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Home buyers who prefer the I-15 corridor are taking a close look at StoneBridge Estates, at the east end of Scripps Ranch.  There is a common dilemma – do you buy one of the brand-new houses now, and spend the extra $50,000 to $100,000 on the exterior…….or wait for older ones to short-sell/foreclose?

There has been some juggling between builders – here are the new-tracts on paper:

Brookfield – Serenity

4,346 sf on 0.30-acre lot = $869,000

4,040 sf on 0.39-acre lot = $879,000

4,759 sf on 0.33-acre lot = $979,000

Cornerstone – Montoro at StoneBridge

3,840 sf on 0.75-acre lot = $799,000

3,656 sf on 1.24-acre lot = $809,990

5,015 sf on 0.79-acre lot = $916,990

Toll Brothers at StoneBridge

4,022 sf to 4,760 sf on one-third acre lots min.

$849,995 to $909,995

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To compete, all resales have to do is to be willing to sell for around $200/sf, or less than the mid-$900,000s to get an audience.  The short sales look like they have been getting multiple offers in that range too.  Any listed above $1,000,000 will need to have a lot of extras.  Here is a brief tour:

For those electing to wait…..since 2006, there have been over 160 homes that closed for more than $1,000,000. But the vast majority closed after July, 2007, the end of the no-qual era. There are currently only five of those that have a foreclosure notice filed, which really isn’t bad. The highest sale I could find, $1,925,000, was in January, 2008 – the buyer paid cash.


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