quite a contrast of builder strategy with Tiburon.
Both Davidson and Cornerstone purchased lots in the low/mid-500 range at the peak. both started having problems with sales in ’08.
Davidson decided to finish the developement, selling homes from the high 700’s to mid 900’s but kept up with the quality and protected the integrity of the community.
Cornerstone took a different approach, keeping the price up, and try to go cheap with Montoro. And now, it looks like the 11 residual lots in Tiburon are sold at a loss of at least $150k each at $360k (total loss of 1.6 million to Cornerstone).
these lots are being developed by Colrich development, selling single level 3500 sqft and 2 story 3700 sqft homes at $850k.
In the end, the two builders probably came out of this with the same amount of losses, but I think this is a good example that Davidson is a builder that is truly dedicated to building homes, whereas for Cornerstone the prime and only driver in decisions is finance/profit.
