Expensive McMansion for sale

[Coronita]

[quote=bearishgurl]
[quote]
Well, 1.1-1.3 is around 12% of one’s net worth if one’s net worth is 8 figures at least. So I don’t see relatively speaking why this would be such a big issue, considering many others, that would be roughly 25-30% of one’s net worth and for them they still consider that affordable. Just saying 🙂
[/quote]

flu, do you know if there is a high percentage of homeowners worth 8 figures ($10M or more) residing in tract subdivisions in Carmel Valley? If you know any, do you know why they chose Carmel Valley (when they could obviously afford to buy in CA’s finest well-established communities)?

[/quote]

That wasn’t the point of what I said. I’m sure it will go over most people’s head. But some might get it…Figuring out is left as an exercise for the reader

[quote]
And what would you approximate to be the percentage of homebuyers in Carmel Valley who pay ALL CASH for their purchases in tract subdivisions there?
[/quote]

Don’t know, but enough from what I’ve seen.

[quote]
Because Carmel Valley is the closest community to most of the well-paying tech jobs in SD, I was under the impression that the “worker-bee” homeowner is the prevalent type there (Carmel Valley subdivisions attract primarily the “worker bee” buyer.) Because of this, I never really considered it as a “high-equity” area (area with a high % of paid-off homes), but assumed the majority of homeowners there are saddled with huge mortgages.
[/quote]

CarmelValley ranges from slum homes like mine to 4.5million+ homes, and everything in between.

[quote]
I mean, how many “worker bees” 20 – 45 years old have the funds to pay all-cash for an $850K ++ property? Especially those with families to support.
[/quote]

Plenty, the ones that financially can do it and or make decisions in their lifestyle to be able to afford it, whether as a single income household or as a dual income household. Lawyers, doctors, businessmen/women, enginerds, etc. No different from anywhere else like Encinitas… I think one of my neighbors are a generation Y couple that owns a tattoo shop… So I don’t know what the demographics are for people that have high or low equity. I’m sure with stringent loan standards these days and with super-jumbo loans still tight, I would assume it’s still pretty difficult to qualify for a loan and so most people that are buying at prices these days still have the financial means too.

No different from Poway, which is also expensive, or Scripps Ranch, which is also expensive, 4S which is also expensive, Del Sur, and every other expensive North County area.

[quote]
Most of the demographic which typically DOES have the cash (boomers and older) are “retired” or about to retire and thus don’t have to commute anymore so they can live anywhere they damn well please (with no regard to commute times). If the older set sells their longtime homes elsewhere in SD County and CA, a newish econobox on a 6K sf lot in a very dense area is probably the last thing this group would want to drop a cool $1M on, IMO.
[/quote]

You would be wrong. There are plenty of boomers that lost their Carmel Valley home after HELOCing it to death. My neighbor was one. Thank goodness. I hated them.

[quote]
I realize that there are many very wealthy Gen X and Y “worker bees” in Silicon Valley who might pay all cash for a “million-dollar home” on the peninsula. But a million-plus won’t buy much more than a 1200 – 1600 sf, 60 – 85 year-old ranch home there … a far cry from a SD econobox pretending to be “pretentious,” lol.
[/quote]

Maybe there are some people can actually afford homes here, even at current prices. That said, I don’t know why you have an ax to grind with the (un)affordability and prices in parts of SD. Maybe people actually want to live in some of the lizard land places, and maybe some people dont’ mind paying more and even can stretch to afford it. And looking at it, you and many others were just plain wrong about expecting a 40-50+% correction around here. It never happened, to your disappointment. Maybe 20-25% at worst, but it’s close to peak and in many cases above peak. Anyone that held out all this time did just fine, and in some cases even better once they refi’d. Not that I’m particularly happy about it because it’s just one more dis-incentive to move to a bigger place…

[quote]
Even though Gen X and Y tech workers in SD don’t make as much money (on avg) as SV workers do, their housing expectations are through the roof (after approaching or exceeding $100K annual salaries)!
[/quote]

Again, you would be wrong. There are plenty of Gen X and Y doing just fine. The buyer of the neighbor’s home is a single Gen X that I think paid close to cash for it. Biz owner.. I’m not sure why she wanted to live here, since she’s single, no kids, and I don’t even think has a boyfriend/girlfriend. But when I did ask her why she moved her, she said she liked the convenience and it was a short commute to her office. Whatever floats her boat. And no BrianSD and spdrun, you can’t have her contact info.

