Median Price Down in North County

[docteur]

Apples to apples, I guess. But a little cheaper this time around, eh? Thanks.

[ocrenter]

would be the case if there are actually views or if this is in a golf course community. These homes are basically detached condo’s. none of them have views. smaller models at 1600 sqft also saw drops too. the 1600 sqft ones were for sale at $600,000 4-5 months ago, the same models are now at $550,000. These homes were all bought at $400,000 in 2003, expect them to head back to that level soon.

[JJGittes]

Anybody else watching the San Elijo Hills area of San Marcos? Maybe its my imagination, but it seems like the number of listings in there has really swelled in the last few weeks. And there are still new developments coming on line. Amazing.

Also, anybody ever notice the mello roos and various other assessments on top of prop. tax that they charge in there? Its like a grand a month for taxes and MR, on top of the mortgages. Wow, $12k a year for a cookie cutter stucco box 8 feet from your neighbor. Ugly ugly.

[lendingbubblecontinues]

Really ugly! And aren’t there supposed to be about 5,000 new homes coming on line there in the next couple of years?

I think John Deere may have some strong BULLDOZER orders in the next few years.

[sdrealtor]

Inventory seems about where its been for a while at approx 50 active listings in SEH. Pendings aren’t bad at 20. A year ago there was nothing under 600k there. there are now 2 for sale and 2 in escrow under 600K. personally I’m not a big fan of SEH.

[North County Jim]

JJ,

We’ve been following the new and resale SFR market in San Elijo Hills since January. Resale inventory has been in the mid 60’s for several weeks. If you add in condos, the inventory nearly doubles. If you use the interactive map feature in Zip Realty, things look a little clustery.

As for the new stuff, things have the potential to get a little dicey. As of last Saturday, there were 36 unsold builder homes that have been released. This is up substantially since our first visit in January. There are two reasons for this. One, three new neighborhoods have had first phase releases in the last few weeks adding to supply. Two, the new homes there are just not selling as readily as they were.

Pulte is in the latter phases of their two neighborhoods. Their latest phase releases did not sell out including some high-end ocean view lots priced in the low to mid 900’s. They still had 11 homes available in their two neighborhoods. They have also been farming stuff out on the MLS through a Prudential agent in Carlsbad.

Other than the ocean view lots, there has been some discounting (both price and upgrades). For an example of the pricing discount, check the SEH website versus Pulte’s own website.

For the brand new neighborhoods, the first phase releases were less than spectacular. The highest end neighborhood by DR Horton was less than half sold.

First phase sales for the two Richmond American neighborhoods fared poorly. The higher end of their two neighborhoods had sold one home (in a release of seven homes) in about three weeks (there was also one house reserved by a buyer who had not yet qualified).

In their defense, they’re trying to sell these homes well before the models are built (probably mid-summer). Then again, that didn’t stop people from buying up releases two years ago.

Regarding the Mello Roos assessments, I’ve seen a couple of property tax bills in there and they appear to be more in the $300-400 range per month.

One last anecdote to share. At an Open House about a month ago, I was chatting with a realtor. Her one telling comment was that she thought there were a lot of overextended people in SEH. I saw all the confirmation I needed when I drove through Pulte’s two neighborhoods. More ragged landscaping than I would have expected (Hollowbrook Ct. stood out in that regard).

We like the location. If we can find something with a pool-sized lot and a modicum of privacy at the right price, we’ll pull the trigger. However, I’m not expecting that this year.

[sdrealtor]

I stand corrected 64 active listings and 20 pending listings as of tonite. Last time I checked was late 2005 and there were about 48 actives. That means inventory is up more than I thought (33%). It’s not an area I follow too closely. Just curious as to what you like about the location…is it the view of the old dump or the traffic choked single road in and out.

[lendingbubblecontinues]

sdrealtor…unless you are trying to be funny here and are failing miserably….this is just too much..now you are picking on someone else’s taste of location for a home. You truly deserve no sympathy for what comes your way.

[ocrenter]

you know what really sucks about this one? there was one (same exact model) that just sold in 2/06 for…

1xxx6 Honeybrook Ave
Bedrooms: 3
Baths: 2.5
Sq ft: 2,043
Last Sold Feb 06 at $685,000

so same exact model, $85,000 difference in 2 months! This next one is even more pathetic…

1xxx2 Manassas St
Bedrooms: 3
Baths: 2.5
Sq ft: 1,931
Last sold 12/04 at $690,000

16 months after the purchase, you have models that are bigger selling for almost $100,000 less than you.

[North County Jim]

I don’t know you well enough to know whether the comment was mean-spirited or not. One could certainly interpret it that way.

So let me know whether or not you’re an a**hole and maybe we can resume the discussion in a less polarizing manner.

[sdrealtor]

Sorry… a poor attempt at humor. Personally I think its a nice neighborhood and have many friends living there though I’m not crazy about the location. I couldnt imagine commuting anywhere South of Carmel Valley from there.

[ocrenter]

speaking of commuting… the builders at San Elijo are so desparate that they have been taking out half page ads in the OCRegister advertising a “short 1 hour commute” to OC/Irvine.

[sdrealtor]

LOL, during Morning rush hour it could take 45 minutes to get the freeway from SEH.

[hs]

I am surprised to see this house(with new cherry wood floor) sold for 520K this month, because one of my friends just sold her house on the same street in January, the same size, model, no upgrate, for 568K. How are those realtors still telling people”price will go up and up”?

SF Detached Status: Sold LP: $520,000 – $560,000 REF #: 1
MLS #: 066004497 OLP: $560,000
Media: 7
Address: 9561 Compass Point Dr. S Close of Escrow: 4/18/2006
Subdivision: Sunset Glen Sales Price: $ 520,000
City: San Diego Zip : 92126- 5538
Cross Street: Westview Pkwy Community: MIRA MESA
Map Code: 1209E2 MT: 12 AMT: 12 LD: 1/14/2006
Directions To Property: 15 to Mira Mesa Blvd N Westview Pkwy, L Compass Pt. Dr.S

General Information

Bedrooms: 4 View: N/K
Optional BR: Exterior: Stucco
Baths: 2.5 Floors: Slab, Wood
Est SqFt: 1,636 Heat: Electric, Forced Air, Natural Gas
Year Built: 1996 Cooling: N/K
Stories: 2 Story Pool: N/K
Lot SqFt: Lot Size: Up to & Inc .25 Acres

[JJGittes]

Yes, $300-400 a month for MR, plus $600 (assuming an impound) for prop tax on a $700k house (many were more than that), adds up to $1k or more a month, on top of the mortgage (and perhaps HOA of $100+) obviously. Again, ouch!

[Author]

Posts