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| | Author | Messages | |
STUDGLOVE
Posts:171
 | | 12/04/2007 5:53 PM |
 Alert | | I heard a rumor today that the morrisson home communities are being sold in rancho mirage and that they wont be building any more home there for a while. Has anyone else heard this rumor? | | | |
| | Catch-22
Posts:35
| | 12/04/2007 9:39 PM |
Alert | I heard the same thing, but with more detail.
Apparently, their whole plat has already been sold to a group of investors, who plan to sit on it until the market is more conducive. Maybe Shea & Ryland will follow suit.
I also heard that anyone who had already paid an earnest deposit was going to lose it - kind of like what happened in the Meadows with Turner Dunn and in Santa Rosa Crossings with Hallmark.
Lovely. | |
My favorite Dictator | |
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| | Colgate
Posts:629
| | 12/05/2007 9:18 PM |
Alert | | Catch 22 is correct and this too I heard from a city planner! | |
Live every day as if it were your last and smile! | |
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| | Bridog
Posts:55
| | 12/06/2007 11:56 PM |
Alert | I have good knowledge of this as I have several homes closing in Rancho Mirage.
They did sell 90% of the parcels. However, they have/will build on about 15 lots in each parcel.
Every client was notified about the sale and was offered their earnest money back if they wished, or they would go ahead and build their home.
The homes are all in one cluster in each parcel. they wont have many neighbors for a while.
Model homes will be sold in the next month
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| | dkmopars
Posts:29
| | 12/09/2007 8:17 AM |
Alert | This may be a good thing. Being someone who actively works in the new home market, and also a homeowner here in Maricopa, I can tell you all... this continuous building is killing the value of those of us that are already homeowners. Anyone following the Foreclosure auctions will tell you that price the banks are accepting will make you sick. I have seen a 2000 sq ft home sell for $110,000 recently. This "giveaway prices are driving all our values into the ground like a freight train. Therefore, the builders are competing by giving away the homes with tens of thousands in upgrades, so who would want to buy a resale? I am sure I am not the only one feeling like it will take more than 10 years before my house may or may not be work what I owe on it. This is so scary. The only hope for us all is that the new builds will stop for awhile, we also need the town to stop giving out these building permits, by doing so they are helping drive our economy deeper into the ground. Just the other day, I was reviewing comps and saw that I am paying a mortgage of a $100,000 over and above what my house is worth....talk about getting depressed, I bet more than 1/2 the people in Maricopa don't know how much their home has depreciated, I know I paid close to $300000 and I could go a real estate auction and buy the same house, in unlived condition for $125,000. I'm wondering why keep paying this mortgage....to keep our good credit in hopes of getting back the $150,000 in equity our home has dropped.....
Let's cheer that the builders are holding off on building, it might save us homeowners already here!! | | | |
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