Centex in Temecula shuts down tract less than half complete

[temeculaguy]

I confirmed that centex has shut down it’s Hemmingway tract in Redhawk, is selling the models and has sold the land to another company (which is not a homebuilder) who has no immediate plans to build. Current owners get to live on a half finished street, some of the houses have empty lots in between two finished homes and the models are completely stranded with twenty or so graded and empty lots between them and where they built the other homes. I’d estimate only 1/4 of the lots were built on. During the 1992-1996 market when this happened, some tracts never put the “cap” on the streets and the city never accepted them, the builder fled and the homeowners were left to maintain their own street. I’m not sure if this will be the case since the builder didn’t belly up but just decided to call it quits on that project.

This is the first I’ve seen where the builder just packed up and left a half finished project, I doubt it will be the last. I wonder if this will scare off buyers in new tracts for fear that it wont ever be completed and then later filled in with “who knows what.”

Centex’s other project is far less desirable than Hemmingway, I give it three months tops, they currently are finishing a phase and didn’t start the next one.

I wonder who is next?

[barnaby33]

Whenever I think of Temecula, I also think of Eastlake and Otay. Are there are developments in the same predicament there?
Josh

[barnaby33]

Whenever I think of Temecula, I also think of Eastlake and Otay. Are there are developments in the same predicament there?
Josh

[barnaby33]

Whenever I think of Temecula, I also think of Eastlake and Otay. Are there are developments in the same predicament there?
Josh

[barnaby33]

Whenever I think of Temecula, I also think of Eastlake and Otay. Are there are developments in the same predicament there?
Josh

[barnaby33]

Whenever I think of Temecula, I also think of Eastlake and Otay. Are there are developments in the same predicament there?
Josh

[paramount]

TG: The last time I checked the pricing on the models in Hemingway they are asking mid 400’s – and that was about a week ago. The pricing is way off.

Laurel now has a larger model available for 338k (~3000 sq ft) and even a 2600 sq ft model for 317k. I have been tempted – these lots back right up to Redhawk.

Redwood is still in the low 400’s minimum (best deals).

The only problem I see with Stratford is the proximity to the High School with that 50 ft tall fence right across the street. Other than that I liked Stratford, but again really no drop in prices here either.

I think your right, Stratford’s days are numbered – I don’t see them finishing that entire community.

At the same time, I wonder about Laurel and Redwood as well.

[paramount]

TG: The last time I checked the pricing on the models in Hemingway they are asking mid 400’s – and that was about a week ago. The pricing is way off.

Laurel now has a larger model available for 338k (~3000 sq ft) and even a 2600 sq ft model for 317k. I have been tempted – these lots back right up to Redhawk.

Redwood is still in the low 400’s minimum (best deals).

The only problem I see with Stratford is the proximity to the High School with that 50 ft tall fence right across the street. Other than that I liked Stratford, but again really no drop in prices here either.

I think your right, Stratford’s days are numbered – I don’t see them finishing that entire community.

At the same time, I wonder about Laurel and Redwood as well.

[paramount]

TG: The last time I checked the pricing on the models in Hemingway they are asking mid 400’s – and that was about a week ago. The pricing is way off.

Laurel now has a larger model available for 338k (~3000 sq ft) and even a 2600 sq ft model for 317k. I have been tempted – these lots back right up to Redhawk.

Redwood is still in the low 400’s minimum (best deals).

The only problem I see with Stratford is the proximity to the High School with that 50 ft tall fence right across the street. Other than that I liked Stratford, but again really no drop in prices here either.

I think your right, Stratford’s days are numbered – I don’t see them finishing that entire community.

At the same time, I wonder about Laurel and Redwood as well.

[paramount]

TG: The last time I checked the pricing on the models in Hemingway they are asking mid 400’s – and that was about a week ago. The pricing is way off.

Laurel now has a larger model available for 338k (~3000 sq ft) and even a 2600 sq ft model for 317k. I have been tempted – these lots back right up to Redhawk.

Redwood is still in the low 400’s minimum (best deals).

The only problem I see with Stratford is the proximity to the High School with that 50 ft tall fence right across the street. Other than that I liked Stratford, but again really no drop in prices here either.

I think your right, Stratford’s days are numbered – I don’t see them finishing that entire community.

At the same time, I wonder about Laurel and Redwood as well.

[paramount]

TG: The last time I checked the pricing on the models in Hemingway they are asking mid 400’s – and that was about a week ago. The pricing is way off.

Laurel now has a larger model available for 338k (~3000 sq ft) and even a 2600 sq ft model for 317k. I have been tempted – these lots back right up to Redhawk.

Redwood is still in the low 400’s minimum (best deals).

The only problem I see with Stratford is the proximity to the High School with that 50 ft tall fence right across the street. Other than that I liked Stratford, but again really no drop in prices here either.

I think your right, Stratford’s days are numbered – I don’t see them finishing that entire community.

At the same time, I wonder about Laurel and Redwood as well.

[temeculaguy]

paramount, Stratford’s largest problem in my view isn’t the High school (but that is a considerable one) it is that it adjacent to the indian reservation. It’s also the part that has few houses and is used for off road vehicles, of which you have no ability to complain about since noise ordinances do not apply there. There is also no zoning protection, the can put anything behind your house (power plant, sewage tratment, you name it, you can’t complain). They are becoming better neighbors and that fear is vanishing as the years roll on but it still bugs me. You are right, hemmingway is still clinging to 400k to their dying breath with only one model and three standing inventory left as of yesterday. I’m sure there are 4 suckers left out there who don’t mind living next to a weed farm.

