[4spotentialbuyer]

This area is called Verrazzano. Verrazzano and Del Sur encompass the second and final phase of Black Mountain Ranch, with the first being Santaluz. Verranzzano was built by Shea Homes…I think around 2003.

[4spotentialbuyer]

This area is called Verrazzano. Verrazzano and Del Sur encompass the second and final phase of Black Mountain Ranch, with the first being Santaluz. Verranzzano was built by Shea Homes…I think around 2003.

[4spotentialbuyer]

Are you sure about the 70K? Which lot did they state that was for? We just went on Tuesday and they only had 15K incentives…as far as we are aware, Silhouette has the best incentives at 35K. Fieldstone seems to be holding on to their prices…John Laing seems to be more flexible.

[4spotentialbuyer]

I went prior to 09/15 so I guess 2 more homes fell out of escorw. Which plan is the 722K and which plan is the 898K? Are there any incentives on those? Thanks

[4spotentialbuyer]

We went last week, they had 7 homes left, plan 2s and plan 3s. They will not have another sales release until then sell at least 3 of their homes per the salesperson. They have been stating this since end of July that they will have the next phase release once they clear more of the current inventory. They have also recently increased their incentives from 20K to 35K for those homes that fell out of escrow.

Evergreen has 1 house left, a plan 1 for 842K with 10K incentives.

[4spotentialbuyer]

4S Ranch McMansion homes already lost 15-20%
Ex/Spring 2006 Grand Opening Silhouette Phase 1A 3000+sq ft SFH

Plan 1 786K
Plan 2 860-880k
Plan 3 880K

currently available lots that fell out of escrow
Plan 2 740-780K plus 20K incentive
Plan 3 740K plus 20K incentive

Approx 15-20% drop in last 16 months for new homes from the builders. Resale homes have not caught up yet, however it is only a matter of time. Not sure how much lower these 3000 sq ft homes will go and so I will be watching, waiting, renting, and saving in order to get a good deal.

[4spotentialbuyer]

Thanks HLS…..this is good to keep in mind as I had never thought of getting 2 loans such as this one to avoid jumbo loan…never had to think about it in the last few years…We sold our home recently (it had been on the market for a long time) and are waiting for the prices to drop further before buying. In the meantime, we wanted to learn more about our options so when we do buy, we will be able to ask the mortgage broker all of our options. We want to buy a new home so most likely will have to go with the broker the builder is associated with in order to maximize on the builder incentives. I thought it would be best to know my options as the builder’s broker may not provide as many choices for me. I think we should be able to get a good loan as our credit scores are over 700, 20% down, stable jobs, 401Ks, etc.

Although home prices are going down, I think most people buying a house in CA will still need a jumbo, so I hope most are exploring their options. Thank you for your help.

[4spotentialbuyer]

Help is on the way:

http://www.msnbc.msn.com/id/20587894/

Fed Governor Randall Kroszner said the joint guidance was meant to encourage the companies that collect payments on mortgages packaged into certain debt securities and sold in debt markets to “reach out to financially stressed homeowners.”

“Keeping families in their homes is a matter of great importance to the Federal Reserve,” said Kroszner, one of the Fed board members who has taken the lead in dealing with the mortgage crisis.
———————————–

The President, Congress, and now the Fed want to “keep families in their homes…” families or FLIPPERs who were irresponsible enough to take out 100% financing or other risky ARMs/interest only loans for homes they could not afford help create the rise in home prices in the last 4-5 years…What about helping responsible families who are patiently waiting for the market to correct itself and are saving for at least 20% down for a house they can AFFORD?
A home is a place where you or your family loving reside…it does not have to be a house, families can make a home in an apartment, the government does not have to bail our irresponsible people with our tax payers dollar. Instead, why don’t we use the money intended to bail out these folks and just give a refund to every tax paying individual?

[4spotentialbuyer]

I never left…I have been reading the new posts and trying to learn more about the housing market.

[4spotentialbuyer]

SD Realtor,

You mentioned in another thread that you had taken buyers to 4S (Pienza) last year and the builder declined low ball offers. How low should people try to negotiate with the builder this time? I think WTB should make an offer of at least 5% lower than the asking price for the homes that fell out of escrow or even the existing unsold homes in current phases.