[quote]
SV workers are “trained” to accept what housing is available there for the price it is commanding or commute such long distances to work and back that their lives very quickly become intolerable. They have no other choice.[/quote]

Again you would be wrong. Let’s put this in perspective.

An equivalent job for someone in Bay Area would probably be 20-25% in total comp than here. An equivalent home in Mira Mesa for about $600k would run about 1.2-1.3 million for an equivalent home in Santa Clara County right now. That’s why most people in there still rent.

Fact is a dual income family enginerd family that earns close to $285k-$300k/year at least won’t really have a problem with 20-30% down on a $1million home at 4% 30 years. That’s about $4000/month which is roughly what rental prices in Carmel Valley is going for these days (exclude prop tax, MR, insurance,etc). And plenty of people do that too. They might have to make lifestyle adjustments, and spend less on other things, and it might be a personal decision whether one wants to or not. I’m guessing that most of the dual income families that can manage to purchase a $1million home probably aren’t just putting down 20% either. That’s with a household of two enginerds. I’m sure there are folks that are wealthier that can do this on a single income, since last time I checked, enginerds weren’t exactly “wealthy” people by themselves.

[Coronita]

[quote=spdrun]Taxes are about 1.1-1.2% of value at sale, and can increase at 2% per annum to account for increased valuation.

1.2% tax per annum on $1,092,000 is almost $1100/mo ($1092). $42 for HOA. $50 for insurance. Call it $1200 total.

$4000/mo – $1200 = $2800/mo or $33,600/yr.

$33,600 is about 3% of the purchase price of $1,092,000. Not a great rental return for a property, especially since other expenses are neglected in this calculation.[/quote]

I don’t think people buy these places to cash flow them.
Either this was a owner occupied home/kid occupied home while they attended a college here for whatever reason turned into some other purpose, or someone was counting on a future appreciation.

[bearishgurl]

[quote=flu]Maybe there are some people can actually afford homes here, even at current prices. That said, I don’t know why you have an ax to grind with the (un)affordability and prices in parts of SD. Maybe people actually want to live in some of the lizard land places, and maybe some people dont’ mind paying more and even can stretch to afford it. And looking at it, you and many others were just plain wrong about expecting a 40-50+% correction around here. It never happened, to your disappointment. Maybe 20-25% at worst, but it’s close to peak and in many cases above peak. Anyone that held out all this time did just fine, and in some cases even better once they refi’d. Not that I’m particularly happy about it because it’s just one more dis-incentive to move to a bigger place…[/quote]

Thanks for your comments, flu. I frankly have never looked at any listings in CV unless someone posted them here. I had no idea that there were listings up to $4.5M in Carmel Valley! Based upon the links of listings I’ve viewed here, CV seems way too dense to have “luxury” listings in the multimillion-dollar range!

I’m actually not “one of those” people who believes that SD housing is unaffordable or “overpriced.” Actually, I think there are several areas in the county which are still undervalued. And I’ve never posted that Carmel Valley is situated in “Lizardland.” It is not. However, it cannot be compared to Encinitas, which is on the coast and boasts many custom homes. CV and Encinitas (much moreso west of I-5) are two completely different animals, imho, and likely cater to two completely different buyer-demographics.

Believe me, I DO remember when “North City West” was first developed and advertised its first one-story home plan for $168K.

