Airoso

[an]

It seems like the builder is leading the way down. I’ve been following Airoso development in Carmel Valley since it started. It started around mid 500s, then go as high as high 500s and low 600s. Now, the developer has this house for sale: 13053 CANTA CORE, SD – Carmel Valley, CA 92130 @ $499k. On their website, that model is selling for $542,900. So that’s almost 10% off the current price and over 15% off price from last year.

[Daniel]

Yeah, I saw that, too. Factoring in the broker fee, they sell it for about $485K. That’s not too bad. I consider about $450K to be a fair price for those units (but I’m not as bearish as most on this forum).

[an]

I would consider $400k as fair price since rent for those will be around $2100/month. You’ll be breaking even after tax deduction if it’s $400k.

[Daniel]

You may be right with the $400K estimate. I now remember that they also have fairly substantial HOA and Mello-Roos fees, so that should be compensated by a lower price as well.

[SDbear]

This is unraveling faster than I thought. I saw a halcyon unit for sale today at 450k (1316sqft). I remember similar units selling during the peak for above 550k. I understand we can’t compare two different units. But I never thought that I wud see a halcyon unit with similar sq.footage for under 450k so early.
With so much of inventory, such steep decreases wud be real nasty.

[an]

Yeah, it’s unraveling much faster than I thought too. I just heard from my wife that her coworker just bought a plan 2 in Airoso for $465k. Plan 2 is listing @ $560k right now and it was $580-590k just beginning of this year. So that’s a little less than 20% from current asking and and over 20% from just 1/2 a year ago. Talk about free fall.

[powayseller]

asianautica – I thought you use a 100x rental multiplier, so with a rent of $2100, the most one would pay is $210K. Can someone elaborate on the landlord/investment property rules?

[PerryChase]

asianautica, looks like you like the Airoso development. What do think of that project compared the William Lyon developments (Promenade and Sunset Cove) off the 163 (no models yet)? Prices and features are about the same and I like the central location better.

There’s also Shona/Cabrillo by Lennar in Point Loma.

[an]

I don’t know about the other development, so I can’t really tell you. I just like Airoso for the location, price, and size. I work in Sorrento Valley and my wife work in La Jolla, so my top location is Sorrento Valley and Carmel Valley is second. Personally, I don’t want to live all the way down in Point Loma because we both would hit traffic on the way to work and home.

ps, for rental, I probably would use 120x rental multiplier, so that would put it around $252k. However, for my own personal resident, it’s a little different. I wouldn’t mind paying a little more for my home since i’ll be living there for a long while. I say $400k is the max I would pay, but at this rate, it might be lower by the time my rental lease is up.

[SDbear]

Does anyone have info about unsold inventory in Airoso? I think this project can be the most important factor in reducing prices in 1300sqft range townhomes in CV. I think we should closely monitor this. Also any info about new projects that are similar to Airoso? I remember someone mentioning that there are a lot of projects coming up along 76. I think Daniel, asianautica and others are monitoring this closely. I wud appreciate it if you guys could share your info.

[PerryChase]

I’m looking for similar type projects but in central San Diego. New projects I know of include Shona/Cabrillo in Point Loma, Promenade/Sunset Cove in Kearny Mesa, and Atlas in Hillcrest. Of course there are countless other resale units but those sellers are still in lala land.

Prices on the new projects are definitely coming down slowly with incentives. Builders are still hoping for a rebound but once they see the market head south, they’ll cut prices to unload the inventory.

Keep on looking. You’ll know it when the time is right.

[Daniel]

Sorry, I don’t have detailed info about the inventory. I am familiar with the development and I scan the MLS for builder and flipper units, but haven’t set foot there in about a year.

All floor plans are very similar, and about the same size. Don’t be fooled by the 2-bdr, 3-bdr, and 4-bdr designations. A bedroom can become an office can become a loft if a wall is knocked down or a closet added. That’s pretty much all the difference among various units. I think the largest floorplan is only about 5% larger than the smallest (they average about 1,500 sq ft).

In any case, Airoso is part of the Pacific Highlands Ranch master planned community north of 56. Further north-east, you have Del Sur, and then 4S Ranch even further away. All these projects have a mix of housing, from rentals and townhomes at the low end, up to tightly packed McMansions at the high end.

I personally am looking for SFHs in the 2,000-2,500 sq ft range, but am keeping an eye on the entire market, just in case.

[PerryChase]

I know that there’s some interest in the Airoso development. I looked at this project once.

What do you guys think of the Andalucia project also in Carmel Valley?

I’m not looking for me but for my auntie who’s elderly and retired to SD from Florida. Despite my advice to rent, she would feel better owning. That tells you how brain-washed many are into owning!

[an]

I just took a look at their website and it have to say, their price is a lot higher than Airoso and it’s smaller too. If your aunt really want to buy a TH in carmel valley, I would suggest Airoso. They’re offering a lot of incentives as well as negotiation in the price.

[Desperate4housewithyard4kidswillbuyin2009]

Cassero at Del Sur , I just went by these yesterday. They are around 2100 to 2300 sq feet and start at 588k. Someone on this blog had mentioned that they were 731k previously. I liked the spacious layout inside. However, I didnt like the paired housing bs. Still I thought that they were probably the best deal for new homes around. I still won’t buy till they go down to 450k or less!

What’s really funny is that the sales guy who helped me looked like some kid of the street..Not your typical haughty sales professional like last year and before…

[Author]

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