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To: Elroy Jetson who wrote (6231)	5/12/2004 8:47:13 PM
From: TraderC	Read Replies (2) \| Respond to of 116555

The photo you have is an old one, probably around 5 years old. Everything west of I-5 was already developed and could not be owned by Pardee. Area east of I-5, also known as Carmel Valley, has been developed and sold over the past few years by many developers such as KB and Lennar. You can see all the grading being done in the photo. Once the grading is done, all the homes are built and sold in a year or two. Pardee is behind many other builders in the race to develop SoCal. Their inventory of land and homes for sale is actually quite low compared to KB, Centex, and Lennar.