[quote=ocrenter]early, the high HOA/MR is a double edged sword. the obvious of course is the high cost. but there are a lot of benefits on the flip side.
I find places like the Crosby and Santaluz are extremely well kept. the HOA is much stricter when it comes to a home’s maintenance. and really crack down and enforces the rules. as a result, there is no skimping on landscape maintenance on the part of the owners. it also raises the bar on would be owners too.
believe me, if I’m independently wealthy and the house would be completely paid off, I would certainly be drawn to Santaluz/Crosby.[/quote]
OC,
Absolutely. How you think is how I also look at it as well. I’ve seen developments like this in other parts of the country and the world and very rarely does a high end project similar in nature go to crap. I’ve talked to people that live or have lived in the Santaluz area and they all rave about it (but complain about the high fees). I know the HOA association is strict but I look at that as a good thing as I know I won’t have to worry about a neighbor doing something that will disrupt the tranquility of the neighbors or have unsightly automobiles in front of the house, etc.
Also, it would be one thing if they were charging HOA and the development wasn’t a nice development but that doesn’t seem to be the case with Santaluz.
Other countries where we own property, there are no mortgages for the most part so it’s 100% cash. And I actually prefer that system than the almost ponzi scheme system in the USA where for many years anyone with a heartbeat could buy a house.
Even up until last year you had government programs like FHA, VA, etc. offering 3.5% downpayment mortgages. And back when they had the $8,500 first time buyer’s credit they were letting people use that as their down payment! That’s utter madness to me! I personally don’t think anyone that doesn’t have at least 20%-25% downpayment should be buying a home.
I actually moved out of the USA back when I saw my housekeeper that could barely speak English buying a $300,000 house with no money down and no documented income! I knew the system was going to crash once I saw that. So it was only a matter of WHEN not IF.
Once the government exits supporting the market, getting a mortgage will be a LOT tougher. And I don’t necessarily think that is a bad thing.
I really like areas/cities where mortgages don’t exist because the market is true and I know that prices are more realistic. In cities like Buenos Aires for example, there are not any mortgages for the most part. It’s all in cash. I don’t have to worry about my neighbors getting foreclosed on, someone being upside down on their property or negative equity…everyone that owns …owns outright with 100% equity. I like that fact.
I very seriously doubt the area will go downhill in the future in areas like Santaluz. Of course I can’t say for sure but I feel comfortable in that regard.
I don’t consider myself “independently wealthy”. I worked VERY hard for the money that I have since a very young age. I know my net worth is relatively high for my age but I’d say I’m far from independently wealthy. I’d say even being a multi-millionaire these days isn’t saying much. A million bucks isn’t what it used to be and inflation should become a problem in the future. A government can’t just keep printing money with no consequences.
But we do plan to buy our property with no mortgage so we won’t have to worry about that monthly expense. But we are potentially budgeting in for HOA/Mello Roos taxes.
Thanks again for your thoughts on the area. I’ve found many people are really down on the area without even visiting it. I’ve had realtors that have lived in SD all their lives tell me not to buy there…then when I ask them if they have ever visited they admit they haven’t which seems strange to me to advise against buying in an area without visiting it…..
