Big Losses in Del Sur

[sdcellar]

Raybyrnes– If you had family income of $250K a year, you’d look elsewhere. People who make that kind of money have a whole ‘nother level of expectations.

[ocrenter]

sdcellar, you mean that apartment at the end of paseo del sur (on your left hand side as you drive west on Camino del Norte) is actually section 8?

BMIT posts on Del Sur

[LostCat]

Fat_Lazy_Union,

There is Section 8 up in Del Sur. It’s on the far eastern end of the development. It’s a fairly large apartment complex that sits between 4S and Del Sur. You can check out the future development for the area here. They haev a long way to go. http://www.blackmountainranch.com/

The property tax is 1.9%, plus HOA $175, on a $600k house, you’re look at an additional $1,000 a month in property tax. No community is worth that. Plus, the one lane road they built heading south to 56 is already a nightmare in the AM commute. town’..

[sei676]

According to stanpac, at least in the Cabrillo development, Mello Roos can increase by as much as 2% a year and have a duration of 35 years. I’m no expert on Mello Roos but this seems like a lot to me.

i don’t know what asphalt costs these days, but seems like they should have it covered for those kind of fees. maybe will have some money left over to build a new stadium for the Chargers as well?

[PadreBrian]

The max tax is 1.9%, and yep it’s for 35 years. lol

[ocrenter]

i don’t know what asphalt costs these days, but seems like they should have it covered for those kind of fees.

according the the amount of mello roos they charge now compared to 2002, the price of asphalt should have increased by at least 2-3x.

[sdcellar]

ocrenter– Just confirming what LostCat said, but yeah, those apartments are the section 8s.

On Mello-Roos, I’m curious if anybody knows the extent to which developers used to cover those costs. It’s really quite amazing they’ve been able to sucker people into paying a higher percentage of higher property values for it.

It seems like both the city governments and developers have colluded to extort ridiculous amounts of money from new homebuyers. Poway must love the money they’re getting. 4S Ranch and Del Sur must have helped with their recent major remodels of Poway High School and Midland Elementary. The latter of which was basically torn down and re-built, and neither of which serves 4S or Del Sur.

[patientlywaiting]

I agree that Mello Roos is local government and developer collusion to extract more money out of home buyers.

There should be a taxpayer revolt against it and do away with Mello Roos completely. That way builders will have to charge more for the houses. If buyers don’t buy, then builders have to cut the prices. It’s that simple. As a buyer, it works out to be the same. Either you pay with the mortgage or through Mello Roos tax.

Mello Roos is a hidden tax that few buyers paid attention to when house were appriciating at double digit. Now they feel the real pain.

[patientlywaiting]

So several months ago and went to Del Sur and Pacific Highlands Ranch with some friends and dissuaded them from buying.

You’d think that they would be kissing my feet right now. Well, no, they are still “working” with their Realtor. Well, I’m done with these people, let them catch the falling knife.

Of course, ocrenter, one of most reliable bloggers posted an excellent update on the very same homes I’ve been tracking. Thanks, ocrenter.

http://bubbletracking.blogspot.com/2007/11/thanksgiving-del-sur-style.html

[patientlywaiting]

So several months ago and went to Del Sur and Pacific Highlands Ranch with some friends and dissuaded them from buying.

You’d think that they would be kissing my feet right now. Well, no, they are still “working” with their Realtor. Well, I’m done with these people, let them catch the falling knife.

Of course, ocrenter, one of most reliable bloggers posted an excellent update on the very same homes I’ve been tracking. Thanks, ocrenter.

http://bubbletracking.blogspot.com/2007/11/thanksgiving-del-sur-style.html

[patientlywaiting]

So several months ago and went to Del Sur and Pacific Highlands Ranch with some friends and dissuaded them from buying.

You’d think that they would be kissing my feet right now. Well, no, they are still “working” with their Realtor. Well, I’m done with these people, let them catch the falling knife.

Of course, ocrenter, one of most reliable bloggers posted an excellent update on the very same homes I’ve been tracking. Thanks, ocrenter.

http://bubbletracking.blogspot.com/2007/11/thanksgiving-del-sur-style.html

[patientlywaiting]

So several months ago and went to Del Sur and Pacific Highlands Ranch with some friends and dissuaded them from buying.

You’d think that they would be kissing my feet right now. Well, no, they are still “working” with their Realtor. Well, I’m done with these people, let them catch the falling knife.

Of course, ocrenter, one of most reliable bloggers posted an excellent update on the very same homes I’ve been tracking. Thanks, ocrenter.

http://bubbletracking.blogspot.com/2007/11/thanksgiving-del-sur-style.html

[patientlywaiting]

So several months ago and went to Del Sur and Pacific Highlands Ranch with some friends and dissuaded them from buying.

You’d think that they would be kissing my feet right now. Well, no, they are still “working” with their Realtor. Well, I’m done with these people, let them catch the falling knife.

Of course, ocrenter, one of most reliable bloggers posted an excellent update on the very same homes I’ve been tracking. Thanks, ocrenter.

http://bubbletracking.blogspot.com/2007/11/thanksgiving-del-sur-style.html

[Anonymous]

I have family income as described above and the only expectation I have is a realistic price. My constraint, as with most of my peers, is that I already own a home in another state that I do not intend to sell. Carrying a $4k mortgage in San Diego in addition to the other house doesn’t make sense. So here we are, waiting to buy until house prices make sense in SD. It’s happening but I don’t see buying until mid 2009 at the earliest.

[Anonymous]

I have family income as described above and the only expectation I have is a realistic price. My constraint, as with most of my peers, is that I already own a home in another state that I do not intend to sell. Carrying a $4k mortgage in San Diego in addition to the other house doesn’t make sense. So here we are, waiting to buy until house prices make sense in SD. It’s happening but I don’t see buying until mid 2009 at the earliest.

[Author]

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