[JavaBrewer]

There's a similar scenario being played out here in Carlsbad. The final home development for a new master planned community, Bressi Ranch, with a great North County location (top schools, close to SD, close to beach) . These were the most expensive homes in the community, 6000+ sq/ft homes on larger lots, were initially offered in the low $1M range. Smaller home developments in the community were in the $400-$700K range (in the 2005 market).

Fast forward to today. The models were purchased by an investment company and are un occupied. Of the 35 or so total homes in the plan ~ 1/3 of the homes were sold and occupied. Several of those are now bank owned. About 1/4 of the homes are in various states of construction (empty lots, poured foundations, partial framing, waiting for stucco, etc...) and the construction crews are long gone.

I would be really bummed to be one of the original owners. Here they were thinking they were moving into the "premiere" neighborhood and instead it's little Tijuana... WIth the economy looking like it is I would plan for many years of incomplete status.

Bottom line - I would be very worried about the future of the development and what may happen to the remaining uncompleted site.