Sierra Hieghts, new tracts in 2008??

Believe it or not two new tracts are just opening in Riverside. Sierra Heights is just north of Victoria and East of La Sierra. It's up in orange grove country and has a nice view of the valley. I was stunned when I ran across these this weekend. I was even more stunned when I saw the prices. Apparently Lennar and Standard Pacific did not get the memo about the collapse of the market.

Standard Pacific has 4 models in Sierra Hieghts. They area all big and all expensive. The homes start at just over 3000 sq/ft and go to over 4700 sq/ft. They sit on large lots of about 1/3 acre. But with starting prices in the mid $500's you have to wonder if they will sell. They had sold signs on a few of the available homes (amazing). So it does look like there are still buyers that also did not get the memo.

The Lennar tract did not have the models open yet although they looked finished. They have 4 models and they are big homes as well. The smallest home is just under 3000 sq/ft and the biggest is over 4600 sq/ft, website says the prices will start in the upper $500's. Good luck with that!

I wonder how long before they start dropping the prices? These guys are asking $160 -$170 sq/ft when up at lake hills they have dropped many of the new homes down into the low $130's sq/ft. You can drive up to Bridle Creek and get a similar sized home on an acre for less than these. I'm guessing they are opening with the higher prices to test the waters first.