I still think that we have a ways to go in that neighborhood. If I remember correctly the models opened in March 2005, with some pre-sales in late 2004. I real estate friend said that there are a lot of no money down loans in this neighborhood. This is the perfect reciepe for forclosures. There have only been a few forclosures to this point and many more to come. Their is no Mello-Roos, but the HOA is in the high 200’s, I think it’s $270. I think we will see the smaller homes in the low-mid 400’s soon and the medium (no view) homes in the low 500’s soon. I would hold out for a view home with nice upgrades in the mid 500’s and larger view homes in the low 600’s.
Have you looked at the Lennar project in Santee? They have medium to large homes with nice views. There is no mello-roos and they are willing to bargin. The HOA is also high at $280, but it is gated and they have a tot lot and maintain all the slopes. I think the builder will have to do some more price reductions as the market corrects, but they have been changing prices accordingly.
