[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[ocrenter]

this whole neighborhood is set up for additional bargains. the homes were built in 2004-2005 at the peak of the bubble by K.Hovnanian.

Here’s another decent sale recently.

16050 Palomino Valley Rd San Diego CA 92127
5 beds, 4.5 baths, 4,570 sq ft
–03/19/2009: $850,000

I suspect if the buyer of the house for $661k were to flip it, he’ll definately have buyers at $800k to $850k. Which at the very worse means a $100k pre-tax profit after the 6% commission.

[ocrenter]

this whole neighborhood is set up for additional bargains. the homes were built in 2004-2005 at the peak of the bubble by K.Hovnanian.

Here’s another decent sale recently.

16050 Palomino Valley Rd San Diego CA 92127
5 beds, 4.5 baths, 4,570 sq ft
–03/19/2009: $850,000

I suspect if the buyer of the house for $661k were to flip it, he’ll definately have buyers at $800k to $850k. Which at the very worse means a $100k pre-tax profit after the 6% commission.

[ocrenter]

this whole neighborhood is set up for additional bargains. the homes were built in 2004-2005 at the peak of the bubble by K.Hovnanian.

Here’s another decent sale recently.

16050 Palomino Valley Rd San Diego CA 92127
5 beds, 4.5 baths, 4,570 sq ft
–03/19/2009: $850,000

I suspect if the buyer of the house for $661k were to flip it, he’ll definately have buyers at $800k to $850k. Which at the very worse means a $100k pre-tax profit after the 6% commission.

[ocrenter]

this whole neighborhood is set up for additional bargains. the homes were built in 2004-2005 at the peak of the bubble by K.Hovnanian.

Here’s another decent sale recently.

16050 Palomino Valley Rd San Diego CA 92127
5 beds, 4.5 baths, 4,570 sq ft
–03/19/2009: $850,000

I suspect if the buyer of the house for $661k were to flip it, he’ll definately have buyers at $800k to $850k. Which at the very worse means a $100k pre-tax profit after the 6% commission.

[ocrenter]

this whole neighborhood is set up for additional bargains. the homes were built in 2004-2005 at the peak of the bubble by K.Hovnanian.

Here’s another decent sale recently.

16050 Palomino Valley Rd San Diego CA 92127
5 beds, 4.5 baths, 4,570 sq ft
–03/19/2009: $850,000

I suspect if the buyer of the house for $661k were to flip it, he’ll definately have buyers at $800k to $850k. Which at the very worse means a $100k pre-tax profit after the 6% commission.

[ocrenter]

May 07, 2009 Sold $661,000
Oct 07, 2005 Sold $1,275,000

that’s as close to 50% off peak are you going to come on these. something along the line of 40% off the 10/2005 price would have been decent enough.

here’s what a neighbor paid back in 5/2005:

16174 Palomino Valley Rd, San Diego, CA 92127 (4,570 sqft)
–9/2005 for $1.45 million.
–down payment of $450,000
–purchasing loans with $800,000 first and a $200,000 second.

[ocrenter]

May 07, 2009 Sold $661,000
Oct 07, 2005 Sold $1,275,000

that’s as close to 50% off peak are you going to come on these. something along the line of 40% off the 10/2005 price would have been decent enough.

here’s what a neighbor paid back in 5/2005:

16174 Palomino Valley Rd, San Diego, CA 92127 (4,570 sqft)
–9/2005 for $1.45 million.
–down payment of $450,000
–purchasing loans with $800,000 first and a $200,000 second.

[ocrenter]

May 07, 2009 Sold $661,000
Oct 07, 2005 Sold $1,275,000

that’s as close to 50% off peak are you going to come on these. something along the line of 40% off the 10/2005 price would have been decent enough.

here’s what a neighbor paid back in 5/2005:

16174 Palomino Valley Rd, San Diego, CA 92127 (4,570 sqft)
–9/2005 for $1.45 million.
–down payment of $450,000
–purchasing loans with $800,000 first and a $200,000 second.

[ocrenter]

May 07, 2009 Sold $661,000
Oct 07, 2005 Sold $1,275,000

that’s as close to 50% off peak are you going to come on these. something along the line of 40% off the 10/2005 price would have been decent enough.

here’s what a neighbor paid back in 5/2005:

16174 Palomino Valley Rd, San Diego, CA 92127 (4,570 sqft)
–9/2005 for $1.45 million.
–down payment of $450,000
–purchasing loans with $800,000 first and a $200,000 second.

