Village: Portola Springs

Tract: Paloma (88? paired and detached homes) in the City of Irvine

Builder: Brookfield Homes

Schools: Irvine School District (IUSD): Westwood Basics, El Camino Real, and Northwood Elementary, Sierra Vista Middle, Northwood High

Tax Rate: The total effective tax rate, including Mello Roos, is approximately 1.8%

HOA Dues: Master Association to be $175 to start and $150 at Build Out.  Sub Association to be $185.

Notes: Residence 1X is the detached home, the rest are paired.

Plans:

Residence 1 - 2bd/2.5ba - 1723 sq. ft.

Residence 2 - 3bd/2.5ba - 2235 sq. ft.

Residence 3 - 3bd/3.5ba - 2320 sq. ft.

Residence 4 - 4bd/4.5ba - 2530 sq. ft.

<u>PRICING</u>

Phase 1 (August 19, 2006)

Homesite 31 - Plan 1ARX - $855,070

Homesite 57 - Plan 1A - $827,470

Homesite 38 - Plan 3BR - $950,450

Homesite 58 - Plan 3CR - $997,495

Homesite 39 - Plan 4BR - $952,080

Homesite 59 - Plan 4CR - $1,007,505
Phase ? (Prices before 1/5/2007)

Homesite 31 - Plan 1ARX - $824,070

Homesite 57 - Plan 1A - $824,470

Homesite 38 - Plan 3BR - $859,000

Homesite 58 - Plan 3CR - $952,000

Homesite 39 - Plan 4BR - $889,000

Homesite 59 - Plan 4CR - $987,500

All homes include many upgrades such as granite countertops, SS appliances, etc.

Homesite 31 - Plan 1ARX - $809,070

Homesite 57 - Plan 1A - $779,100

Homesite 38 - Plan 3BR - $819,100

Homesite 58 - Plan 3CR - $862,000

Homesite 39 - Plan 4BR - $830,000

Homesite 59 - Plan 4CR - $880,500

All homes include many upgrades such as granite countertops, SS appliances, etc.

Phase 2 (Feb 10, 2007)

Homesite 35 - Plan 1A - $757,600

Homesite 37 - Plan 1C - $758,000

Homesite 34 - Plan 2A - $808,000

Homesite 38 - Plan 3BR - $819,100

Homesite 55 - Plan 3B - $866,000

Homesite 53 - Plan 3C - $868,000

Homesite 39 - Plan 4BR - $830,000

Homesite 55 and 53 face Lomas Valley Park thus explain the $50k price premium?

Prices as of 2/3/2008

Residence 1XC    Homesite 16    54 Conservancy    $702,000    SOLD

Residence 3A        Homesite 13    48 Conservancy    $783,000    SOLD

Residence 3RA    Homesite 14    50 Conservancy    $795,000

Residence 3A        Homesite 18    17 Arrowhead        $798,000    SOLD

Residence 3B        Homesite 20    21 Arrowhead        $798,000    SOLD

Residence 4C        Homesite 12    46 Conservancy    $795,000

Residence 4RA    Homesite 15    52 Conservancy    $860,830

Residence 4A        Homesite 17    15 Arrowhead        $835,000    SOLD

Residence 4B        Homesite 19    19 Arrowhead        $815,000    SOLD

Temporarily sold out:  Residence 2

August 19, 2006 Original Phase 1 Pricing
Homesite 31 - Plan 1ARX - $855,070

Homesite 57 - Plan 1A - $827,470

Homesite 38 - Plan 3BR - $950,450

Homesite 58 - Plan 3CR - $997,495

Homesite 39 - Plan 4BR - $952,080

Homesite 59 - Plan 4CR - $1,007,505
It appears that the largest price drops are occuring at the high end.  Didn’t this happen in the last crash as well?  On a percentage basis, I think Decada is still the price cutting leader on the Irvine Ranch so far.
Six months later and still dealing with Phase 1 cancellations.  If these homes are complete and empty, that means the builder is now eating carrying costs too.  Life can’t be that good in the home builder business today as evidenced by all the latest earnings warnings.  Look out below because it is probably going to get worse.
 
 

I got an email today, they are releasing Phase 2 tomorrow.

Homesite 38 now asking $819,100 (that’s -$131,350 less than when it was first put on the market!!!)
Homesite 39 now asking $830,000 (that’s -$122,080 less!!).

Uh, nope, no crash here.

There are four other homes being released tomorrow besides the two that hadn’t sold from the last release.  Prices range from $757,600 to $868,000.  I’d list them all out but for the life of me can’t figure out how to make paragraphs format correctly on these forums…help!?!!!

Hmm.. List them however you can, I’ll try to clean it up if I can

$1MM + for a 2,500 sq.ft. attached home?  If this is not a bubble, I don’t know what is.  It is long way down for those who have already purchased.  Fundamentals cannot be compromised, and if you get caught up in the hype, someone will laugh all the way to the bank and you’ll be the fool holding the bag.

I stopped by. Very nice homes. Loved the Plan 4. I think only a couple units are sold but didn’t ask for details.

Phase 2 (Feb 10, 2007)

Homesite 35 - Plan 1A - $757,600

Homesite 37 - Plan 1C - $758,000

Homesite 34 - Plan 2A - $808,000

Homesite 38 - Plan 3BR - $819,100

Homesite 55 - Plan 3B - $866,000

Homesite 53 - Plan 3C - $868,000

Homesite 39 - Plan 4BR - $830,000

Homesite 55 and 53 face Lomas Valley Park thus explain the $50k price premium?

