Brand new 2,700sqft homes for less than $500,000!

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Submitted by ocrenter on July 31, 2006 - 8:35pm

Announcing July special savings at Eureka Springs. If you thought you we were going to Open with a Bang, Check this out!

We invite you to take advantage of this weekends AMAZING DEALS!

We have a home for you:
Single Level Plan 2920 sqft $552,500
Two Story Plan 3382 sqft $576,500
Two Story Plan 3574 sqft $600,500
Offer good Sat/Sun 29/30th!

Here's one of the many HOT Grand Opening Specials at The Briars in Escondido's newest master planned community Eureka Springs!

Home Site 55 - 2,750 sqft Single-Story
4 bedrooms / 3 baths / 3 car garage
Air Conditioning / Granite Counter Tops / Stainless Steel Appliances
Large home site in a cul-de-sac, 10,427 sq. ft. lot!

All this for only $511,500 PLUS $20,000 Lender Incentive

Granted it is Escondido, but the drop always start first in subpar cities/neighborhoods. Anyhow, brand new 2,700 sqft homes now for less than $500,000! I would hate to be a homeowner trying to sell a resale home in Escondido these days.

Submitted by waiting hawk on July 31, 2006 - 8:45pm.

wow that sucks for Escondido 2005 buyers/sellers..

My website tracking Temecula and South Riverside County

Submitted by Bugs on July 31, 2006 - 8:46pm.

I just pased by this project on my way out to Valley Center today. I was going to look them up and see where they were priced but you saved me the trouble. The units I can see appear to be in framing right now, so they can probably start closing some of these by 11/01/2006 if they hustle.

And if they can find their buyers.

Starting low(er) is probably a pretty smart idea. This way they might not have to drop their pricing as they go. Helps keep the 1st phase buyers from getting hammered, as long as the regions price structure doesn't decline too much.

Submitted by ocrenter on July 31, 2006 - 10:00pm.

bugs, just did a search of Escondido, there's no 5 years or newer 2500 sqft and bigger homes selling for less than $635,000. These homes are breaking new grounds, and creating new comps for the area.

Submitted by rankandfile on July 31, 2006 - 10:13pm.

This development seems like that one gas station at a busy intersection that has it's lowest gas price at $3.00 a gallon when the other gas stations are listing theirs at $3.20 a gallon, and are cursing the cheaper station under their breath. This is going to get ugly and coincides with my theory that prices will drop more rapidly than expected. All it takes is someone to push the first domino.

Submitted by barnaby33 on July 31, 2006 - 10:29pm.

Plus come on people its Escondido. What did you expect, "its different here?" Its pretty much an unrelieved vile hole. Lots of jobs in retail and not alot else. No good schools no industries and a hellish commute down the 15 to work. Lets not forget its huge population of people of questionable immigration status!

Each time we get a posting about some dramatic reduction I will see a comment about wow its happening faster than we expected and in such and such a location. I still get a generalized feeling that SEH in the north and Eastlake in the South will be the first places to major systemic reductions. Most of those developments sold during the height of the frenzy.


Submitted by North County Jim on July 31, 2006 - 10:32pm.

Starting low(er) is probably a pretty smart idea.

Couldn't agree more. With 340 homes to sell in a declining market, why even try and play the incentive game? Set yourself apart on price.

I suspect these prices will hurt the Hidden Trails subdivision (just to the southeast) rather badly.

Just to show how quickly this market has turned, we sold our 30-year-old, 1,500 sq ft home last fall in the same zip code for more than the 2,700 sq ft house being advertised.

Submitted by capeman on July 31, 2006 - 10:35pm.

Subpar?! I grew up there and I'd have to agree with you on that one. Houses there are about 60% overpriced in my opinion just for the heat and 15 traffic and the fact that the Metaphor cafe somehow keeps hanging around.

Submitted by novice1027 on July 31, 2006 - 11:23pm.

