Gianni at 4S Ranch

[homesearcher]

We recently had a baby and my wife is really ready to settle into an own home. We are looking for a basic 2 (or 3) bedroom condo in a nice neighborhood. My wife found the Gianni at 4S Ranch and liked their floorplans.

I would really appreciate if you could help us with some background information on these homes:

(*) How would you rate the builder “Standard Pacific Homes”?

(*) I read in this forum that $300+ per sqft at 4S Ranch is outragous. This home actually falls into this category with $400k for 1211 sqft. At which price per sqft would you consider a 2 bedroom at 4S Ranch adequately priced?

(*) I am concerned about the cost of upgrades, as I suspect, this will be a big moneymaker for the builder. I was not able to get pricing info from the sales team there. Do you have an estimate on how much I should assume tile-flooring and granite-countertops to cost?

(*) I would actually prefer to buy a used home, since I hoped to get more for the money. What lead us to the builders however is that used homes seem to be as expensive as new homes. Is this your observation as well or am I overlooking some costs when buying a new home from the builder?

(*) Most posters in this forum predict a further drop in prices at 4S Ranch. Would you expect a rather quick drop or an extended gradual drop?

Thank you very much, your input is greatly appreciated.

Homesearcher

[SD Realtor]

Once more my usual disclaimer… wait if you can before you buy, specially if you are getting a condo.

I will answer 4 and 5 for ya…Homebuilders price aggressively for many reasons. First and foremost, they have plenty of margin, and they are not emotionally attached to the product they sell. As the market continues to depreciate the homebuilders continue to price aggressively and contrary to what many people think, they are selling homes. They also keep sales robust by paring down the numbers of homes release per phase.

So in general your observation is correct, used homes are not only as expensive but more often then not more expensive then comparable new homes.

I am one of the many posters who feel that there is still room for prolonged depreciation. My view is that it will vary somewhat with the type of home, (condo verses single family) as well as the neighborhood. I am not saying some places will rise and some will fall. I think all will fall at different rates and they will find different levels. I believe we will see a more gradual drop over the next few years, that will be intertwined with seasonal behavior that is predictable. To clarify, I expect to see small pops in the spring, then pretty flat the remainder of the year with the declines in the summer and late summer.

SD Realtor

[SD Realtor]

Once more my usual disclaimer… wait if you can before you buy, specially if you are getting a condo.

I will answer 4 and 5 for ya…Homebuilders price aggressively for many reasons. First and foremost, they have plenty of margin, and they are not emotionally attached to the product they sell. As the market continues to depreciate the homebuilders continue to price aggressively and contrary to what many people think, they are selling homes. They also keep sales robust by paring down the numbers of homes release per phase.

So in general your observation is correct, used homes are not only as expensive but more often then not more expensive then comparable new homes.

I am one of the many posters who feel that there is still room for prolonged depreciation. My view is that it will vary somewhat with the type of home, (condo verses single family) as well as the neighborhood. I am not saying some places will rise and some will fall. I think all will fall at different rates and they will find different levels. I believe we will see a more gradual drop over the next few years, that will be intertwined with seasonal behavior that is predictable. To clarify, I expect to see small pops in the spring, then pretty flat the remainder of the year with the declines in the summer and late summer.

SD Realtor

[Coronita]

A 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.

As far as the attached market. I’ve monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it’s happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )

1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.

To put things in perspective, Here’s a foreclosure in a relatively nice attached community.

http://sandiego.houserebate.com/search/homeview.asp?id=1649155&p3=-1&ix=85

1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.

You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn’t list it).

