Waiting List @ College Park Chino (Westmont: for sale, HOA, credit) - San Bernardino and Riverside Counties - California (CA) -The Inland Empire - City-Data Forum

msquare · 03-14-2013, 02:09 PM

I'm currently on a waiting list to purchase a home at Madison @ College Park in Chino.

Are there others here that are also waiting for a home, or have recently been part of the wait list?

I'm interested in hearing your experiences, how long you had to wait, what the process was like, and any tips you may have.

Thanks in advance!

tlnvn · 03-14-2013, 04:36 PM

When did you get added to the list? This matters. I was/am on the Westmont wait list, and it can be pretty demoralizing. A few months ago they were asking for mid 300s, now it's mid 400s. I'm not kidding. Check collegeparknow.com and you will see the original prices, these new models have not been open for very long. Prices are skyrocketing due to lack of house inventory all around. Once everyone who wants to sell starts catching up to this, the bubble could burst.

In other words, you'll be left holding the bag. It's still Chino, after all, I have to keep reminding myself, it's harder to justify the purchase (half a million dollars to live in Chino near the cows and prison???). This is not to say the cows and prison bother me, but in terms of resale down the line, if I buy at the peak, I could be screwed. I've been waiting for a few months now, and after last week's (sold-out) phase release, still about 15 people in front of me, not counting those who called in to defer. Meanwhile, prices keep going up all around me. I'm not sure how the wait list is for Madison, but I imagine it's just as long given their similar price points.

As for the process itself, it looks like they just call names based on their priority list (which is based on more than just when you signed up, also cash vs. non-cash buyer, contingencies, credit), and people pick the homes available each phase. Don't have any tips, it's pretty straight forward. You can't expect to bargain or deal in this market either, since these homes sell out on the same day of every phase release now.

If you are considering any other homes at all, now's a good time to strongly consider buying those instead before things get really rough with pricing. I've noticed a lot of homes going up for sale in The Preserve nearby, I suspect they all want to get out asap while the market is hot.

msquare · 03-15-2013, 02:35 PM

We started looking in Jan and got added to the list last month. As far as we can tell, we're far down on the list. In the meantime, the price has gone up twice, and it doesn't sound as appealing any more, considering prices will likely go up a few more times before it's our turn.

Looking into alternatives.

tlnvn · 03-15-2013, 02:44 PM

Quote:

Originally Posted by msquare

We started looking in Jan and got added to the list last month. As far as we can tell, we're far down on the list. In the meantime, the price has gone up twice, and it doesn't sound as appealing any more, considering prices will likely go up a few more times before it's our turn.

Looking into alternatives.

No kidding, I checked out the Madison page yesterday after seeing your post, and today the price shot up for each plan by around $10k. Ridiculous. Which plan were you interested in, and could you tell from the last release which one was the popular one (assuming you went)? If you liked a less popular one there is a decent chance. But like me and Westmont, the higher these prices go, the less appealing it is for Chino.

The HOA they will end up charging is a bit high as well, including property tax. Sigh.

msquare · 03-15-2013, 04:08 PM

I wasn't there for the last release as we got added the day after.

We're interested in the third plan, which shot up $22K in Feb, and up another $16K in March. At this rate, we may get in when it's $60K-$80K higher than when we started. If that's the case, it may not be worth the price for us.

There is a release tomorrow, which I will attend. I'll share what I learn there.

msquare · 03-18-2013, 03:55 PM

There was a release last Saturday which I attended. I estimate around 50-60 names called that day, so the waiting list is pretty long. Quite a few people also didn't show up, probably 25% or more. I heard that about 1/3 of people also didn't show up for the release last February, so it might be a trend.

tlnvn · 03-18-2013, 04:04 PM

Quote:

Originally Posted by msquare

There was a release last Saturday which I attended. I estimate around 50-60 names called that day, so the waiting list is pretty long. Quite a few people also didn't show up, probably 25% or more. I heard that about 1/3 of people also didn't show up for the release last February, so it might be a trend.

Wow, that sounds like a zoo, and I thought Westmont was bad. Have you considered Westmont at all? Seems like location wise it's not as optimal, but their floorplans are a little nicer in my opinion, and they're a little less expensive. But it definitely doesn't have the 3 car garage!

Were you able to get a house, or feel like you're closing in on one (moving up the list quickly?)?

It seems like there are plenty of homes still to be built, question is whether or not we can buy them at reasonable prices. I may be interested in Madison as well. Any clue what they're planning on building within the homes that Madison surrounds, aside from the park? From the site map it doesn't look like there is an alleyway like Madison has, and the designated plots indicate a narrow plot size, so I'm curious how the homes are going to be designed.

msquare · 03-18-2013, 09:42 PM

We didn't purchase a house yet. We probably won't get our chance until the next release, maybe two.

They will be building more Lennar homes in the surrounding area. They will be a different floorplan, although the advisors said they don't know what type.

tlnvn · 07-08-2013, 05:19 PM

Quote:

Originally Posted by msquare

We didn't purchase a house yet. We probably won't get our chance until the next release, maybe two.

They will be building more Lennar homes in the surrounding area. They will be a different floorplan, although the advisors said they don't know what type.

Did you end up getting one of the homes at a reasonable price?

msquare · 08-23-2013, 09:08 AM

Quote:

Originally Posted by tlnvn

Did you end up getting one of the homes at a reasonable price?

We did get a home and are moving in... in a few weeks. Price was higher than we started of course, but still lower than the maximum we would've been willing to do. The price did go up a few more times after we locked ours in.