Stellan Ridge is a tract of new homes in one of the best areas of Riverside. Most of the homes in this area are large estate type homes that have been selling from 1 Million to several million in the last few years. Pulte had initially planned of selling these homes starting at $1.4 million. I’m not sure if they actually tried selling any at that price but that is the price that was on local housing websites prior to the grand opening. The first visit I made to the development was in the spring of this year. Back then the homes started at just over 1 million. Plan 5 was the lowest priced home and it was selling starting at 1.058 million.
I’ve been watching this development since I really like the homes and the area. They’ve been cutting the prices every two or three months, offering incentive and other goodies. The latest price cut is about $100k. For example the plane 5 had been $825k and now it is $726K. They are also offering up to an additional $104k in savings (whatever that means).
I did not seriously think I would ever be able to afford one of these homes (probably still can’t). But at the rate they are dropping the price I see a glimmer of hope. Maybe they will read this and offer me one at $500k!
5 comments:
What are your thoughts in Upland area by Colonies and the new homes being built by William Lyon Homes in Glendora? I check your blog on a daily basis as I'm looking to buying a house by the end of next year or 2009.
I don't get up to that area much any more, so I have not seen those homes. I used to work out there and I liked that area. It was always an expensive area, especially Glendora.
William Lyon Homes is one of the builders that is in serious financial trouble. There is speculation that they may not make it through this mess. I'de be a little hesitant to buy a Lyon home unless the development is in it's final stages. There is nothing worse than buying a home in a development and then having the builder go tits-up. That happened to the tract right across the street from me in the early 90's. It was sad for the people that bought those homes and did not do much for my property value either. One of the developments I like here in Riverside is Lyon Homes. It's only about 1/2 built out. I would need to get a smokin' deal to buy one of those homes. Although that tract is in a rural area with 1 acre lots so it would not be as obvious if the builder stopped as it is in a high density development.
Thanks!!!
There's a townhouse development on Magnolia, real close to The Riverside Cat Hospital (my vet). I've been down there several times since I moved here in June and it doesn't look like anything is going on. It's framed in but I don't see any other progress. Would you know whether it's been abandoned? Is that happening a lot down there?
I'm not sure about what development that is. There is a condo development on Magnolia near where the 91 crosses it. I've read about that possibly turning into apartments because the sales are so slow. The last time I drove past it they were still trying to sell them as condos though.
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