Thirty-one homes in the new Telescope Point...

Thirty-one homes in the new Telescope Point development in Carlsbad have been sold out of a release of 34 homes to date, reports Wesley E. Mudge, a partner of Westana Builders/Developers. The sales total for the project has reached the $4.5-million mark. The development is located at the intersection of Tamarack and High Ridge avenues, east of Interstate 5. The community will have 93 one- and two-story single-family homes upon completion. Sales office and model homes are open daily from 10 a.m. to 5 p.m. Prices begin at $129,950.

The condominium development of Park Place reports that 10 units were sold in one week, after the preview opening of the development. Condos in the 32-unit project offer two bedrooms and two baths. They are priced from $89,500 to $99,500 and the monthly homeowners association fee is $86. A Los Angeles bond financing program provides an interest rate of 10.39% (11.05% annual rate) fixed for 30 years with a 5% down payment. Developed by J.X. Construction Inc., Park Place offers units with 1,089 to 1,195 square feet.

In the two weeks following the opening, Palm Terrace announced it has sold 34 of the 68 homes in the development. Palm Terrace, in San Diego’s South Bay area, is offering a selection of four floor plans, including a single-level two-bedroom plan and three three-bedroom plans in two-story designs. All homes have two-car garages. Square footage ranges from 970 to 1,560 square feet. Homes are priced from $69,950 to $81,950. A San Diego bond financing program enables the development to offer a mortgage interest rate of 10% (10.58% annual rate) to qualified buyers or VA and FHA financing at 12 3/4% (13 3/4% annual rate). Palm Terrace sales office and models are at 814 Picador near Beyer Boulevard.

Sales have passed the half-way mark at Rainbow Point, a private gate-secured development of home sites on the western shore of Lake Arrowhead. Fifteen lots, representing a total value of almost $4 million, have been sold or are now in escrow, according to Pat Ellis, manager of residential sales for Moreland Development Co., a UNOCAL Co. The development has a total of 28 lake shore and lake view lots priced from $120,000 to $415,000 and range in size from about one-quarter to one-half acre. The shoreline lots have private slip rights that allow an owner to build a boat dock on the water.

All Rainbow Point property owners become members of the Arrowhead Lake Assn., which owns the 782-acre lake and have the right to use it for recreational purposes.