Camino del Sur

[privatebanker]

I know we’ve all enjoyed seeing the feeding frenzy of condo builders downtown but has anyone been keeping an eye on the Camino del Sur planned community? This is a huge project that is underway and there are several homebuilders involved. I went to see what was going on about a month or so ago and was amazed. There were a lot of people looking at the model homes. I went again recently and prices are already being reduced and they haven’t even finished building the first phase it appears. It was almost a ghost town with practically no one looking at the homes except for a couple of foreign people who obviously have no clue of the current predicament. Of course they (HBs) are telling visitors that “a lot has already been sold”, which means, a lot of people have put down their small deposits and haven’t really gone through with financing, etc. With HOA’s & a 1.8% property tax rate, this will be very entertaining to watch. The timing of the project is creating the perfect storm for the homebuilders involved. This could easily end up being a half built town.

[ocrenter]

they got a real bad deal going for the future homeowners there.

there’s the mello roos as explained above.

there’s also a social tax. taken at the time of purchase, that goes into a social fund that will pay for hiking trips, BBQ’s, and varioius clubs they want the owners to join. In essence, kinda like a fee charged to join a frat back in college.

the HOA jumps by $150 from now to built-out. why? because at built-out, the Ranch House that the builder is using will be sold back to the HOA. So each and every homeowner will forever pay $150 extra per month for a Ranch House the builder’s sales staff got to enjoy brand new.

Does anyone know when they will actually open the connection between Camino Del Sur and Camino Del Norte?

[MANmom]

My husband and I looked at this new development not long ago, I have been on the mailing list for a long time. The houses are full of design flaws, strange floor plans, no yards (I guess the huge park across the street with a gated pool must suffice for your yard), and the 1.8% tax rate just amazed us. Not only are you stuck with a huge mortgage, you are nailed with a crushing tax rate – I asked the salesman for how long, he said for 40 years! I want to think that he just didn’t know what he was talking about, that seems so extreme. He was clueless. But we just shook our heads…

[Carlsbadliving]

It’s opened at San Dieguito Rd but I haven’t driven down it yet to see if it goes all the way to Camino Del Norte. That connection will be nice, as will the connection of Carmel Valley Rd and Bernardo Center Drive.

[JJGittes]

I haven’t been to this one, but I have been to Bressi, twice. Similarly high tax/MR rate, and an HOA fee of $210 a mo., as I recall. Also, teeny tiny lots on the houses below a million. You had better like your neighbors, and cross your fingers nobody buys a yapping mutt within the zone of about 8 houses around you. kind of like Georgetown type row house living, except you are in a suburb 35 miles from downtown SD.

[masayako]

All 4S ranch lots are small. It’s only good if you like to check out your neighbors’ BBQs once in a while.

[privatebanker]

I just thought that everything about this development was completely unrealistic. It was almost as if the sales people had a tongue in cheek expression on their face as people would come in and out of the model homes. Pretty suspect if you ask me. Who in their right minds would commit to such a high tax burden along with the rising costs of a mortgage and not to mention the built out HOA fees. This is why these developers are going to be doomed here. This development will surely be a tragic event that will be remembered during the “Great Housing Boom of the early 2000’s”.

As a side note, the first time I visited this place, there was a band playing in the park and there was a greeter at the entrance of the project. The most recent visit had no band or greeter. Not to mention the sales staff appeared to be significantly reduced. Maybe margins have gotten so tight, they can’t afford those extras.

[powayseller]

I looked at some rental houses in 4S ranch in late December. One house was real nice, but when I step outside, I feel like my neighbors are looking down on me. From the master bedroom, I can see into their yard, just a few feet away. I didn’t understand why anybody would ever buy a house so close to the next…I would never ever do it.

The second house had 4 bedrooms also, but each room was so tiny, that I felt claustrophobic. The backyard faced a busy street, and had one of those glass noise reducing fences, so you really have no privacy in your own yard.

Why would anyone buy a house like these? I didn’t even want to rent it.

I saw some construction just west of 4S ranch. Is that the area you all are talking about? I was told the builder was rushing to finish the houses before interest rates got too high.

I think the matchbox-size lots will be harder to sell in the downturn. The buyers of these homes were short-sighted, and I still can’t figure out why anyone would buy them. It’s a crazy way to live. Have you ever driven on the freeway, and seen communities of squished-together homes, separated by large fields? It seems so wrong to build like that. Why didn’t the builder buy those vacant fields, and spread the houses out a little bit? The are west of Rancho Penasquitos is like that too. Is that Carmel Valley? Big expensive homes on mobile home sized lots. Those small lots don’t do justice to the size of the home.

Does anyone else think the teeny lots are insane? How can you get a real tan when you have to keep all your clothes on all the time, in case the neighbor happens to look out his window? It’s crazy…

[privatebanker]

Hi PS,

The development is somewhat NW of 4S ranch. If you stay on Camino del Sur, you can’t miss it because it’s at the end of the road.

Please define “real tan”. That sounds interesting (just kidding, cheers!)

[novice1027]

My husband & I just looked at those houses in Del Sur last weekend. Most of the yards were the size of postage stamps. Then we went down to see the homes at the far end of the community starting at 1.3 mil and up. They were nice houses, with big lots, but the HOA start at $330/mo, add taxes, plus if you want you can join their health club/resort to the tune of $250/mo. But not to worry they cover the annual fee for you.
Between the HOA and taxes, you will be paying $2,000/mo for the rest of your life, not including your mortgage. CRAZY!
Sign me up!!!!!!!!

[rankandfile]

I hate the small lots, too. That’s one of the biggest reasons why I didn’t buy back around 1998-1999, just before prices really got out of hand. I couldn’t bring myself to live so close to my neighbors…close as in they can hear you if you are not careful.

HOA stands for Huns of America as far as I’m concerned. Yeah, I’m going to pay $250/mo to fund some blue hair driving around the neighborhood in a golf cart and fine me for having a stain on my lawn or driveway. Where do I sign up?

Don’t worry, supply and demand is always at work and we just have to be patient and not foolish enough to buy into one of these dogs with fleas…because that’s just what they are.

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