Sunday, February 10, 2008

Lyon takes a big bite out of prices in Bridle Creek

Me and the wife took a drive over to Bridle Creek today to see a REO property. It was a bust, the house was in bad shape and they wanted way too much for it. On the way out I stopped in at the sales office and picked up the latest sales sheet. Everyone in that tract that is trying to sell a home is now hosed. Lyon has dropped the prices $230k+ for the new phase. Homes that were starting at $725k now start at $499k. That's gotta sting for those desperate sellers and it even undercuts all of the bank owned homes. The REO property we looked at was priced at $700k and now they are $648k new from the builder. Hmmm let's see, $648k for a new one where I pick my own options or $700k for a half thrashed one painted green in most of the rooms and pale pink in one of the small bedrooms. The 2 year old's artwork on the walls is no additional charge!

I have two price sheets from Bridle Creek. The old one is from July of 2007 and I picked up the current one today. So these prices are 7 months apart.

Plan 1 Appaloosa, 2899 sq/ft.... was $744k.... Now $499k

Plan 2 Chestnut, 3266 sq/ft.... was (none avail) Now $525K

Plan 3 Lippizan, 3512 sq/ft,...was (none avail) Now $547k

Plan 4 Palomiono 3385 sq/ft, was $863k....Now $585k

Plan 5 Pinto, 3701 sq/ft, was $891k....Now (none avail)

Plan 6 Shetland, 4023 sq/ft, was $899k, Now $579k

Plan 7 Dapple, 3512 sq/ft, was $783, Now (none avail)

Plan 8 Andalusian 4364 sq/ft, was $952k, Now $648k

Plan 9 Breton 4830 sq/ft, was $950k, Now $599k

As you can see some of these homes are down over $300k from last July. It looks like they dropped the price by approx 30% from July. I don't have any price sheets from later in the year to compare. I did pick one up in Nov and the prices were still quite high but I think they were lower than the July price sheet I have. I guess it does not matter though. What matters is the huge price drop. This will put pressure on the other builders in the area to compete. It will make the agents and banks cringe when they see it. Every resale home in the tract is now overpriced by a bunch.

This little afternoon trip made my weekend!

11 comments:

Anonymous said...

$140+/sf. for a house in Riverside? $170+/sf. for a house in Riverside?

Doesn't anybody find these prices insulting?

golfer_X said...

Only slightly now, They were way over $200 sq/ft before. Keep in mind these homes are on 1 acre lots. I'm not saying they are a bargain but they are going to cost more than homes in a normal tract that are built 6 to an acre. You do have to pay for the additional land. I dunno what a fair price is but I'de guess that the huge lot is worth another $100k or so.

Anonymous said...

Being an ex-employee and that was one of my projects, I could never understand why anyone would pay that much money for a one-acre lot that has a detention basin that takes up more than 1/2 the lot.

buyeresquire said...

The pricing information is interesting. The website still says pricing starts from $700k. Is there a way to figure out actual pricing for other developments (Brehm in Riverside, Taylor Woodrow in Corona/Norco, etc.) without going to the sales office?

golfer_X said...

They just lowered the price this weekend so the website might not be updated yet.

Some of the lots at Bridle creek look neary 100% usable. Others seem to have a gully running through them. 90% of those houses are using 1/4 of the land. The other 3/4 is just dirt. The only reason I want a big lot is so that there is some distance between me and the neighbors. I don't want to here their mariachi music and they don't want to hear my bagpipe music....

I'm still thinking those are too fat on the price, there's another $100k left to lose (at least).

Buttermonkey said...

Nice, but when the hell are we going to see prices take a dump in established areas? I keep waiting and waiting and it seems that sellers are doing the same...waiting around with their ridiculous prices hoping the perfect buyer will come along. *SIGH* They're all on crack I say!

Anonymous said...

Keep on waiting, they (the sellers) can't outwait you; they're selling, even in a down market, for a reason. When they do give in, you can PUNISH them however you like...

Buttermonkey said...

LOL about "punishing" them.

I *heart* this house, but $775,000? And what's with the price increase? Give me a break!

http://www.redfin.com/stingray/do/printable-listing?listing-id=1308886

Anonymous said...

Nice place but it's not worth anywhere near that. Start the mental punishment, get your realtard to offer them $450k. Then next month offer them $420k, then $400k.

Anonymous said...

I called and verified that they did lower the price by somewhere between $250K to $300K.

golfer_X said...

That's a nice looking house. They have obviously dropped some coin on the home. The kitchen looks recently update. It's in a really nice area, it's big and it's on a big lot. While I don't think it's worth 3/4 of a million, I doubt it will go as cheap as us bubbleheads want.

I like the idea of offering lower amounts each month. That would really piss off the sellers. I doubt you could find an agent to do it, but it would be very entertaining for all of us.