[quote=AN]I see that you constantly jump back and forth between DC vs Santee and DC vs Sky Ranch, depending on which fits your argument. How about comparing DC HH income , per capita income, home values, and education level to Sky Ranch? Why don’t you say DC has superior construction, floor plans, views and lots compared to Sky Ranch? We all know and agree Sky Ranch is not your average Santee. Why not leave your average Santee out of the comparison and compare it to just Sky Ranch. If you’re bringing average Santee into comparison, you should also bring in average Allied Garden when compare to Del Cerro and average Chula Vista as well.
BTW, nothing price can’t fix. Tell me, how much would a 4100 sq-ft on 1/3+acre with a view goes for in DC?[/quote]
AN, this is another one of your circular arguments based upon lack of knowledge of neighborhood housing stock, environment and demographics. I have lived in SD County for 35 years which may be older than your actual age. I moved here as an adult and KNOW what I’m talking about. I AM comparing DC and SR, side by side. These were the comparisons Russell and PKMAN made. I didn’t choose the communities.
I don’t think there are any census-tract maps yet for Sky Ranch because it is too new and the 2010 census is currently in progress. I would have no way of knowing what the median HH income is out there, but I can assure you it is NOT $168,137, like that of the subject census tract of RDR, which is comparably priced. Most HH’s with that income would NOT choose to purchase in SR, when they have many options to choose from in SD County.
RDR Chula Vista is VERY attractive to mgrs. of Mexican maquiladoras and other bi-national executives as it is only 8 mi. from the border.
Sky Ranch consists only of tract homes. DC has both tracts and custom homes designed by some very well-known architects. I have no idea how many (if any) homes in DC are >4100 sf. but several would be situated on 1/3+ AC lots. NONE OF THIS MATTERS, really, because size has little to do with value. LOCATION and unobstructed views HAVE EVERYTHING to do with value in CA coastal counties. DC WINS in this dept.
If you’re going to compare median incomes, you can do it by zip code or City. Santee has ONE zip code and San Marcos has ONE zip code and Chula Vista has FIVE zip codes. The fairer way is by zip code but I don’t mind if you want to compare by City (for 2006):
Highlights and implications:
Pop. 2324 (LOW density)
19.1% over the age of 70 (largest demographic – wealth and home equity)
Median age is 44
Median income is $64,238
Here’s more info on Del Cerro by a local agent associated with a very well-established RE Broker there.
Here’s some of her pics of the views in DC, which are unobstructed. Sky Ranch HAS to be suffering from a brown layer below it on occasion because Santee is “socked in.” I’ve been out there when the air was thick and mustard-colored, similar to San Bernardino.
This website has the median income of the entire zip of 92120 at $71,414. This sounds right because 43.5% of Del Cerro’s pop. is over the age of 50 and most probably do not work. Many are living off pensions (many with large academic [PERS] pensions), investments and OASDI. Allied Gardens (’50’s tracts) and “Princess Del Cerro” (’60’s & ’70’s tracts facing south and east), consist more of working families. These properties are CHEAPER than DC but more of them are probably encumbered. DC’s small pop. is certainly wealthier than the rest of its zip code due to having home equity and being more well-established. Allied Gardens also has mixed use sts. and multi-family units making it less desirable than DC.
AN, why don’t you find some Del Cerro listings yourself to compare with Sky Ranch? Even though the orig. construction there is 40-50 yrs. old, they are consistently uniform in price. Del Cerro DOESN’T look directly over COMM’L/IND areas, as Sky Ranch does. DC has GREAT elem. schools w/i walking distance. Sky Ranch is a drive in/out community and only has new models to choose from on four new tracts. We don’t yet know how this community will fare in the future. There are no comps up there to justify the prices of this particular tract.
Example: Otay Ranch Chula Vista was ALSO priced new (most bet. 2003 and 2005) well above the prevailing prices for the area, as Sky Ranch now is. Even though Otay Ranch was given its own zip code (Sky Ranch bears Santee’s zip code) some tracts there are now 46% REOs, NOT INCLUDING “shadow inventory.”
I maintain that it is “apples to oranges” to compare a brand new outlying community to a well-established urban community. In other words, the comparison is NOT “like to like.”
In CA coastal counties, where long-term property value is heavily dependent on location, it is risky to buy into tracts which have no sales comps to support the asking prices, IMHO.
