7425 Rancho Cabrillo Trail

[gn]

I’m curious about the following property, which is being advertised as:

Former model home “short sale must sell now” …

7425 RANCHO CABRILLO TRAIL
San Diego, CA 92127
MLS#: 071054532

It sounds very desperate. I wonder how much the owner currently owe. Does anyone know ?

[Duck]

Looks like there is $1.7 MM in loans with a $1.5mm first and 200k second or HELOC. It doesn’t show up as being a NOD yet so maybe they have worked something with the lender.

[Duck]

Looks like there is $1.7 MM in loans with a $1.5mm first and 200k second or HELOC. It doesn’t show up as being a NOD yet so maybe they have worked something with the lender.

[gn]

Duck,

Thanks for the info. Is it me or does it seems like Santa Luz has a lot of short sales ? On top of that, the melo-roos is very high there. I think Santa Luz has the potential to become a “Foreclosure-ville”.

[gn]

Duck,

Thanks for the info. Is it me or does it seems like Santa Luz has a lot of short sales ? On top of that, the melo-roos is very high there. I think Santa Luz has the potential to become a “Foreclosure-ville”.

[Duck]

I do know their taxes, HOA, Mello Roos and then club membership is huge, but I think most of those buyers knew what they were gettting into. On a $1.5mm house I believe you were lookng at nearly $30,000 per year in all those extras if you wanted just a social membership at their clubhouse. I’ll check into some NOD’s and NOT’s in that area later this week and see if there’s much activity.

[Duck]

I do know their taxes, HOA, Mello Roos and then club membership is huge, but I think most of those buyers knew what they were gettting into. On a $1.5mm house I believe you were lookng at nearly $30,000 per year in all those extras if you wanted just a social membership at their clubhouse. I’ll check into some NOD’s and NOT’s in that area later this week and see if there’s much activity.

[Duck]

First off, I don’t know much about Santaluz other than driving by it on the way to soccer games, but there are some delusional sellers in there and many already in trouble. A quick search showed an active/pending ratio of 11 to 1 (76 actives) which is a huge discrepancy. 2 of the 7 pendings are bank owned. Only one pending sale is over $1,750,000 but about 30 active listings are over $1,750,000. I’m not sure how many homes are actually in the community, but if it’s less than 2,000 that’s a lot of homes for sale. Just about every listing is offering some incentive like paying Mello Roos and membership fees for 2 or 3 years. How about just dropping your price $100k or 200k? The one listing with a $10k Cartier shopping spree in Beverly Hills for the selling agent is very nice. I’m sure they’ll disclose that to the unsuspecting buyer if they ever find one.

It looks like there was a huge runup in 2003 and 2004 (like elsewhere), but some were just crazy. There was a small one story that was flipped for a $300k gain in about 6 months and the orignal purchase was in the 600’s.

I expect a lot more inventory in the Fall and Spring ’08 when the next tax bills come. Again, I don’t know anything about this community, but it seems due for a big hit. Supply and demand.

[Duck]

First off, I don’t know much about Santaluz other than driving by it on the way to soccer games, but there are some delusional sellers in there and many already in trouble. A quick search showed an active/pending ratio of 11 to 1 (76 actives) which is a huge discrepancy. 2 of the 7 pendings are bank owned. Only one pending sale is over $1,750,000 but about 30 active listings are over $1,750,000. I’m not sure how many homes are actually in the community, but if it’s less than 2,000 that’s a lot of homes for sale. Just about every listing is offering some incentive like paying Mello Roos and membership fees for 2 or 3 years. How about just dropping your price $100k or 200k? The one listing with a $10k Cartier shopping spree in Beverly Hills for the selling agent is very nice. I’m sure they’ll disclose that to the unsuspecting buyer if they ever find one.

It looks like there was a huge runup in 2003 and 2004 (like elsewhere), but some were just crazy. There was a small one story that was flipped for a $300k gain in about 6 months and the orignal purchase was in the 600’s.

I expect a lot more inventory in the Fall and Spring ’08 when the next tax bills come. Again, I don’t know anything about this community, but it seems due for a big hit. Supply and demand.

[New_Renter]

Just as a point of clarification, this house (as well as a number of other short sales/bank-owned) is in Pardee’s Mirasol development. Mirasol (and Santa Monica next door) are actually not part of Santaluz and don’t have Santaluz club membership. They were developed as seperate gated communities. People get fooled because they are located right next door. You even see some unsavory agents “implying” that they are part of Santaluz. Their fees are quite a bit lower than Santaluz. I believe both Santa Monica and Mirasol have a small club house/pool, and that’s about it. Mirasol’s HOA is $240, which is quite a bit less than Santaluz $400+. They still do have a hefty Mello-Roos, like Santaluz, but no Club membership fees. Other Short Sales there are 7419 and 7371 Rancho Catalina, plus Santa Monica has a Short Sale at 14629 Arroyo Hondo. I’m sure there are others. Some of these short sales should go for less than $300/sq. ft.! Perhaps we will see some going into the low-mid $200/sq. ft. before all is said and done!

I would love to hear from anyone that bought at these two developments as to what they like/dislike about living there (besides experiencing Santaluz envy!).

[New_Renter]

Just as a point of clarification, this house (as well as a number of other short sales/bank-owned) is in Pardee’s Mirasol development. Mirasol (and Santa Monica next door) are actually not part of Santaluz and don’t have Santaluz club membership. They were developed as seperate gated communities. People get fooled because they are located right next door. You even see some unsavory agents “implying” that they are part of Santaluz. Their fees are quite a bit lower than Santaluz. I believe both Santa Monica and Mirasol have a small club house/pool, and that’s about it. Mirasol’s HOA is $240, which is quite a bit less than Santaluz $400+. They still do have a hefty Mello-Roos, like Santaluz, but no Club membership fees. Other Short Sales there are 7419 and 7371 Rancho Catalina, plus Santa Monica has a Short Sale at 14629 Arroyo Hondo. I’m sure there are others. Some of these short sales should go for less than $300/sq. ft.! Perhaps we will see some going into the low-mid $200/sq. ft. before all is said and done!

I would love to hear from anyone that bought at these two developments as to what they like/dislike about living there (besides experiencing Santaluz envy!).

[Author]

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