Future of Santa Luz – 92127?

[clearfund]

Earlyretirement – I have been a Santaluz proponent since I first bought out there in 2002 (early lot pre-sales). Bought/sold 8+ lots over the years.

I’ve always had a 15+ year view of the place and knew that its central location with freeway access everywhere, coupled with its irreplaceable low-density/amenities would turn out to be a sought after address down the road.

I try to think where they could duplicate this place and cannot find a place.

Now, it got WAYYYY ahead of itself during the boom with the big homes and big prices relative to RSF. Now things are coming back down to earth.

With all that being said, if you get a good value on a home in the price point you described, and can comfortably handle the overhead, then go for it.

Know where many of the ‘bones are buried’ out there so if you want to PM me I’d be happy to share my views off line.

[EconProf]

earlyretirement, it sounds like you have scoped out Santaluz pretty well. I’ve met the visionary architect who conceived it a decade ago when he explained his philosophy in a speech a year ago. It really will not be replicated this close to the coast because it is so low density and gated–two trends the planning authorities are discouraging.
The CC&Rs are wickedly demanding and bug some people who didn’t know they were giving up certain freedoms to live in Santaluz. You can’t paint your house non-approved colors, or change the architecture except in specified way while going through an expensive vetting process, or park a company pickup or van in your driveway, or have a barking dog, or leave your garbage bin out more than 48 hours, or put it anywhere in your yard visible from the street, or park your car in the street overnight (in parts of Santaluz), or have bright outdoor lights. On the latter point, Santaluz is a “dark sky” community, so driving around or taking walks at night is a unique experience. Not many places in San Diego can you truely see the moon and stars. My wife and I love all these restrictions–but they are clearly not for everyone.

[EconProf]

earlyretirement, it sounds like you have scoped out Santaluz pretty well. I’ve met the visionary architect who conceived it a decade ago when he explained his philosophy in a speech a year ago. It really will not be replicated this close to the coast because it is so low density and gated–two trends the planning authorities are discouraging.
The CC&Rs are wickedly demanding and bug some people who didn’t know they were giving up certain freedoms to live in Santaluz. You can’t paint your house non-approved colors, or change the architecture except in specified way while going through an expensive vetting process, or park a company pickup or van in your driveway, or have a barking dog, or leave your garbage bin out more than 48 hours, or put it anywhere in your yard visible from the street, or park your car in the street overnight (in parts of Santaluz), or have bright outdoor lights. On the latter point, Santaluz is a “dark sky” community, so driving around or taking walks at night is a unique experience. Not many places in San Diego can you truely see the moon and stars. My wife and I love all these restrictions–but they are clearly not for everyone.

[EconProf]

earlyretirement, it sounds like you have scoped out Santaluz pretty well. I’ve met the visionary architect who conceived it a decade ago when he explained his philosophy in a speech a year ago. It really will not be replicated this close to the coast because it is so low density and gated–two trends the planning authorities are discouraging.
The CC&Rs are wickedly demanding and bug some people who didn’t know they were giving up certain freedoms to live in Santaluz. You can’t paint your house non-approved colors, or change the architecture except in specified way while going through an expensive vetting process, or park a company pickup or van in your driveway, or have a barking dog, or leave your garbage bin out more than 48 hours, or put it anywhere in your yard visible from the street, or park your car in the street overnight (in parts of Santaluz), or have bright outdoor lights. On the latter point, Santaluz is a “dark sky” community, so driving around or taking walks at night is a unique experience. Not many places in San Diego can you truely see the moon and stars. My wife and I love all these restrictions–but they are clearly not for everyone.

[EconProf]

earlyretirement, it sounds like you have scoped out Santaluz pretty well. I’ve met the visionary architect who conceived it a decade ago when he explained his philosophy in a speech a year ago. It really will not be replicated this close to the coast because it is so low density and gated–two trends the planning authorities are discouraging.
The CC&Rs are wickedly demanding and bug some people who didn’t know they were giving up certain freedoms to live in Santaluz. You can’t paint your house non-approved colors, or change the architecture except in specified way while going through an expensive vetting process, or park a company pickup or van in your driveway, or have a barking dog, or leave your garbage bin out more than 48 hours, or put it anywhere in your yard visible from the street, or park your car in the street overnight (in parts of Santaluz), or have bright outdoor lights. On the latter point, Santaluz is a “dark sky” community, so driving around or taking walks at night is a unique experience. Not many places in San Diego can you truely see the moon and stars. My wife and I love all these restrictions–but they are clearly not for everyone.

