each parcel at $300k, with mello roos at $6000 per year. holding cost for each parcel is $9000 on taxes and $22,000 on mortgage per year, or $31000 if they wish to hold the land and not build.
they do have the option of simply build and sell with their bottom line being low to mid $500k per home.
the ones that are facing foreclosure or already in foreclosure will just stop building, try to get rid of existing homes thru fire sales (but remember, they will NEVER advertise how much lower they are willing to go down because they don’t want to anger the phase 1 owner that paid $900k).
meanwhile, the ones that have the capital will simply finish out their lots just to break even because even that is better than holding cost of $31k a pop for who knows how many years.
