Pienza – New Lots Pricing

[Anonymous]

May be the 2901 plan would go in the sixes after accounting for incentives, but I suspect the bigger plans will stay over 700K. This is already a noticeable drop from the peak and at that price point, there seem to be plenty of buyers.

[temeculaguy]

Don’t hold your breath for these to hold up, the pain train doesn’t have a scheduled stop in the higher end areas scheduled until at least winter and daily stops in 2008, but rest assured it’s first stop in that demographic will be 4-S, it’s all about the fact they were built during the bubble years. What was that saying about 40-4-4, 40% of the people who bought their homes in the last four years will lose them in the next four years. Biggest negative overshoots will occur in neighborhoods built from 2002 to 2006.

[temeculaguy]

Don’t hold your breath for these to hold up, the pain train doesn’t have a scheduled stop in the higher end areas scheduled until at least winter and daily stops in 2008, but rest assured it’s first stop in that demographic will be 4-S, it’s all about the fact they were built during the bubble years. What was that saying about 40-4-4, 40% of the people who bought their homes in the last four years will lose them in the next four years. Biggest negative overshoots will occur in neighborhoods built from 2002 to 2006.

[temeculaguy]

Don’t hold your breath for these to hold up, the pain train doesn’t have a scheduled stop in the higher end areas scheduled until at least winter and daily stops in 2008, but rest assured it’s first stop in that demographic will be 4-S, it’s all about the fact they were built during the bubble years. What was that saying about 40-4-4, 40% of the people who bought their homes in the last four years will lose them in the next four years. Biggest negative overshoots will occur in neighborhoods built from 2002 to 2006.

[SD Realtor]

It would be very cool if we could somehow measure the fallout rate (over the next few weeks/months) of the most recent reservations/purchases that buyers make for this latest release. I believe it will be higher then in the previous releases. I would be willing to bet that a VERY high percentage of these buyers are floating their rates.

Piensa may not have to lower prices as they will just keep slurping up deposits.

SD Realtor

[SD Realtor]

It would be very cool if we could somehow measure the fallout rate (over the next few weeks/months) of the most recent reservations/purchases that buyers make for this latest release. I believe it will be higher then in the previous releases. I would be willing to bet that a VERY high percentage of these buyers are floating their rates.

Piensa may not have to lower prices as they will just keep slurping up deposits.

SD Realtor

[SD Realtor]

It would be very cool if we could somehow measure the fallout rate (over the next few weeks/months) of the most recent reservations/purchases that buyers make for this latest release. I believe it will be higher then in the previous releases. I would be willing to bet that a VERY high percentage of these buyers are floating their rates.

Piensa may not have to lower prices as they will just keep slurping up deposits.

SD Realtor

[Coronita]

I thought it was kind of funny that EVERYONE there was Asian! What is up with that???

 

Perhaps because they have decent paying jobs, have money, and/or plan to live there for a long time…….

Good news about the dollar devalued, is that houses are becoming dirt cheap for some, especially if for example they float the yuan. $700k USD won’t buy you anything decent anymore in shanghai for example.

[Coronita]

I thought it was kind of funny that EVERYONE there was Asian! What is up with that???

 

Perhaps because they have decent paying jobs, have money, and/or plan to live there for a long time…….

Good news about the dollar devalued, is that houses are becoming dirt cheap for some, especially if for example they float the yuan. $700k USD won’t buy you anything decent anymore in shanghai for example.

[Coronita]

I thought it was kind of funny that EVERYONE there was Asian! What is up with that???

 

Perhaps because they have decent paying jobs, have money, and/or plan to live there for a long time…….

Good news about the dollar devalued, is that houses are becoming dirt cheap for some, especially if for example they float the yuan. $700k USD won’t buy you anything decent anymore in shanghai for example.

[ocrenter]

I really don’t think these are foreign Asian buyers. In all likelihood these are the folks employed in the IT sector around the I-15.

most of the newer immigrants do not know about how the bubble came to be, most don’t evenr realize 5 years ago these same homes were more along the line of $400,000. A lot of these folks get their news from the Chinese World Journal, not the U-T and certainly not Piggington. What they do know is that these homes were $900,000 just a year ago. Plus culturally buying a home means you have made it in the good US of A. it’s something to brag about to folks back home.

So armed with that, you too would be lining up to buy these homes.

we had a neighbor that bought a 1800 sqft detached condo in 4S Ranch for $650,000 in April of last year. he’s a Chinese national that stayed here after he got his phd. the family keeps most of their lights turned off at night to save on utility, does his own trimming of the garden, drives a 15 year old Honda. I know this guy would never foreclose, but from the way it looks that 1800 sqft detached condo will be a forever home for this phd and that Honda will probably be in the family for another decade. But hey, at least he can brag about acheiving his American dream just right out of grad school!

[ocrenter]

I really don’t think these are foreign Asian buyers. In all likelihood these are the folks employed in the IT sector around the I-15.

most of the newer immigrants do not know about how the bubble came to be, most don’t evenr realize 5 years ago these same homes were more along the line of $400,000. A lot of these folks get their news from the Chinese World Journal, not the U-T and certainly not Piggington. What they do know is that these homes were $900,000 just a year ago. Plus culturally buying a home means you have made it in the good US of A. it’s something to brag about to folks back home.

So armed with that, you too would be lining up to buy these homes.

we had a neighbor that bought a 1800 sqft detached condo in 4S Ranch for $650,000 in April of last year. he’s a Chinese national that stayed here after he got his phd. the family keeps most of their lights turned off at night to save on utility, does his own trimming of the garden, drives a 15 year old Honda. I know this guy would never foreclose, but from the way it looks that 1800 sqft detached condo will be a forever home for this phd and that Honda will probably be in the family for another decade. But hey, at least he can brag about acheiving his American dream just right out of grad school!

[ocrenter]

I really don’t think these are foreign Asian buyers. In all likelihood these are the folks employed in the IT sector around the I-15.

most of the newer immigrants do not know about how the bubble came to be, most don’t evenr realize 5 years ago these same homes were more along the line of $400,000. A lot of these folks get their news from the Chinese World Journal, not the U-T and certainly not Piggington. What they do know is that these homes were $900,000 just a year ago. Plus culturally buying a home means you have made it in the good US of A. it’s something to brag about to folks back home.

So armed with that, you too would be lining up to buy these homes.

we had a neighbor that bought a 1800 sqft detached condo in 4S Ranch for $650,000 in April of last year. he’s a Chinese national that stayed here after he got his phd. the family keeps most of their lights turned off at night to save on utility, does his own trimming of the garden, drives a 15 year old Honda. I know this guy would never foreclose, but from the way it looks that 1800 sqft detached condo will be a forever home for this phd and that Honda will probably be in the family for another decade. But hey, at least he can brag about acheiving his American dream just right out of grad school!

[Anonymous]

Do builders actually keep the deposit if you can’t get financing at closing time? Since they have their in-house lender qualify you before you can make a deposit, I would argue that would be a reason for them to give you the full deposit back if their lender can’t get you the loan…

[Anonymous]

Do builders actually keep the deposit if you can’t get financing at closing time? Since they have their in-house lender qualify you before you can make a deposit, I would argue that would be a reason for them to give you the full deposit back if their lender can’t get you the loan…

[Author]

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