Not sure if anyone heard about Temecula and the TONS of building south of the 79. One big community is called Wolf Creek. They also built an elementary school down there that was going to open this past Aug. Not enough people bought there so they cancelled opening up the new school. North County Times reported on this a while back.

My website tracking Temecula and South Riverside County

Developers in 4S Ranch seem to be dropping their prices pretty rapidly.

Fieldstone just started selling Pienza which appear to be the exact same homes as SilverCrest which just finished selling this summer (barely). They’re priced $100,000 less.

John Laing dropped the prices of their Silhouettes between $40 and $60K depending on the model since they first opened in April or so. They built the first nine and these two have been sitting around ever since the opening.

They’ve pretty much completely stopped building any more of those while they try to finish Rosemary Lane. These five have been reduced and been around a while. Better hurry, some close last month!

Brand new developments from K. Hovnanian (Evergreen), William Lyon (Maybeck), and Buie Communities (Chanteclair) all offer more square footage and lower prices than what was available last year and early 2006.

Most all of them are likely offering some incentives as well, but the trend seems to be actually lowering the prices.

What price range??? Condo or SFH?

I’ve been monitoring The Heights in Carmel Valley.
It’s a condo convert. But, no it’s not a POS apartment convert. These were originally built to be owner occupied but then was converted into apartments only to be reconverted back to owner occupied now.

Original price at the peak was $500k+ for 2bed/2bath
1 month ago offering $429k + 3% rebate to agent + 10k rebate to use a preferred lender. We jokingly said that we would consider once they are ready to sell in the $390 range. They laughed. I checked last week, units haven’t sold yet. I think they are considering around $400k before all the incentives.

It’s a nice complex, looking for a positive cash flow without sinking too much of a down. It almost works out for us, but not quite. Plus one disadvantage is this complex is three stories but doesn’t have elevators.

SFH:

I have *heard* Portico off of 56 is offering to buy down your loan to 3%apr for 30 years, but haven’t confirmed this myself.

Most high end new developments in CV (old carmel valley) have *not* drastically lowered prices yet. They are offering to buy down loan interest payments and throw in rebates, to prop up the home prices. Namely because these are in phase 2-3, and have a few more phases to go.

Derby Hills (Pardee Homes): some cancellations + about 2-3 more phases coming…Two new home started $1.35M but was discounted by $200k (buyer backed out-couldn’t sell his home first). Don’t know if it’s still available. Most likely yes.

Saratoga (Pardee Homes) : Mostly sold out, but a few corner homes in around 900k: 3% rebate + loan rate buy down. I think there is about an additional $25k wiggle room. The homes sit adjacent to busy street. Big lot, but not the best location. Plus it faces the wrong direction (too warm)

Saratoga at the Ridge (Pardee Homes): No incentive when I checked (these were premium locations). I don’t know about availability. They was a waiting list for this about 2 months ago.

Carriage Run (Pardee homes): 700k-800k: No incentive when i checked 1 month ago….BUT….This place isn’t selling well at all. It’s one of those homes that really don’t fit in the neighborhood imho. It’s too small and it’s overpriced for what you get relative to everything around it. I wouldn’t be surprised if we start seeing hidden discounts. Location is excellent.

Well here is some spin from Centex homes. I just got it in my morning email.

“Time is running out to take advantage of purchasing a new home from Centex Homes-Inland Empire. Beginning Monday, October 2, prices on our homes will increase by up to $20,000. Take advantage of the best prices by visiting your preferred new home community and purchasing today!”

The 20k increase will probably be caused by the Honda Civic hybrid they will have to add as an incentive for you to drive that far every day.

Everything I’m tracking is SFH. To me, the reduction in condos is a given.

Regarding the $20k increase by Centex, I’d say that’s a clever move, but it’s clearly a psychological play. Even when prices are going down, they want to try to create the illusion of urgency. I expect they’ll be reducing prices around October 16th…

As far as Carmel Valley is concerned, I think what you’re seeing is that developments that are nearing completion are doing the best they can to hold prices (and instead offer steep incentives). Part of this probably has to do with the appearances they want to maintain with all those who bought in earlier phases. Don’t kid yourself that CV isn’t overpriced as well. $900k and higher for 2500-2700 square feet is a hefty premium for the illusion of coastal proximity. It ain’t Del Mar. (and no offense intended to those who live there, it’s nice, just has it’s place on the location food chain and the newer stuff is farther inland. I wouldn’t mind living there if the price was right). 4S is more like $700k-$850k and larger homes (as low as $606 if you include the smallest SFH), so it’s all relative.

And all of them have more to come down…