KB Homes drops prices 30% in French Valley

[FormerOwner]

This is no typo, prices on all three floor plans are now 25%-30% less than they were last year.

For example, the 3586 s.f. floor plan that used to sell for 650K – 700K depending on upgrades is now going for 453K. That means everyone who bought one of these in previous phases in 200K underwater – and the downturn is just getting started!

http://www.kbhome.com/Community~CommID~00425708.aspx

[FormerOwner]

To everyone predicting a 50% drop, some areas are more than half way there already!

[FormerOwner]

To everyone predicting a 50% drop, some areas are more than half way there already!

[hipmatt]

Are you sure that house was going for $650k plus?

[hipmatt]

Are you sure that house was going for $650k plus?

[FormerOwner]

Yes, here’s an example per cyberhomes.com:

http://www.cyberhomes.com/propertydetails.aspx?propid=61497190&bhcp=1

xx876 Sandpiper Ln, Temecula, CA 92591
4/28/2006 Sale Price: $686,000

This house was bought by an investor who has been trying to sell it, chasing the market down. It appears not to be on the market anymore so I’m not sure what’s going on.

And, actually, there are other houses in the same tract that are even DEEPER underwater. Check out the comps on cyberhomes.com. The range of sale prices for this model last year was 632K – 789K. That same exact model is now going for 453K. 789K vs 453K is a 43% price difference or 336K. Now the 789K house probably had a lot of upgrades but I doubt that it would sell for anything over the 400’s now that the builder is selling the new ones for 453K. That 789K house is probably close to 300K underwater, I would guess. Incredible!

[FormerOwner]

Yes, here’s an example per cyberhomes.com:

http://www.cyberhomes.com/propertydetails.aspx?propid=61497190&bhcp=1

xx876 Sandpiper Ln, Temecula, CA 92591
4/28/2006 Sale Price: $686,000

This house was bought by an investor who has been trying to sell it, chasing the market down. It appears not to be on the market anymore so I’m not sure what’s going on.

And, actually, there are other houses in the same tract that are even DEEPER underwater. Check out the comps on cyberhomes.com. The range of sale prices for this model last year was 632K – 789K. That same exact model is now going for 453K. 789K vs 453K is a 43% price difference or 336K. Now the 789K house probably had a lot of upgrades but I doubt that it would sell for anything over the 400’s now that the builder is selling the new ones for 453K. That 789K house is probably close to 300K underwater, I would guess. Incredible!

[temeculaguy]

The wave is moving south as predicted. While I have never been a fan of KB, these are barely in the french valley, they are south of murrieta hot springs road. Unlike the dr horton’s that were the first to slash prices, these are in the temecula school district, they aren’t all the way up off scott road like horton and look to be close to Nicholas Rd and Chapparal High. Still too far north for me but I am blown away that is has moved close to town so quicly.

Holy crap, 2,675 sq ft. one story SFR for 399k and it’s not even summer. Move that thing five miles south and I would seriously be tempted. If you’ve got a house to sell in that area start buying your depends at costco because you are going to be craping your pants more and more as the builders undercut you by 25% or more.

[temeculaguy]

The wave is moving south as predicted. While I have never been a fan of KB, these are barely in the french valley, they are south of murrieta hot springs road. Unlike the dr horton’s that were the first to slash prices, these are in the temecula school district, they aren’t all the way up off scott road like horton and look to be close to Nicholas Rd and Chapparal High. Still too far north for me but I am blown away that is has moved close to town so quicly.

Holy crap, 2,675 sq ft. one story SFR for 399k and it’s not even summer. Move that thing five miles south and I would seriously be tempted. If you’ve got a house to sell in that area start buying your depends at costco because you are going to be craping your pants more and more as the builders undercut you by 25% or more.

[waiting hawk]

Did I or did I not say French Valley would be too easy? lol.

“Holy crap, 2,675 sq ft. one story SFR for 399k and it’s not even summer.”
I said the same thing when I first read it.

[waiting hawk]

Did I or did I not say French Valley would be too easy? lol.

“Holy crap, 2,675 sq ft. one story SFR for 399k and it’s not even summer.”
I said the same thing when I first read it.

[Cow_tipping]

2675 sqft at 399K and the builder is still clearing over 100K easy … easy peasy. They can cut it to 250K before feeling any pain at all I’ll bet. And guess what, that’s exactly where its going.
Cool.
Cow_tipping.

[Cow_tipping]

2675 sqft at 399K and the builder is still clearing over 100K easy … easy peasy. They can cut it to 250K before feeling any pain at all I’ll bet. And guess what, that’s exactly where its going.
Cool.
Cow_tipping.

[4plexowner]

23109VC – where’s Temecula’s housing advocate?

Your city needs you

Still don’t believe an $800K house in Temecula can become a $200K house?

Maybe you can play your escrow game for $200K instead of the $25K you mentioned

[4plexowner]

23109VC – where’s Temecula’s housing advocate?

Your city needs you

Still don’t believe an $800K house in Temecula can become a $200K house?

Maybe you can play your escrow game for $200K instead of the $25K you mentioned

[Author]

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