[EconProf]

earlyretirement, it sounds like you have scoped out Santaluz pretty well. I’ve met the visionary architect who conceived it a decade ago when he explained his philosophy in a speech a year ago. It really will not be replicated this close to the coast because it is so low density and gated–two trends the planning authorities are discouraging.
The CC&Rs are wickedly demanding and bug some people who didn’t know they were giving up certain freedoms to live in Santaluz. You can’t paint your house non-approved colors, or change the architecture except in specified way while going through an expensive vetting process, or park a company pickup or van in your driveway, or have a barking dog, or leave your garbage bin out more than 48 hours, or put it anywhere in your yard visible from the street, or park your car in the street overnight (in parts of Santaluz), or have bright outdoor lights. On the latter point, Santaluz is a “dark sky” community, so driving around or taking walks at night is a unique experience. Not many places in San Diego can you truely see the moon and stars. My wife and I love all these restrictions–but they are clearly not for everyone.

[earlyretirement]

[quote=wanttobuy]Hi earlyretirement, thanks for sharing info. about Santa luz. I like the area too, but not sure of your budget. In my mind, the monthly fee is about $1000 and it takes at least 1m. Correct me if I am wrong.[/quote]

Hi Wanttobuy,

You’re certainly welcome. My budget is ideally $1.2 million or less. I know there are homes in Santaluz over $4 million on up but honestly I just don’t see the need to spend that much money on a home. I’ve been doing researching online for years and many of the multi-million dollar homes still have the 4 or 5 bedrooms…. it’s just they have huge living/dining rooms, kitchens on much bigger lots.

A huge lot is NOT important to me at all, especially because we can easily take the kids over to the Club at Santaluz. All of the houses we saw had decent sized back yards or better yet, interior courtyards that were really sharp looking and functional with fireplaces, fountains, etc.

The only house we saw in the area that had a fairly big lot was at Santa Monica. We saw a house with a 1/2 acre lot and it was really big for that area. I guess that was the biggest benefit of Santa Monica vs. Santaluz but again you have to think about the power line issue and how close your house is to it.

Yes, you’re right about the fees. With Mello Roos and the HOA we’re looking at around $1,000 a month. I don’t think it’s possible to go any lower than around $900 a month on the least expensive properties there.

So that’s the biggest obstacle for most people deciding against the area. They just can’t stomach that kind of monthly fee. Then on top of that you gotta figure the $12,500 to join the Hacienda Club plus at least $205 a month to use the pool, gym, tennis courts, etc.

The biggest thing that didn’t make sense to me was for them making homeowners pay for access to the restaurant and Spa. The restaurant was totally dead! I guess I’m always thinking from a business and income generating perspective. And I would have thought they would open the restaurant and Spa up to all the owners without making them buy a membership. They would have far more people going and would generate much more income.

Both the Spa and restaurant were packed with employees including 2 valet drivers. Receptionists, etc. I would think it makes sense to just open them up to the home owners and make more money that way. But it seems obvious they aren’t looking at that aspect so much from an income generating amenity vs. an amenity to “upsell” to the Spa Membership guests.

[earlyretirement]

[quote=wanttobuy]Hi earlyretirement, thanks for sharing info. about Santa luz. I like the area too, but not sure of your budget. In my mind, the monthly fee is about $1000 and it takes at least 1m. Correct me if I am wrong.[/quote]

Hi Wanttobuy,

You’re certainly welcome. My budget is ideally $1.2 million or less. I know there are homes in Santaluz over $4 million on up but honestly I just don’t see the need to spend that much money on a home. I’ve been doing researching online for years and many of the multi-million dollar homes still have the 4 or 5 bedrooms…. it’s just they have huge living/dining rooms, kitchens on much bigger lots.

