The builder of the 14 homes called Emerald Pointe is just hanging on – hoping that some retail buyers might surface that could put a couple of bucks in his pocket.
In 2007 they sold the two prime locations at the end of the culdesac for $1,870,000 and $1,934,500.
In 2008 they sold five others from $1,370,000 to $1,600,000. Half way home!
But we’ve had further deterioration in the market of ‘high-end homes that are close to the busiest one-runway airport in the country’. Sales have stalled on the other five they are trying to unload for $1,200,000 to $1,300,000.
You’ll see in the beginning a couple of old builder tricks:
1. Putting sky-high prices on homes not yet built, to make current inventory look like a deal.
2. Putting sold signs on those not sold, in an attempt to create some urgency.
The tan house at 2:00 has a gun tower!
Sweet!
Builders tricks reminds me of a few years ago walking to Petco and my wife bringing my attention to a sign indicating ‘only’ 2 or 3 units were left in one of the condo towers. I laughed and said yeah right, and she gave me a dirty look for being cynical. A year later we walked by the same place, and lo and behold they still only had 2 or 3 units left for sale. The trouble is women believe this shit when they feel they may not be able to buy a precious house/condo that everyone else is snapping up. LMAO
Your common sense cracks me up!…. You keep expecting the rest of the world to get a brain. I don’t want to burst your bubble but it ain’t going to happen. Which explains the mess we are in.
How much for the Bobcat?
I hear tell Greg Swann might be needing a new home outside the Phoenix area soon. Slip him a hint.
Year Built in: 2007 and still sold as “NEW”. Thats when you know a builder won’t budge! One of those single story homes at the end is NOD too…Realquest says its appraised value 1.472M. Defaulting on 812k
Would be a nice buy from the bank for 812k! Maybe they can revert the empty lots back to “open space”. Nature trail or whatever builders call that stuff.
That 812k will do wonders for the comps. They are really close to the flight path as well:
http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=Emerald+Pointe+carlsbard+ca&sll=37.0625,-95.677068&sspn=36.642161,60.117188&ie=UTF8&ll=33.124398,-117.288365&spn=0.018078,0.029354&t=h&z=15
We verified before taping that the NOD is reported inaccurately – it is one of the builder’s NODs.
Those two at the end of the culdesac that sold for $1.9M or so are way, way superior to the rest. They had ocean views, vs. airport or neighborhood views on the rest.
Vern, Are you implying that the ocean view premium is 600K or put another way 30% of the purchase price? I know you Californians can be a bit crazy sometimes but jeSUS. Following this website allows me to see just how completely unhinged California is from reality even after 40% price declines.
This is as funny as Manzanita Trail being “sold out” when they’ve only sold 5% of their development. If a new release doesn’t sell out, they can always take it off the market.
“Foreclosures are coming.”
LMAO!!! You tell’em, Jim!
You’re pretty damn funny, Jim. 🙂
doughboy-Two years old and sold as new is nothing. How about SIX years old and sold as new?
http://www.redfin.com/CA/Winchester/35488-Corte-Los-Robles-92596/home/12264857
http://www.redfin.com/CA/Winchester/35457-Corte-Los-Robles-92596/home/12507926
Built in 2003, selling for the first time now. These are in Winchester, in the Riverside County desert, and they are former models of a large tract (they even include the furniture), so first built, last sold-but six years? Damn.
Thanks Martin, I’m with you – Vern, they may be at the end of the street, but that ocean view premium is probably $50,000 tops. The elevation isn’t much higher than sea level, so the view is less than breath-taking, and with the gloomy weather you don’t see it at all for many weeks of the year.
And you don’t see it at night either, but you’ll hear PA Road 24 hours/day plus the jets negate further.
Frankly, that area looks too much like a concrete ghost town – located on the outer fringes x 2 of Aviara. I suppose once the street and lanscaping are more mature, the lines of demarcation won’t be that bad. For 198/mo HOA and $900 Mello Roos you get plane noise and the magic noise of flux capacitors when driving/walking/jogging on Pointsettia. Bressi is just around the corner – lol.
Honestly, who really qualifies for a $1.5 million loan anymore?
This reminds me of what Barratt was doing before they lost much of their prime properties to BofA. It’ s called having “no concept of current market reality.” It’s one of those paradigm things, I guess: they just cannot see the reality because they don’t want to/don’t know how to/who knows why, but they just don’t get it?!?
Excellent stop at the sign, Jim! ‘Glad CR was a good role model for you.
😉
Stan,
Amazingly there are still plenty of people who can qualify for $1.5M mortgages, but they ain’t buying here….There are many better places to spend that kinda dough these days.
“no concept of current market reality.”
excellent. that is exactly right. I say $800-$900k for the remaining homes.
legitimately, $1 million plus has to be a true estate.
I would say the two at the end of the street have an ocean view premium of around 200K. But they wouldn’t sell for anywhere near 1.9M today, maybe 1.2M?