Centex in Temecula shuts down tract less than half complete

[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.

[rube]

as a person in this business, i can tell you that there are a lot of tracts in varying stages of entitlement and construction that are changing hands right now. there are indeed investors/developers interested in the fire sales, but many of these tracts are way upside down. when you’re dealing with $20-$50M loans, you won’t find many homebuilders willing to write checks at closing(and even fewer banks willing to sell short). so they go back to the bank. while i can’t say for certain whether Centex did actually find a buyer for their most likely non-performing asset, i think it is much more likely they let the piece go back to the bank. what the bank will eventually do with it is the real question, with implications that reach far into the fibers of the entire economy.

just be wary of these projects, especially if you are interested in buying a house in one of these half-built numbers, ESPECIALLY if there is an HOA that will need to fund amenities with less than expected revenue.

[rube]

as a person in this business, i can tell you that there are a lot of tracts in varying stages of entitlement and construction that are changing hands right now. there are indeed investors/developers interested in the fire sales, but many of these tracts are way upside down. when you’re dealing with $20-$50M loans, you won’t find many homebuilders willing to write checks at closing(and even fewer banks willing to sell short). so they go back to the bank. while i can’t say for certain whether Centex did actually find a buyer for their most likely non-performing asset, i think it is much more likely they let the piece go back to the bank. what the bank will eventually do with it is the real question, with implications that reach far into the fibers of the entire economy.

just be wary of these projects, especially if you are interested in buying a house in one of these half-built numbers, ESPECIALLY if there is an HOA that will need to fund amenities with less than expected revenue.

[rube]

as a person in this business, i can tell you that there are a lot of tracts in varying stages of entitlement and construction that are changing hands right now. there are indeed investors/developers interested in the fire sales, but many of these tracts are way upside down. when you’re dealing with $20-$50M loans, you won’t find many homebuilders willing to write checks at closing(and even fewer banks willing to sell short). so they go back to the bank. while i can’t say for certain whether Centex did actually find a buyer for their most likely non-performing asset, i think it is much more likely they let the piece go back to the bank. what the bank will eventually do with it is the real question, with implications that reach far into the fibers of the entire economy.

just be wary of these projects, especially if you are interested in buying a house in one of these half-built numbers, ESPECIALLY if there is an HOA that will need to fund amenities with less than expected revenue.

[rube]

as a person in this business, i can tell you that there are a lot of tracts in varying stages of entitlement and construction that are changing hands right now. there are indeed investors/developers interested in the fire sales, but many of these tracts are way upside down. when you’re dealing with $20-$50M loans, you won’t find many homebuilders willing to write checks at closing(and even fewer banks willing to sell short). so they go back to the bank. while i can’t say for certain whether Centex did actually find a buyer for their most likely non-performing asset, i think it is much more likely they let the piece go back to the bank. what the bank will eventually do with it is the real question, with implications that reach far into the fibers of the entire economy.

just be wary of these projects, especially if you are interested in buying a house in one of these half-built numbers, ESPECIALLY if there is an HOA that will need to fund amenities with less than expected revenue.

[rube]

as a person in this business, i can tell you that there are a lot of tracts in varying stages of entitlement and construction that are changing hands right now. there are indeed investors/developers interested in the fire sales, but many of these tracts are way upside down. when you’re dealing with $20-$50M loans, you won’t find many homebuilders willing to write checks at closing(and even fewer banks willing to sell short). so they go back to the bank. while i can’t say for certain whether Centex did actually find a buyer for their most likely non-performing asset, i think it is much more likely they let the piece go back to the bank. what the bank will eventually do with it is the real question, with implications that reach far into the fibers of the entire economy.

just be wary of these projects, especially if you are interested in buying a house in one of these half-built numbers, ESPECIALLY if there is an HOA that will need to fund amenities with less than expected revenue.

[Aecetia]

We bought in the 90’s and caught a falling butter knife. We had to sell first, so it was kind of a wash. Our development went through 3 different owners and there were some issues regarding the construction that occurred under the different developers. It became problematic when we (the association) had to sue all three for construction problems. Anyone buying under similar circumstances should be wary. That being said, the prices continued to fall until the complex was built out. It looks like those of you who want to buy there will be in for great bargains.

[Aecetia]

We bought in the 90’s and caught a falling butter knife. We had to sell first, so it was kind of a wash. Our development went through 3 different owners and there were some issues regarding the construction that occurred under the different developers. It became problematic when we (the association) had to sue all three for construction problems. Anyone buying under similar circumstances should be wary. That being said, the prices continued to fall until the complex was built out. It looks like those of you who want to buy there will be in for great bargains.

[Aecetia]

We bought in the 90’s and caught a falling butter knife. We had to sell first, so it was kind of a wash. Our development went through 3 different owners and there were some issues regarding the construction that occurred under the different developers. It became problematic when we (the association) had to sue all three for construction problems. Anyone buying under similar circumstances should be wary. That being said, the prices continued to fall until the complex was built out. It looks like those of you who want to buy there will be in for great bargains.

[Aecetia]

We bought in the 90’s and caught a falling butter knife. We had to sell first, so it was kind of a wash. Our development went through 3 different owners and there were some issues regarding the construction that occurred under the different developers. It became problematic when we (the association) had to sue all three for construction problems. Anyone buying under similar circumstances should be wary. That being said, the prices continued to fall until the complex was built out. It looks like those of you who want to buy there will be in for great bargains.

[Aecetia]

We bought in the 90’s and caught a falling butter knife. We had to sell first, so it was kind of a wash. Our development went through 3 different owners and there were some issues regarding the construction that occurred under the different developers. It became problematic when we (the association) had to sue all three for construction problems. Anyone buying under similar circumstances should be wary. That being said, the prices continued to fall until the complex was built out. It looks like those of you who want to buy there will be in for great bargains.

[hipmatt]

This isn’t the first or the last in Temecula to have a builder jump ship and leave graded pads just sitting there to become weed gardens. I’v seen it just on the west side of butterfieled stage rd, in Murrieta, the re are numerous communities that won’t be completed, Temecu Hills did this last RE bust, and there will be many more across the Temecula Area. Spencers Crossing will be minus the planned clubhouse and pool.

Time to start jumping your dirt bikes on the pads everyone.

[hipmatt]

This isn’t the first or the last in Temecula to have a builder jump ship and leave graded pads just sitting there to become weed gardens. I’v seen it just on the west side of butterfieled stage rd, in Murrieta, the re are numerous communities that won’t be completed, Temecu Hills did this last RE bust, and there will be many more across the Temecula Area. Spencers Crossing will be minus the planned clubhouse and pool.

Time to start jumping your dirt bikes on the pads everyone.

[hipmatt]

This isn’t the first or the last in Temecula to have a builder jump ship and leave graded pads just sitting there to become weed gardens. I’v seen it just on the west side of butterfieled stage rd, in Murrieta, the re are numerous communities that won’t be completed, Temecu Hills did this last RE bust, and there will be many more across the Temecula Area. Spencers Crossing will be minus the planned clubhouse and pool.

Time to start jumping your dirt bikes on the pads everyone.

[hipmatt]

This isn’t the first or the last in Temecula to have a builder jump ship and leave graded pads just sitting there to become weed gardens. I’v seen it just on the west side of butterfieled stage rd, in Murrieta, the re are numerous communities that won’t be completed, Temecu Hills did this last RE bust, and there will be many more across the Temecula Area. Spencers Crossing will be minus the planned clubhouse and pool.

Time to start jumping your dirt bikes on the pads everyone.

[Author]

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