I don’t have a personal problem with Carmel Valley today as it has never really been in my sphere but have always wondered what the “draw” to CV was. The subdivisions developed there since about ’98-’00 became just completely devoid of character as the developers continued to squeeze as many SF as they could on mostly 4500 to 6500 sf parcels. (This isn’t the only area like this in SD but it is undoubtedly the most expensive). Carmel Valley is now VERY expensive for what a buyer actually gets there compared to older, more established communities for the same price or less and without HOA dues and MR.

For example, my (very real) description of a circa 1976 ranch home in SD with great bones as I referred to in this thread:

http://piggington.com/deal_breakers_home_inspection

My gosh, for $800K to $1M, one can still buy a “cosmetic fixer” with a possible ocean view IF you can still find one! A home on a 7500 – 23,000 sf lot (more than 1 AC in parts of east county). These homes might have authentic river rock front porch surround; possible mahogany or redwood built-ins and FP; giant rock floor-to-ceiling FP with a 2′ high hearth; mahogany pocket-door room dividers; old brick pizza oven; built in bread box and/or spice grinder; authentic American Standard pastel tile; stained and leaded glass windows; even cantilevered ceilings (think LM, Bonita, etc). The list goes on. Of course, not all these features are in the same house but I’m sure you’re aware that there is so much out there to choose from in the $1M price range!

In comparing a CV “econobox” priced at $1M++ to a comparably-priced “character” or “period” home which sits on a larger (even much larger) parcel elsewhere in the county, I just fail to see the reason for the tremendous interest in the former. In my mind, there isn’t any comparison whatsover. The latter is so much more liveable for the long term.

Maybe it’s just easier today to buy an econobox due to ease of financing and not having to shop around for months (or even a year +) to find just the right “character” home.

Thank you, joec, for introducing me to the term, “econobox.” It’s very fitting for most of the listings discussed here.

[spdrun]

I don’t think people buy these places to cash flow them.

Yeah, but what kind of crack did you have to be smoking to buy a non-cash-flowing place in 2011?

[joec]

The problem, bg, is I think you are stuck in your own mindset like a lot of people…Making 100k+ is nothing and I made more than that 15+ years ago. It’s also dependent on who runs in your social/professional circle. Sadly, I know many people it seems making lots of money, so much money, they don’t know what to do with it all as well as dual doctor families clocking well close to a mil in income alone and biz owners with ferrari’s and millions.

You add in family help for all the asian families buying in CV (all the folks I knew in the bay area had family help buying mil+ places with ease) and they don’t buy these places to rent out, they buy them to live and raise their family/kids in and go to school in the area. My parents have even offered me hundreds of thousands in help if we needed it for who knows what so I’m guessing for some and quite a few, if the parents can help (since that generation didn’t really spend money), getting the down payment can make many home payments as easy as anyplace in the other “CV” down south.

All that said, I think for some people, they just can’t see why someone would pay anything for something which they don’t see a value in.

For me, I guess it could be makeup, shoes, clothes, perfume, bags, pedicures, haircuts, etc…

All worthless items that you should pay close to 0 for IMO if you could.

Also, some people like small backyard homes (me, less maintenance, landscaping) and don’t care for a view, etc…My house could be a shack with no windows for all I care since I always close my blinds anyways and turn off all the lights. Really, it’s just people rather live in CV (with their taxes and all) than maybe other areas with more land and less tax. Also, I think asians like living around other asians (prob true for most races actually) so some people will NEVER buy in certain areas since the food and demographics don’t match where they want to be.

If I wanted “character”, I’d watch a good movie with a well developed character or be careful who I date…I don’t need “character” in a home and I don’t think the thousands buying in CV or many other tract areas care that much about “character” in their home.

People also want to put more money in where they live since the schools are a big factor since not all schools even in the same district gets the same level of funding…
http://www.pomeradonews.com/news/2015/apr/30/lyles-poway-unified-education-neither-free-equal/

For Poway…I assume true in San Diego Unified, maybe less so in Carmel Valley, but some schools are always viewed as “the best” with their own foundations raising thousands or hundreds of thousands of dollars to get more ahead.

[SK in CV]

[quote=spdrun]

I don’t think people buy these places to cash flow them.

Yeah, but what kind of crack did you have to be smoking to buy a non-cash-flowing place in 2011?[/quote]

SFHs in CV have never been good cash flow properties. Not at the height of the market, not at the bottom of trough. There was positive cash flow for an all-cash buyer. But prices have never been based on what they could rent for.

[Coronita]

[quote=spdrun]

I don’t think people buy these places to cash flow them.

Yeah, but what kind of crack did you have to be smoking to buy a non-cash-flowing place in 2011?[/quote]

Future appreciation. Looks like they were correct.

And like I said. Some of these homes they probably bought for their kids while they attend UCsd. For them $1million is equivalent to folks throwing around $100k

[spdrun]

25% appreciation from 2011 to today isn’t exactly hard to find. In fact, it might be the bottom of the range.

[CA renter]

[quote=bearishgurl][quote=flu]Maybe there are some people can actually afford homes here, even at current prices. That said, I don’t know why you have an ax to grind with the (un)affordability and prices in parts of SD. Maybe people actually want to live in some of the lizard land places, and maybe some people dont’ mind paying more and even can stretch to afford it. And looking at it, you and many others were just plain wrong about expecting a 40-50+% correction around here. It never happened, to your disappointment. Maybe 20-25% at worst, but it’s close to peak and in many cases above peak. Anyone that held out all this time did just fine, and in some cases even better once they refi’d. Not that I’m particularly happy about it because it’s just one more dis-incentive to move to a bigger place…[/quote]

Thanks for your comments, flu. I frankly have never looked at any listings in CV unless someone posted them here. I had no idea that there were listings up to $4.5M in Carmel Valley! Based upon the links of listings I’ve viewed here, CV seems way too dense to have “luxury” listings in the multimillion-dollar range!

I’m actually not “one of those” people who believes that SD housing is unaffordable or “overpriced.” Actually, I think there are several areas in the county which are still undervalued. And I’ve never posted that Carmel Valley is situated in “Lizardland.” It is not. However, it cannot be compared to Encinitas, which is on the coast and boasts many custom homes. CV and Encinitas (much moreso west of I-5) are two completely different animals, imho, and likely cater to two completely different buyer-demographics.

Believe me, I DO remember when “North City West” was first developed and advertised its first one-story home plan for $168K.

I don’t have a personal problem with Carmel Valley today as it has never really been in my sphere but have always wondered what the “draw” to CV was. The subdivisions developed there since about ’98-’00 became just completely devoid of character as the developers continued to squeeze as many SF as they could on mostly 4500 to 6500 sf parcels. (This isn’t the only area like this in SD but it is undoubtedly the most expensive). Carmel Valley is now VERY expensive for what a buyer actually gets there compared to older, more established communities for the same price or less and without HOA dues and MR.

For example, my (very real) description of a circa 1976 ranch home in SD with great bones as I referred to in this thread:

http://piggington.com/deal_breakers_home_inspection

My gosh, for $800K to $1M, one can still buy a “cosmetic fixer” with a possible ocean view IF you can still find one! A home on a 7500 – 23,000 sf lot (more than 1 AC in parts of east county). These homes might have authentic river rock front porch surround; possible mahogany or redwood built-ins and FP; giant rock floor-to-ceiling FP with a 2′ high hearth; mahogany pocket-door room dividers; old brick pizza oven; built in bread box and/or spice grinder; authentic American Standard pastel tile; stained and leaded glass windows; even cantilevered ceilings (think LM, Bonita, etc). The list goes on. Of course, not all these features are in the same house but I’m sure you’re aware that there is so much out there to choose from in the $1M price range!

