Hard to say, as most of the places we see have never seemed to leave much trace regarding traffic, but I did notice that two of only three properties we even considered considering have both gone unsold and are now listed on craigslist as rentals.
One of them wasn’t that surprising, but the other was a nice clean normal house, so I guess that must mean it’s still too expensive and/or some of these deep pockets are maybe starting to dry up?
I also follow a couple of new developments and I can tell you one that was supposedly hot almost didn’t sell everything in the last release (although I had my doubts going in and wasn’t surprised).
I’m going to the Monteluz/Andelusia release in 4S tomorrow, so we’ll see how that goes. This’ll be the fourth phase and so far every release has been very well attended (and sold out). Fairly attractive pricing, big houses and larger lots have driven demand so far (beyond the usual low interest rates and handouts). We’ll see if that streak continues.
They raised the prices fairly significantly in Monteluz, IMO. These will be pretty much the best lots they’ve got, but the premium they’re asking reminds me of the days of headier times for developers. That said, I’d do exactly the same thing if I were them.
In general, I’d say these two developments provide a pretty good bellwether for what the rest of 4S can fetch.
