by Calculated Risk on 5/22/2010 04:48:00 PM

In November 2007 Lennar mothballed a major condo project in Irvine called "Central Park West". I posted a short video of the project (poor quality) in 2008.

Jeff Collins at the O.C. Register has an update: Prices cut 25% on new ‘urban’ condos

What a difference three years makes.

When homebuilder Lennar Corp. first launched home sales in its urban-styled Central Park West community in Irvine, prices started at $500,000 and ranged up to $2.9 million.

Fast forward to today’s “grand opening” for Central Park West’s four-story condo buildings — the project’s low-rises. Prices now start in the upper $300,000’s and range to over $1 million – at least 25 percent below the original pricing.

Sales at the sleek, industrial-chic Central Park West began in early 2007, but were halted abruptly by the fall of that year amid cascading home prices.

This is real shadow inventory coming back on the market ...