[ocrenter]

May 07, 2009 Sold $661,000
Oct 07, 2005 Sold $1,275,000

that’s as close to 50% off peak are you going to come on these. something along the line of 40% off the 10/2005 price would have been decent enough.

here’s what a neighbor paid back in 5/2005:

16174 Palomino Valley Rd, San Diego, CA 92127 (4,570 sqft)
–9/2005 for $1.45 million.
–down payment of $450,000
–purchasing loans with $800,000 first and a $200,000 second.

[ocrenter]

[quote=92126_guy]OCrenter: Mind if I ask if you feel the low quality is in the builder or just in the “crap we need to get these built and sold quick” market attitude? I’m thinking of checking out the CornerStone houses in Santee this weekend and will be curious if they have the tile and orange peep issues you mentioned above.

Although my budget of 450k max would probably warrant such construction. Ha

http://www.cornerstonecommunities.com/san-diego-homes-for-sale/santee-homes-mission-view/[/quote]

92126-guy,

Montoro is a special case. it is damage control and purely based on basic math.

Cornerstone bought all of their Stonebridge lots at around $500k per lot. all of the lots were planned for Tiburon, their ultra lux 5000-6000 sqft homes. assuming building cost of $500k, that brings their cost to $1 mil. which is perfectly fine when they were able to sell the homes for $1.6 to $1.8 mil.

But now with the over $1 mil market all dried up, they got to go with a new strategy.

So they figured they’ll build 4000 sqft homes at $300k (probably even $250k given the quality seen with the models). even at $800k they’ll at least be able to break even and get rid of the lots instead of holding on and keep paying mortgage and taxes on them.

Tiburon is of excellent construction quality. so Cornerstone is capable of building excellent homes. but you’ll need to figure out which Cornerstone builder showed up to build Mission View.

[ocrenter]

[quote=92126_guy]OCrenter: Mind if I ask if you feel the low quality is in the builder or just in the “crap we need to get these built and sold quick” market attitude? I’m thinking of checking out the CornerStone houses in Santee this weekend and will be curious if they have the tile and orange peep issues you mentioned above.

Although my budget of 450k max would probably warrant such construction. Ha

http://www.cornerstonecommunities.com/san-diego-homes-for-sale/santee-homes-mission-view/[/quote]

92126-guy,

Montoro is a special case. it is damage control and purely based on basic math.

Cornerstone bought all of their Stonebridge lots at around $500k per lot. all of the lots were planned for Tiburon, their ultra lux 5000-6000 sqft homes. assuming building cost of $500k, that brings their cost to $1 mil. which is perfectly fine when they were able to sell the homes for $1.6 to $1.8 mil.

But now with the over $1 mil market all dried up, they got to go with a new strategy.

So they figured they’ll build 4000 sqft homes at $300k (probably even $250k given the quality seen with the models). even at $800k they’ll at least be able to break even and get rid of the lots instead of holding on and keep paying mortgage and taxes on them.

Tiburon is of excellent construction quality. so Cornerstone is capable of building excellent homes. but you’ll need to figure out which Cornerstone builder showed up to build Mission View.

[ocrenter]

[quote=92126_guy]OCrenter: Mind if I ask if you feel the low quality is in the builder or just in the “crap we need to get these built and sold quick” market attitude? I’m thinking of checking out the CornerStone houses in Santee this weekend and will be curious if they have the tile and orange peep issues you mentioned above.

Although my budget of 450k max would probably warrant such construction. Ha

http://www.cornerstonecommunities.com/san-diego-homes-for-sale/santee-homes-mission-view/[/quote]

92126-guy,

Montoro is a special case. it is damage control and purely based on basic math.

Cornerstone bought all of their Stonebridge lots at around $500k per lot. all of the lots were planned for Tiburon, their ultra lux 5000-6000 sqft homes. assuming building cost of $500k, that brings their cost to $1 mil. which is perfectly fine when they were able to sell the homes for $1.6 to $1.8 mil.

But now with the over $1 mil market all dried up, they got to go with a new strategy.

So they figured they’ll build 4000 sqft homes at $300k (probably even $250k given the quality seen with the models). even at $800k they’ll at least be able to break even and get rid of the lots instead of holding on and keep paying mortgage and taxes on them.

Tiburon is of excellent construction quality. so Cornerstone is capable of building excellent homes. but you’ll need to figure out which Cornerstone builder showed up to build Mission View.

[Author]

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