Brand new 2,700sqft homes for less than $500,000!

[ocrenter]

Announcing July special savings at Eureka Springs. If you thought you we were going to Open with a Bang, Check this out!

We invite you to take advantage of this weekends AMAZING DEALS!

We have a home for you:
Single Level Plan 2920 sqft $552,500
Two Story Plan 3382 sqft $576,500
Two Story Plan 3574 sqft $600,500
Offer good Sat/Sun 29/30th!

Here’s one of the many HOT Grand Opening Specials at The Briars in Escondido’s newest master planned community Eureka Springs!

Home Site 55 – 2,750 sqft Single-Story
4 bedrooms / 3 baths / 3 car garage
Air Conditioning / Granite Counter Tops / Stainless Steel Appliances
Large home site in a cul-de-sac, 10,427 sq. ft. lot!

All this for only $511,500 PLUS $20,000 Lender Incentive

Granted it is Escondido, but the drop always start first in subpar cities/neighborhoods. Anyhow, brand new 2,700 sqft homes now for less than $500,000! I would hate to be a homeowner trying to sell a resale home in Escondido these days.

[waiting hawk]

wow that sucks for Escondido 2005 buyers/sellers..

My website tracking Temecula and South Riverside County

[Bugs]

I just pased by this project on my way out to Valley Center today. I was going to look them up and see where they were priced but you saved me the trouble. The units I can see appear to be in framing right now, so they can probably start closing some of these by 11/01/2006 if they hustle.

And if they can find their buyers.

Starting low(er) is probably a pretty smart idea. This way they might not have to drop their pricing as they go. Helps keep the 1st phase buyers from getting hammered, as long as the regions price structure doesn’t decline too much.

[ocrenter]

bugs, just did a search of Escondido, there’s no 5 years or newer 2500 sqft and bigger homes selling for less than $635,000. These homes are breaking new grounds, and creating new comps for the area.

[rankandfile]

This development seems like that one gas station at a busy intersection that has it’s lowest gas price at $3.00 a gallon when the other gas stations are listing theirs at $3.20 a gallon, and are cursing the cheaper station under their breath. This is going to get ugly and coincides with my theory that prices will drop more rapidly than expected. All it takes is someone to push the first domino.

[barnaby33]

Plus come on people its Escondido. What did you expect, “its different here?” Its pretty much an unrelieved vile hole. Lots of jobs in retail and not alot else. No good schools no industries and a hellish commute down the 15 to work. Lets not forget its huge population of people of questionable immigration status!

Each time we get a posting about some dramatic reduction I will see a comment about wow its happening faster than we expected and in such and such a location. I still get a generalized feeling that SEH in the north and Eastlake in the South will be the first places to major systemic reductions. Most of those developments sold during the height of the frenzy.

Josh

[North County Jim]

Starting low(er) is probably a pretty smart idea.

Couldn’t agree more. With 340 homes to sell in a declining market, why even try and play the incentive game? Set yourself apart on price.

I suspect these prices will hurt the Hidden Trails subdivision (just to the southeast) rather badly.

Just to show how quickly this market has turned, we sold our 30-year-old, 1,500 sq ft home last fall in the same zip code for more than the 2,700 sq ft house being advertised.

[capeman]

Subpar?! I grew up there and I’d have to agree with you on that one. Houses there are about 60% overpriced in my opinion just for the heat and 15 traffic and the fact that the Metaphor cafe somehow keeps hanging around.

[novice1027]

I drove down East Valley parkway the other day, and it looked like they were doing another condo conversion on one of the side streets off of it, and the sign said “starting at 400K” Apparently they haven’t looked around lately. Who in their right mind would even stop to look at that rubbish? It is not a nice part of town, to say the least!!
Good luck to them.

[powayseller]

The Briars at Eureka Springs

Escondido
4 bedrooms
2,722 to 3,128 sq. ft.
Anticipated from the low $600,000s
-Home Buyers Guide Magazine, date unknown

This is a Lennar/Centex project. Centex seems to be the first builder to cut costs. The above ad shows they dropped prices by 15-20% (low 600s could be 605 or 630…).

[jabrwoki]

I agree. Centex seems to be slightly ahead of the curve in most cases. Did you see the ad in last weekend’s Union Tribune. Another Centex development (Seven Oaks) in Escondido (right off of El Norte on 15) advertised a massive red tag sale. Prices range from 560k- 610k average 10% reduction from original list + they are offering 3.75% interest fixed for 5 years or so. These are for houses ranging from 2500-2700 sq ft.

[powayseller]

Yes, I saw it. The other builders had no incentives, or just lousy cars. Who wants a teeny little VW in this city?

[sdrealtor]

I wonder if that one low priced house is an attempt to draw people in or if they are selling others at that price? I also wonder if it is in a lousy tough to sell location (i.e. backing up to a busy intersection)? I dont know the answer to these questions nor do i expect to ever drive out there to see. It would be interesting to know.

[JES]

Centex does seem to be ahead of the curve.

Back in March in the Centex community of Silvercrest in San Marcos Centex was trying to sell the remaining 4-5 homes. The basically had a fire sale to get rid of the last couple, and most sold for significantly less than originallly listed. O ya, they had a realtor sell the houses for them! Not sure if that is a tactic they use when the market sours?

In that same community now there are 12+ homes for sale on just two streets, none in escrow and almost all reduced. Models that were selling for 725k last year are now listed at 675k.

[John F]

Those who say that Escondido has no good schools are uninformed. At the elementary level LR Green and Bernardo schhols comparable to or better than most schools south of Lake Hodges in RB, Carmel Mtn. or Poway. Bear Valley Middle School and San Pasqual High School are also good schools.

The schools in eastern and central Escondido have problems associated with ESL but southern Escondido is an entirely different place. Also, southern Escondido is very nice and to call it a “hell hole” is indicative of an uninformed opinion.

Granted, these new houses are in eastern Escondido I believe in the Orange Glen school boundaries.

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