Pulte Homes has stopped building at their Stellan Ridge development in Riverside. I stopped by the sales office today and got the news from the sales lady. She had one home left that fell out of escrow. It seems that they are losing just a little too much on these so they have decided to halt construction until the market improves (or they sell the lots which is more likely).
This was a little bit of a disappointment to me since this is probably my favorite new tract. Had these dropped another $100k I would probably have bought one. These homes were awesome and in what I feel is the best area of Riverside. These started out at 1.4 million in late 06, quickly dropped and dropped and dropped until the last price I saw was starting at $726k. I was really hoping to be able to pick one of these up around $600k. Maybe in a year there will be a foreclosure or two in here. I'll keep my fingers crossed but I'm not holding out much hope.