price collapse in Chula Vista

[Eugene]

Did some more research on Quintessa.

Their plan is to sell 98 homes. Out of 98, 55 have been definitively sold; 3 appear to be finished but I can’t find any records of their sales; 6 are being built right now; 3 are models; and the remaining 31 lots are empty.

Most houses were sold during ’06. I only see two original sales since August ’07. Either they suddenly ran out of buyers, or online records are updated with serious time lag (or maybe both).

Overall Quintessa looks “frozen”. There’s not much distress: 3 NODs, one guy behind on his property taxes, and one REO. One house is listed for sale for 1199k (good luck with that).

Median prices paid are 1100k for plan 1, 1200k for plan 2, and 1300k for plan 3.

Castillian next door is a lot more interesting. (I wonder why: they were selling at the same time) I see 8 defaults, 3 REOs, 2 short sales, and 5 knife-catchers. All this distress is causing major downward price pressure on the whole neighborhood. That’s probably why McMillin is introducing new smaller plans – it must be hard to compete with all the distressed 4000 sf inventory, so they are exploring a new niche.

Current median market value in the neighborhood seems to be around 800k. We’re almost through the spring bounce and I expect a second round of declines to begin shortly.

[Eugene]

Did some more research on Quintessa.

Their plan is to sell 98 homes. Out of 98, 55 have been definitively sold; 3 appear to be finished but I can’t find any records of their sales; 6 are being built right now; 3 are models; and the remaining 31 lots are empty.

Most houses were sold during ’06. I only see two original sales since August ’07. Either they suddenly ran out of buyers, or online records are updated with serious time lag (or maybe both).

Overall Quintessa looks “frozen”. There’s not much distress: 3 NODs, one guy behind on his property taxes, and one REO. One house is listed for sale for 1199k (good luck with that).

Median prices paid are 1100k for plan 1, 1200k for plan 2, and 1300k for plan 3.

Castillian next door is a lot more interesting. (I wonder why: they were selling at the same time) I see 8 defaults, 3 REOs, 2 short sales, and 5 knife-catchers. All this distress is causing major downward price pressure on the whole neighborhood. That’s probably why McMillin is introducing new smaller plans – it must be hard to compete with all the distressed 4000 sf inventory, so they are exploring a new niche.

Current median market value in the neighborhood seems to be around 800k. We’re almost through the spring bounce and I expect a second round of declines to begin shortly.

[Eugene]

Did some more research on Quintessa.

Their plan is to sell 98 homes. Out of 98, 55 have been definitively sold; 3 appear to be finished but I can’t find any records of their sales; 6 are being built right now; 3 are models; and the remaining 31 lots are empty.

Most houses were sold during ’06. I only see two original sales since August ’07. Either they suddenly ran out of buyers, or online records are updated with serious time lag (or maybe both).

Overall Quintessa looks “frozen”. There’s not much distress: 3 NODs, one guy behind on his property taxes, and one REO. One house is listed for sale for 1199k (good luck with that).

Median prices paid are 1100k for plan 1, 1200k for plan 2, and 1300k for plan 3.

Castillian next door is a lot more interesting. (I wonder why: they were selling at the same time) I see 8 defaults, 3 REOs, 2 short sales, and 5 knife-catchers. All this distress is causing major downward price pressure on the whole neighborhood. That’s probably why McMillin is introducing new smaller plans – it must be hard to compete with all the distressed 4000 sf inventory, so they are exploring a new niche.

Current median market value in the neighborhood seems to be around 800k. We’re almost through the spring bounce and I expect a second round of declines to begin shortly.

[recordsclerk]

I wonder if it had to do with the preferred lender for both Castillian and Quintessa. They are both very similar products. Lennar was going to build some homes in the neighborhood, but ended up selling the lots to one of the other builders and sold the Three models they built.

[recordsclerk]

I wonder if it had to do with the preferred lender for both Castillian and Quintessa. They are both very similar products. Lennar was going to build some homes in the neighborhood, but ended up selling the lots to one of the other builders and sold the Three models they built.

[recordsclerk]

I wonder if it had to do with the preferred lender for both Castillian and Quintessa. They are both very similar products. Lennar was going to build some homes in the neighborhood, but ended up selling the lots to one of the other builders and sold the Three models they built.

[recordsclerk]

I wonder if it had to do with the preferred lender for both Castillian and Quintessa. They are both very similar products. Lennar was going to build some homes in the neighborhood, but ended up selling the lots to one of the other builders and sold the Three models they built.

[recordsclerk]

I wonder if it had to do with the preferred lender for both Castillian and Quintessa. They are both very similar products. Lennar was going to build some homes in the neighborhood, but ended up selling the lots to one of the other builders and sold the Three models they built.

[Eugene]

I don’t see any patterns in lenders. In Castillian, out of 11 defaults and REOs, 7 were purchased with zero down, two guys put some money down but later refinanced, the remaining two are going to lose 40k and 100k.

ForeclosureRadar does not tell me anything mortgages that are still current. Maybe homeowners in Castillian have more 2/28’s and 5/1’s and homeowners in Quintessa have more neg-ams.

[Eugene]

I don’t see any patterns in lenders. In Castillian, out of 11 defaults and REOs, 7 were purchased with zero down, two guys put some money down but later refinanced, the remaining two are going to lose 40k and 100k.

ForeclosureRadar does not tell me anything mortgages that are still current. Maybe homeowners in Castillian have more 2/28’s and 5/1’s and homeowners in Quintessa have more neg-ams.

[Eugene]

I don’t see any patterns in lenders. In Castillian, out of 11 defaults and REOs, 7 were purchased with zero down, two guys put some money down but later refinanced, the remaining two are going to lose 40k and 100k.

ForeclosureRadar does not tell me anything mortgages that are still current. Maybe homeowners in Castillian have more 2/28’s and 5/1’s and homeowners in Quintessa have more neg-ams.

[Eugene]

I don’t see any patterns in lenders. In Castillian, out of 11 defaults and REOs, 7 were purchased with zero down, two guys put some money down but later refinanced, the remaining two are going to lose 40k and 100k.

ForeclosureRadar does not tell me anything mortgages that are still current. Maybe homeowners in Castillian have more 2/28’s and 5/1’s and homeowners in Quintessa have more neg-ams.

[Eugene]

I don’t see any patterns in lenders. In Castillian, out of 11 defaults and REOs, 7 were purchased with zero down, two guys put some money down but later refinanced, the remaining two are going to lose 40k and 100k.

ForeclosureRadar does not tell me anything mortgages that are still current. Maybe homeowners in Castillian have more 2/28’s and 5/1’s and homeowners in Quintessa have more neg-ams.

[sunny88]

There are tons of homes in CV now selling at 40% less than 4 years ago and there are no buyers… Is it possible that the prices will go down further, perhaps even another 20%?

[sunny88]

There are tons of homes in CV now selling at 40% less than 4 years ago and there are no buyers… Is it possible that the prices will go down further, perhaps even another 20%?

[Author]

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