Development: Villages of Columbus

Village: Columbus Square

Tract: Camden Place (222 attached townhomes) in the City of Tustin

Builder: Lennar

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%, which is inclusive of all Community Facilities District (CFD) rates.

HOA Dues: Estimated monthly HOA Dues are approximately $290 (includes both Master and Sub HOA’s).

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

The affordable housing prices for these were $276,000 and $311,000 (moderate, tier 2) for Residence 1 and Residence 3.

Plans:

Residence 1 - 2bd/2.5ba - 1465 sq. ft.

Residence 2 - 2bd/2.5ba - 1553-1557 sq. ft.

Residence 3 - 3bd/3ba - 1679-1689 sq. ft.

<u>PRICING</u>

Phase ? (Prices Effective August 19, 2006)

Residence 1 - $543,000 (Temporarily Sold Out)

Residence 2 - $558,000 (Temporarily Sold Out)

Residence 3 - $558,000 (Temporarily Sold Out)

Phase 5? (pricing effective 10/7/2006; picked up 1/18/2007)

Residence 1 - From $546,000 (Temporarily Sold Out)

Residence 2 - From $561,000 (Temporarily Sold Out)

Residence 3 - From $586,000 (Temporarily Sold Out)

Phases 8 & 9 (Pricing picked up on 8/21/07)

Residence 1 -  Sold Out

Residence 2 - $549,000

Residence 3 - $580,000
The agent said they have a $30k incentive going on right now.  They are selling Phase 8 and 9 right now. Phase 10 coming in less than a month.
Pricing as of 9/9/07

Residence 1: $523,000

Residence 2: $489,000

Residence 3: $518,000
All available with  $25k incentive.
Pricing as of 10/11/07

Residence 1 or 2: $434,000

(She didn’t specify which model had this price, but that it was the bottom of the range.)

Residence 3: $459,000

$25k incentives, $5k toward closing costs, plus a $2500 internet bonus that comes off the purchase price if you talk to someone on their website chat before going in to preview the home.

Pricing effective 10/19/07

Residence 1: $434,000

Residence 2: $434,000

Residence 3: $489,000 (supposedly there is only one or two left)

Prices as of 10/22/2007
Residence 1: Sold Out

Residence 2: $434,000

Residence 3: Sold Out
Prices as of 11/3/2007
Plan 1) SOLD OUT
Plan 2) $464,000
Plan 3) SOLD OUT

Here is a picture of the outside
 

Looks like a multi-colored barn.

Hahahahahah it kinda does look likea barn hahaha.

Prices Effective August 19, 2006:
Res 1 - $543,000 (Temporarily Sold Out)
Res 2 - $558,000 (Temporarily Sold Out)
Res 3 - $558,000 (Temporarily Sold Out)

The affordable housing prices for these were $276,000 and $311,000 (moderate, tier 2) for R1 and R3.

Barnish indeed!
-bix

Prices as of 8/21/07
Plan 1: Sold Out
Plan 2: $549,000
Plan 3: $580,000
The agent said they have a $30k incentive going on right now.  They are selling Phase 8 and 9 right now. Phase 10 coming in less than a month.

went there today  9/9/07
Plan 1: 523,000
Plan 2: $489,000
Plan 3: $518,000
all available with  $25k incentive.

ns2424
do people still have to be on the waiting/interest list?  or can you pretty much just walk in a make an offer?  was there anyone there for the phase 10 release?  i believe it was this weekend…

waiting list?  Not in 2007, the only waiting are the sales associates who wait every day hoping someone will make an offer. The days of lotteries and phase release parties are over.   Just walk in and make an offer

Is it right for Plan 1 to be 523,000 and Plan 2 489,000?

Plan 2 is larger and similar in floorplan?

Thanks for the confirmation ns.

Bizarre.  Hell, you can have the 3/3 plan less than the Plan 1, and it’s not like availability is an issue?

Just weird.  Maybe the Plan 1 has some kind of view???

plan 1 has a full bed and bath downstairs, versus a plan 2 where there is only a den.  the reason why they can charge so much more for a 1 is probably because there are so few of them.  personally plan 2 is the best for new families, because the nursery can be on the top floor with the master, you don’t have to do downstairs.  plan 1 has a small loft, you can put room dividers for a nursery, so I guess it is a little more versatile

Can someone explain why the prices dropped so much?  It’s moer than 10% for plans 2 and 3.  It’s not like the other homes in the neighborhood dropped as much…
Were the homes too expensive? Don’t think so when you compare $/sq ft…it’s now in the low $300 and the other condos I’ve been wataching are more like $330 - $380.
Is it that they have too many homes for sales and really need to sale a bunch of them? Are they taking the hit now instead of waiting for next year to lower they prices? I’m baffled…

can someone confirm this but, with the combined HOAs and the mellow roos of the new developments, it adds up to 80-100K more house; I have done the math on a few ladera ranch townhouses versus some aliso viejo townhouses, with taxes, double HOAs the monthly payments came out to about the same for unit about 100K more.  you get more house, youre closer to the ocean, if you can sacrafice something that is 10-15 years old versus, 2-3 years old in oc.  i’m looking for something built after 92 when the market turns, as you can tell with my handle, i like houses that have the rounded interrior corners.  a deisgn shift occured right about then, to give it that modern feel.
oh, we checked out the VOC square club house; pretty nice, a nice great room, and kitchen, there are no gyms though, two spas with a salt water heated pool.  nice water fountains, but no out door fireplace.  there is someone on site 7 days a week to answers questions and a activity director comes a few days a week.