A huge lot is NOT important to me at all, especially because we can easily take the kids over to the Club at Santaluz. All of the houses we saw had decent sized back yards or better yet, interior courtyards that were really sharp looking and functional with fireplaces, fountains, etc.

The only house we saw in the area that had a fairly big lot was at Santa Monica. We saw a house with a 1/2 acre lot and it was really big for that area. I guess that was the biggest benefit of Santa Monica vs. Santaluz but again you have to think about the power line issue and how close your house is to it.

Yes, you’re right about the fees. With Mello Roos and the HOA we’re looking at around $1,000 a month. I don’t think it’s possible to go any lower than around $900 a month on the least expensive properties there.

So that’s the biggest obstacle for most people deciding against the area. They just can’t stomach that kind of monthly fee. Then on top of that you gotta figure the $12,500 to join the Hacienda Club plus at least $205 a month to use the pool, gym, tennis courts, etc.

The biggest thing that didn’t make sense to me was for them making homeowners pay for access to the restaurant and Spa. The restaurant was totally dead! I guess I’m always thinking from a business and income generating perspective. And I would have thought they would open the restaurant and Spa up to all the owners without making them buy a membership. They would have far more people going and would generate much more income.

Both the Spa and restaurant were packed with employees including 2 valet drivers. Receptionists, etc. I would think it makes sense to just open them up to the home owners and make more money that way. But it seems obvious they aren’t looking at that aspect so much from an income generating amenity vs. an amenity to “upsell” to the Spa Membership guests.

[earlyretirement]

[quote=wanttobuy]Hi earlyretirement, thanks for sharing info. about Santa luz. I like the area too, but not sure of your budget. In my mind, the monthly fee is about $1000 and it takes at least 1m. Correct me if I am wrong.[/quote]

Hi Wanttobuy,

You’re certainly welcome. My budget is ideally $1.2 million or less. I know there are homes in Santaluz over $4 million on up but honestly I just don’t see the need to spend that much money on a home. I’ve been doing researching online for years and many of the multi-million dollar homes still have the 4 or 5 bedrooms…. it’s just they have huge living/dining rooms, kitchens on much bigger lots.

A huge lot is NOT important to me at all, especially because we can easily take the kids over to the Club at Santaluz. All of the houses we saw had decent sized back yards or better yet, interior courtyards that were really sharp looking and functional with fireplaces, fountains, etc.

The only house we saw in the area that had a fairly big lot was at Santa Monica. We saw a house with a 1/2 acre lot and it was really big for that area. I guess that was the biggest benefit of Santa Monica vs. Santaluz but again you have to think about the power line issue and how close your house is to it.

Yes, you’re right about the fees. With Mello Roos and the HOA we’re looking at around $1,000 a month. I don’t think it’s possible to go any lower than around $900 a month on the least expensive properties there.

So that’s the biggest obstacle for most people deciding against the area. They just can’t stomach that kind of monthly fee. Then on top of that you gotta figure the $12,500 to join the Hacienda Club plus at least $205 a month to use the pool, gym, tennis courts, etc.

The biggest thing that didn’t make sense to me was for them making homeowners pay for access to the restaurant and Spa. The restaurant was totally dead! I guess I’m always thinking from a business and income generating perspective. And I would have thought they would open the restaurant and Spa up to all the owners without making them buy a membership. They would have far more people going and would generate much more income.

Both the Spa and restaurant were packed with employees including 2 valet drivers. Receptionists, etc. I would think it makes sense to just open them up to the home owners and make more money that way. But it seems obvious they aren’t looking at that aspect so much from an income generating amenity vs. an amenity to “upsell” to the Spa Membership guests.

[earlyretirement]

[quote=wanttobuy]Hi earlyretirement, thanks for sharing info. about Santa luz. I like the area too, but not sure of your budget. In my mind, the monthly fee is about $1000 and it takes at least 1m. Correct me if I am wrong.[/quote]

Hi Wanttobuy,

You’re certainly welcome. My budget is ideally $1.2 million or less. I know there are homes in Santaluz over $4 million on up but honestly I just don’t see the need to spend that much money on a home. I’ve been doing researching online for years and many of the multi-million dollar homes still have the 4 or 5 bedrooms…. it’s just they have huge living/dining rooms, kitchens on much bigger lots.

