Their plan is to sell 98 homes. Out of 98, 55 have been definitively sold; 3 appear to be finished but I can’t find any records of their sales; 6 are being built right now; 3 are models; and the remaining 31 lots are empty.
Most houses were sold during ’06. I only see two original sales since August ’07. Either they suddenly ran out of buyers, or online records are updated with serious time lag (or maybe both).
Overall Quintessa looks “frozen”. There’s not much distress: 3 NODs, one guy behind on his property taxes, and one REO. One house is listed for sale for 1199k (good luck with that).
Median prices paid are 1100k for plan 1, 1200k for plan 2, and 1300k for plan 3.
Castillian next door is a lot more interesting. (I wonder why: they were selling at the same time) I see 8 defaults, 3 REOs, 2 short sales, and 5 knife-catchers. All this distress is causing major downward price pressure on the whole neighborhood. That’s probably why McMillin is introducing new smaller plans – it must be hard to compete with all the distressed 4000 sf inventory, so they are exploring a new niche.
Current median market value in the neighborhood seems to be around 800k. We’re almost through the spring bounce and I expect a second round of declines to begin shortly.
