Village: Portola Springs

Tract: Serra (?? single family homes) in the City of Irvine

Builder: Standard Pacific Homes

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

Tax Rate: The base tax rate is approximately 1.03%.  The total effective tax rate is expected to be approximately 1.8% including assessment districts.

HOA Dues: Homeowner Association dues are anticipated to be approximately $175 per month.

Plans:

Residence 1 - 4-5bd/3.5-4.5ba - 3431-3577 sq. ft.

Residence 2 - 4-6bd/4.5ba - 3693-3866 sq. ft.

Residence 3 - 5bd/4.5-5.5ba - 4084-4277 sq. ft.

Residence 3 with tower - 5bd/4.5-5.5ba - 4029-4379 sq. ft.

PRICING

Phase 1  (Picked up 1/20/2007)

Residence 1 - From $1,416,000

Residence 2 - From $1,653,000

Residence 3 - Currently Unavailable

Residence 4 - From $1,643,000

These are supposed to have views whereas the second phase won’t and the pricing will reflect that.

Phase 2 (2/11/2007)

Site            Plan            Home size               Price

162            2SCR         3693                           $1,474,000

163            3MX            4084                           $1,597,000

164            2SCR         3693                           $1,557,000

165            3SBXR         4029                        $1,527,000

166            1SCR           3431                        $1,348,000

167             3MX            4084                           $1,548,000

Site 164 is a corner lot hence the price difference with the other plan 2.  164 also has a longer driveway.  Site 163 is also a corner lot with a slightly bigger yard then the other plan 3.  This phase release also includes these upgrades as standard

1.  SS KitchenAid Architect appliances (8-burner, oven, microwave, dishwasher

2.  Solid Core interior doors (???  what is this?)

3.  Case windows (thicker windows?)

4.  Kitchen granite slab countertops (don’t know if it includes island)

5.  Custom framed mirrors in master and powder room

Phase 3? (4/29/2007)

Lot              Plan                   Price
138            3MR                   $1,635,000

139            2SC                   $1,532,000

140            3SCR                $1,606,000

141            2SB                   $1,518,000

142            3MR                  $1,605,000

152            2SCX                $1,432,000

153            3MXR               $1,504,000

154            1SBX                $1,358,000
Phase 3 (Picked up 7/13/2007)

Residence 1 - From $1,472,000

Residence 2 - From 1,532,000

Residence 3 - From 1,530,000

Residence 3 w/ Tower - From 1,635,000

IMO, StanPac is most overpriced for what they offer

IIIrvine,
Cant’t comment on Stanpac’s price in general compare with other builders. However, I can confirm that Stanpac’s option prices are the highest I have been seen among lennar, Richmond American, and William Lyon.  They are pure highway robbery!!!

I agree with IIIrvine.

Stopped by today at Serra...  here’s the latest

Phase 2 pricing:

Site            Plan            Home size               Price

162            2SCR         3693                           $1,474,000

163            3MX           4084                           $1,597,000

164            2SCR         3693                           $1,557,000

165            3SBXR         4029                        $1,527,000

166            1SCR           3431                        $1,348,000

167             3MX            4084                           $1,548,000

Site 164 is a corner lot hence the price difference with the other plan 2.  164 also has a longer driveway.  Site 163 is also a corner lot with a slightly bigger yard then the other plan 3.  This phase release also includes these upgrades as standard

1.  SS KitchenAid Architect appliances (8-burner, oven, microwave, dishwasher

2.  Solid Core interior doors (???  what is this?)

3.  Case windows (thicker windows?)

4.  Kitchen granite slab countertops (don’t know if it includes island)

5.  Cusom framed mirrors in master and powder room

New release prices:
Lot              Plan                   Price
138            3MR                   $1,635,000

139            2SC                   $1,532,000

140            3SCR                $1,606,000

141            2SB                   $1,518,000

142            3MR                  $1,605,000

152            2SCX                $1,432,000

153            3MXR               $1,504,000

154            1SBX                $1,358,000
Does anyone know if they’ve sold out all the lots from the prior phase?  They are the only builder that is reversing the trend and increasing prices.  There was good traffic with one of the salespersons in a golf cart showing properties to a family.
 
 
 

I thought Sera has the best lots in the whole Enclave.  The lots sit on higher elevation and some with killer views.  Also the $1.5M+ market is the only on that is doing well.

Serra had some nice floorplans, they do seem to have better lots than the other builders.  I didn’t get a price sheet with lots, just starting from prices.  We liked the plan 3 with the Loggia, but that takes up the Tandem garage space. 

Phase 3

Residence 1 From $1,472,000

Residence 2 From 1,532,000

Residence 3 From 1,530,000

Residence 3 w/ Tower From 1,635,000

It appears that there are three more phases to go...  we were the only ones there on a friday afternoon. 

