[ocrenter]

Here’s the link

[ocrenter]

the suing part of the article is old news. basically Del Webb dropped the prices significantly and the homeowners/flippers got together to do a case action. i tink the LV Review Journal had something on this a year ago and they featured some lady that purchased 16 homes thru del webb.

couple of posts on these Floppers are up on BMIT, enjoy!

http://bubbletracking.blogspot.com/2007/04/meet-floppers.html

http://bubbletracking.blogspot.com/2007/04/meet-floppers-part-ii-misery-loves.html

[ocrenter]

guys, did a post on my blog regarding Aqua Vista.

14 units in total in various stages of foreclosure. one unit successfully sold as a REO at 15% loss.

but these are strange, if bugs/sdr/SD R can comment on them:

425 W Beech St Unit 436, San Diego, CA 92101
08/2006: REO. Not on MLS, no resale recorded.

425 W Beech St Unit 536, San Diego, CA 92101
09/2006: REO. Not on MLS, no resale recorded.

425 W Beech St Unit 1357, San Diego, CA 92101
07/2006: REO. Not on MLS, no resale recorded.

did the county just forget to record a sale on these three? I can’t imagine any other reason why the bank would not have these on the market other than these are already sold but not recorded.

[ocrenter]

perry, for some of these homes the train is so close to them they can just jump down from their yard directly on to the roof of the train, no station needed.

[ocrenter]

sdr, think the developer notified those homeowners/flippers of their future neighbor when they purchased a couple of years ago?

[ocrenter]

that still gets you $196/sqft. $196/sqft x 2100 sqft (of Belleza) and we get $413,600.

we know less than prime locations always lead the way. 92069, for example, tend to go down first, then 92078. and we also know builders lead the way in price drops as well.

could these fieldstone homes be the canaries as far as San Marcos is concerned?

[ocrenter]

I’m surprised this community hasn’t fallen as hard as I thought it would as well.

sdrealtor is right about the less-than-prime location of these homes. sdrealtor, care to give us an update on the foreclosed homes?

604 Via del Caballo
554 Via del Caballo
521 Via del Caballo
477 Camino Verde

and here’s something interesting… the new homes Fieldstone Homes are trying to unload north of Mission (I know, different part of town… but also less-than-prime location) are now selling for these prices:

839 VIA LA VENTA 3367 sqft for 598000
831 Via La Venta 3516 sqft for 632000
824 Via La Venta 3367 sqft for 633300

$/sqft for these homes have dropped to $187/sqft!!!

now why would anyone buy these 2100 sqft Via del Caballo homes at $550,000, or $262/sqft?

[ocrenter]

I found this one linked from implode-o-meter…

http://market-ticker.denninger.net/2007/04/tomorrows-forward-look-earnings-drives.html

btw, implode-o-meter is now at 59 lenders.

[ocrenter]

2900-3300 sqft for $707,000 to $737,000. April 2007

vs.

2800-3400 sqft for $595,000 to $635,000. August 2003

So we are $100,000 away from August 2003 pricing, considering these were actually up to $900,000 in late 2005 – early 2006… perhaps by the end of the year we would hit August 2003 pricing?

[ocrenter]

extremely funny! please stop by BMIT for more laughs, I just found one of these happy condo conversion homeowners looking to unload his condo.

[ocrenter]

we’re seeing the catching of that falling knife as we speak…

[ocrenter]

but as soon as 797 is sold for $737,890, they drop the prices on the other two 2901 models?

Lot 825 (plan 2901) $724,990–>$721,890
Lot 829 (plan 2901) $713,900–>$707,890

so 797 just lost up to $30,000 in 1-2 weeks?

[ocrenter]

nesting, when did you get these prices?

I got these from 3/29/07:

Lot 797 (plan 2901) $742,990
Lot 798 (plan 3365) $779,990
Lot 825 (plan 2901) $724,990–>$721,890
Lot 829 (plan 2901) $713,900–>$707,890
Lot 830 (plan 3212) $741,990–>$731,490

looks like between 3/29 to now, lot 828 fell out. so does this mean lot 797 and lot 798 both sold? so looks like its sell 2 homes and get one back for Pienza.

check out this loser that bought plan 3365 when it was SilverCrest 10 months ago.

[ocrenter]

look at it this way, sign a 1-2 year lease, 2 years preferred. even if you and your wife do find that perfect home within that 2 year mark, plenty of builders will be willing to buy you out of the lease.

I would be extremely careful with who I rent from though. Temecula is very saturated with upside down flippers in danger of foreclosing. make sure you find out how much your future landlord owes on the rental.

[ocrenter]

assuming the 150,000 and the 518,000 are outstanding, that brings the total loan volume to 668,000. dependning on who you talk to, they may be close to being underwater on this house.

how much are they charging for rent?

[Author]

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