Tuesday, September 4, 2007

BIG price drops

A few months back me and the wife stopped at a Centex development in Riverside. The prices were high like all the other places. They started in the mid $500s and went into the high $700s. I picked up a price sheet and put it into my notebook. Well today I went to the website to see how the prices were holding up. Wow was I shocked. These things have taken a dive in price.

For instance the 4303 model Hawksbury is listed in the brochure I have at $769,990.....
New price on the website.....ready for this.... $599,990. That's a 22% drop and puts this model at $140 sq/ft.

Plan 4, 3931 of the Ardenwood homes was $645,990 and is now $499,990. Again that's about a 22% drop. That puts this one at $127 sq/ft! Not too bad

There are about 15 models in this development and all of them have similar price drops. Looks like Centex is getting the message. I think they still have a ways to go though. Another 20% should get the prices back near where they should probably be.

I wonder how the poor saps that bought at the old prices are feeling right about now knowing they are upside down $170K on that 4303 Hawksbury model.


who me? said...

I've been following Corona prices for the past 3 years, and it seems to me that we are about back to 2004 prices in general. I watch one upscale new neighborhood (out of 50 homes built in 05-06, 10 are in some stage of foreclosure). The most recent REO listing undercut the asking price on that model by 600000! (1.2 vs 1.8 million). Crazy for anything in Corona, but a huge drop! I also watch a "regular family neighborhood" in the older part of Corona. 60s ranch houses. They too are dropping from 450000 to 370000 to actually get one sold.

john67elco said...

I am the guy with the dead blog, old forsakencraft, and post at piggington under the name waiting hawk. After blogging for over a year it gets very old. I am still making videos and posting around. Check out my videos (couple are a year old)


You carry the torch. I want to see huge price drops :)