I heard about this on the radio this weekend and had to check out the website. . .  I don’t even know what to say about Stan Pac’s desperation.

www.stanpacmissionpossible.com/

>>I don’t even know what to say about Stan Pac’s desperation.

It’s still not desperate enough.

An easy goal to achieve.

All they have to do is slash prices by 50%.

Oh, you mean they don’t really want to sell 200 homes in 10 days?

In fairness to StanPac, a lot of depends on their development / builder agreements.  With TIC, they are pretty much stuck with a small (and way overpriced) asking price range.  If recent reports of cash flow issues are correct, I think they would cut prices significantly if it were in their control to do so.

I am going to go as often as I can to try and win $500.  Anybody else?

They have 49 communities and want to sell 200 homes, that’s just a little over 4 homes per community.  That doesn’t seem like a huge deal, but I guess it’s realistic if they drop their prices.  IMO, Serra seems way overpriced, by at least 30% in todays market and that’s not even factoring further erosion in 2008/2009.  I doubt TIC would allow for a 25% price cut that would be truly needed to move these homes.

for $1.6M for Plan 3 Serra, I’d wait for Orchard hills or Laguna Crossing.

Here is a part of an advertising email I just received from Standard Pacific:
"Along with the rich elegance of inspired new home designs, Standard Pacific Homes’ Serra at Portola Springs® is now offering some of the community’s most desirable locations, alongside the Avocado groves and rustic hillside beauty. The serene beauty of these locations belies the fact that although you feel like you’re deep in the country, you’re really only minutes from Irvine’s most popular shopping, schools, employment and entertainment. In addition to these rare opportunities, Serra will include a $70,000 Allowance* with the purchase of your home. Imagine how many of your design dreams could be fulfilled!

In the quiet of the grove locations, Serra’s outdoor living areas become peaceful retreats. Come tour designs offering 3,431 to 4,379 square feet with 4 to 6 bedrooms, 3.5 to 5.5 baths and 2-car plus storage garages from the $1.5 millions. These gracious and dramatic designs welcome your family to the village lifestyle of Portola Springs® with its parks, shopping and natural beauty. See how the ambience of these locations and advantages of a $70,000 Allowance* combine to bring you the fulfillment of a home at Serra. Visit the sales gallery daily from 10 a.m. to 5 p.m. Tuesday through Sunday, and after 1 p.m. on Monday"
Alongside the Avocado groves and rustic hillside beauty? By rustic, do they mean charred?

Advantages of a $70,000 Allowance? Seriously? 3% is supposed to be an incentive in this market? 3% in depreciation will be lost before the papers can be signed.

In the quiet of the grove locations, Serra’s outdoor living areas become peaceful retreats? Are roaring infernos quiet and peaceful? Maybe after they are over and you have no more neighbors?

Call me nuts, but I think Stan Pac is going to have to come up with a little more than $70,000 to get these roast pigs sold.

Not to mention that those groves are the only thing between you and the 241 - and there aren’t that many trees.  If these are the lots I’m thinking of, they do have nice city views.  Still, it’s not worth $1.5M.

“By rustic, do they mean charred?”

I almost spit out my espresso, I was laughing so hard.

Call me nuts, but I think Stan Pac is going to have to come up with a little more than $70,000 to get these roast pigs sold.

The roast pigs gives new meaning to the hogs getting slaughtered.

That, nearly made spit my coffee out this morning. But, coffee on one keyboard is enough for me. 

Maybe Stan Pac figures the buyer can use the $70,000 for some lipstick.

I can’t help but wonder if Stan Pac and/or IRC are reading this.  (he-he)

I stopped by Serra a few days ago just for the hell of it.  Although I was expecting it, I was still quite taken aback at the proximity of these houses to the burn zone.  The inside of the houses smelled quite clean and fresh - I found that to be quite an impressive feat!  You could practically reach out through a window and grab charred dirt.

Thanks, I’ll pass.

Serra’s doing well these days? Did it drop the price? I remember the day I visited there. Floorplan was favarable...but always the price is the problem.

Maybe buyers are attracted to the warmth and the homy fireplace scent.

I visited Serra today. It was unbelivable... a lot of people were touring the model houes. I literally bumped into others several times while I was there. 
It seems like huge price reduction makes people to move. Sales person said they sold 4 houes within a week.
Isn’t this amazing under this market? I hope the builder learn the lesson and it can come up with more realistic price for the next phase.  

Wow, those houses are amazing! Too bad they are double the cost of my price range, hehe. Maybe someday.

Monekoko:  You mention a huge price reduction.  I like their plan 3.  Do you know how much they go for now?

Kayochan; I was there last week and they had a plan 3 at $1,368,000 (plus or minus a few dollars). Beautiful home! Tiny yard. Neighbors are very close.