2003: $438,000
Price Reduced: 01/10/07 — $709,000 to $685,000
Current Price: $685,000
This is a former model home in the Casalon tract built by John Laing Homes in the village of Quail Hill. The current owners bought this place almost 2 years ago with 10% down. In December 2006 they put it on the market for $709,000. I’m pretty sure they didn’t get a good response so a few weeks later they dropped the price by $24,000.
It’s also available as a rental (MLS #S469388) for $2700/month (originally at $3000). My guess is that if it sells soon, the price will be pretty close to what they paid for it. If sold at the current asking price (assuming 6% in selling costs), they are looking at a loss of around $3000. And that does NOT include the money they are losing every month while it is sitting there vacant!
You would think that everyone at this point would understand that real estate cannot continue to appreciate indefinitely. But I’m sure there are still tons of misinformed buyers out there. If you come across one, send them this way! 🙂
