Future of Santa Luz – 92127?

[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.

[EconProf]

A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.

[EconProf]

A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.

[EconProf]

A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.

[EconProf]

A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.

[EconProf]

A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.

[earlyretirement]

[quote=EconProf]A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.[/quote]

Thanks EconProf,

Yeah, I noticed that area. I even toured some houses on that side. I didn’t mind the size of the yards. The ONLY concern to me was the potential noise from Camino Del Sur. I went in the middle of the day to tour and I couldn’t hear any traffic but I’ll go back during rush hour at the end of the day. But I would have thought I would have heard more noise.

I did see the construction of the road while I was driving around. But I think it’s good for potential buyers to be aware of all of these things.

Econproof, besides the high HOA and MR do you have any negatives at all about living in Santaluz? What would be the 3 things you would change if you could?

[earlyretirement]

[quote=EconProf]A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.[/quote]

Thanks EconProf,

Yeah, I noticed that area. I even toured some houses on that side. I didn’t mind the size of the yards. The ONLY concern to me was the potential noise from Camino Del Sur. I went in the middle of the day to tour and I couldn’t hear any traffic but I’ll go back during rush hour at the end of the day. But I would have thought I would have heard more noise.

I did see the construction of the road while I was driving around. But I think it’s good for potential buyers to be aware of all of these things.

Econproof, besides the high HOA and MR do you have any negatives at all about living in Santaluz? What would be the 3 things you would change if you could?

[earlyretirement]

[quote=EconProf]A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.[/quote]

Thanks EconProf,

Yeah, I noticed that area. I even toured some houses on that side. I didn’t mind the size of the yards. The ONLY concern to me was the potential noise from Camino Del Sur. I went in the middle of the day to tour and I couldn’t hear any traffic but I’ll go back during rush hour at the end of the day. But I would have thought I would have heard more noise.

I did see the construction of the road while I was driving around. But I think it’s good for potential buyers to be aware of all of these things.

Econproof, besides the high HOA and MR do you have any negatives at all about living in Santaluz? What would be the 3 things you would change if you could?

[earlyretirement]

[quote=EconProf]A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.[/quote]

Thanks EconProf,

Yeah, I noticed that area. I even toured some houses on that side. I didn’t mind the size of the yards. The ONLY concern to me was the potential noise from Camino Del Sur. I went in the middle of the day to tour and I couldn’t hear any traffic but I’ll go back during rush hour at the end of the day. But I would have thought I would have heard more noise.

I did see the construction of the road while I was driving around. But I think it’s good for potential buyers to be aware of all of these things.

Econproof, besides the high HOA and MR do you have any negatives at all about living in Santaluz? What would be the 3 things you would change if you could?

[earlyretirement]

[quote=EconProf]A couple of Santaluz negatives to watch out for: The area west of Del Sur is much different from the area on the east side in terms of density. They have streets cluttered with vehicles as a result. Also, beware of getting any house near to Del Sur as it is quite noisy since speeds are going up there and traffic increasing–they are now expanding that part of Del Sur north of San Diguito Road to four lanes from two.[/quote]

Thanks EconProf,

Yeah, I noticed that area. I even toured some houses on that side. I didn’t mind the size of the yards. The ONLY concern to me was the potential noise from Camino Del Sur. I went in the middle of the day to tour and I couldn’t hear any traffic but I’ll go back during rush hour at the end of the day. But I would have thought I would have heard more noise.

I did see the construction of the road while I was driving around. But I think it’s good for potential buyers to be aware of all of these things.

Econproof, besides the high HOA and MR do you have any negatives at all about living in Santaluz? What would be the 3 things you would change if you could?

[EconProf]

Earlyretirement, you’ve already mentioned the biggest Santaluz flaw–the 5-figure entry fee + $200/mo cost of joining the club that would enable us to use the gym, pool, coffee shop. Most of us residents haven’t joined and would if the price were lowered. Some day they will discover the concept of elasticity of demand and cut the price in half, double their membership, and bring in the same total revenue.

[EconProf]

Earlyretirement, you’ve already mentioned the biggest Santaluz flaw–the 5-figure entry fee + $200/mo cost of joining the club that would enable us to use the gym, pool, coffee shop. Most of us residents haven’t joined and would if the price were lowered. Some day they will discover the concept of elasticity of demand and cut the price in half, double their membership, and bring in the same total revenue.

[EconProf]

Earlyretirement, you’ve already mentioned the biggest Santaluz flaw–the 5-figure entry fee + $200/mo cost of joining the club that would enable us to use the gym, pool, coffee shop. Most of us residents haven’t joined and would if the price were lowered. Some day they will discover the concept of elasticity of demand and cut the price in half, double their membership, and bring in the same total revenue.

[EconProf]

Earlyretirement, you’ve already mentioned the biggest Santaluz flaw–the 5-figure entry fee + $200/mo cost of joining the club that would enable us to use the gym, pool, coffee shop. Most of us residents haven’t joined and would if the price were lowered. Some day they will discover the concept of elasticity of demand and cut the price in half, double their membership, and bring in the same total revenue.

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