I drove down East Valley parkway the other day, and it looked like they were doing another condo conversion on one of the side streets off of it, and the sign said "starting at 400K" Apparently they haven't looked around lately. Who in their right mind would even stop to look at that rubbish? It is not a nice part of town, to say the least!!
Good luck to them.

Submitted by powayseller on August 1, 2006 - 4:11am.

The Briars at Eureka Springs

4 bedrooms
2,722 to 3,128 sq. ft.
Anticipated from the low $600,000s
-Home Buyers Guide Magazine, date unknown

This is a Lennar/Centex project. Centex seems to be the first builder to cut costs. The above ad shows they dropped prices by 15-20% (low 600s could be 605 or 630...).

Submitted by jabrwoki on August 1, 2006 - 8:23am.

I agree. Centex seems to be slightly ahead of the curve in most cases. Did you see the ad in last weekend's Union Tribune. Another Centex development (Seven Oaks) in Escondido (right off of El Norte on 15) advertised a massive red tag sale. Prices range from 560k- 610k average 10% reduction from original list + they are offering 3.75% interest fixed for 5 years or so. These are for houses ranging from 2500-2700 sq ft.

Submitted by powayseller on August 1, 2006 - 8:47am.

Yes, I saw it. The other builders had no incentives, or just lousy cars. Who wants a teeny little VW in this city?

Submitted by sdrealtor on August 1, 2006 - 11:36am.

I wonder if that one low priced house is an attempt to draw people in or if they are selling others at that price? I also wonder if it is in a lousy tough to sell location (i.e. backing up to a busy intersection)? I dont know the answer to these questions nor do i expect to ever drive out there to see. It would be interesting to know.

Submitted by JES on August 1, 2006 - 11:48am.

Centex does seem to be ahead of the curve.

Back in March in the Centex community of Silvercrest in San Marcos Centex was trying to sell the remaining 4-5 homes. The basically had a fire sale to get rid of the last couple, and most sold for significantly less than originallly listed. O ya, they had a realtor sell the houses for them! Not sure if that is a tactic they use when the market sours?

In that same community now there are 12+ homes for sale on just two streets, none in escrow and almost all reduced. Models that were selling for 725k last year are now listed at 675k.

Submitted by John F on August 1, 2006 - 12:05pm.

Those who say that Escondido has no good schools are uninformed. At the elementary level LR Green and Bernardo schhols comparable to or better than most schools south of Lake Hodges in RB, Carmel Mtn. or Poway. Bear Valley Middle School and San Pasqual High School are also good schools.

The schools in eastern and central Escondido have problems associated with ESL but southern Escondido is an entirely different place. Also, southern Escondido is very nice and to call it a "hell hole" is indicative of an uninformed opinion.

Granted, these new houses are in eastern Escondido I believe in the Orange Glen school boundaries.

Submitted by Bugs on August 1, 2006 - 12:08pm.

It doesn't take any longer to get from E. Escondido to I-15 than from E. Poway to I-15 or from E. Chula Vista to I-805. I don't see anything wrong with this project's location other than its access is the same road that 75% of traffic into Valley Center uses.

Frankly, I could never understand how Hidden Valley got the prices they got. Between this project and Seven Oakes I reckon HV is going to take a beating over the long haul. That's obviously one project where homes will sell for less than their developers claim it cost to build them.

Submitted by PerryChase on August 1, 2006 - 4:11pm.

I would agree with the comment that Centex is releasing at a lower price in order to get the project going strong. Existing projects have limited opportunity to lower prices lest they get sued by previous phase buyers. That's exactly what happened in 1990 when builders lowered prices by 20%. People were putting "for sale" signs on their houses to scare off buyers and punish the builder (they also hurt the resale value of their own houses)

I suspect that other upcoming projects will have lower starting prices.

Submitted by bob007 on August 2, 2006 - 9:34am.

is it a condo or a single family residence ?

Submitted by ocrenter on August 5, 2006 - 11:06pm.

I took the time to get out the flyer I got from the pre-model sales office a month ago.

The Briars, which advertised the $511,500 SFR, was actually suppose to start from the low $600,000's!!!

