San Francisco Business Times
From the article:
Most homes priced near $1.2 million don’t normally ignite buying frenzies, except in Orinda — a city where that price tag means “affordable” and “good value.”
New homes are such a rarity in Orinda, a small, rich East Bay city, that 1,500 people showed up for the grand opening of Orinda Grove, Pulte Homes' 73-unit home development.
The development will include six home types ranging from 1,533 to 2,672 square feet with three or four bedrooms.
Pulte released list prices for the three largest types, 2,387 to 2,672 square feet, starting at $1.17 million. Presumably, the smaller models will list for less — but since Pulte plans to capitalize on the intense interest by taking competing bids, any price figures are probably just where the serious bidding starts.