Mar222014
New home rebates at Pavilion Park in Irvine
Contact us before you register with the builder we will accompany you to the registration and refund you anything over 1.5% offered by the builder.
Welcome to the first of the Great Park Neighborhoods. A community of beautiful new homes on tree-lined streets, designed to celebrate the very best of Irvine. With a focus on family and friends. Personal health and well-being. Walking and biking. The bounty of nature and food fresh from the garden that’d pass any number of food hygiene certificates. Top-ranked public schools. And this is just the beginning…
The Big Picture
In Irvine, around the perimeter of the Orange County Great Park, there is a new kind of community taking shape. A collection of unique neighborhoods joined together by walking and biking trails, which will eventually take you to the Irvine Transportation Center. With a mix of shops, schools, offices and parks – all close to home. Anchored in the values of Irvine, but designed to enrich your life in a variety of innovative ways.
Pavilion Park
The very first of the Great Park Neighborhoods, Pavilion Park, is located at the northern edge of the Orange County Great Park. It adds a touch of relaxed nature to everyday life in Irvine. This neighborhood’s main attraction is a large, central park shaded by majestic heritage trees. And a choice of graceful, new home collections, each inspired by classic, American Heritage architecture but designed with great flexibility for today’s multigenerational families.
For more information, register with the site, and we will contact you.
We are offering buyers a refund of anything over 1.5% back on new construction from our fee that is paid to us by the builder. From the beginning our goal has to been to provide value to our clients by recommending they rent versus buy during the bubble, discouraging investors from purchasing low cap-rate property, warning about short-term bubbles due to tax incentives, warning buyers of condos regarding HOA issues etc. We have found a new need in the market for those considering new construction.
Most buyers are at a disadvantage on new construction and are often not properly represented or educated in these types of purchases. Many buyers do not know that if they want representation they need to bring their representation the first time that they visit new construction. As a result buyers walk in and are given information from the builders reps only, make a decision, and never have access or are educated with information that may lead to a different decision — perhaps a better decision for the family.
In addition, many of the builders give their reps extensive training in high pressure sales techniques that that we find objectionable. Because many buyers do not have proper representation, many buyers do not realize that the new construction property they buy may not look much like the model without spending thousands on upgrades, the costs associated with landscaping, or the effect that Mello-Roos on their cost of ownership.
Furthermore, builders, particularly in Irvine, have done an excellent job of creating a false sense of urgency amongst buyers by not over building, with excellent multifaceted marketing approaches, the use of waiting lists, and other techniques. Ultimately, we have an extensive initial consultation with buyers. We have come to realize that many buyers that are interested in new construction don’t contact us. They walk-in to model homes without realizing they can have representation on their side. Furthermore, for those buyers that we are working with that convinced that new construction is the right choice for them; we’ve found that assisting buyers with new home transactions is less work than re-sales thus enabling use to offer the rebate.
We find that the builders are not highly negotiable because the builders have done a good job of keeping demand even or slightly higher than supply in Irvine for the most part so the fee refund that we can provide along with some upgrade incentives that are often offered are the limit the discount that they can achieve, without us they may get a few upgrades but little beyond that, and no rebates. Beyond our hefty rebate, we feel that there is value in the information that we can provide. We have already prepared new construction fundamental valuation reports for clients that compare new construction to nearby resales on a cost of ownership basis. We help buyers compare what they can buy new versus resales on a cost of ownership basis, provide advice on the loan process by helping buyers compare lender’s rates and fees, assist buyers negotiate for upgrades, and finally explain to buyers that occasionally deals fall out and that their most leverage will happen on standing inventory, which is relatively rare in Irvine. We believe many buyers make a better decisions with representation.
If readers are interested in new construction and they contact us before they have registered with the builder we will accompany them to the registration and refund them anything over 1.5% offered by the builder, pending we have not been working with them extensively to find a resale. We believe that many buyers may choose resale, however, many will buy new, but they will make a more educated choice and by working with us will save money that would otherwise go to the builder.
IR, maybe I’ve missed it (or forgotten) but today’s post has reminded me that I don’t believe I’ve seen significant commentary about the relative pricing of new construction in a downturn.
It appears to me (quite anecdotally) that the new construction I see in DTLA and Central LA is priced more or less on par with existing inventory of similar quality & location. I would think if prices should soften that newer construction would fare better by virtue of being more in line with current tastes.
On the other hand, with so much room for new construction in DTLA – there are so many surface parking lots, for example – it is difficult to imagine much potential for appreciation as so many units are scheduled to come online, and with very little to stand in the way of future projects. Any thoughts along these lines?
When the housing bust got going, builders had to lower their price to sell homes. By nature, new construction is must-sell inventory, so places where there was a lot of new construction got hammered.
When the MLS distressed inventory dried up, new home prices skyrocketed as builders quickly raised their prices because they were the only available inventory, which is where we are today. New construction generally carries a 10% to 20% premium over resale.
Although it may look like there are plenty of locations for infill construction, getting permission to put up new units is very challenging. The restrictions on growth serve to create a semi-permanent shortage of new construction, keeping prices artificially high.
[…] Pavilion Park in Irvine […]