I believe the land values will continue to fall at Cielo. I know of several examples of people who purchased lots in 2003 and held onto them rather then letting them go at the peak. As you noted there is a large overhang of inventory for the lots there. Many of the people who did this do seem to have resources that allow them to hang onto the lots however. In some cases though you will see people let them go cheap if you have enough patience. I believe the lot values there could come down another 20% over the next few years if you can wait that long.
