BELLASARIO in Stonebridge

[kcal09]

We visited the models at “Bellasario” in Stonebridgeand liked them but found them way overpriced. We noticed that home prices have increased over 20% within a year. Do you think the prices will come down again with interest rates going up or are the prices going up even more? Also, what do piggs who know Bellasario think about these homes?

[localguy]

Currently they seem to have buyers sustaining their goal of two sales a month, hence the higher price in relation to Toll Bros. Realistically once the more desireable view and/or large lots sell out, it would seem that the prices should come down for the remaining basic tract home lots. Yet having buyers who need housing and have money, well, that makes it interesting to observe this micro area. Regarding the home layouts, they are nice, and I like that they offer a single story.

[upwardspiral]

I have walked through the Toll Bros and Bellasario models twice and like them both. A neighbor told me that one of the builders (not sure which) held an auction over the weekend to sell the model home décor. My wife was bummed as she likes those auctions. If my neighbor was correct about the auction, then I would assume that one of those builders must have sold all of their homes.

[recordsclerk]

I think Stonebridge in general was under valued during 2008-2012 years. I don’t see the area going down in the near future. That being said, it would take a lot of things to happen before we see prices like we did in 2008-2010. I don’t think interest rates will have any micro affect on the area. Maybe rates over 6% will have a larger affect on housing in general. I thought Bellasario was over priced when released. In hindsight I think they priced it just right. Once the distressed inventory worked it’s way through the system, prices have bounced back with a vengence.

[sunny88]

Stonebridge was massively overvalued between 2005 to 2007 and was less overvalued from 2008 to 2010. It was never undervalued compared to more desirable neighborhoods such as Poway. It is becoming very overvalued again given the location.
However, I would not be surprised if the prices are going up even higher due to shortage of new homes.

[ocrenter]

[quote=sunny88]Stonebridge was massively overvalued between 2005 to 2007 and was less overvalued from 2008 to 2010. It was never undervalued compared to more desirable neighborhoods such as Poway. It is becoming very overvalued again given the location.
However, I would not be surprised if the prices are going up even higher due to shortage of new homes.[/quote]

So if it was never undervalued, then it is your position that $170-180 per sqft is of normal value? that’s less than replacement cost for these homes.

I know you feel Poway is much more desirable for you, but I don’t think that’s an objective viewpoint at all.

[sunny88]

[quote=ocrenter][quote=sunny88]Stonebridge was massively overvalued between 2005 to 2007 and was less overvalued from 2008 to 2010. It was never undervalued compared to more desirable neighborhoods such as Poway. It is becoming very overvalued again given the location.
However, I would not be surprised if the prices are going up even higher due to shortage of new homes.[/quote]

So if it was never undervalued, then it is your position that $170-180 per sqft is of normal value? that’s less than replacement cost for these homes.

I know you feel Poway is much more desirable for you, but I don’t think that’s an objective viewpoint at all.[/quote]

I have not seen homes selling for $170-180 per sqft unless short sales. In my opinion the MR is a huge drawback compared to Poway. Also, Stonebridge is too far away from sshopping areas. I do like some the the homes though.

[ocrenter]

[quote=sunny88]

I have not seen homes selling for $170-180 per sqft unless short sales. In my opinion the MR is a huge drawback compared to Poway. Also, Stonebridge is too far away from sshopping areas. I do like some the the homes though.[/quote]

There were so much distress from ’09 to ’12 that foreclosures and short sales were essentially the market value. I think the lowest price per sqft actually got down to less than $165, and that was a regular sale. So Stonebridge was undervalued during those few years.

You are right about the MR, but for those 4 years, homes were so undervalued that even after factoring in MR payoff, some folks were still looking at less than $190/sqft.

I would say there’s a lot more shopping options in regard to Stonebridge vs Poway. But like I said before, this is very objective as shopping preferences do vary individually.

[recordsclerk]

I think one of the main reasons it was undervalued was the massive distressed inventory that needed to be unloaded. If these homes were built between 1999-2001, I don’t think we would have seen prices in the in the mid $100 per sqft, even with MR. Remember these are also large lots that are not factored into the price per sqft equation.

[upwardspiral]

We really like Poway and tried for several years to find the right home there. In the end we opted for SB partially because we found Poway to be a little ‘spotty’ in regards to consistency of homes. We also had a hard time finding a home with a modern floor plan that we could enjoy w/o having to remodel.

We purchased in SB in 2011 for less than $190/sqft. This was for a home that was only a few years old. No remodeling necessary. No large (or small for that matter)maintenance or repairs to pay for in the near future. We were happy to choose MR over the possibility of remodeling an older home.

Please do not get me wrong. We have nothing against Poway, but we are extremely happy we chose SB. It was the right decision for us.

[Author]

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