[4spotentialbuyer]

SDcellar,

Thanks for the advice, we will try to wait as long as possible hopefully until Fall 2008 (not sure if we could hold out for that long)…we really want to buy a new house rather than buy resell as we want to pick our own options. Pienza has about 16 homes left after this phasea nd we re also looking at the other new builders in 4S…John Laing or Buie…We don’t have our hearts set on Pienza, we just want to buy a new 3000 sq ft home to live in for the next 10-20 years. It seems as if the 3000 sq ft NEW homes will be completed by 2008 for all the buillders for 4S Ranch so that is why we will not wait until 2009. We love Del Sur however prices and mello roos are higher and we don’t want to wait 5-7 years…we recently sold our house and we are renting an apartment in order to save more money for a down payment…we don’t want to rent a house in 4S as those rents are currently 2.5 -3K per month, we rahter rent an apartment and try to save more money…although it is more cramped in apartment.

[4spotentialbuyer]

SD Realtor, Thank you for the feedback…we will continue waiting as I think the builders need to cut the price by at least 50K…I am aware of the reductions in 4S Ranch in the last year, however, the current prices are still too high…there are other builders in 4S Ranch with similar sq. footage homes and we will wait to see which builder reduces its prices…I think we are waiting until Winter 07, Spring 08, or at worse summer 08…while we know it would be better to wait until 2010, we are one of those buyers who want to buy a home to live in and not merely as an investment.

[4spotentialbuyer]

Per Pienza map, looks like lot 802 is larger and is across from a slope—no home across from it so it has a “view.” 858 includes some upgrades…not sure if someone had fallen out of escrow (stainless steel appliances, granite, paint, and “many more”)….

[4spotentialbuyer]

Lots are not selling well in Pienza

As of 08/27, it looks like only 3 lots have sold.
Lot 804 (Plan 2901) – $755,990
Lot 805 (Plan 3212) – $789.490
Lot 806 (Plan 3365) – $792,990

3 lots that were previously “reserved,” are back on the market

Lot 835 (Plan 3365) – $756,990 (Reserved)-available now
Lot 837 (Plan 3365) – $744,990 (Reserved)-available now
Lot 861 (Plan 3365) – $738,990 (Reserved) -available now

Also 2 lots that were not sold as of the last phase still are available
lot 802 (Plan 2901) – $767,490
lot 858 (Plan 2901) – $769,977

1 additional lot that was previously “sold” is coming back on the market

Lot 801 (Plan 3212) -price not available yet

So currently there are only 3 sold out of 11 available homes.

Pienza therefore is having problems selling any of its homes, not mearly the 2901 plan. The builder is not drastically reducing its prices or increasing the incentives…

Other neighborhoods in 4S with similar square footages and in the same price range also have unsold inventory…none of the builders seem to grasp the logicc that there are not many buyers out there for homes in the 700K-800K range especially with the rise in jumbo loan rates and the tightening of credit that has occurred in the last 2-3 weeks.

How long will it take builders to realize that the market has changed?

Perhaps winter? Also, has anyone had any success with using a realtor to make a lowball offer on new homes?

We are trying to hold out a bit longer before buying…

[4spotentialbuyer]

If a bank is willing to finance this loan, then that’s up to the bank…however I do not think tightening the credit standards is a bad thing.

100K to support a 500K mortage, 60% of take home pay? I think that is risky. Yes, credit standards were too leinent before, however what happens if you relative loses his job or there is an emergency? The bank needs to cover itself and most people should not get loans if it requires 60% of the pay. A 500K loan at today’s 7.5% APR would equate to a monthly payment of $ 3496.08/month…100K salary probably only brings home 4-5K max income to support a family of 4. I hate to sound harsh, however, this is why the housing market is in such a terrrible state, people overstretching themselves and then complaining when credit/loan standards starts tightening. It’s time for people to be financially prudent and live within their means….if more people did that and the housing market corrects itself, then maybe your relative will be able to buy a bigger house once price drops…there is nothing wrong with being a patient renter and then buying a house you can AFFORD, rather then run up the risk of foreclosing on an OVERPRICED home.

[Author]

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