In comparing a CV “econobox” priced at $1M++ to a comparably-priced “character” or “period” home which sits on a larger (even much larger) parcel elsewhere in the county, I just fail to see the reason for the tremendous interest in the former. In my mind, there isn’t any comparison whatsover. The latter is so much more liveable for the long term.

Maybe it’s just easier today to buy an econobox due to ease of financing and not having to shop around for months (or even a year +) to find just the right “character” home.

Thank you, joec, for introducing me to the term, “econobox.” It’s very fitting for most of the listings discussed here.[/quote]

BG, I think that one of the reasons you don’t see eye-to-eye with some of the other posters/home-buyers is because you and they place different values on different things.

The details you’ve noted are exceptional, IMHO, and they are a true hallmark of what people like you and I consider to be a “high quality” property. But many people from different generations and cultures don’t place any value on those things; they might even place a negative value on them because they want to demo and replace all of those things (truly horrible, IMO…I’ve seen people tear down those beautiful floor-to-ceiling river rock fireplaces and replace them with ugly, cheap drywall and granite!). But what you and I think will not change how people value different features, nor will our beliefs change the value of real estate.

[bearishgurl]

[quote=joec]The problem, bg, is I think you are stuck in your own mindset like a lot of people…Making 100k+ is nothing and I made more than that 15+ years ago. It’s also dependent on who runs in your social/professional circle. Sadly, I know many people it seems making lots of money, so much money, they don’t know what to do with it all as well as dual doctor families clocking well close to a mil in income alone and biz owners with ferrari’s and millions.

You add in family help for all the asian families buying in CV (all the folks I knew in the bay area had family help buying mil+ places with ease) and they don’t buy these places to rent out, they buy them to live and raise their family/kids in and go to school in the area. My parents have even offered me hundreds of thousands in help if we needed it for who knows what so I’m guessing for some and quite a few, if the parents can help (since that generation didn’t really spend money), getting the down payment can make many home payments as easy as anyplace in the other “CV” down south.

All that said, I think for some people, they just can’t see why someone would pay anything for something which they don’t see a value in.

For me, I guess it could be makeup, shoes, clothes, perfume, bags, pedicures, haircuts, etc…

All worthless items that you should pay close to 0 for IMO if you could.

Also, some people like small backyard homes (me, less maintenance, landscaping) and don’t care for a view, etc…My house could be a shack with no windows for all I care since I always close my blinds anyways and turn off all the lights. Really, it’s just people rather live in CV (with their taxes and all) than maybe other areas with more land and less tax. Also, I think asians like living around other asians (prob true for most races actually) so some people will NEVER buy in certain areas since the food and demographics don’t match where they want to be.

If I wanted “character”, I’d watch a good movie with a well developed character or be careful who I date…I don’t need “character” in a home and I don’t think the thousands buying in CV or many other tract areas care that much about “character” in their home.

People also want to put more money in where they live since the schools are a big factor since not all schools even in the same district gets the same level of funding…
http://www.pomeradonews.com/news/2015/apr/30/lyles-poway-unified-education-neither-free-equal/

For Poway…I assume true in San Diego Unified, maybe less so in Carmel Valley, but some schools are always viewed as “the best” with their own foundations raising thousands or hundreds of thousands of dollars to get more ahead.[/quote]

joec, I’m not “stuck” in any particular mindset. I’m a “realist” with a Capital “R.” I do realize that a $100K annual family income isn’t really much in coastal CA counties. And that is as it should be. If an employed SD County newcomer’s adult family member(s) don’t want to work FT and no one in their household has any form of passive income, then that is the lifestyle that family chose. If they don’t want to accept housing that is on offer in SD County for their income level, then they would do well to move to an inland county where they will have better luck finding more “affordable” housing for their chosen lifestyle.

It’s been that way as far back as I remember. Nothing’s changed here.

And the parent contribution to public schools you speak of happens ALL OVER THE COUNTY, joec! In South County, one of the BIG extra-curriculars which is primarily funded by parent money is their vocal music departments (for the renowned traveling show choirs of EMS/HS, BVMS/HS and CVMS/HS). There are also other sporting activities which get a ton of parent financial support, including fund-raising activities run by parents. Carmel Valley parents DO NOT have a monopoly on this phenomenon. Believe it or not, there is BIG MONEY all over the county from willing parents ready to contribute!

As to Asian (Chinese?) population housing preferences, in particular, the Chinese LOVE Walnut, CA (for a current example city, currently starting at $540K for a SFR).

http://www.realtor.com/realestateandhomes-search/Walnut_CA/beds-3/baths-2/type-single-family-home/pfbm-141000/sby-1

The Chinese are even highly representative in Walnut’s very few condo complexes (from the high $300’s). Not EVERY Asian (Chinese?) buyer feels they need an Econobox! In LA County, there is a pronounced dearth of “Econoboxes.” The vast majority of SFRs in the San Gabriel Valley eastward to the San Bern/Riv County lines have an avg of 1600 sf and are situated on 7-10K (avg) sf lots.

Why is this so, folks?

Uh, well, LA County’s (and their respective cities’) leaders DIDN’T SELL OUT to Big Development in past decades as did SD County and its cities’ leaders. They left their open space OPEN (as it still is today). So, the vast majority of tracts there (95%) were built before 1980.

These jurisdictions’ leaders were consciously and purposefully more far-sighted when in came to the ongoing quality of life for their citizenry … UNLIKE SD County’s (greedy) leaders.

It is as is should be.

The same is true of the wise leaders of San Mateo and Santa Clara Counties (Silicon Valley).

The $64M question is, why do San Diegans (as a collective CA coastal county population) owe any newcomer working in a tech job the opportunity to purchase new construction near their jobs? The truth is, we don’t owe them a damn thing! They can buy or rent what is currently available or commute a long distance daily from a dwelling which is newer … OR decide NOT to take the job if they don’t like the housing choices on offer. It’s a free country.

The truth is, with ZERO high-tech jobs available in SD County, it would still survive just fine. (Our local govm’t would have been much better off fiscally if the all the residential construction built since 1992 did not exist.) A very large portion of SD County’s populace are “retired” or otherwise self-sufficient (not reliant on a high-tech W-2 job for their sustenance).

The reality is that SD County never needed ANY new construction after 1992. There was more than enough housing at that time to accommodate the existing population. In fact, the “recently laid-off” and “lower-income portion” of its population were moving OUT of SD County in droves at that time!

The existence of “subdivision hell” (built mostly since 2000) all over SD County has all but destroyed the quality of life for every resident, including those who were here long before SD was even “on the map” for any high-tech companies to consider relocating to.

Obviously, we can’t turn back the clock. And we all have our (current and former) elected leaders to thank for the fallout of their prior (shortsighted and unwise) decisions.

[spdrun]

If the subdivisions weren’t built, wouldn’t that increase competition for existing housing stock, destroying quality of life by driving up prices further? Why would becoming like the stupidly overpriced Bay Area be a good thing?

Don’t want an econobox? Don’t buy one or live in one. But their presence keeps the riff-raff out of the more interesting areas!

[Coronita]

[quote=bearishgurl]

Thanks for your comments, flu. I frankly have never looked at any listings in CV unless someone posted them here. I had no idea that there were listings up to $4.5M in Carmel Valley! Based upon the links of listings I’ve viewed here, CV seems way too dense to have “luxury” listings in the multimillion-dollar range!

[/quote]

Sorry, I was way off. The upper limit isn’t 4.5 million. There’s a home selling for 14.950 million. Heck, let’s just round it up and call it $15m for the day.

The property tax alone on that thing each year is worth more than some of my purchase prices for 1/1 condos…lol….I guess also with that sort of property tax each year, the additional MR is a moot point, as well as the $600/month HOA, almost the payments of 1 mortgage of a 1/1 rental.

