A few months back me and the wife stopped at a Centex development in Riverside. The prices were high like all the other places. They started in the mid $500s and went into the high $700s. I picked up a price sheet and put it into my notebook. Well today I went to the website to see how the prices were holding up. Wow was I shocked. These things have taken a dive in price.
For instance the 4303 model Hawksbury is listed in the brochure I have at $769,990.....
New price on the website.....ready for this.... $599,990. That's a 22% drop and puts this model at $140 sq/ft.
Plan 4, 3931 of the Ardenwood homes was $645,990 and is now $499,990. Again that's about a 22% drop. That puts this one at $127 sq/ft! Not too bad
There are about 15 models in this development and all of them have similar price drops. Looks like Centex is getting the message. I think they still have a ways to go though. Another 20% should get the prices back near where they should probably be.
I wonder how the poor saps that bought at the old prices are feeling right about now knowing they are upside down $170K on that 4303 Hawksbury model.
I've been following Corona prices for the past 3 years, and it seems to me that we are about back to 2004 prices in general. I watch one upscale new neighborhood (out of 50 homes built in 05-06, 10 are in some stage of foreclosure). The most recent REO listing undercut the asking price on that model by 600000! (1.2 vs 1.8 million). Crazy for anything in Corona, but a huge drop! I also watch a "regular family neighborhood" in the older part of Corona. 60s ranch houses. They too are dropping from 450000 to 370000 to actually get one sold.
ReplyDeleteI am the guy with the dead blog, old forsakencraft, and post at piggington under the name waiting hawk. After blogging for over a year it gets very old. I am still making videos and posting around. Check out my videos (couple are a year old)
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You carry the torch. I want to see huge price drops :)