February 13, 2007 at 8:00 PM #8392
I’m a longtime Pigginton lurker, and like may of you have been waiting for the market to settle down somewhat.
We took a look at Eureka Springs in Escondido, and are wondering what your opinion is of it.
They were very busy with people viewing the models as well as talking to the agents. It was quite a shock as we have been visiting the Chula Vista area (Otay Ranch, Eastlake, Windingwalk) lately and their sales offices have been empty for the most part.
Their Plan 3 is about 3,600 sf on a 7K-10K sf lot. It is running roughly $605K-$610K. I love the house and the fact that they have large yards.
We would commute to downtown, which would be a major pain, but we’ll do it if we find something. I’m really interested in this, except for the following:
Taxes & Mello Roos are 1.7% (Otay Ranch is 1.9%)
HOA’s are $195/month (no pool or ammenities) (Otay Ranch is $115.00)
The neighborhood is literally RIGHT BELOW Dixon Dam. You can see it from the back yard. Really. We live in earthquake country, so I’m pretty positive that can’t be a good thing. lol.
They are offering good incentives right now.
I’m just a little torn as I LOVE the house, but the fees just kill me. They are going to be building more phases, and extending it across the street.
We really want to have a new home, but we’re having troubles finding something that doesn’t have the dreaded Mello Roos.
I know many of you will say to wait several years, but frankly we are ready to buy something, if we can find something nice that is within our range.
What is your opinion of Eureka Springs?
Know of any nice Mello Roo-less areas that have yards and are under $650K? lolFebruary 14, 2007 at 11:38 AM #45370anParticipant
The only are that fit your description are older areas. I don’t remember seeing any new places that doesn’t have MR.February 14, 2007 at 11:50 AM #453724plexownerParticipant
I can’t stand to drive in traffic
Before I could even think about buying in Escondido KNOWING that I was going to commute downtown everday I would have to see what the drive on I-15 was going to be like
Buying an “affordable house” does not make sense to me if it means I will then be spending 3-4 hours of my life EVERYDAY sitting in traffic on the freeway
If you aren’t familiar with the traffic on I-15 perhaps you could stay in a motel in Escondido for a week and see how the commute isFebruary 14, 2007 at 12:12 PM #45378AnonymousGuest
No, but there are areas in the high 600s/700s/800s/900s that do not have mello roos in much nicer areas. If you are planning to stay there a long time, consider the long term costs of mello roos and HOA fees. Let’s say they are $500/month. Consider this:
$610,000 =Value of $500/Month in 30 years at 7% return.
$80,000 =Present value of this today, 7% discount rate.
If you can afford to pay $500/month in HOA and mello roos, you can afford to spend close to 100k more on a home in a nicer area that has no mello roos and HOA, follow?
Here’s some properties that fit the bill. Click on the one’s that are green, meaning less than 750k. Specifically, look at the ones south of La costa Rd, west of Rancho Santa Fe Rd., east of El Camino Real and north of Encinitas Blvd. Extremely nice areas, good schools, 2000 sqft. homes, 600k+ and no mello roos, low to no HOA. Easier commute for you as well.February 14, 2007 at 12:55 PM #45387
Thank you for the link juice. I will check it out.
We are looking for a place that we can stay in long term, which is another reason I prefer to not have the high fees, as it really adds up.
Thanks again for your input everyone.February 14, 2007 at 1:11 PM #45391debshultzParticipant
The commute is totally out of the question…don’t know anyone that does it that is not beyond miserable. (This from someone who has commuted in the Northeast, Northwest, Northern California,,,,,nothing comes close to the horror of the 15.February 14, 2007 at 1:33 PM #45400CardiffBaseballParticipant
Juice describes a nice area that I am quite familiar with. Not interested in buying, but will probably stay in this area, pending not having to move the kids from one Jr. High to another.February 15, 2007 at 7:59 AM #45474JJGittesParticipant
Juice is right. My rule of thumb is it takes $600 a month to service $100k of mortgage. So, if the mello roos and HOA add up to that, make sure you look at alternative w/0 MR and HOA that are $100k more, and perhaps in better/closer areas.February 15, 2007 at 11:59 AM #45498recordsclerkParticipant
K Hovnanian has a new development in Fallbrook. The yards may be smaller, but the price in the range you are looking for. They are smaller homes, but the plan 4 if I remember correctly is over 3,000sq feet. They are having some kind of party this weekend with free food/drink. I think they are releasing a new phase. There is also a KB development in Fallbrook and Oceanside with no MR with prices in the low $700’s. There is a development in La Mesa (almost sold out) called Serra-Mar with no MR with prices in the low $700’s.February 15, 2007 at 1:28 PM #45511gnosisParticipant
Wait another 2 years to purchase….really. Wait.February 15, 2007 at 1:28 PM #45512gnosisParticipant
Wait another 2 years to purchase….really. Wait.February 15, 2007 at 1:59 PM #45514AnonymousGuest
Those K Hovnanian homes are in the 400s…February 15, 2007 at 6:50 PM #45543
Fallbrook = longer distance than Escondido to downtown. While I like the lower prices up there, I don’t know if my sanity can take it, but I’m going to look into it. I appreicate the information as I hadn’t seen that community.
We’re looking for a home for the long haul, and we’re not looking to sell it in a few years, so I figure if we find something that we like and is not totally insane as far as the payments go then we will go ahead and buy. Based on history, I can’t imagine a house that we buy now will be worth less in 20 years.
Tomorrow we are going to look at some other areas in Chula Vista (Eastlake). Since we work downtown this would be a good option for us. I know they have stupid MR’s, but I want to check out a few I saw online that are a bit larger and still within our price range.
We’d like to find the largest sf we can afford in a decent area. We’re not looking for a starter home.February 15, 2007 at 8:41 PM #45551BugsParticipant
The Hovnanian project off of 76/I-15 is right off the freeway. Eureka Springs requires driving over surface streets all the way through Escondido. In this case, the Hovnanian homes are a little farther away from downtown but it would be a slightly faster commute. As long as the freeway isn’t backed up.February 15, 2007 at 8:55 PM #45552
Thanks Bugs! Maybe we’ll take a drive up there and check it out.
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