Remember the guy who bought the new-home foreclosure in Leucadia for $810,000 in January, 2010?
He found out later that the house he bought was tied up with the Barratt bankruptcy, due to the low-income housing required by the City of Encinitas. The City wouldn’t issue any notices of competion on the remaining lots/houses without an answer for the low-income housing. Enter Shea Homes, who paid $3,975,000 for the the corner we call Tyvek Estates, and then made a deal on the low-income housing lot.
Now things are moving again – for everyone: