A thousand-acre master planned community. An 18-hole Nicklaus Design private championship golf course. A private country club. A huge, exclusive, comfortable Clubhouse.
A private, gated, country club community. More than 500 Executive Home sites from five honored homebuilders. The traditional architecture of Southern California and the integration of indoor and outdoor living. With a deep appreciation and respect for the environment, nature, natural beauty, wildlife, health, wellness, and the good life.The homes in this development were pricey. The low end started around $800k and they went up to over 1 million. The prices in The Retreat have been sticky, well up until recently anyway.
Cracks started to show a couple of months ago. A few REO's started to show up and then KB dropped the price of the new homes by over $100K. The REO's have been dropping the prices and there are now two under $700K, one of those is $625k.
Price Reduced: 06/01/07 -- $849,900 to $834,900
Price Reduced: 06/15/07 -- $834,900 to $824,900
Price Reduced: 07/14/07 -- $824,900 to $809,900
Price Reduced: 09/13/07 -- $809,900 to $789,900
Price Reduced: 10/12/07 -- $789,900 to $624,900
So far the bank is $350k or 36% off the last sale!
The we have this desperate seller at 7772 Sanctuary, the listing says " Pre-foreclosure! VERY, VERY, VERY, VERY motivated." This 4150 sq/ft home was purchased new for $925 in Nov 2005. It's now listed as a short sale for $599k. This is also 36% off. Anyone think the bank will go for this? After looking at the first home they should but I doubt somehow that they will.
here's the price movement of the listing.
Price Reduced: 11/26/07 -- $799,000 to $699,000
Price Reduced: 11/27/07 -- $699,000 to $599,000
There are builders STILL trying to sell new homes in this development for upwards of a million dollars. Yet, here we have 2 properties selling for 36% off the last sale. With these listing it has got to be obvious that 40% off is the going rate for The Retreat!