just to add two more (unsolicted) cents on that Quintessa area. . . .
Through my mother in law realtor, I have been able to review some pretty detailed MLS info on that area, including loan balances.

Nearly everyone- like 90%- of the owners have loans around $1m. So I think that area will be ground-zero for seeing the impact of pay-option ARMs. Certainly more than a few buyers don’t have the $250,000-$300,000 income needed to make a fully amortizing payment on $1m loan, plus taxes and hoa, and refinancing won’t be possible if there are some low comps and tighter standards.

So I think the real price drops in that area will be in about 3-4 years, when the full payments kick in on the loans.
It will be interesting to see how the community reacts when essentially everyone is upside down on their house.