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.
Showing posts with label Stellan Ridge. Show all posts
Showing posts with label Stellan Ridge. Show all posts
Sunday, February 17, 2008
Friday, December 7, 2007
Pulte cuts Stellan Ridge another $100k
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!
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!
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