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

[Bugs]

It doesn’t take any longer to get from E. Escondido to I-15 than from E. Poway to I-15 or from E. Chula Vista to I-805. I don’t see anything wrong with this project’s location other than its access is the same road that 75% of traffic into Valley Center uses.

Frankly, I could never understand how Hidden Valley got the prices they got. Between this project and Seven Oakes I reckon HV is going to take a beating over the long haul. That’s obviously one project where homes will sell for less than their developers claim it cost to build them.

[PerryChase]

I would agree with the comment that Centex is releasing at a lower price in order to get the project going strong. Existing projects have limited opportunity to lower prices lest they get sued by previous phase buyers. That’s exactly what happened in 1990 when builders lowered prices by 20%. People were putting “for sale” signs on their houses to scare off buyers and punish the builder (they also hurt the resale value of their own houses)

I suspect that other upcoming projects will have lower starting prices.

[bob007]

is it a condo or a single family residence ?

[ocrenter]

I took the time to get out the flyer I got from the pre-model sales office a month ago.

The Briars, which advertised the $511,500 SFR, was actually suppose to start from the low $600,000’s!!!

The Steppes, with the 2920 sqft home in the $550,000 range (btw, we went this weekend, these prices are here to stay, they are not just limited teaser prices for the grand opening), were suppose to start from the mid $600,000’s!!!

In another word, Lennar has slashed $100,000 off all of its models right off the bat.

We took a drive up to Valley Center’s Wood’s Valley today as well, everything is at least $100,000 off 6-8 months ago. Some of the really high end models that sold for $1 mil are now in the $800,000 range. The models previous going for mid $800,000 are now $700,000.

Remember, look at the center for the trend in the periphery went the market start to get strong, and look at the periphery for the trend at the center when the market is heading south.

[jacksandgo]

When I see reductions like this, I begin to suspect we may see, over the next year or so, the ultimate “fire sale” on new development homes that must be completed and sold. Auctions, perhaps?

Common sense (yeah, I know…scary) says big builders won’t hold vacant homes indefinitely in a flat, stagnant, or declining market. At some point, they’ll cut their losses and sell them. Again, I see auctions coming for excess inventory.

When will this happen, is the question, though? With credit constraints and a return to tighter lending standards most likely near, potential buyers may be a small lot, indeed.

[PD]

During the last RE bottom, I knew a group of people who acquired the five model homes of a development that went bankrupt before building anything else. The streets behind them were done, complete with lights yet nothing was built there for years.

[JES]

I see how this is going to stimulate price drops in resale as well. I’m sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out…

[JES]

I see how this is going to stimulate price drops in resale as well. I’m sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out…

[JES]

I see how this is going to stimulate price drops in resale as well. I’m sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out…

[waiting hawk]

Fun to look back. Anyone from this area know what these are going for today?

[waiting hawk]

Fun to look back. Anyone from this area know what these are going for today?

[waiting hawk]

Fun to look back. Anyone from this area know what these are going for today?

[waiting hawk]

Fun to look back. Anyone from this area know what these are going for today?

[waiting hawk]

Fun to look back. Anyone from this area know what these are going for today?

[barnaby33]

Thanks waiting hawk. After reading back through this thread, I didn’t realize Capeman and I were from the same hood. Though technically I’m from Valley Center, I know Escondido like the back of my own colon. As to the tract, who cares, its still in Escondido.
Josh

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