Is Santaluz filled with White Elephants?

[sunny88]

[quote=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.
[/quote]

I’ve been there a couple of times and they are really having a hard time selling. The prices for the homes are okay, but the fees are way to high!

[EconProf]

Santaluz is all about low density and wide open spaces, and you pay for that in the purchase price.
The club membership is optional, and many, perhaps most Santaluz residents pass on it.
Price per square foot has come down considerably, especially for the big McMansions. But don’t forget Santaluz also includes clusters of smaller houses that have fared better.

[EconProf]

Santaluz is all about low density and wide open spaces, and you pay for that in the purchase price.
The club membership is optional, and many, perhaps most Santaluz residents pass on it.
Price per square foot has come down considerably, especially for the big McMansions. But don’t forget Santaluz also includes clusters of smaller houses that have fared better.

[EconProf]

Santaluz is all about low density and wide open spaces, and you pay for that in the purchase price.
The club membership is optional, and many, perhaps most Santaluz residents pass on it.
Price per square foot has come down considerably, especially for the big McMansions. But don’t forget Santaluz also includes clusters of smaller houses that have fared better.

[EconProf]

Santaluz is all about low density and wide open spaces, and you pay for that in the purchase price.
The club membership is optional, and many, perhaps most Santaluz residents pass on it.
Price per square foot has come down considerably, especially for the big McMansions. But don’t forget Santaluz also includes clusters of smaller houses that have fared better.

[EconProf]

Santaluz is all about low density and wide open spaces, and you pay for that in the purchase price.
The club membership is optional, and many, perhaps most Santaluz residents pass on it.
Price per square foot has come down considerably, especially for the big McMansions. But don’t forget Santaluz also includes clusters of smaller houses that have fared better.

[PadreBrian]

[quote=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.[/quote]
Exactly. This community was finished years before the peak of the bubble. If they sell now they are still making a profit. That’s IF they want to sell. Not many people in Fairbanks Ranch or Santaluz even would want to sell. They’re retired there and will die there.

[PadreBrian]

[quote=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.[/quote]
Exactly. This community was finished years before the peak of the bubble. If they sell now they are still making a profit. That’s IF they want to sell. Not many people in Fairbanks Ranch or Santaluz even would want to sell. They’re retired there and will die there.

[PadreBrian]

[quote=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.[/quote]
Exactly. This community was finished years before the peak of the bubble. If they sell now they are still making a profit. That’s IF they want to sell. Not many people in Fairbanks Ranch or Santaluz even would want to sell. They’re retired there and will die there.

[PadreBrian]

[quote=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.[/quote]
Exactly. This community was finished years before the peak of the bubble. If they sell now they are still making a profit. That’s IF they want to sell. Not many people in Fairbanks Ranch or Santaluz even would want to sell. They’re retired there and will die there.

[PadreBrian]

[quote=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.[/quote]
Exactly. This community was finished years before the peak of the bubble. If they sell now they are still making a profit. That’s IF they want to sell. Not many people in Fairbanks Ranch or Santaluz even would want to sell. They’re retired there and will die there.

[rewatcher]

[All houses in Crosby come with Sport membership (monthly dues $300/month), and MR effectively increases the purchase by 150-200K. When you’re buying a house for 2 million, MR isn’t much in comparison.]

I don’t agree. 150-200K may not have been an issue with massive appreciation but paying 10 percent of your purchase price in fees that are not required for homes in close proximity is a consideration for most…..even in this price range. Even those that can afford 2M don’t want to lose 200K.

[rewatcher]

[All houses in Crosby come with Sport membership (monthly dues $300/month), and MR effectively increases the purchase by 150-200K. When you’re buying a house for 2 million, MR isn’t much in comparison.]

I don’t agree. 150-200K may not have been an issue with massive appreciation but paying 10 percent of your purchase price in fees that are not required for homes in close proximity is a consideration for most…..even in this price range. Even those that can afford 2M don’t want to lose 200K.

[rewatcher]

[All houses in Crosby come with Sport membership (monthly dues $300/month), and MR effectively increases the purchase by 150-200K. When you’re buying a house for 2 million, MR isn’t much in comparison.]

I don’t agree. 150-200K may not have been an issue with massive appreciation but paying 10 percent of your purchase price in fees that are not required for homes in close proximity is a consideration for most…..even in this price range. Even those that can afford 2M don’t want to lose 200K.

[rewatcher]

[All houses in Crosby come with Sport membership (monthly dues $300/month), and MR effectively increases the purchase by 150-200K. When you’re buying a house for 2 million, MR isn’t much in comparison.]

I don’t agree. 150-200K may not have been an issue with massive appreciation but paying 10 percent of your purchase price in fees that are not required for homes in close proximity is a consideration for most…..even in this price range. Even those that can afford 2M don’t want to lose 200K.

[Author]

Posts