10/10/07
Residence 1 or 2: $434,000

(She didn’t specify which model had this price, but that it was the bottom of the range.)
Residence 3: $514,000
$25k incentives, $5k toward closing costs, plus a $2500 internet bonus that comes off the purchase price if you talk to someone on their website chat before going in to preview the home. 

Roo, your assumption is right: "Are they taking the hit now instead of waiting for next year to lower they prices? I’m baffled…"
A sales rep at Lennar explained to me that the recent price drops and incentives are intended to bring up their sales figures before the end of their fiscal year (which is november). 

just got word 5 minutes ago that the Res 3 is included in the "close-out" sale and is now listed at $459,000

myfirsthome,
did you ask the Lennar sales rep if you can use the $25k incentive towards the purchase price? 

it can be allocated between: 
1. buying down your interest rate

2. up to 2 years of HOA dues

3. design center (upgrades to flooring, counters, window coverings, etc… )
it cannot be allocated to reduce the purchase price.  the reps explained it’s more of a "rebate" than a discount.  however, the $2500 internet discount does go toward the purchase price.

i went to take a peek after work today and the last residence 3 in this phase sold just as we left.  i guess lennar’s price cuts worked out well for them…

You are saying a 1,689 home is (was) selling for $459,000 minus $27,500 so $255/sq. ft. That seems really good.  I understand it’s Tustin, but still seems like a very very good deal.
Which phase was that? I know they were selling thru phase 10 and waiting for 2008 to build more.  Phase 10 had some (about $20,000) location premium added to the cost.

I remember looking at these plans on their website about a year ago and liking the 3 story layout.

They’re finally starting to dip down into the range where they should start selling a few units.

From my perspective it still has a ways to go.  But it’s a real solid start.

it was neighborhood 8 i believe.  i went back this morning to show my parents and the residence 3 is back up to $528,000 as of Oct 12th.  i have the price sheet somewhere, but everything went back up in price.  i’m first on the waiting list if one of the $459 units falls through, but i’m still doing my due diligence.  i found a website that tracks air traffic and SNA incoming flights do not pass over tustin legacy.  i spoke with a someone from Meriwether and they said village of hope recently had a fundraiser/soiree  where they educated some of the columbus square sales reps about their program.  i’m sure some people here are less optimistic than i am, but supposedly village of hope is not a walk-in shelter (which is what first came to my mind).  it’s a Christian run facility that has a rigorous application process, weekly drug screening for adult residents, work and education programs, and a required minimum stay of 1 year.  most residents of village of hope will be families or single parents with kids.  also, i was told that they have strict rules and regulations to ensure that the residents are good neighbors… if they break the rules, they’re kicked out of the program and the facility.  also, i might add that the area directly surrounding the village of hope is being developed into a tech college and the giant blimp hangar is slated to become a state of the art sports center with the urban park surrounding it.  tustin doesn’t sound too bad after all…   specially since there is an inter district policy so children in this community can opt to go to irvine schools.

btw, residence 3 is gorgeous!  the SFR’s i’ve been viewing in the $600k range do not even compare!

My wife and I also love Camden Place; we’ve been on the interest list since phase 3; luckily they never got to us, and we were smart enough to defer when the market turned.  It’s been great seeing the prices finally drop so much; we knew the prices couldn’t keep rising, phase after phase.
A great comp for Camden Place is Venturanza Del Verde; up by Tustin Ranch.  It similar with tri-level units and two car garages.  http://www.redfin.com/stingray/do/printable-listing?listing-id=988221 A four bedroom, 2000 sq/ft place is $549,000.  I know it’s not NEW but I’ll take anything built after 92.
In doing the numbers here is how it compares:
Venturanza - $549K; $109,800 - 20% Down; 6.9% 30 year Fix; $337-Tax/Month; $246-HOA - Comes to $3,827.20/Month
Camden Plan #3 - $528K; $105,600 - 20% Down; 6.9% 30 year Fix; $457.60-Tax/Month; $225-Mello; $300-HOA - Comes to $3,996.53/Month
Again I know that VOC is newer, and the Tustin Legacy will really develop that whole area, but TR is not bad with the Sports Park and Golf Course and The Marketplace.  Just something to compare!