Obviously, a property marketed at this price (still high imho) doesn’t help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher

2) http://sandiego.houserebate.com/search/homeview.asp?id=1649098&p3=-1&ix=84
3806 MYKONOS LANE 15, San Diego
$483,900

3)
http://sandiego.houserebate.com/search/homeview.asp?id=1621579&p3=-1&ix=80
3792 MYKONOS LANE 35, San Diego
$507,900

4)
http://sandiego.houserebate.com/search/homeview.asp?id=1635965&p3=-1&ix=82
3716 MYKONOS LANE 159, San Diego
$519,900

You might also be interested in how much this buyers paid for this unit

1)
http://www2.sdcounty.ca.gov/ARCC/SalesSearch/search_detail.asp?pb=307&pp=022&pn=39&pi=11&sd=12_23_2005

307 022 39 11
Property Location:
03762#89 MYKONOS LN
Purchase Price: $581,645
Living Area: 1,202
No. Bedrooms: 2
No. Bathrooms: 3
Document Date: 12/23/2005

It’s not a question of whether prices are falling for the attached market. It’s pretty clear it’s happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.

[Coronita]

A 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.

As far as the attached market. I’ve monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it’s happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )

1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.

To put things in perspective, Here’s a foreclosure in a relatively nice attached community.

http://sandiego.houserebate.com/search/homeview.asp?id=1649155&p3=-1&ix=85

1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.

You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn’t list it).

Obviously, a property marketed at this price (still high imho) doesn’t help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher

2) http://sandiego.houserebate.com/search/homeview.asp?id=1649098&p3=-1&ix=84
3806 MYKONOS LANE 15, San Diego
$483,900

3)
http://sandiego.houserebate.com/search/homeview.asp?id=1621579&p3=-1&ix=80
3792 MYKONOS LANE 35, San Diego
$507,900

4)
http://sandiego.houserebate.com/search/homeview.asp?id=1635965&p3=-1&ix=82
3716 MYKONOS LANE 159, San Diego
$519,900

You might also be interested in how much this buyers paid for this unit

1)
http://www2.sdcounty.ca.gov/ARCC/SalesSearch/search_detail.asp?pb=307&pp=022&pn=39&pi=11&sd=12_23_2005

307 022 39 11
Property Location:
03762#89 MYKONOS LN
Purchase Price: $581,645
Living Area: 1,202
No. Bedrooms: 2
No. Bathrooms: 3
Document Date: 12/23/2005

It’s not a question of whether prices are falling for the attached market. It’s pretty clear it’s happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.

[ocrenter]

bad move here. A condo in 4S is not worth $400,000. that’s basically OC prices. At all levels, SD should at be at least $100,000 lower for comparable housing to OC.

If you are willing to settle for older RB, you can get yourself SFR in the high $400,000 these days.

[ocrenter]

bad move here. A condo in 4S is not worth $400,000. that’s basically OC prices. At all levels, SD should at be at least $100,000 lower for comparable housing to OC.

If you are willing to settle for older RB, you can get yourself SFR in the high $400,000 these days.

[SDowner]

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

SDowner

[SDowner]

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

SDowner

[PerryChase]

Humm…. baby pops out and wife is ready to nest. That is so typical.

I know that’s the way it is but it doesn’t have to be. See the big lie related thread.

[PerryChase]

Humm…. baby pops out and wife is ready to nest. That is so typical.

I know that’s the way it is but it doesn’t have to be. See the big lie related thread.

[Coronita]

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

 

These units are apartment home converts. But unlike most converts, these are actually pretty nice, which your own garage parking..They are just way overpriced back in 2005.

I believe some of these that are selling must be from the apartment owner, and not individuals. (could be wrong though).

[Coronita]

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

 

These units are apartment home converts. But unlike most converts, these are actually pretty nice, which your own garage parking..They are just way overpriced back in 2005.

I believe some of these that are selling must be from the apartment owner, and not individuals. (could be wrong though).

[SD Realtor]

There are currently 6 actives right now. 1 is an REO. The other 5 are being listed by Prudential and they are representing the developer. All comments say call the sales office. These are not being sold any owners

SD Realtor

[SD Realtor]

There are currently 6 actives right now. 1 is an REO. The other 5 are being listed by Prudential and they are representing the developer. All comments say call the sales office. These are not being sold any owners

SD Realtor

[Author]

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