What a difference a year makes…
In 2012 we had 8 homes for sale (1Canyon & 7 Custom homes), vs. 1 Canyon and .4 Custom homes and one Custom lot currently. Last year we had 4 homes in escrow, 2 each of Canyon and Custom, and this year we also have 4 homes in escrow, however, they are all Canyon homes. As for closed escrows, this year we had three, 2 Canyon and 1 Custom vs. none last year. With regard to leases last year we had 1 Canyon available for lease, and we have I custom home this year, and no homes were leased this past quarter either year. As you can tell from my report, we are seeing a slight shift in that the Canyon homes are selling very quickly where as there is a softness in the activity and prices of the Custom homes. This is not the first time this has happened in the history of the community, it will shift back and forth again, but for now that is what the condition is. There is a list of buyers for Canyon homes today, and Custom homes as well, but for Custom homes, they are all at the lower end of the price spectrum, which as you can see is not where the inventory is today. We are also seeing the work on the 405 at our front door with the closures of Bel Air Crest Road and the work on our over head bridge. Is that impacting us particularly, I don’t think so; it is probably more the overall effect of the construction and its attendant traffic in the entire area.
