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November 13, 2007 at 11:08 PM #99262November 13, 2007 at 11:08 PM #99279
CoronitaParticipantYou are making me nervous! I'm in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I've been there.
Did the house on Harvest Run close? I couldn't find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn't have much going for it at all.
Derby Hill is substantially newer than Belmont and Lexington and I think that's a big factor. I also disagree with the postings that the small garage on the Plan 1 don't fit a car. Granted it doesn't fit a big car but I am able to use it as well as the neighbors around me.
I doubt it would fit most sedan's mid-size, or any 2 door couple that requires decent side room. I sort of measured it with a short tape measure while I was looking at lot 90 last weekend. This eliminates camry,passat,a4,a6,s4,s5,m3. Guess you could probably squeeze in a 911…Humm….("Honey, only a 911 will fit in the workshop") Again, works great as a workshop, but I need a third car garage if I were to move.
Regarding belmont, there's also this one.
http://sandiego.houserebate.com/search/homeview.asp?id=1675117&p3=-1&ix=187
The previous one that NewRenter posted was very interesting. I never thought I'd see something 3400sqft in a relatively good location go for $1million this soon.
What is interesting for me is that Pardee isn't lowering prices on DH for now homes. But the way I look at it, someone that bought in 06 probably have about 0.75% lower mortgage rate than someone that buys now. For that reason, anyone buying now really is paying a lot more than 06.
The other thing I remind myself, as a home buyer from 2004…Unless you paid cash for the home, you aren't going come close to breaking even after interest payments, tax, etc in the coming years, even if you are able to sell the home at the same price you paid. So there's not point in thinking about my primary in terms of a "home value" or "investment". For example, we bought in a home in 2004 for $860k. We added about $20k in repairs/updates. Interest on mortgage and prop tax comes out to be about $30k/year. So if we were to hypothetically sell this year, breaking even is at least a list price of $970k, and doesn't include seller commision etc. No way in hell someone is going to buy our home at this price. Also there's no way in hell that this property can be converted in to a rental without paying off more equity and restructuring the existing mortgage….Using the current mortgage, we would need to subsidize renters $1500/month to break even each month. Uh, no thank you.
Why am I bringing this up? If you bought over the past 3 years, this waa to be expected. It's not going to be an "investment". Of course I'm not addressing the non-financial aspects of owning your primary, which is important too. That said, I like my home and don't really care what happens moving forward. (I just wish I had a three car garage).
November 13, 2007 at 11:08 PM #99284CoronitaParticipantYou are making me nervous! I'm in Derby Hill for the long haul but I hate to think that my housing value has gone down in the short time I've been there.
Did the house on Harvest Run close? I couldn't find a closing price yet. The comp on Amberglades sold overnight for $1.125 and it didn't have much going for it at all.
Derby Hill is substantially newer than Belmont and Lexington and I think that's a big factor. I also disagree with the postings that the small garage on the Plan 1 don't fit a car. Granted it doesn't fit a big car but I am able to use it as well as the neighbors around me.
I doubt it would fit most sedan's mid-size, or any 2 door couple that requires decent side room. I sort of measured it with a short tape measure while I was looking at lot 90 last weekend. This eliminates camry,passat,a4,a6,s4,s5,m3. Guess you could probably squeeze in a 911…Humm….("Honey, only a 911 will fit in the workshop") Again, works great as a workshop, but I need a third car garage if I were to move.
Regarding belmont, there's also this one.
http://sandiego.houserebate.com/search/homeview.asp?id=1675117&p3=-1&ix=187
The previous one that NewRenter posted was very interesting. I never thought I'd see something 3400sqft in a relatively good location go for $1million this soon.
What is interesting for me is that Pardee isn't lowering prices on DH for now homes. But the way I look at it, someone that bought in 06 probably have about 0.75% lower mortgage rate than someone that buys now. For that reason, anyone buying now really is paying a lot more than 06.
The other thing I remind myself, as a home buyer from 2004…Unless you paid cash for the home, you aren't going come close to breaking even after interest payments, tax, etc in the coming years, even if you are able to sell the home at the same price you paid. So there's not point in thinking about my primary in terms of a "home value" or "investment". For example, we bought in a home in 2004 for $860k. We added about $20k in repairs/updates. Interest on mortgage and prop tax comes out to be about $30k/year. So if we were to hypothetically sell this year, breaking even is at least a list price of $970k, and doesn't include seller commision etc. No way in hell someone is going to buy our home at this price. Also there's no way in hell that this property can be converted in to a rental without paying off more equity and restructuring the existing mortgage….Using the current mortgage, we would need to subsidize renters $1500/month to break even each month. Uh, no thank you.
