Went through the Model Homes yesterday just to see what’s shaking at Copperwood – Bottom line: the homes are nice, but I suspect that they are going to have a hard time selling them in this economy. The signs on Rancho Santa Fe say “Homes from the low 600’s”, but the three model homes that they have open for viewing are in the Copperwood sub-division which is going to have 53 homes, with prices in the high 700s to mid-800s. ( the Rockledge subdivison is the one that is going to have the homes in the 600’s, on the other side of RSF, and slightly south and closer to RSF than SEH. ) I heard alot of people walking though the models stating “These sure are nice – now, where are the homes in the 6’s ?” The good news is that they are in San Diguieto / Encinitas School district ( at least they say they are – I thought that the boundary line ran along the golf course – I wonder if this is going to be the case for the Rockledge homes on the other side of the street – logic would dictate that those would be in San Marcos SD ? )
Here is the info on the homes that we saw:
Model 1A – 3,260 sq ft, 800K
Model 1CR – 3,438 sq ft. – 810,490 ( NOTE: they Converted the third garage into a free-standing BR / Bath / guest house deal)
Model 1BR – 3,260/ 757,490
Model 2B – 3,511 / 787,490
Model 3B – 3,688 / 849,490
All of the models are on the Northern Edge of the property ( i.e. with nice views out to the Batiquitos, and away from the high voltage powerlines – those lines are really close to the southern edge of the property and would cause me to not be interested in a house on that side )
Nice homes, but I have to wonder what this does for the homes that are currently for sale in LCO – I see approx 13 homes there with prices ranging from 849 to 1.375, average around 900K – Why would someone buy one of those when they can get a brand new home in the same subdivision for 100 – 500K less ????)
All in all, I think the bottom is about to drop out and a lot of people are going to be surprised when these “million dollar homes” are going to sell for no more than the FHA limit – IMNSHO …
