‘Empty Nest’ Prices

I am writing to applaud the price cuts made by Urban West Communities at their Creekside II development in Moorpark “Sitting on Empty Nests” by David W. Myers (Jan. 21).

I can understand that earlier buyers may be unhappy to see prices reduced, but I would hazard a guess that many of these “First 22” would have been gloating over the “Last 32” if Urban West had made “unexpected and drastic” price increases instead (Letters, Feb. 4).

This was the practice last year, when greed and profiteering was rampant among sellers, and buyers were being caught up in the frenzy, fueled by anticipation of overnight riches. Now it appears that the bottom of the pyramid is being squeezed, and prospective buyers are demanding quality homes at truly affordable prices.

It is clear that costs to build a new home (or sell an existing one) did not skyrocket as rapidly as prices did over the last few years, so where did all that extra money go? Buyers should think about this and strive to get lower prices instead of simply relying on the “creative financing” games popular with banks and real estate brokers that only serve to keep prices (and quick profits) sky high.

L. R. MARKIE

Canoga Park