Personally, $15million, I that would be more than enough for me to retire and live in my ghetto box. But if someone is that wealthy, sure…Why not?

https://www.redfin.com/CA/San-Diego/5131-Rancho-Del-Mar-Trl-92130/home/12152106

11,650 sqft… Now that’s a McMansion!

The garage alone is probably bigger than my entire house. I do like his/her/their taste in cars (picture 20-21 of 25).

[bearishgurl]

[quote=flu][quote=bearishgurl]

Thanks for your comments, flu. I frankly have never looked at any listings in CV unless someone posted them here. I had no idea that there were listings up to $4.5M in Carmel Valley! Based upon the links of listings I’ve viewed here, CV seems way too dense to have “luxury” listings in the multimillion-dollar range!

[/quote]

Sorry, I was way off. The upper limit isn’t 4.5 million. There’s a home selling for 14.950 million. Heck, let’s just round it up and call it $15m for the day.

The property tax alone on that thing each year is worth more than some of my purchase prices for 1/1 condos…lol….I guess also with that sort of property tax each year, the additional MR is a moot point, as well as the $600/month HOA, almost the payments of 1 mortgage of a 1/1 rental.

Personally, $15million, I that would be more than enough for me to retire and live in my ghetto box. But if someone is that wealthy, sure…Why not?

flu, I looked at the link and that is obviously NOT a tract home. Additionally, it appears to be located on the far northern edge of your zip code (outside of any subdivision?)

The question I asked you is if you knew of anyone worth $10M or more who chose to purchase and live in a tract home in Carmel Valley, given all the housing choices they had/have.

https://www.redfin.com/CA/San-Diego/5131-Rancho-Del-Mar-Trl-92130/home/12152106

11,650 sqft… Now that’s a McMansion!

The garage alone is probably bigger than my entire house. I do like his/her/their taste in cars (picture 20-21 of 25).[/quote]

[an]

[quote=CA renter]The details you’ve noted are exceptional, IMHO, and they are a true hallmark of what people like you and I consider to be a “high quality” property. But many people from different generations and cultures don’t place any value on those things; they might even place a negative value on them because they want to demo and replace all of those things (truly horrible, IMO…I’ve seen people tear down those beautiful floor-to-ceiling river rock fireplaces and replace them with ugly, cheap drywall and granite!). But what you and I think will not change how people value different features, nor will our beliefs change the value of real estate.[/quote]Exactly. I read those descriptions and I think to myself, if I walk into a house that have those features, the first thing that would run through my mind would be, how much would it cost for me to rip all of that shit out. Then, how much would it cost for me to put something from the 21st century back in. Then, I would take that amount and subtract it from the price of the house I would have offered. I shudder at the sight of river rock fireplace.

[Coronita]

[quote=bearishgurl]
flu, I looked at the link and that is obviously NOT a tract home. Additionally, it appears to be located on the far northern edge of your zip code (outside of any subdivision?)

The question I asked you is if you knew of anyone worth $10M or more who chose to purchase and live in a tract home in Carmel Valley, given all the housing choices they had/have.

https://www.redfin.com/CA/San-Diego/5131-Rancho-Del-Mar-Trl-92130/home/12152106

11,650 sqft… Now that’s a McMansion!

The garage alone is probably bigger than my entire house. I do like his/her/their taste in cars (picture 20-21 of 25).[/quote][/quote]

There probably are…. Does this count as tract?

http://altadelmar.com

Also, there were a few Qualcomm VP’s that lived in on of the Pardee tract communities that were then considered high end at the time, if I recall. One family friend that is the CTO of a large tech company also lives in one of the other tract homes. I never ask people what there net worth is in person, but I would guess considering he was a bigwig at Qualcomm for many years and also currently a CTO elsewhere at a very big company in asia, that is net worth is probably more 8 digits or higher. Too bad they don’t have expansion plans out here.

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