Mandolin Del Sur *again*

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Submitted by 92127wannabe on November 6, 2012 - 6:27pm

Fellow Piggs:
My wife and I are looking in 4S/Del Sur for something for our family. We are currently renting in Scripps.
We only have a kindergarten-aged son and planning on keeping it that way.
We have several friends with young kids in the area and we have decided that we can suck up the MR and are concentrating solely on 92127 West.

There was a 3/2.5 short sale on Kern Crescent in Del Sur that closed on 11/2 for $475k. Bridgewalk, 1700sqft.
http://www.sdlookup.com/MLS-120020104-84...
It would have been perfect, but we were late to the game...we were merely a back up offer.

My wife is afraid that the market is going to get away from us and the good stuff in our sweet spot is quickly rising out of our range. We are looking in the $400-520k range.

We've looked at places in Scripps, Sabre Springs, CMR, RB and CV.

I'd rather not live in a condo, but Mandolin is becoming more and more appealing. I'm hoping that I don't have tunnel vision.

We looked at 8547 Old Stonefield Chase, Plan 1 and its decent...I actually liked it.
http://www.redfin.com/CA/San-Diego/8547-...
2+loft/2.5 1643sqft. The loft could easily be converted into a 3rd bedroom.
http://www.sheahomes.com/community/mando...

Looking at recent past sales and trying to approximate the PropTax+MR percentage, I am coming up with a number of about 2.15% of the Sales Price/ Assesed Valuation for DelSur and 1.85% for 4S. Pretty damn ridiculous. Especially when you can limit yourself to ~1.15% in CMR.

Are we being dumb for even considering Del Sur?
A condo in Del Sur?
Are prices in 92127 going to continue to keep rising with continued limited inventory.

I'm looking for a unicorn like the Kern Crescent pad, but with current market conditions, I'm afraid it doesn't exist.

Piggs, I need your assistance.

92127wannabe

Submitted by Oni Koroshi on November 7, 2012 - 11:32am.

Del Sur and 4S are so similiar I can't think of a reason why you would sign up for the higher MR's are Del Sur.

Submitted by all on November 7, 2012 - 12:58pm.

MR was calculated as % of the initial sales price. It does not get reset on resale and the initial % is different between subdivisions.

What you get in return are nicer looking and better equipped schools. If you don't mind the difference between highland ranch and stone ranch elementary, meadowbrook and oak valley middle school and RB high and del norte then paying MR is likely waste.

Submitted by dav on November 8, 2012 - 5:30pm.

Oh man, we're on the same boat!

I even think that we have been submitting offers to the same homes!

We really like del sur and the old part of 4S more than the new side of 4S as well.

Have you looked at this mandolin resale?
http://www.sdlookup.com/MLS-120040223-84...

It has been on the market for about three months now and I think that it will have to go for $490.

Also, it seems like standard pacific will start 4 new detached home communities in del sur, then I'm assuming that this will keep the prices down a little bit longer for mandolin at least.

Submitted by Anne Schreiber Homes on November 8, 2012 - 5:37pm.

Hello 92127 Wannabe,

I live on the same alley as two properties which just closed escrow - one that you are speaking of on Kern Crescent and the other Parkside Crescent. Both Bridgewalk products, like my home. I LOVE it here and know a great deal about each of these properties and items which affected their sales price, days on market, etc. Sounds like you are already working with a realtor and I want to be sure to stay within our code of ethics - so this is not solicitous in any manner. I love all of 92127, but happen to be evangelical about Del Sur and feel that there are ENORMOUS differences between this neighborhood and 4S. I would be more than happy to discuss any of this with you - with your realtor's permission. There are benefits to the Mandolin ( townhome) or the Cassero (twinhome)product that you can't get with the Bridgewalk homes - that you might just find favorable for your family. Here to help - - just for info and the love of the neighborhood if you wish! Anne Schreiber 858.414.5700 anneschreiberhomes [at] gmail [dot] com DRE#01906978

Submitted by Anne Schreiber Homes on November 8, 2012 - 5:40pm.

They are very different. Both amazing communities - but have large differences that can drastically affect lifestyle depending on priorities.

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