Yes, you are right in saying that they aren’t exactly equal, which is what I was trying to point out, but the Eagelpointe homes, if the market wasn’t so depressed, should be selling in the high $900k to $1 mil.
The Stoneridge homes aren’t your “pedestrian” style homes, and are still very nice.
Lennar made 4 home levels up here:
1.) Northstar – condos
2.) Crestview – 1st level SFR
3.) Stoneridge – 2nd level, and a little nicer SFR
4.) Eaglepointe – 3rd level, SFR and the nicest
Lennar will hold prices on the final 2 Eaglepointe homes, and yes, probably will just add in flooring incentives and other interest rate incentives to move them.
Once these 2 sell, then the Mariposa home will be able to get the $750k to $800k. They just need to be patient and not be motivated sellers. By June, they will sell this, and I’ll even bet on it!
The site the Mariposa home is on, is actually larger than some of the Eaglepointe homes that recently sold. Again, it has more square footage, and it is a great view lot with all landscaping completed. Plus a casita and 4 car garage, which none of the Eaglepointe homes have that are currently selling.
Crestview homes are still selling strong at the $499k to $550k range.
The only reason the Eaglepointes are being discounted is to move them faster and close out those homes. Until Eaglepointe is gone, it will be hard to push prices higher for the remaining Crestviews and the soon to be restarted Stoneridge homes. The last phase of Eaglepointe homes sold so quick, that they didn’t expect it. They aren’t going to sell Eaglepointe homes at $600k, when they are getting $550k for the largest, 3200 sq. ft. Crestview. At $650k for the remaining 2 homes in Eaglepointe, they’re still a steal for this style home, view, no mello roos, etc.
Overall, I do feel that Lennar was their own worst enemy by having so many SFR style homes up here. They have 3 Crestview Plans, 4 Stoneridge Plans, and 4 Eaglepointe Plans. During the housing bust, they lowered prices, kept the 3 Crestview plans, stopped building the Stoneridge Plans, and only kept 2 of the Eaglepointe Plans in the last few phases. Way to many Plans for really a small community. Once they sell out Eaglepointe, they can continue to sell Crestview, which is selling like hotcakes, then restart Stoneridge and finish out the community.
BTW, the Master in that Mariposa Stoneridge Plan 4 home for sale is 24×17! with an 18×12 walk in closet!