I never knew there was a premium to be on one side of Portola Pkwy vs the other until I read about it somewhere on this forum.  That being said, I don’t understand how there can be a premium if your home is situated right under the intersection of the 133 and 241.  Anyone have issues with that?  I don’t think I would enjoy paying premiums for having two toll roads above my rooftop and would probably prefer to stay on the "less desirable" side of the road.

Phase 2 (April 14, 2007)

Almost all the homesites that red listed for us on Feb. 10th are still for sale, at the same price.  One difference:  Homesite 37, Plan 1C, is now the Featured Home of the Week, listed for $720,000.

"Featured home of the week?"  They have got to be kidding.
I guess I still can’t get over how they thought they would get so much $$ for the model 4 residence - an attached home (or "paired" whatever that means) for a million bucks?  When will the nightmare end?

GrewUpInIrvine:

It was pretty interesting at Paloma today.  The sales ladies were all a twitter about how “busy” the place was.  They were all charged up and excited…one even joked to me about whether I was able to find a spot in the “packed” parking lot!  Granted, most of the spaces in the parking lot were taken, but I wouldn’t call it crowded or anything.  They seemed to be desperately latching on to any hope of making a sale.

IMO, the “nightmare” will start to end after April 21st, when TIC holds its big Portola Springs Party.  I predict lots of people, like me, will be there for the DJ, free goodies, face painting, kids’ activities, general kissing up stuff, but as for qualified people actually signing the dotted line…nada.

I have a feeling something drastic is going to happen after this doomed fiesta…would TIC stop developing Stonegate, Woodbury East, Orchard Hills, Planning Areas XYZ, etc…?  I mean, practically everything they’re building in Portola Springs is dead inventory!

Any news on these prices?

I have noticed lots of beautiful ads in the OCR recently, showing the kitchen in the single-level Paloma unit which I find so beautiful…they are still advertising this unit in the “low 700s” but I don’t know if there is wiggle room there.  I’ll stop by this weekend and see what’s up.

Homesite 16, Residence 1XC sold for $702,000.  At least that was the published price on their pricing sheet they handed to me today.

Various Residence 3s are listed from $783,000 to $798,000, two Residence 4s at $795,000 and $790,000.  One each (a 3 and a 4) fell out of escrow.  They are temporarily sold out on residence 2.

I really like these, and would consider them at this price if they were detached and located on ~ 5,000 sq foot lots.

Toured these models recently.

I found the size of the master bathrooms in these models to be ridiculously large.  Seemed like a complete waste of square footage.   They are as large as a small bedroom or office!  What is the point of the big space there?   I also believe that having to walk through the bathroom to get to the closet is an annoying design.  I guess I’m just not the target demographic for these homes.  I spend as little time as possible in the bathroom.

The models sure look great though, especially the kitchens.  Probably over $50k of upgrades in the kitchen alone.

Thanks for the update irvinesinglemom. We looked at these a few months ago, and they were trying to move a plan one.  If I recall, it was listed at $700k or so.  It’s amazing that these have fallen more than $150k, and still they are not affordable.
Again, thanks for the info!

Visited Paloma today. Liked them very much. They were offering a deal on Lot 38, 3BR at $785K including all completed upgrades. Only thing left was flooring. They also said they expected cancellation on Lot 19, 4B. Stated price was $815K. Prices seem to be dropping. My concern is how much negotiation is possible. We also visited La Casella and Stone Creek Manor in Woodbury, and Lantana in VOC.

 
     
       
       
         
             
                 
               
             
         
       
       
     
     
       
     
     
       
       
         
             
               
                Give Paloma A Double Take

               
                If you needed a reason to come back and check out Paloma at Portola Springs, this is it.  Brookfield Homes is unveiling the newly enhanced Residence One floorplan at the neighborhood’s Grand Re-Opening Celebration.  This redesigned plan features several dramatic improvements to accommodate the evolving needs of potential buyers, most notably a second level with a second master suite.
                Come see how Paloma, exceptionally priced from the $700,000s, has doubled the luxury in the newest model of this award-winning, family-focused community with one of the most unique and livable floorplans in Orange County.
                All visitors will be eligible to win one of the Bellagio Spa and Salon gift certificates being given away every hour.  For more information or to schedule a private tour, please contact us at 800-610-8858.  We look forward to seeing you there!
                Saturday, February 2nd, 2008

                10 am to 5 pm
                The Paloma model homes are open daily from 10 a.m. to 5 p.m. and Wednesdays from 2 p.m. to 5 p.m.  Visit Paloma at 46 Ridge Valley, Irvine, Ca 92618.
                Sincerely,
                Patti Hirbodi
                Paloma Sales Manager
                 
               
             
         
       
       
     
     
       
       
         
             
               
               
                 
                     
                       
                        www.brookfieldsouthland.com
                        Brookfield Homes Southland reserves the right to pre-sell homes to employees, affiliates, subcontractors, etc. Pre-sales will be limited per phase. Sales procedures may be modified as deemed necessary.
                       
                     
                 
               
               
               
               
             
         
       
       
     
 

Wow that’s really good that they made the residence 1 a three bedroom now.

I don’t know about the rest of you, but I’m not too stoked about these ads being posted.  Asianinvasion, what’s your deal?

Trooper, isn’t this whole thread is an ad?  LOL.

Well, at least tell us who you work for.  Put your money where your mouth is.

Ok, ok.  But only if  IRVINITEEEE goes first. 

How about we start with sticking with just one name? Baby steps… baby steps with bulls.

Uhh i’m not asianinvasian. i’m intelligent enough to spell INVASION right.