A huge lot is NOT important to me at all, especially because we can easily take the kids over to the Club at Santaluz. All of the houses we saw had decent sized back yards or better yet, interior courtyards that were really sharp looking and functional with fireplaces, fountains, etc.

The only house we saw in the area that had a fairly big lot was at Santa Monica. We saw a house with a 1/2 acre lot and it was really big for that area. I guess that was the biggest benefit of Santa Monica vs. Santaluz but again you have to think about the power line issue and how close your house is to it.

Yes, you’re right about the fees. With Mello Roos and the HOA we’re looking at around $1,000 a month. I don’t think it’s possible to go any lower than around $900 a month on the least expensive properties there.

So that’s the biggest obstacle for most people deciding against the area. They just can’t stomach that kind of monthly fee. Then on top of that you gotta figure the $12,500 to join the Hacienda Club plus at least $205 a month to use the pool, gym, tennis courts, etc.

The biggest thing that didn’t make sense to me was for them making homeowners pay for access to the restaurant and Spa. The restaurant was totally dead! I guess I’m always thinking from a business and income generating perspective. And I would have thought they would open the restaurant and Spa up to all the owners without making them buy a membership. They would have far more people going and would generate much more income.

Both the Spa and restaurant were packed with employees including 2 valet drivers. Receptionists, etc. I would think it makes sense to just open them up to the home owners and make more money that way. But it seems obvious they aren’t looking at that aspect so much from an income generating amenity vs. an amenity to “upsell” to the Spa Membership guests.

[earlyretirement]

[quote=wanttobuy]Hi earlyretirement, thanks for sharing info. about Santa luz. I like the area too, but not sure of your budget. In my mind, the monthly fee is about $1000 and it takes at least 1m. Correct me if I am wrong.[/quote]

Hi Wanttobuy,

You’re certainly welcome. My budget is ideally $1.2 million or less. I know there are homes in Santaluz over $4 million on up but honestly I just don’t see the need to spend that much money on a home. I’ve been doing researching online for years and many of the multi-million dollar homes still have the 4 or 5 bedrooms…. it’s just they have huge living/dining rooms, kitchens on much bigger lots.

A huge lot is NOT important to me at all, especially because we can easily take the kids over to the Club at Santaluz. All of the houses we saw had decent sized back yards or better yet, interior courtyards that were really sharp looking and functional with fireplaces, fountains, etc.

The only house we saw in the area that had a fairly big lot was at Santa Monica. We saw a house with a 1/2 acre lot and it was really big for that area. I guess that was the biggest benefit of Santa Monica vs. Santaluz but again you have to think about the power line issue and how close your house is to it.

Yes, you’re right about the fees. With Mello Roos and the HOA we’re looking at around $1,000 a month. I don’t think it’s possible to go any lower than around $900 a month on the least expensive properties there.

So that’s the biggest obstacle for most people deciding against the area. They just can’t stomach that kind of monthly fee. Then on top of that you gotta figure the $12,500 to join the Hacienda Club plus at least $205 a month to use the pool, gym, tennis courts, etc.

The biggest thing that didn’t make sense to me was for them making homeowners pay for access to the restaurant and Spa. The restaurant was totally dead! I guess I’m always thinking from a business and income generating perspective. And I would have thought they would open the restaurant and Spa up to all the owners without making them buy a membership. They would have far more people going and would generate much more income.

Both the Spa and restaurant were packed with employees including 2 valet drivers. Receptionists, etc. I would think it makes sense to just open them up to the home owners and make more money that way. But it seems obvious they aren’t looking at that aspect so much from an income generating amenity vs. an amenity to “upsell” to the Spa Membership guests.

[earlyretirement]

Econproof and Clearfund,

Thanks so very much for taking the time to post. I really agree with both of you. I’m just amazed there isn’t more information out there on the internet about Santaluz for as great of a community it is.

