I understand your points, but just a few things that you are assuming:
1.) Someone is looking for a good, public school district. Many of the owners up here send their kids to Christian or Catholic schools or home school, and aren’t concerned about “buying into” a good school district. Also, several owners are older and empty nesters and aren’t concerned about this.
2.) People don’t mind paying Mello Roos. Most if not all of the homes in 4S Ranch charge some type of Mello Roos in addition to their mortgage. There is no Mello Roos in Sky Ranch.
3.) People don’t want to live in Santee or East County. On the contrary, many people have family out here or have jobs out here, which makes living in Sky Ranch very convienent.
Overall, I’m just saying that not everyone is looking to live in 4S Ranch. There is demand for new housing in East County / Santee. It may not be the large demand that you see in RB or CV, but it does exist.
Why else would NorthStar condos be almost sold out (3 or 4 condos left out of approx. 200) Why else would EaglePointe be almost sold out, with the last phase release this month, and they already have high demand for the last phase. Why else would Crestview homes be selling very well?
Not everyone is sold on living in 4S too, because those homes were all built during the boom, when people were taking part in lotteries just to get a house. Now, the 4S area is very concerned about foreclosesures and competing with those home sales and decreased values. Why else does it have the nickname, 4Closure Ranch??
Sky Ranch is newer, 2008-2009, and was already severly discounted to match the current market. Once these homes sell out, it will be tough for many to buy up here, for those people who demand a nice home in Santee.
Sure, the $400-$500k range is key for most of Santee. Many nice but old homes sell in this range in other areas of Santee, but for living on Rattlesnake Mountain in a new community, you will pay a premium over that, putting you in the $500-$600k range.
And to your point about there not being many 4,000 sq. ft. homes in Santee is EXACTLY my point, supply and demand, ECON 101! Sky Ranch offers this to those who want it, and the mountain is significantly seperated that it can exist amoung the middle to lower end housing throughout the area.
PS – Have you seen the new EaglePointe homes going for around $650 and the large home sites with great views? These are very nice homes.
