My suspicion is that the large down payment may partially come from the developer.
Here’s my reasons:
1. The houses are overpriced by at least 10%. Near Verona there is a recent sale:
4068 Santa Nella Place, 92130.
It has 4 bd/3ba/3 car garage and 2,649sf
for $830,000 with no mello-roos and no HOA fee.
Compare to this, Verona are close to 20% overpriced. It has only 2-car garage and HOA of around $200/month. Also the Verona lots are postage stamp sized, all under 5,000sf.
2. The houses have sit around for a year with no takers. In a down market like we are in now, you would expect a price reduction. Instead, the price has held steady and at least in one case there is a 6% increase.
3. This is a small developer and per their sales people everything is negotiable.
