Can you buy down the interest if you use another lender?

jpmorganfunds, i’m pretty sure you won’t get the same incentives if you use a different lender.  the incentives come from the builder and are only offered for their preferred lender (UAMC). 

Just got some email From Lennar saying they have some Time is Running Out, 3 Day Year-End Home Sales Event.  Up to 25% off select inventory homes sale is on from Friday Oct 19th though Sunday, Oct 21st.
When I click on their "Orange County" button in the email, takes me to http://www.lennar.com/orangecounty which lists Camden place and other Tustin/Irvine properties as well.
 

Time probably is running out…for Lennar to sell some houses.

The question here is which of the big developers will go bankrupt first….....my bet is that a few of them were unable to put the breaks on fast enough keep enough cash to stay going….....no cash…....no business…..

I’d also love to know what percent of contracts signed during those much-hyped firesales fell through. DR Horton has a 48% cancellation rate, and a reporter’s "conversations with other major builder offices in California, Texas, and Florida further support that the price reductions that were taken by DR Horton, Hovnanian, Shea Homes, created great public relations, along with additional activity, while many of the sales and contracts that were issued have since canceled."

i checked out Camden place over the weekend…the pricesheet  for Residence 3 showed $459k price at the time of visit. I was disappointed by the fact there were no rep available to answer some of my questions. I guess they were out and about…

Likewise, I have been looking for home pricing to drop…and it’s finally happening. I still think the prices are high. With the soft market, I still think lower prices are in store for the next 6-12 months. I expect Camden Place residence3 to drop additional $20-30k ... and will be selling for $420k or even $400k within next 6-12 months. Sign me up then!

Just want to share my 2cent on the whole pricing on Camden place. Correction is finally taking place ... and hopefully lower prices are in store for us middle class buyers.

I wonder how much their inventory is piling up.
These seem to be big percentage cuts compared to some of the larger SFRs.
SCHB

They put new construction on hold until Q1 2008.

They are trying to sell phase 8, 9, and 10. I would guess 15 condos or so are left.

I’ll call them tomorrow to know this and how much incentive they will be giving over the week-end.

Phase 8 and 9 are already sold out.  Phase 9 and 10 are still under construction.
 

you can see that they have not even broke ground on phase 11; did they say what month in Q1?

i just received an email from Lennar regarding 3 day sale event on existing inventory 20% off. Will these apply to Camden place? The email doesn’t specify which community the offer applies to. I went to Lennar website and also noticed the price of the homes are in the 400s ...as standard pricing.  http://www.lennar.com/findhome/plan.aspx?DIVID=OCHLEN&COMID=2161&PLANID=1679

Mid 400s would seem to reflect 20% off for plan 3, as per the last known price of 528k.

i was there today taking a look at the residence 3’s available on discount this weekend.  new price sheet says prices are effective 10/19:

residence 1: $434k

residence 2: $434k

residence 3: $489k (supposedly there is only one or two left)

phase 10 is on the greenbelt between camden and meriwether, so i’m not sure if the greenbelt location warrants the 30k difference from phase 8’s closeout price of $459.  what do you think?

and yes, they have said future phases after 10 are on hold until 2008 (no specifics given).

myfirsthome,
Are residence 1 and 2 inventory from phase 9 or are they for phase 10, because there’s no added premium for the greenbelt?

not sure… i’m guessing that they are from phase 10 plus 1 or 2 leftovers from phase 8? 

i’m sorry.. what is Greenbelt?

exactly what it sounds like… a big ol’ strip of grassy area.

it’s basically a belt of grass/park between houses that usually has a walkway.  in this case, the camden/meriwether greenbelt leads to a small community park with a half bball court and playground.  i personally like it because it’s nice for walking the dog or jogging. 
you can see the greenbelt on a map here: 

http://www.villagesofcolumbus.com/columbus_square.php?page=villages&subPage=columbus_square

(it’s the thin strip of green between camden and meriwether.  there’s also one between camden and cambridge.)

myfirsthome

So did you check to see if any of the $459K plan 3s fell out?  Are there any of those left?  What is the chance that you might pull the trigger this weekend?

Prices as of 10/19/2007
Plan 1) 434,000
Plan 2) 464,000
Plan 3) 489,000
According to the reservation map, only phase 10 units are left, 0 for plan 1, 4 for plan 2, 1 for plan 3.

It would appear that lowering your prices does move units.

Prices as of 10/22/2007
Plan 1) SOLD OUT
Plan 2) 434,000
Plan 3) SOLD OUT