Are Great Park’s New Construction Homes Still Worth the Premium Over Resale Properties?

Snippet: In Irvine’s Great Park neighborhood, new construction homes have long commanded premium prices—but with resale homes now selling for 94–97% of list price and some new builds seeing $40K+ price cuts, that premium is tightening.

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The Great Park neighborhood in Irvine continues to attract buyers with its master-planned design, top-rated schools, and resort-style amenities. But as the housing market adjusts, a new question has emerged: are brand-new homes still worth their premium over resale listings nearby?

New Construction Pricing Trends

According to Realtor.com’s Great Park Market Overview, new construction homes in the area are priced between $1.2 million and $3.3 million, depending on builder, lot size, and amenities. Builders have started offering limited incentives, such as design credits or closing cost assistance, as inventory expands across developments like Rise, Solis Park, and Luna.

Redfin’s Great Park Housing Market Data (2025) shows that listing prices for new construction remain strong, but some builders have introduced $40,000+ reductions on move-in-ready homes to attract buyers amid higher mortgage rates. This signals a subtle cooling in what has historically been one of Irvine’s most competitive submarkets.

Resale Market: Gaining Appeal

Meanwhile, resale homes in Great Park have become more appealing as prices normalize. Redfin reports that resale properties are currently closing at 94–97% of list price, creating a narrower gap between new and existing homes. Many of these homes are only a few years old, often featuring high-end upgrades, established landscaping, and lower tax rates than brand-new builds.

For buyers focused on maximizing value, this shift opens opportunities to secure nearly new homes without the builder premium or waiting periods.

What Buyers Should Consider

• Price flexibility: Builders are increasingly open to negotiation, offering concessions and inventory discounts.
• Faster closings: Resale homes can often close within 30 days, ideal for buyers seeking quick moves or mortgage rate locks.
• Tax implications: New homes typically come with higher supplemental property taxes tied to current market values.
• Customization: New construction still appeals for its builder warranties, energy-efficient systems, and personalization options.

Looking Ahead: A Market Finding Balance

Both Realtor.com and Redfin suggest that Great Park’s housing market is entering a period of equilibrium. While demand for new construction remains strong, resale homes are offering better relative value and faster move-in options. For buyers, this means more choice—and more leverage—than the market offered even a year ago.

FAQs

Q: How much more do new homes cost compared to resale?
A: Currently, new construction in Great Park carries a premium of roughly 5–10%, down from 15–20% during peak demand years.

Q: Are builders offering incentives?
A: Yes—some are providing upgrade packages, rate buydowns, or closing cost credits to stay competitive with resales.

Q: Do resale homes offer better investment potential?
A: Resales can appreciate more quickly in the near term since they avoid new-build depreciation and benefit from established community desirability.

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Bottom Line: In Irvine’s Great Park, new construction homes remain desirable, but the value gap between brand-new and resale homes is narrowing. For today’s buyers, understanding where opportunities lie can mean saving thousands while still securing a modern, amenity-rich lifestyle.

👉 Ready to explore Great Park new construction or resale homes? Work with Monica Carr, Expert Irvine Realtor, to find your perfect match and maximize your investment in today’s market.