Under all is the land
After a couple of price swings, sellers and buyers figured out market pricing for Fountaingrove lots around March of 2019 when the trend stabilized. Three charts below show lot values trending steadily and gently down
Since the fires there have been dozens of Fountaingrove lots listed for sale. Here are the results for different areas:
Skyfarm and Cross Creek area
Fir Ridge area
Owners of property in the Fountaingrove area have specific requirements related to rebuilding embedded in their Declaration of Conditions Covenants and Restrictions. I am excerpting some of a FAQ from the FRMA website:
Who rebuilds our homes?
Each owner is responsible for rebuilding his or her home unless you are in a sub-association that has the obligation to rebuild.
Can an owner choose not to rebuild their home?
For homes that are not in a sub-association, an owner may choose to remove all structures and debris and landscape the lot. The owner and lot will still be subject to assessments and required to maintain the landscaping on the lot, even if the home is not rebuilt.
Do we have to rebuild exactly the home we lost?
The CC&Rs provide that an owner is required to rebuild in substantial conformity with the appearance and design of the home immediately prior to the destruction. However, an owner can apply for architectural approval for changes to the exterior appearance of the home. The Architectural Committee will approve changes if the committee finds the new design is still harmonious with other homes in, and the natural topography of, the neighborhood. Owners can change the interior as they desire without approval of the Association – only exterior changes require approval.
When do we have to rebuild?
Owners must put their lots in safe condition as soon as possible. The CC&Rs require owners to commence reconstruction within 90 days and diligently pursue completion. We understand that with the scale of loss in our City, it will not be possible for many owners to start construction in 90 days; but each owner should start the process of getting plans drawn and engaging a contractor within 90 days, even if actual construction cannot start during that time.