Luxury real estate in California – Ghost towns in Ontario

The daily Telegraph visited a new luxury development in Ontario, California recently and described the “New Model Colony at Edenglen,” as a “ghost town.” The disturbing news that there simply are not enough buyers and lenders to go ‘round for what should have been a successful mid-price development.

The estate is dotted with colorful flags and signs that read “welcome home, we’ve been expecting you”. But despite a map in the sales office dotted with “sold” stickers, there appeared few signs of life other than construction workers and gardeners tending pristine shrubbery in the baking 97 degree heat.

The only sounds were the hum of air conditioning units cooling immaculately-furnished show homes where flat screen televisions played to vacant rooms and piped music emanating eerily from empty balconies. Article. And just a few weeks previously, the Inland Valley Daily Bulletin produced this article of an interview with Ontario city councilman Jim Bowman, who seems very happy with the state of affairs:

Councilman Jim Bowman is settling into his new home in the New Model Colony community, Edenglen.

“I bought this house for $200,000 less than I sold my old house for two years ago,” Bowman said of the new Monterey-style home in Edenglen’s Gatehouse community he finished moving into Wednesday. “This is such a good deal.”

Bowman said he has been renting and on the lookout for a new abode since he sold his last place.

When he saw the “House of the Week” featured in the Edenglen sales office, Bowman said he did a double take.

“I said to them, `I can’t believe what you’re asking for these homes,”‘ he said.

To invigorate sluggish sales, Adrian Foley, master developer of Edenglen, said he slashed prices dramatically earlier this year.

“Anybody can get a sweet deal here,” Bowman said Thursday, as he spent his first day since the move unwinding and getting to know his new neighbors. (Both of them)

He said he was pleased to see homes still being built around him because it indicated there was confidence in Ontario’s resilience despite housing market woes everywhere.

“If you want to talk about investing in Ontario’s economy,” Bowman said. “There’s nothing like doing it yourself.” Article

By some strange quirk of fate Mr. Bowman is a board member of the Ontario Redevelopment Agency, the Ontario Industrial Development Authority, the Ontario Redevelopment Financing Authority, and the Ontario Housing Authority. Or perhaps he is just an eternal optimist.