You are spot on in your analysis of the other tracts. I might add that mid 200’s for shorts and repos are popping for 2500 sq on the completed side of wolf and 310k will get you 3100 sq and a 3 car non tandem so the builders are still overpriced but closer. Redwood had a 6br short list for 375k today on fireside, that tract has mid 3’s written all over it. Laurel will soon run out of buyers as the financing rules change oct 1st and it is more entry level than redwood, look to be tempted in the mid 2’s by christmas (it does have the best location, along with redwood, furthest from the casino). I think stan pac stays with it and just goes cheaper but they have a long way to go to build out. They bought the land much earlier and cheaper as the primary builder, the sub builders (lennar, woodside) will begin tent folding operations first and probably before the year is out. I still hate the 3k a year mello roos for wolf, but tempting it is now that 100 a square is becoming the norm for repos and shorts.

The most overpriced builder left is Mcmillan at Morgan, still 100k over repos within their tract, my money is on them to fold tents next.

[temeculaguy]

paramount, Stratford’s largest problem in my view isn’t the High school (but that is a considerable one) it is that it adjacent to the indian reservation. It’s also the part that has few houses and is used for off road vehicles, of which you have no ability to complain about since noise ordinances do not apply there. There is also no zoning protection, the can put anything behind your house (power plant, sewage tratment, you name it, you can’t complain). They are becoming better neighbors and that fear is vanishing as the years roll on but it still bugs me. You are right, hemmingway is still clinging to 400k to their dying breath with only one model and three standing inventory left as of yesterday. I’m sure there are 4 suckers left out there who don’t mind living next to a weed farm.

You are spot on in your analysis of the other tracts. I might add that mid 200’s for shorts and repos are popping for 2500 sq on the completed side of wolf and 310k will get you 3100 sq and a 3 car non tandem so the builders are still overpriced but closer. Redwood had a 6br short list for 375k today on fireside, that tract has mid 3’s written all over it. Laurel will soon run out of buyers as the financing rules change oct 1st and it is more entry level than redwood, look to be tempted in the mid 2’s by christmas (it does have the best location, along with redwood, furthest from the casino). I think stan pac stays with it and just goes cheaper but they have a long way to go to build out. They bought the land much earlier and cheaper as the primary builder, the sub builders (lennar, woodside) will begin tent folding operations first and probably before the year is out. I still hate the 3k a year mello roos for wolf, but tempting it is now that 100 a square is becoming the norm for repos and shorts.

The most overpriced builder left is Mcmillan at Morgan, still 100k over repos within their tract, my money is on them to fold tents next.

[temeculaguy]

paramount, Stratford’s largest problem in my view isn’t the High school (but that is a considerable one) it is that it adjacent to the indian reservation. It’s also the part that has few houses and is used for off road vehicles, of which you have no ability to complain about since noise ordinances do not apply there. There is also no zoning protection, the can put anything behind your house (power plant, sewage tratment, you name it, you can’t complain). They are becoming better neighbors and that fear is vanishing as the years roll on but it still bugs me. You are right, hemmingway is still clinging to 400k to their dying breath with only one model and three standing inventory left as of yesterday. I’m sure there are 4 suckers left out there who don’t mind living next to a weed farm.

You are spot on in your analysis of the other tracts. I might add that mid 200’s for shorts and repos are popping for 2500 sq on the completed side of wolf and 310k will get you 3100 sq and a 3 car non tandem so the builders are still overpriced but closer. Redwood had a 6br short list for 375k today on fireside, that tract has mid 3’s written all over it. Laurel will soon run out of buyers as the financing rules change oct 1st and it is more entry level than redwood, look to be tempted in the mid 2’s by christmas (it does have the best location, along with redwood, furthest from the casino). I think stan pac stays with it and just goes cheaper but they have a long way to go to build out. They bought the land much earlier and cheaper as the primary builder, the sub builders (lennar, woodside) will begin tent folding operations first and probably before the year is out. I still hate the 3k a year mello roos for wolf, but tempting it is now that 100 a square is becoming the norm for repos and shorts.

The most overpriced builder left is Mcmillan at Morgan, still 100k over repos within their tract, my money is on them to fold tents next.

[temeculaguy]

paramount, Stratford’s largest problem in my view isn’t the High school (but that is a considerable one) it is that it adjacent to the indian reservation. It’s also the part that has few houses and is used for off road vehicles, of which you have no ability to complain about since noise ordinances do not apply there. There is also no zoning protection, the can put anything behind your house (power plant, sewage tratment, you name it, you can’t complain). They are becoming better neighbors and that fear is vanishing as the years roll on but it still bugs me. You are right, hemmingway is still clinging to 400k to their dying breath with only one model and three standing inventory left as of yesterday. I’m sure there are 4 suckers left out there who don’t mind living next to a weed farm.

You are spot on in your analysis of the other tracts. I might add that mid 200’s for shorts and repos are popping for 2500 sq on the completed side of wolf and 310k will get you 3100 sq and a 3 car non tandem so the builders are still overpriced but closer. Redwood had a 6br short list for 375k today on fireside, that tract has mid 3’s written all over it. Laurel will soon run out of buyers as the financing rules change oct 1st and it is more entry level than redwood, look to be tempted in the mid 2’s by christmas (it does have the best location, along with redwood, furthest from the casino). I think stan pac stays with it and just goes cheaper but they have a long way to go to build out. They bought the land much earlier and cheaper as the primary builder, the sub builders (lennar, woodside) will begin tent folding operations first and probably before the year is out. I still hate the 3k a year mello roos for wolf, but tempting it is now that 100 a square is becoming the norm for repos and shorts.

The most overpriced builder left is Mcmillan at Morgan, still 100k over repos within their tract, my money is on them to fold tents next.

[Author]

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