Rolling Hills Ranch is entertaining to watch, like a slow-mo trainwreck.
Quintessa appears to have sold exactly one (1) new house in the last 3 months. I’ve been in their sales office twice, once in mid-May and once in early July, and the saleswoman remembered me from the first visit. They probably don’t get many white visitors. Or maybe they don’t get many visitors of any color.
A brand-new 4200 sf house (576 Coastal Hills Dr) is listed for sale at 902k. There wasn’t a single authentic sale above 800k, new or used across two developments (Quintessa/Castillian) since April, but one can dream, right?
At the time when house values were crashing all around, the owner of 684 Coastal Hills Dr managed to flip his house and make a profit! All it took was to find a buyer willing to pay almost double the price of comparable listings. If only all his neighbors were as lucky.
There are at least 6 unlisted REOs sitting vacant, probably waiting for the end of the housing bust. One bank took a plunge, listed a house at 650k and got multiple offers – proving that the market isn’t dead and there are buyers out there, if only the price is right.
And now, just as things began stabilizing, an outside developer (Bella Lago isn’t technically a part of Rolling Hills Ranch) comes along and undercuts everyone – REOs and developers alike – with its 3900 sf plans starting at 600k. Ouch.
