Thanks to Jim and Cambridge for sharing their thoughts and opinions. - Sun Feb 10 2008, 19:14
I read it on money.cnn.com or cnbc. It was an article which I can't find. I'll send it when I find it. It mentioned 10% drop in each of the next 2 years and another 5% a year after that. It might not necessarily apply to our area since the numbers were national/general numbers and real-estate is local. So we will see some depreciation but not as much as mentioned in that article(I hope). Bottomline, every is hoping and all analysts are speculating. Let's admit it. If they knew what they predict, they won't have to work any more and can retire multi-millionaires. I've noticed that christopherson homes(montecito) does not offer any decent backyards or side-yards. Most of them have wooden decks since the house lot drops down-slope right when you step out of the backyard. I am not sure how people with kids decide to buy such homes with no backyards and a potential hazard for little kids due to those extreme downslopes. Is my observation accurate? We can't afford Toll Brothers Home and even if we did, we wouldn't be investing a million dollars in this uncertain market. I am having shivers investing mid-600's. My husband keeps on telling me that it is not a bad idea, but I am nervous. And I'll keep looking for that article and send it over.
And I am not a realtor either. I am a working wife getting nervous in buying in this market. If there is anything else noteworthy to share about Promontory, do let me know. I'll appreciate your feedback. - Sat Feb 9 2008, 08:37
You are right. It currently dead-ends but would be developed by Toll Brothers and loop back into Giorno Way. They have about 100 more homes planned for that part of the hill. We looked at Serrano but felt that Serrano doesn't have open-ness and natural beauty. Promontory has more of a custom-home feel and appeal even if the homes are from builders like Richmond American. In Serrano, all you see are rooftops. It is a sea of houses and tons of resale and foreclosure signs indicating a distressed community going down in value and appeal in the long run. And blackstone is a project ready to be shelved any day. Promontory is much more established and almost in the final phase of completion. With builders like Toll brothers, christopherson and custom homes sprinkled all over, even not-so-upscale builder like Richmond American homes appear and feel upscale leveraging from the quality of more expensive homes. Hopefully we are not making a mistake spending in mid-600's in that neighborhood judging by the market conditions and recessionary real-estate times expected for the next couple of years with expected to fall by 25% by 2010. - Fri Feb 8 2008, 10:35
Thanks for your feedback.
Any home in the 600's in your village?
In your village, is there any builder who is still selling?
If yes, let me know. - Thu Feb 7 2008, 14:52
That's good to know. We are planning on buying in Village 5(not sure). It is a Richmond American Home off of Trevi Way which backs to an older custom home community. Any comments or feedback on the quality of homes or workmanship or that particular village in general? - Thu Feb 7 2008, 10:23
Cambridge,
Since you live in the Promontory, can you clarify on the crime-rate in the Promontory? - Mon Feb 4 2008, 21:36
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