Is Santaluz filled with White Elephants?

[rewatcher]

I have been periodically checking the over $2M dollar market in Santaluz. I looked at SDLookup.com and I don’t see any sales in the over 2 million range in the past 3 months (this includes the entire RB West region which I believe also includes The Crosby) yet there are 47 homes priced 2M and above. The over 2M market continues to move, albeit slowly, in RSF but appears to have come to a standstill in Santaluz and The Crosby.
I just don’t see how this is going to dramatically change. It appears that those who can truly afford a home in this price range (ie Raptor from days past) are choosing elsewhere. I considered buying in Santaluz a year or two ago but after calculating Mello Roos (800-1000K/month), HOA(450/month) and a BASIC club membership(850/month) to be approx. $2100/month before I even touched my mortgage payment I just couldn’t pull the trigger. The burn rate was too high.It is going to be painful for the buy and hold group.
I don’t think we have seen the end of the beginning of price drops in this area…..my 2 cents.

[La Jolla Renter]

Agreed!

$2,100 was chump change when your home was appreciating at $20k or more a month as was the case with Santaluz and The Crosby in the heyday.

The true cost of ownership in a market that is not appreciating is a reality check like no other for the home owners that bought there at the peak.

Let us know when the 2.5M at the peak is listed for and sold for 1.25M, might even happen by years end.

[La Jolla Renter]

Agreed!

$2,100 was chump change when your home was appreciating at $20k or more a month as was the case with Santaluz and The Crosby in the heyday.

The true cost of ownership in a market that is not appreciating is a reality check like no other for the home owners that bought there at the peak.

Let us know when the 2.5M at the peak is listed for and sold for 1.25M, might even happen by years end.

[La Jolla Renter]

Agreed!

$2,100 was chump change when your home was appreciating at $20k or more a month as was the case with Santaluz and The Crosby in the heyday.

The true cost of ownership in a market that is not appreciating is a reality check like no other for the home owners that bought there at the peak.

Let us know when the 2.5M at the peak is listed for and sold for 1.25M, might even happen by years end.

[La Jolla Renter]

Agreed!

$2,100 was chump change when your home was appreciating at $20k or more a month as was the case with Santaluz and The Crosby in the heyday.

The true cost of ownership in a market that is not appreciating is a reality check like no other for the home owners that bought there at the peak.

Let us know when the 2.5M at the peak is listed for and sold for 1.25M, might even happen by years end.

[La Jolla Renter]

Agreed!

$2,100 was chump change when your home was appreciating at $20k or more a month as was the case with Santaluz and The Crosby in the heyday.

The true cost of ownership in a market that is not appreciating is a reality check like no other for the home owners that bought there at the peak.

Let us know when the 2.5M at the peak is listed for and sold for 1.25M, might even happen by years end.

[sunny88]

Even though the homes in Santaluz are beautiful and the surroundings serene home prices are still too high and the taxes and fees are almost prohibitive. Better deals can be had in RSF or LJ where there is no MR.

[sunny88]

Even though the homes in Santaluz are beautiful and the surroundings serene home prices are still too high and the taxes and fees are almost prohibitive. Better deals can be had in RSF or LJ where there is no MR.

[sunny88]

Even though the homes in Santaluz are beautiful and the surroundings serene home prices are still too high and the taxes and fees are almost prohibitive. Better deals can be had in RSF or LJ where there is no MR.

[sunny88]

Even though the homes in Santaluz are beautiful and the surroundings serene home prices are still too high and the taxes and fees are almost prohibitive. Better deals can be had in RSF or LJ where there is no MR.

[sunny88]

Even though the homes in Santaluz are beautiful and the surroundings serene home prices are still too high and the taxes and fees are almost prohibitive. Better deals can be had in RSF or LJ where there is no MR.

[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[ocrenter]

Lennar’s The Lakes “Above” RSF are under significant pressure to drop prices.

05/29/2009 8647 Herrington Way 4/4 3,400 $899,000 $835,000 -7.12%
05/29/2009 8652 Herrington Way 4/4 3,437 $899,000 $850,000 -5.45%
05/28/2009 8706 Herrington Way 4/5 n/a $995,000 $945,000

three of them just closed, the reductions aren’t that impressive just yet, but by this winter as the near million and over million market continue to die, Lennar will continue to slash prices and agree to look at some low balls.

These, unfortunately just like most of Crosby and Santaluz, have rediculous mello roos + HOA fees and things will get a lot worse for them.

[Author]

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