Two tracts by me were offering 2ok in options or closing costs/buydown two weeks ago. This week one had gone to 50k, anyway you like it including price reduction and the other is at 40k with 20k max for price reduction. Nothing much has really sold despite the price drop. The 40k one is 300-350k and the 50k are 380-450k both price ranges for the two tracts are not inclusive of the discount. The 380-450 retail ones are now 330-399, all sfr’s, gated 1850-2350 sq ft. If they drop another 30k I think they might get some people to jump off the fence and in about four weeks they are staring at 30 of them as standing inventory with only a dozen sold since they opened. That is a scary amount of standing inventory, my guess is that as soon as the dozen they’ve sold close escrow, they will start slashing, those people have no legal recourse and since they only require a $500 deposit, any reduction in the next two weeks will cause people to walk away from the $500 unless they get a similar discount.