I 100% agree with everything both of you wrote. I do agree that prices got ahead of themselves in the bubble years, but then again they did pretty much anywhere in California, Vegas, Miami, Phoenix and just about most areas. Even areas in so called “non bubble areas” like Dallas have adjusted downward.

I remember a house I saw in March 2010 before the first time home housing credited ended. It was an investment property. They were asking $337,000 for it. I told them that prices were going to come down after the first time housing credit ended. I offered $300,000 cash for it. They refused… and long story short….they emailed me in September 2010 asking if I was still interested…(which I was not as I had already purchased a different investment property). It sold for $280,000. So prices have gone down everywhere.

My philosophy on real estate is it’s a long term investment. And “Long term” to me means more than a few short years. I tend to invest in real estate for at least 10 years or preferably more. Too many people confuse real estate for quick get rich type investments when it isn’t. Also, the people that took on too much leverage and didn’t flip fast enough got crushed. I go into real estate never taking on too much leverage (or sometimes no leverage at all…as I find it FORCES you to really take a hard look at the price you are paying) and looking to jump in for the long term.

So I look at Santaluz as a long-term type investment where I’d live for the next 15 years until my kids are out of high school.

I’ve toured a lot of areas now and I haven’t found a place quite like Santaluz. And as far as those strict HOA restrictions…. I’d welcome them and in favor of them. It assures peaceful living with a high quality of life, IMHO.

Driving around other areas like 4S Ranch as one example…. it just looks like in 10 years many of the various developments will be really run down. And I can see they aren’t restrictive like Santaluz is.

But the real kick in the nuts on a place like 4S Ranch to me is they still charge as much Mello Roos as Santaluz…yeah you are avoiding the higher HOA fees but it doesn’t look like you get much at all for the HOA fees there and the area is not as nice. So if you’re going to pay Mello Roos anyway, I can’t think for the life of me why people would pick 4S Ranch???

I like the aspect of the dark sky community. I really liked the structured nature of the development. Heck, they even make realtors all use the same monotone colored signs which I thought was classy as you don’t have to see blocks and blocks of photos of cheesy realtor’s photos like you sometimes see in other yards. (Please no offense to the realtors on the board).

So yeah, I think that prices can continue to drift downwards over the short-term but I think true long term prices will trend well here in this particular development. And besides, I’m not buying my principle home where I’ll live as an “investment”. I am buying it to live in and for true quality of life issues.

That’s the biggest dilemma for me of if I wait to buy for another year or buy now. I’m all but certain that prices will continue to fall into 2012. The biggest thing however that I want to avoid is disrupting things moving around in rentals as I have 2 young kids. But I think many people are on the fence as they feel confident prices will continue to fall heading into 2012.

So this looks ideal. We’re still looking at more houses tomorrow and Saturday as well but definitely Santaluz is in the front running for us.

Thanks again for those of you that posted more information on the area/development. I think it will really be beneficial for future potential buyers that are looking at this area.

[earlyretirement]

Econproof and Clearfund,

Thanks so very much for taking the time to post. I really agree with both of you. I’m just amazed there isn’t more information out there on the internet about Santaluz for as great of a community it is.

I 100% agree with everything both of you wrote. I do agree that prices got ahead of themselves in the bubble years, but then again they did pretty much anywhere in California, Vegas, Miami, Phoenix and just about most areas. Even areas in so called “non bubble areas” like Dallas have adjusted downward.

I remember a house I saw in March 2010 before the first time home housing credited ended. It was an investment property. They were asking $337,000 for it. I told them that prices were going to come down after the first time housing credit ended. I offered $300,000 cash for it. They refused… and long story short….they emailed me in September 2010 asking if I was still interested…(which I was not as I had already purchased a different investment property). It sold for $280,000. So prices have gone down everywhere.

My philosophy on real estate is it’s a long term investment. And “Long term” to me means more than a few short years. I tend to invest in real estate for at least 10 years or preferably more. Too many people confuse real estate for quick get rich type investments when it isn’t. Also, the people that took on too much leverage and didn’t flip fast enough got crushed. I go into real estate never taking on too much leverage (or sometimes no leverage at all…as I find it FORCES you to really take a hard look at the price you are paying) and looking to jump in for the long term.

