Okay, this one is in my former neck of the woods so I can tell you about anything you want to know about that area dating back to when SFH was started.
First, about the financing: it depends on your age and other factors definitely, but as a general rule I would advise you to put 25% down and keep the rest of your cash readily available. This gives you enough down to get the best rates, but keeps you liquid in case other things arise (such as a long bout of unemployment – very possible). Getting a 75% mortgage also allows you a sizeable deduction to ensure you can itemize and rates are very low right now. Not as low as last month, but still very low historically speaking. Get that mortgage now, not in 5 yrs when you realize you have nothing to deduct and need the cash for other things.
As for SFH, I used to walk by the house in question daily for years….that is how close I used to live. The location is very nice, as you state. You probably haven’t walked down there yet, but there are 3 lakes in the valley below and they make for an excellent nature walk. Very soothing. For about 5 years, a small developer has been trying to extend Las Posas and build homes on the hills (San Marcos Highlands) to either side of Las Posas that are 2-3000sf on half acres. That developer has never been able to get the numbers to work out, and just a few months ago I read where a conservancy group is about to purchase the land because it is the headwaters to Hedionda Creek which, further down in Carlsbad, feeds the lagoon. The group that fought the Highlands development for years still has a website:
The North County traffic plan had called for Las Posas to become a 4 lane road all the way up to Buena Creek Road, but SFH residents have fought that and the current general plan calls for a 2 lane road up to Buena Creek Road. It was supposed to have been completed in 1999, but I would not doubt it will take an additional 10 years for it to happen, if it ever does. That road is something to consider since your home would be 3 houses in. Not a major problem, but you should be aware of the plans.
You may have noticed that the lot to the left of the house is empty. That is because the underground water aqueduct that supplies water from North Calif to San Diego runs through that lot and the open space on the other side of the road…that’s why it is there. There has never been a problem with that aqueduct and, personally, I wouldn’t give it a second thought. I see it as a benefit because it keeps those spaces open.
The next three homes on the other side of the aqueduct used to be the models when those homes were built and I’m pretty sure I still have the brochures should you happen to buy that home.
Those homes are the largest in SFH and if I’m not mistaken originally sold in the high 300s and low 400s and peaked in the 800s at the height of the bubble. People were trying for 900s but I’m not sure they ever made it…being the largest homes in an area can make it tough to get top dollar for your home when you sell.
As far as the home itself, it was built by KB Homes (Kaufman and Broad back then) and they were called the Brentfield tract. They are nice homes and the view out the back is very nice…it should be very quiet for years to come.
As for SFH, it is nice. Easy freeway access, easy access to shopping and restaurants. One thing to watch out for: you will likely not get any cell phone reception. About 4 years ago they must have removed a cell tower somewhere and that valley stopped getting reception – it is surround by hills in the shape of a horseshoe, basically. The cell companies tried attach cell receptors to a light pole in the park, but resident threw a fit because it was close to the elementary school. Well, they are paying for that little hissy fit now. Maybe it has changed since I moved – CHECK YOUR CELL PHONE when you tour the house.
As you know, there is no HOA in SFH and that is one of the reasons we moved there. I had been in an HOA before and got fed up. The freedom in SFH is nice, but I can tell you there is a flip side. Some of the homes there have done some very weird things and some of the yards look very shabby. Walk around the entire area (don’t drive…you can’t get a real feel for things) especially the older areas towards the south and by the college to see if that is acceptable to you because that is what YOUR area will look like in 5-10 years.
We have since moved and bought another house in San Marcos. San Marcos is one of the few cities in SD county that is actually doing fairly well, budget wise. No city layoffs and the city actually has a reserve of $50M. Also, look at the streets in San Marcos. They are very well maintained…no broken asphalt, well marked. Contrast this with other cities, especially any area in San Diego including RB.
You’ll hear people on this board carp about San Marcos, but almost all of them have never lived in San Marcos (so they are in a poor position to judge) and put way more value on image than I do. San Marcos is not upscale, but you get excellent value for your money. In both SFH and my new neighborhood, I’ve had some very nice neighbors, which include 3 pilots, a dr, and many other professionals. SFH is safe as is the rest of SM.
You’ll also hear people carp about the schools. Again, almost all of them have never had kids in SMUSD schools. The schools are above average and safe. My kids went on to universities as did most of their friends. You can get a perfectly good education in SM and the teachers we interacted with were great. If reputation or image is important to you go elsewhere. But if you want a great low-key school district where your kids will be safe, SM is a great choice. Your kids will go to Paloma Elementary (a great school, I’ve spent many years in those halls), San Marcos Middle School (dated and not in the best location, but it is OK…my kids loved it though I was on the fence. I didn’t interact much with the teachers there so I can’t vouch for that), and Mission Hills High School (a fantastic facility – I encourage you to take a tour).
I think I’ve given you a good overall view and answered most of your questions. I can’t tell you what that house is worth since I have not been house shopping for awhile – only someone who has toured homes on the market RIGHT NOW can give you a fair opinion.
If you have any other questions, please ask. I’ll give you the straight scoop from my perspective.
