As of 08/27, it looks like only 3 lots have sold.
Lot 804 (Plan 2901) – $755,990
Lot 805 (Plan 3212) – $789.490
Lot 806 (Plan 3365) – $792,990
3 lots that were previously “reserved,” are back on the market
Lot 835 (Plan 3365) – $756,990 (Reserved)-available now
Lot 837 (Plan 3365) – $744,990 (Reserved)-available now
Lot 861 (Plan 3365) – $738,990 (Reserved) -available now
Also 2 lots that were not sold as of the last phase still are available
lot 802 (Plan 2901) – $767,490
lot 858 (Plan 2901) – $769,977
1 additional lot that was previously “sold” is coming back on the market
Lot 801 (Plan 3212) -price not available yet
So currently there are only 3 sold out of 11 available homes.
Pienza therefore is having problems selling any of its homes, not mearly the 2901 plan. The builder is not drastically reducing its prices or increasing the incentives…
Other neighborhoods in 4S with similar square footages and in the same price range also have unsold inventory…none of the builders seem to grasp the logicc that there are not many buyers out there for homes in the 700K-800K range especially with the rise in jumbo loan rates and the tightening of credit that has occurred in the last 2-3 weeks.
How long will it take builders to realize that the market has changed?
Perhaps winter? Also, has anyone had any success with using a realtor to make a lowball offer on new homes?
We are trying to hold out a bit longer before buying…