So I look at Santaluz as a long-term type investment where I’d live for the next 15 years until my kids are out of high school.

I’ve toured a lot of areas now and I haven’t found a place quite like Santaluz. And as far as those strict HOA restrictions…. I’d welcome them and in favor of them. It assures peaceful living with a high quality of life, IMHO.

Driving around other areas like 4S Ranch as one example…. it just looks like in 10 years many of the various developments will be really run down. And I can see they aren’t restrictive like Santaluz is.

But the real kick in the nuts on a place like 4S Ranch to me is they still charge as much Mello Roos as Santaluz…yeah you are avoiding the higher HOA fees but it doesn’t look like you get much at all for the HOA fees there and the area is not as nice. So if you’re going to pay Mello Roos anyway, I can’t think for the life of me why people would pick 4S Ranch???

I like the aspect of the dark sky community. I really liked the structured nature of the development. Heck, they even make realtors all use the same monotone colored signs which I thought was classy as you don’t have to see blocks and blocks of photos of cheesy realtor’s photos like you sometimes see in other yards. (Please no offense to the realtors on the board).

So yeah, I think that prices can continue to drift downwards over the short-term but I think true long term prices will trend well here in this particular development. And besides, I’m not buying my principle home where I’ll live as an “investment”. I am buying it to live in and for true quality of life issues.

That’s the biggest dilemma for me of if I wait to buy for another year or buy now. I’m all but certain that prices will continue to fall into 2012. The biggest thing however that I want to avoid is disrupting things moving around in rentals as I have 2 young kids. But I think many people are on the fence as they feel confident prices will continue to fall heading into 2012.

So this looks ideal. We’re still looking at more houses tomorrow and Saturday as well but definitely Santaluz is in the front running for us.

Thanks again for those of you that posted more information on the area/development. I think it will really be beneficial for future potential buyers that are looking at this area.

[earlyretirement]

Econproof and Clearfund,

Thanks so very much for taking the time to post. I really agree with both of you. I’m just amazed there isn’t more information out there on the internet about Santaluz for as great of a community it is.

I 100% agree with everything both of you wrote. I do agree that prices got ahead of themselves in the bubble years, but then again they did pretty much anywhere in California, Vegas, Miami, Phoenix and just about most areas. Even areas in so called “non bubble areas” like Dallas have adjusted downward.

I remember a house I saw in March 2010 before the first time home housing credited ended. It was an investment property. They were asking $337,000 for it. I told them that prices were going to come down after the first time housing credit ended. I offered $300,000 cash for it. They refused… and long story short….they emailed me in September 2010 asking if I was still interested…(which I was not as I had already purchased a different investment property). It sold for $280,000. So prices have gone down everywhere.

My philosophy on real estate is it’s a long term investment. And “Long term” to me means more than a few short years. I tend to invest in real estate for at least 10 years or preferably more. Too many people confuse real estate for quick get rich type investments when it isn’t. Also, the people that took on too much leverage and didn’t flip fast enough got crushed. I go into real estate never taking on too much leverage (or sometimes no leverage at all…as I find it FORCES you to really take a hard look at the price you are paying) and looking to jump in for the long term.

So I look at Santaluz as a long-term type investment where I’d live for the next 15 years until my kids are out of high school.

I’ve toured a lot of areas now and I haven’t found a place quite like Santaluz. And as far as those strict HOA restrictions…. I’d welcome them and in favor of them. It assures peaceful living with a high quality of life, IMHO.

Driving around other areas like 4S Ranch as one example…. it just looks like in 10 years many of the various developments will be really run down. And I can see they aren’t restrictive like Santaluz is.

But the real kick in the nuts on a place like 4S Ranch to me is they still charge as much Mello Roos as Santaluz…yeah you are avoiding the higher HOA fees but it doesn’t look like you get much at all for the HOA fees there and the area is not as nice. So if you’re going to pay Mello Roos anyway, I can’t think for the life of me why people would pick 4S Ranch???

