Villages of Columbus - Columbus Grove - Cantara

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I agree this is a great deal in this market. I'd say the rental rate for this home is probably close to $4000 so you can compare that to your mortage if you want to calculate the rent vs. buy fundamental.

Sounds like you also have factored in the risk of price drop. Obviously the higher the price the bigger the gamble. But I think as long as you are planing to stay put for a while and are comfortable with the loan you're taking, you shouldn't second guess your decision. Remember people make mistakes all the time, bears and bulls alike.
 
What do you think this listing?

List Price: $1,090,000

ZipRealty will give you up to $6,540 cash back.*

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Bedrooms:

5

Full Baths:

4

Partial Baths:

0

Square Feet:

3,137

Lot Size:

4,000 Sq. Ft.

Year Built:

2006

Listing Date:

01/11/07

On Market:

67 days

Type:

SFR

Status:

ACTIVE

MLS #:

S471430

S471430.jpg
 
This property is almost identical to the one I am getting. I have looked at it. Sales staff said that this poor guy went through a divorce as soon as he closed. They have a clause in the contract that does not allow you to sell for 1yr except in "hardship" situations.

The listing has a range of $1-1.09m. Tough luck trying to compete with a builder who is dropping prices.
 
Like IrvineRenter and many others have said, it is expected that new home will start the price cutting. The only question is how close we are to the bottom.

For your info, I found a statistic below from OC register blog on the last downturn. It only took 3 years for new home to reach bottom while resale being more sticky took a bit longer.

Market slice

Resale houses

Resale condos

Newly built

All sales combined

Peak price

$240,000

$158,000

$258,000

$223,000

Peak month

Sept. 89

Feb. 92

Jan. 90

June 91

Bottom price

$193,000

$112,500

$181,000

$185,000

Bottom month

Jan. 96

Nov. 96

Feb. 93

Jan. 97

Peak to bottom change

-19.6%

-28.8%

-29.8%

-17.0%

When old peak was bested

May 98

Jan. 99

Oct. 97

May 98

Time. peak to peak

8.7 years

7.0 years

7.8 years

7.0 years
 
I went and looked at that plan 3. Apparently the guy runs a restaurant and his wife ran off with some employee of the restaurant. He hasn't unpacked anything yet and stuff is all lying around.

It's going to stay on the market as long as it's more than 969k (which is what the plan 3s are going for now). I think he put in some hardwood floor but IMO it doesn't look that great to me.
 
I have walked through this house about 2.5 months ago and it is absolutely T-E-R-R-I-B-L-E!!!!! The hardwood floors don't really look like they belong in it and the back yard was still dirt, no landscaping has been done. On top of that like it was stated above just boxes and furniture from 1960 just laying around in no particular order whatsoever.

And just a side note you were not allowed to talk when you were upstairs b/c the owner was asleep in his bedroom.
 
I wonder the Cantara drop their sale price as well due to the Lantana protest last weekend.... What is the price for Plan 3 from the latest sale sheet?
 
Well, they already had a price reduction from the 1-2 phases to the 3-4 phases (about a 100K reduction?) I mean, that Plan 3 was recently being sold for as low as 929K... and It sure wasn't that low earlier...and now its been adjusting upwards a bit... As for the whole "protest" thing, I am amused beyond belief.
 
Protoss: The Cantara price sheet is at the same level as the Feb 19th pricing sheet in the first post. There is one Plan 3 and two plan 1s available. However they certainly seem to be open to negotiate if you want to make an offer. They are driven by quartely performance, so May/early June with a June-end closing in Phase 5 will be the best time to make a bargain.

The 929K offer mentioned by GrewUpInIrvine above was for a Plan 3 from the previous phase for a March closing. I bought this one for 899K.
 
NEW YORK (CNNMoney.com) -- Stocks slipped Tuesday morning as investors eyed Lennar's weak profit report and a bigger-than-expected drop in a key measure of consumer confidence. (bold supplied).
 
Updated Pricing List: Entering Last Phase

Phase 5,

lot 246 (must have fallen out of escrow) Plan 2B, 6272 sf lot: 919k for 5/18 close

Phase 6

Lot 252 Plan 2A 4878 sf lot: 935k for 8/14 close

Lot 253 Plan 3A 5782 sf lot: 1025k for 8/16 close "sold"

Lot 254 Plan 1B 5140 sf lot: 920k for 8/20 close "reserved"

Lot 255 Plan 3AR 4229 sf lot: 965k for 8/22 close

Lot 256 Plan 1A 4225 sf lot: 910k for 8/24 close

Lot 257 Plan 2A 4225 sf lot: 930k for 8/28 close

Lot 258 Plan 3BR 4356 sf lot: 970k for 8/30 close

Build-out

Lot 147 Plan 1AR 4051 sf lot : 915k for 10/29 close

Lot 148 Plan 2BR 4225 sf lot: 944k for 10/30 close
 
Plans:

Residence 1 - 4bd/3ba - 2580 to 2582 sq. ft.

Residence 2 - 5bd/4ba - 2765 to 2806 sq. ft.

Residence 3 - 5bd/4ba - 3109 to 3137 sq. ft.
 
Plans:

Residence 1 - 4bd/3ba - 2580 to 2582 sq. ft.

Residence 2 - 5bd/4ba - 2765 to 2806 sq. ft.

Residence 3 - 5bd/4ba - 3109 to 3137 sq. ft.

These are huge home with 4-5 bedrooms. It comes with two car garage. What about the parking situations? As I heard, the Columbus community does not allow residents to park on the street nor infront of their house. Is there something that Lennar can do to correct this problem?
 
"These are huge home with 4-5 bedrooms. It comes with two car garage."

Same thing with the "luxury" SFRs in Portola Springs. I can't wrap my head around it to save my life. Maybe they're trying to encourage more people to use public transportion.
 
Prices keep droping!

Only 4 homes left

Last Phase

Neighborhood 6, October move-in (As of June19, 2007)

Plan Price

Plan 2 895K

Plan 1 859K
 
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