This could be the future of any new home that you buy right now in San Diego: http://youtube.com/watch?v=10WoQZKZkNs&mode=related&search=

When you said "sell out quick", I think you meant "Pardee has buyers lined up for all of the lots in the phase".

Whether these buyers will/can follow through when the homes are built is a different matter.

Now that most lenders are shying away from exotic mortgages & that jumbo loans are more difficult to qualify for, I would expect a good percentage of these buyers will not be able to close escrow 6 months from now.

By then, Pardee will have to find away to sell those houses & you'll have more negotiating power.

I am puzzled on how quickly they are selling in this down market

It's perception vs. reality.

Perception: housing look hot

Reality: many buyers will not get the loans they need. They just haven't realize it yet.

When you said "sell out quick", I think you meant "Pardee has buyers lined up for all of the lots in the phase".

Whether these buyers will/can follow through when the homes are built is a different matter.

Now that most lenders are shying away from exotic mortgages & that jumbo loans are more difficult to qualify for, I would expect a good percentage of these buyers will not be able to close escrow 6 months from now.

By then, Pardee will have to find away to sell those houses & you'll have more negotiating power.

I am puzzled on how quickly they are selling in this down market

It's perception vs. reality.

Perception: housing look hot

Reality: many buyers will not get the loans they need. They just haven't realize it yet.

Peter the developers have done an excellent job maintaining demand by squeezing supply and offering incentives. Many people really enjoy the newly built homes and regardless of the market conditions, will continue to buy in these new subdivisions.

I would absolutely wait for a resale in the development if you can. I would absolutely wait for anything anywhere if you can. If your down is going to be 100% based on the proceeds from your sale then I would sell now, then rent, then buy later if at all possible. That way the nut you make on your sale will be safe and locked in, just don’t fritter it away anywhere.

The developers will always be able to offer better deals then resale property regardless of the market conditions because of the margins they make.

SD Realtor

We loved those homes, however could not afford the steep price and yes, I agree, they don’t seem to be coming down much…actually none of the Pardee neighborhoods including Pacific Highlands are offering any terrific deals YET.
I agree sell your house now and rent…

It would be better to wait for a resell or wait for one to fall out of escrow and try to negotiate a further discount as getting 3% off as you are not using a realtor…last year they did not offer a broker’s commission and the last time I went they were offering broker’s commission so you should look at that. They are also offering to assist with closing costs now, which is something they refused to do last year…so the longer you wait…the better your deal will be.

We loved those homes, however could not afford the steep price and yes, I agree, they don’t seem to be coming down much…actually none of the Pardee neighborhoods including Pacific Highlands are offering any terrific deals YET.
I agree sell your house now and rent…

It would be better to wait for a resell or wait for one to fall out of escrow and try to negotiate a further discount as getting 3% off as you are not using a realtor…last year they did not offer a broker’s commission and the last time I went they were offering broker’s commission so you should look at that. They are also offering to assist with closing costs now, which is something they refused to do last year…so the longer you wait…the better your deal will be.

I just bought and moved in April, and now this jumbo bomb!
But I think the community will be stable in the long run, since nearly 2/3 of the homes on my street have little kids (many will be going to Ocean Air school). Also, many owners seem to have high paying jobs; lawyers across the street, dentist & doctors to the side, etc.

Quality-wise, Pardee is okay, and we’ve had a bunch of little problems but nothing major yet.