I like the aspect of the dark sky community. I really liked the structured nature of the development. Heck, they even make realtors all use the same monotone colored signs which I thought was classy as you don’t have to see blocks and blocks of photos of cheesy realtor’s photos like you sometimes see in other yards. (Please no offense to the realtors on the board).

So yeah, I think that prices can continue to drift downwards over the short-term but I think true long term prices will trend well here in this particular development. And besides, I’m not buying my principle home where I’ll live as an “investment”. I am buying it to live in and for true quality of life issues.

That’s the biggest dilemma for me of if I wait to buy for another year or buy now. I’m all but certain that prices will continue to fall into 2012. The biggest thing however that I want to avoid is disrupting things moving around in rentals as I have 2 young kids. But I think many people are on the fence as they feel confident prices will continue to fall heading into 2012.

So this looks ideal. We’re still looking at more houses tomorrow and Saturday as well but definitely Santaluz is in the front running for us.

Thanks again for those of you that posted more information on the area/development. I think it will really be beneficial for future potential buyers that are looking at this area.

[earlyretirement]

Econproof and Clearfund,

Thanks so very much for taking the time to post. I really agree with both of you. I’m just amazed there isn’t more information out there on the internet about Santaluz for as great of a community it is.

I 100% agree with everything both of you wrote. I do agree that prices got ahead of themselves in the bubble years, but then again they did pretty much anywhere in California, Vegas, Miami, Phoenix and just about most areas. Even areas in so called “non bubble areas” like Dallas have adjusted downward.

I remember a house I saw in March 2010 before the first time home housing credited ended. It was an investment property. They were asking $337,000 for it. I told them that prices were going to come down after the first time housing credit ended. I offered $300,000 cash for it. They refused… and long story short….they emailed me in September 2010 asking if I was still interested…(which I was not as I had already purchased a different investment property). It sold for $280,000. So prices have gone down everywhere.

My philosophy on real estate is it’s a long term investment. And “Long term” to me means more than a few short years. I tend to invest in real estate for at least 10 years or preferably more. Too many people confuse real estate for quick get rich type investments when it isn’t. Also, the people that took on too much leverage and didn’t flip fast enough got crushed. I go into real estate never taking on too much leverage (or sometimes no leverage at all…as I find it FORCES you to really take a hard look at the price you are paying) and looking to jump in for the long term.

So I look at Santaluz as a long-term type investment where I’d live for the next 15 years until my kids are out of high school.

I’ve toured a lot of areas now and I haven’t found a place quite like Santaluz. And as far as those strict HOA restrictions…. I’d welcome them and in favor of them. It assures peaceful living with a high quality of life, IMHO.

Driving around other areas like 4S Ranch as one example…. it just looks like in 10 years many of the various developments will be really run down. And I can see they aren’t restrictive like Santaluz is.

But the real kick in the nuts on a place like 4S Ranch to me is they still charge as much Mello Roos as Santaluz…yeah you are avoiding the higher HOA fees but it doesn’t look like you get much at all for the HOA fees there and the area is not as nice. So if you’re going to pay Mello Roos anyway, I can’t think for the life of me why people would pick 4S Ranch???

I like the aspect of the dark sky community. I really liked the structured nature of the development. Heck, they even make realtors all use the same monotone colored signs which I thought was classy as you don’t have to see blocks and blocks of photos of cheesy realtor’s photos like you sometimes see in other yards. (Please no offense to the realtors on the board).

So yeah, I think that prices can continue to drift downwards over the short-term but I think true long term prices will trend well here in this particular development. And besides, I’m not buying my principle home where I’ll live as an “investment”. I am buying it to live in and for true quality of life issues.

That’s the biggest dilemma for me of if I wait to buy for another year or buy now. I’m all but certain that prices will continue to fall into 2012. The biggest thing however that I want to avoid is disrupting things moving around in rentals as I have 2 young kids. But I think many people are on the fence as they feel confident prices will continue to fall heading into 2012.

So this looks ideal. We’re still looking at more houses tomorrow and Saturday as well but definitely Santaluz is in the front running for us.

Thanks again for those of you that posted more information on the area/development. I think it will really be beneficial for future potential buyers that are looking at this area.

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