NBR, Cleo, and VOI Mispricing
Bad news for NBR, Cleo, and basement lovers...
The Villages of Irvine have updated their Auburn website, but with errors.
The 2X floorplan, instead of listing 5,260 square feet, lists 3,260 square feet. They also mixed up pricing, letting the approximately 3,700 square foot Residence 3 be priced at the High $1,000,000s, while the 2X and larger 4 are at the Low $1,000,000s. For basement lovers, be ready to pay at Amelia at Orchard Hills or Legend at Beacon Park pricing.
NBR has their updated floorplan, and they once again reduced the amount of detached housing in the plan:
40 True Single-Family Residences, All on the Ridgeline with 180 degree views of the Ocean
33 Alley-Loaded Single-Family Residences, With a Nice Street Scene and some Ocean views
20 Motor-Court Detached Condominiums, All Backing the Wildlife Corridor with Many Full Ocean views
30 Garden Courtyard Residences, Close to Shopping and Parks
37 Garden Courtyard Residences, Close to the Future Elementary School and Preserves
170 Detached Residences TOTAL
Over 80% of the land is designated for wildlife preservation. There are 895 residences in total planned. Many attached residences have 180 degree views of the Ocean as well...
The yellow lines mark the extent of the original plan, while the white lines indicate the extent of the first revised plan...
Onto Playa Vista,...
Pricing has been going into a frenzy recently here.
Back in 2007, land cost about $3.4 million per acre, which is quite expensive. Now though, the Runway shopping center just closed at about $34 million per acre, making land about 10X more expensive than Irvine.
Marlowe claimed to have had a reduction in prices, but the $2.7 million pricetag was there originally from opening day, so there was no "reduction". The media rounded the price up to $3 million initially, explaining the apparent drop.
Everly DID have a $400,000 reduction. From $2.2 million initially, the Residence 1 dropped to $1.8 million. Though more manageable, it would be hard to swallow considering homes 1,000 square feet larger in Trevion three years ago sold for about the same price. The Residences 2 and 3 followed the reduction, but since then have risen back to $2 million.
Cleo prices are up, starting at $1,752,000. Although better than Skylar by KB, where homes are priced above $2 million for the same size home in the same design, it does look VERY overpriced when considering the 300 square feet larger, detached Everly Residence 1 for just about $100,000 more.
The actual homes are being built, and I'm a bit disappointed. Is it just me, or is there a difference...
P.S. That is NOT me in the photo. That is a contractor...