Why am I bringing this up? If you bought over the past 3 years, this waa to be expected. It's not going to be an "investment". Of course I'm not addressing the non-financial aspects of owning your primary, which is important too. That said, I like my home and don't really care what happens moving forward. (I just wish I had a three car garage).
November 21, 2007 at 11:47 AM #102492CVFanGirl
ParticipantI’m reading these comments with great interest since we’re a block away over in Saratoga. It’s odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don’t they insulate the price of a DH further from an older comp (Belmont?)
November 21, 2007 at 11:47 AM #102567ParticipantI’m reading these comments with great interest since we’re a block away over in Saratoga. It’s odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don’t they insulate the price of a DH further from an older comp (Belmont?)
November 21, 2007 at 11:47 AM #102581ParticipantI’m reading these comments with great interest since we’re a block away over in Saratoga. It’s odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don’t they insulate the price of a DH further from an older comp (Belmont?)
November 21, 2007 at 11:47 AM #102605ParticipantI’m reading these comments with great interest since we’re a block away over in Saratoga. It’s odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don’t they insulate the price of a DH further from an older comp (Belmont?)
November 21, 2007 at 11:47 AM #102634ParticipantI’m reading these comments with great interest since we’re a block away over in Saratoga. It’s odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don’t they insulate the price of a DH further from an older comp (Belmont?)
November 21, 2007 at 1:40 PM #102562zk
ParticipantWell, first of all, Saratogas that sold for over 1mil were mostly in 2005. It’s not 2005 any more.
And Belmonts aren’t that old, really. Some of them were built as late as 2002. They’re bigger than Saratogas, and if they’re selling for $1M for 3476 s.f., then that’ll hurt the comps for Saratoga and DH, I’m thinking.
That said, there are, as mentioned in the other CV thread, still some chumps out there. So anything can happen for any particular house.
November 21, 2007 at 1:40 PM #102638ParticipantWell, first of all, Saratogas that sold for over 1mil were mostly in 2005. It’s not 2005 any more.
And Belmonts aren’t that old, really. Some of them were built as late as 2002. They’re bigger than Saratogas, and if they’re selling for $1M for 3476 s.f., then that’ll hurt the comps for Saratoga and DH, I’m thinking.
That said, there are, as mentioned in the other CV thread, still some chumps out there. So anything can happen for any particular house.
November 21, 2007 at 1:40 PM #102651ParticipantWell, first of all, Saratogas that sold for over 1mil were mostly in 2005. It’s not 2005 any more.
And Belmonts aren’t that old, really. Some of them were built as late as 2002. They’re bigger than Saratogas, and if they’re selling for $1M for 3476 s.f., then that’ll hurt the comps for Saratoga and DH, I’m thinking.
That said, there are, as mentioned in the other CV thread, still some chumps out there. So anything can happen for any particular house.
November 21, 2007 at 1:40 PM #102675ParticipantWell, first of all, Saratogas that sold for over 1mil were mostly in 2005. It’s not 2005 any more.
And Belmonts aren’t that old, really. Some of them were built as late as 2002. They’re bigger than Saratogas, and if they’re selling for $1M for 3476 s.f., then that’ll hurt the comps for Saratoga and DH, I’m thinking.
That said, there are, as mentioned in the other CV thread, still some chumps out there. So anything can happen for any particular house.
November 21, 2007 at 1:40 PM #102704ParticipantWell, first of all, Saratogas that sold for over 1mil were mostly in 2005. It’s not 2005 any more.
And Belmonts aren’t that old, really. Some of them were built as late as 2002. They’re bigger than Saratogas, and if they’re selling for $1M for 3476 s.f., then that’ll hurt the comps for Saratoga and DH, I’m thinking.
That said, there are, as mentioned in the other CV thread, still some chumps out there. So anything can happen for any particular house.
November 21, 2007 at 5:57 PM #102637CoronitaParticipantI'm reading these comments with great interest since we're a block away over in Saratoga. It's odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don't they insulate the price of a DH further from an older comp (Belmont?)
