During the last bust, Fairbanks Ranch was like this. It was a psuedo Rancho Santa Fe and had not yet reached maturity. Fairbanks got nailed during the last downturn, but I think it’ll do a lot better this time around.
Same for Santaluz this time. It isn’t yet built out or stabilized and it’s a little farther out than some of its competitors so I think it’ll suffer more as a result. The fact that a good portion of it consists of tract homes rather than real customs is also going to work against it.
You’ll know they’re in real trouble when they discontinue the guard service.
