Centex Hemmingway in Temecula is folding it’s tent?

[temeculaguy]

I got an e-mail today that the models are for sale in Centex’s Hemmingway tract in the Redhawk development of Temecula. The tract is the last premium buildable land in Redhawk and almost the last bit of land in the southern part of the city. Most lots have excellent golf course views and are priced in the 400’s for 3000-3500 sq ft homes (down from the 5’s and 6’s). I actually hated the floorplans and the tandem garages but the development is not even 1/4 complete with the best lots still to be built. Sales have been horrible, building is at a crawl and they don’t start new phases until the previous ones are occupied. Repos have already appeared within months of being sold in the 300’s. I called the office and asked if they were going with new models because the floorplans sucked, if it was a leaseback or if they were just folding. The models are advertised in the 400’s. The models are surrounded by graded lots in all directions and sit on the worst lots. The salesperson wouldn’t respond, asking that I come in on Sunday when the regular salesperson was on duty.

Doea anyone know, is this the first builder to fold their tents? It was bound to happen, prices are approaching building costs up here.

[Allan from Fallbrook]

TG: Centex is getting absolutely hammered right now. Revenues are off about $3Bn on a year-over-year basis, and the company has shed a massive amount of book value. Sister company, Centex Financial (which also owns Commerce Title) is also in the tank.

MSN Money link attached with financial info:
http://moneycentral.msn.com/investor/invsub/results/hilite.asp?symbol=ctx

I think they probably are folding their tents in Redhawk. We have friends who just bought new in Wolf Creek and drove an amazing deal on a brand new place in the sub-$100sf range.

[Allan from Fallbrook]

TG: Centex is getting absolutely hammered right now. Revenues are off about $3Bn on a year-over-year basis, and the company has shed a massive amount of book value. Sister company, Centex Financial (which also owns Commerce Title) is also in the tank.

MSN Money link attached with financial info:
http://moneycentral.msn.com/investor/invsub/results/hilite.asp?symbol=ctx

I think they probably are folding their tents in Redhawk. We have friends who just bought new in Wolf Creek and drove an amazing deal on a brand new place in the sub-$100sf range.

[Allan from Fallbrook]

TG: Centex is getting absolutely hammered right now. Revenues are off about $3Bn on a year-over-year basis, and the company has shed a massive amount of book value. Sister company, Centex Financial (which also owns Commerce Title) is also in the tank.

MSN Money link attached with financial info:
http://moneycentral.msn.com/investor/invsub/results/hilite.asp?symbol=ctx

I think they probably are folding their tents in Redhawk. We have friends who just bought new in Wolf Creek and drove an amazing deal on a brand new place in the sub-$100sf range.

[Allan from Fallbrook]

TG: Centex is getting absolutely hammered right now. Revenues are off about $3Bn on a year-over-year basis, and the company has shed a massive amount of book value. Sister company, Centex Financial (which also owns Commerce Title) is also in the tank.

MSN Money link attached with financial info:
http://moneycentral.msn.com/investor/invsub/results/hilite.asp?symbol=ctx

I think they probably are folding their tents in Redhawk. We have friends who just bought new in Wolf Creek and drove an amazing deal on a brand new place in the sub-$100sf range.

[Allan from Fallbrook]

TG: Centex is getting absolutely hammered right now. Revenues are off about $3Bn on a year-over-year basis, and the company has shed a massive amount of book value. Sister company, Centex Financial (which also owns Commerce Title) is also in the tank.

MSN Money link attached with financial info:
http://moneycentral.msn.com/investor/invsub/results/hilite.asp?symbol=ctx

I think they probably are folding their tents in Redhawk. We have friends who just bought new in Wolf Creek and drove an amazing deal on a brand new place in the sub-$100sf range.

[paramount]

I have been thinking of revisiting Standard Pacific down in Wolf Creek. A year ago I thought SPF would not be around or at least filed for bankruptcy – it has not happened.

These builders have deep pockets evidentily, I would be surprised if Centex walked away from Hemingway – nice location and I think the tax rate is low.

But where can you buy new in Wolf Creek for sub $100/sg ft?

[paramount]

I have been thinking of revisiting Standard Pacific down in Wolf Creek. A year ago I thought SPF would not be around or at least filed for bankruptcy – it has not happened.

These builders have deep pockets evidentily, I would be surprised if Centex walked away from Hemingway – nice location and I think the tax rate is low.

But where can you buy new in Wolf Creek for sub $100/sg ft?

[paramount]

I have been thinking of revisiting Standard Pacific down in Wolf Creek. A year ago I thought SPF would not be around or at least filed for bankruptcy – it has not happened.

These builders have deep pockets evidentily, I would be surprised if Centex walked away from Hemingway – nice location and I think the tax rate is low.

But where can you buy new in Wolf Creek for sub $100/sg ft?

[paramount]

I have been thinking of revisiting Standard Pacific down in Wolf Creek. A year ago I thought SPF would not be around or at least filed for bankruptcy – it has not happened.

These builders have deep pockets evidentily, I would be surprised if Centex walked away from Hemingway – nice location and I think the tax rate is low.

But where can you buy new in Wolf Creek for sub $100/sg ft?

[paramount]

I have been thinking of revisiting Standard Pacific down in Wolf Creek. A year ago I thought SPF would not be around or at least filed for bankruptcy – it has not happened.

These builders have deep pockets evidentily, I would be surprised if Centex walked away from Hemingway – nice location and I think the tax rate is low.

But where can you buy new in Wolf Creek for sub $100/sg ft?

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