With all due respect. I feel Saratoga were all overpriced. These homes I believe are roughly 2400-2800 sqft. Most of these units do not have a view, and most are not north/south facing. Saratoga's comparables are not the likes of DH, Belmont, etc. The more comparables are complexes in Torrey Hills including Sands, Shores, Sansonet. I would even venture Sea Ridge and the complex behind Sea Ridge would be comparable (Sea Ridge homes i feel are nicer, but get dinged for being so close to power lines). I wouldn't consider them also comparable to La Strada and Montecito (as these two complexes are problem 1 step above Saratoga and the Shores/Sands/Sansonet complexes but below DH , Belmont, Breakers,etc..
Either way, several of these homes (Shores Sands Sansonets) in Torrey Hills not only have views, but sliver of ocean view, with the ocean breeze. As such, these homes are currently in the $800-$950 range. So I would say Saratoga probably is around this range too. And that's current prices. I would expect that these homes would fall moving forward. People who live in these homes generally aren't as immune to a contraction, and I would even venture probably depend more on a loan than those that spend in the high end.
Over 1 million for saratoga was just plan nuts imho. Because if you walk inside a saratoga and go to one of the comparables, it's about the same ceiling height, same floor plan, same sqft. If you add on top of that and additional $100k in landscape, it's out of the price range of the comparables. Also, I believe both DH and Saratoga have $100-$200/month HOA, as compared to the Torrey Hills side, which is like $20/month. That's a lot imho.
Also, one possible selling point was access to Sage Canyon elementary. But it's to my understanding that residence in the new Pardee communities will not be going to Sage Canyon, but to the new elementary behind the Montecito complex. Not that it really matters. All public elementaries in CV are pretty good (the difference between #1 and anything else is probably made up by the variance in parental involvement).
That said, if you enjoy living an a brand new home, and aren't really trying to make money off of it, who really cares what people say are think, or what the actual house value is?
November 21, 2007 at 5:57 PM #102713CoronitaParticipantI'm reading these comments with great interest since we're a block away over in Saratoga. It's odd though, that noone seems to mention these homes in any of the forums. Noone is considering their value when calculating the worth of a DH. Is it because they are almost all situated on the main road or is there some other reason?
And what about those Saratogas with oversized lots that sold for 1 mil plus. Don't they insulate the price of a DH further from an older comp (Belmont?)
With all due respect. I feel Saratoga were all overpriced. These homes I believe are roughly 2400-2800 sqft. Most of these units do not have a view, and most are not north/south facing. Saratoga's comparables are not the likes of DH, Belmont, etc. The more comparables are complexes in Torrey Hills including Sands, Shores, Sansonet. I would even venture Sea Ridge and the complex behind Sea Ridge would be comparable (Sea Ridge homes i feel are nicer, but get dinged for being so close to power lines). I wouldn't consider them also comparable to La Strada and Montecito (as these two complexes are problem 1 step above Saratoga and the Shores/Sands/Sansonet complexes but below DH , Belmont, Breakers,etc..
Either way, several of these homes (Shores Sands Sansonets) in Torrey Hills not only have views, but sliver of ocean view, with the ocean breeze. As such, these homes are currently in the $800-$950 range. So I would say Saratoga probably is around this range too. And that's current prices. I would expect that these homes would fall moving forward. People who live in these homes generally aren't as immune to a contraction, and I would even venture probably depend more on a loan than those that spend in the high end.
Over 1 million for saratoga was just plan nuts imho. Because if you walk inside a saratoga and go to one of the comparables, it's about the same ceiling height, same floor plan, same sqft. If you add on top of that and additional $100k in landscape, it's out of the price range of the comparables. Also, I believe both DH and Saratoga have $100-$200/month HOA, as compared to the Torrey Hills side, which is like $20/month. That's a lot imho.
Also, one possible selling point was access to Sage Canyon elementary. But it's to my understanding that residence in the new Pardee communities will not be going to Sage Canyon, but to the new elementary behind the Montecito complex. Not that it really matters. All public elementaries in CV are pretty good (the difference between #1 and anything else is probably made up by the variance in parental involvement).
That said, if you enjoy living an a brand new home, and aren't really trying to make money off of it, who really cares what people say are think, or what the actual house value is?
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