The Steppes, with the 2920 sqft home in the $550,000 range (btw, we went this weekend, these prices are here to stay, they are not just limited teaser prices for the grand opening), were suppose to start from the mid $600,000's!!!

In another word, Lennar has slashed $100,000 off all of its models right off the bat.

We took a drive up to Valley Center's Wood's Valley today as well, everything is at least $100,000 off 6-8 months ago. Some of the really high end models that sold for $1 mil are now in the $800,000 range. The models previous going for mid $800,000 are now $700,000.

Remember, look at the center for the trend in the periphery went the market start to get strong, and look at the periphery for the trend at the center when the market is heading south.

Submitted by jacksandgo on August 6, 2006 - 3:50am.

When I see reductions like this, I begin to suspect we may see, over the next year or so, the ultimate "fire sale" on new development homes that must be completed and sold. Auctions, perhaps?

Common sense (yeah, I know...scary) says big builders won't hold vacant homes indefinitely in a flat, stagnant, or declining market. At some point, they'll cut their losses and sell them. Again, I see auctions coming for excess inventory.

When will this happen, is the question, though? With credit constraints and a return to tighter lending standards most likely near, potential buyers may be a small lot, indeed.

Submitted by PD on August 6, 2006 - 4:58pm.

During the last RE bottom, I knew a group of people who acquired the five model homes of a development that went bankrupt before building anything else. The streets behind them were done, complete with lights yet nothing was built there for years.

Submitted by JES on August 6, 2006 - 6:01pm.

I see how this is going to stimulate price drops in resale as well. I'm sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out...

Submitted by JES on August 6, 2006 - 6:01pm.

I see how this is going to stimulate price drops in resale as well. I'm sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out...

Submitted by JES on August 6, 2006 - 6:02pm.

I see how this is going to stimulate price drops in resale as well. I'm sure there are resale homes in that area for the 600s, 700s whose owners are now freaking out...

Submitted by waiting hawk on February 7, 2009 - 2:32pm.

Fun to look back. Anyone from this area know what these are going for today?

Submitted by barnaby33 on February 7, 2009 - 3:22pm.

Thanks waiting hawk. After reading back through this thread, I didn't realize Capeman and I were from the same hood. Though technically I'm from Valley Center, I know Escondido like the back of my own colon. As to the tract, who cares, its still in Escondido.

Submitted by BGinRB on February 7, 2009 - 4:45pm.

waiting hawk wrote:
Fun to look back. Anyone from this area know what these are going for today?

604 Oakwood Creek Pl sold for $380,000 last November. Originally sold in January 2005 for $565,000. That is 33% drop.

Submitted by PadreBrian on February 7, 2009 - 4:49pm.

Yep, following the same old escondido / san marcos drop.

Submitted by capeman on February 7, 2009 - 6:01pm.

Barnaby- we used to think of Valley Center as an unincorporated part of Esco. I'm sure VC people didn't want to have any association with Esco.

You guys want to see a bug in Zillow and a case of housing going back to 1999 pricing check this out.

This is the house I grew up in. My parents sold in 1999 for 200k. It was bought and sold all the way up to 500k then foreclosed and sold by WFC REO for 200k in the last few months. The Zestimate for it is 325k. Granted the place is thrashed now by the previous owners but it's still back to 1999 pricing.

Submitted by bake on February 8, 2009 - 8:10am.

Why buy it for 500 when you can rent it for 2000 per month?

Don't buy unless rents are more inline with price!

Submitted by barnaby33 on February 8, 2009 - 11:56am.

Granted the place is thrashed now by the previous owners but it's still back to 1999 pricing.

Granted there is a small fire in the living room, but thats just to keep you warm in those harsh Escondido winters. Really its back to 1999 pricing. When you figure in inflation vs the cost to rehab a trashed house, it probably is somewhere around 1999 pricing. So Capeman, how low can it go?

I love trashing Esco, almost as much as VC. Only steers and queers (and mormons) come from VC. I've got horns!

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