there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.