NEED your input, About to buy a new Pienza home in 4S Ranch

[4spotentialbuyer]

John,

Not your typical scenario.. your comments reflect a sexist stereotype….We are thinking of waiting until Spring 2008 and I am the one who wants to wait while my husband wants to buy…We also make the same amount of money….

We just don’t know if it is realistic that NEW homes from the builder will go down another 50K and not sure if we want to wait for foreclosures as we are planning to stay put for at 10 years….

[4spotentialbuyer]

John,

Not your typical scenario.. your comments reflect a sexist stereotype….We are thinking of waiting until Spring 2008 and I am the one who wants to wait while my husband wants to buy…We also make the same amount of money….

We just don’t know if it is realistic that NEW homes from the builder will go down another 50K and not sure if we want to wait for foreclosures as we are planning to stay put for at 10 years….

[rb_engineer]

If you really have to buy this year, I would say buy in Oct/Nov timeframe since market is slower then. I also would concentrate on markets with the most inventory to get the best deals. Right now this seems to be the new 92127 area (Santaluz?) and RSF. You can probably find a steal if you can stretch your budget some.

[rb_engineer]

If you really have to buy this year, I would say buy in Oct/Nov timeframe since market is slower then. I also would concentrate on markets with the most inventory to get the best deals. Right now this seems to be the new 92127 area (Santaluz?) and RSF. You can probably find a steal if you can stretch your budget some.

[Allan from Fallbrook]

4spotentialbuyer: It would appear that the builders prices are going to be entirely driven by the necessity of offloading excess inventory.

There was a link detailing the various short sales and foreclosures in 4S Ranch, and it looked like there were quite a few units in there that were in extremis.

I would think Spring 2008 would be a good time, but, given the number of resets due to hit in June and beyond (2008), is there any harm in waiting till summer or fall? Just curious.

[Allan from Fallbrook]

4spotentialbuyer: It would appear that the builders prices are going to be entirely driven by the necessity of offloading excess inventory.

There was a link detailing the various short sales and foreclosures in 4S Ranch, and it looked like there were quite a few units in there that were in extremis.

I would think Spring 2008 would be a good time, but, given the number of resets due to hit in June and beyond (2008), is there any harm in waiting till summer or fall? Just curious.

[fromnj]

Dear rb_engineer

We are also looking Santaluz, but I cannot convince my wife to pay attention to the area due to their community plan and the current selling price.

So, what do you think of the range of discount towards the end of year? Currently, they are selling at 1M or over.

Then, I am going crazy when I see a lot of new homes are been built in Santaluz even though many houses are still on the market for sale. It seems that rich people have weath to live in what they want and do not pay attentions to what is on the market.

[fromnj]

Dear rb_engineer

We are also looking Santaluz, but I cannot convince my wife to pay attention to the area due to their community plan and the current selling price.

So, what do you think of the range of discount towards the end of year? Currently, they are selling at 1M or over.

Then, I am going crazy when I see a lot of new homes are been built in Santaluz even though many houses are still on the market for sale. It seems that rich people have weath to live in what they want and do not pay attentions to what is on the market.

[drunkle]

10k is outside the limit of small claims…

would it make sense for buyeronhold to aggressively pursue her deposit first, on the basis of misleading/fraudulent lending practices? the professional advice of their loan advisor to take a long term interest only mortgage seems founded on the assumption of a RE rebound, one that cannot be guaranteed or even suggested on the basis of any historical example; there’s never been a housing bubble of this magnitude before.

by pursuing the deposit first, you show that you are not interested in completing the purchase at all, you are not using the court as a recourse for gambling losses and you are proactively working to extricate yourself from a situation that you were led into under false pretenses.

while a court case could take a long time to work through, longer than the escrow, you can drop the case at a later time if the contingency clause kicks in. otherwise, you have the wheels in motion to fight for the deposit, you have a timeline showing that you were not passively hoping for the best and your position in court will be consistent.

alternatively… put your house up on the market under the same assumptions as the builder you’re buying from; that the market is not going down, that the market is rebounding, that your house is worth the same as april comps with payments made under a no interest mort. in other words, guarantee the failure of your sale.

side note/obligatory ribbing: you’re the one who pushed for a potentially disasterous decision. you dont find too often individuals who made a mistake come looking for answers; seems they usually maintain their position in a pigheaded manner. so it’s good that you’re learning, good that you’re not bullheaded about it. but at the same time, listening to your spouse, researching things together and then coming to a decision *before* signing on the dotted line would have avoided the situation, avoided the tension and avoided the outcome of being in an unbalanced relationship. your opinion is now suspect, perhaps even to yourself. that can’t be a good thing…

[drunkle]

10k is outside the limit of small claims…

would it make sense for buyeronhold to aggressively pursue her deposit first, on the basis of misleading/fraudulent lending practices? the professional advice of their loan advisor to take a long term interest only mortgage seems founded on the assumption of a RE rebound, one that cannot be guaranteed or even suggested on the basis of any historical example; there’s never been a housing bubble of this magnitude before.

by pursuing the deposit first, you show that you are not interested in completing the purchase at all, you are not using the court as a recourse for gambling losses and you are proactively working to extricate yourself from a situation that you were led into under false pretenses.

while a court case could take a long time to work through, longer than the escrow, you can drop the case at a later time if the contingency clause kicks in. otherwise, you have the wheels in motion to fight for the deposit, you have a timeline showing that you were not passively hoping for the best and your position in court will be consistent.

alternatively… put your house up on the market under the same assumptions as the builder you’re buying from; that the market is not going down, that the market is rebounding, that your house is worth the same as april comps with payments made under a no interest mort. in other words, guarantee the failure of your sale.

side note/obligatory ribbing: you’re the one who pushed for a potentially disasterous decision. you dont find too often individuals who made a mistake come looking for answers; seems they usually maintain their position in a pigheaded manner. so it’s good that you’re learning, good that you’re not bullheaded about it. but at the same time, listening to your spouse, researching things together and then coming to a decision *before* signing on the dotted line would have avoided the situation, avoided the tension and avoided the outcome of being in an unbalanced relationship. your opinion is now suspect, perhaps even to yourself. that can’t be a good thing…

[sdrealtor]

Not that there is any guarantee it will happen again but the big publically traded builders tend to try to dump standing inventory in September and October to make sure that annual report looks good at the end of year. From what I have seen the last 2 years, the best deals and houses were actually in September as most of the good inventory was gone by mid-October. If they havent been able get rid of what they had you should have lots of leverage in early November. By Thanksgiving it’s too late as you will have a tough time closing by 12/31 and the houses become next years problem.

Once next year roles around hope Spring’s eternal again!
JMHO

[sdrealtor]

Not that there is any guarantee it will happen again but the big publically traded builders tend to try to dump standing inventory in September and October to make sure that annual report looks good at the end of year. From what I have seen the last 2 years, the best deals and houses were actually in September as most of the good inventory was gone by mid-October. If they havent been able get rid of what they had you should have lots of leverage in early November. By Thanksgiving it’s too late as you will have a tough time closing by 12/31 and the houses become next years problem.

Once next year roles around hope Spring’s eternal again!
JMHO

[rb_engineer]

fromnj,

I would say ~10%. One caveat about bargain hunting is that you’ll probably need to settle for a less than perfect house.

I guess Santaluz has a love/hate type of community plan. They are in a much nicer (visually) location compared to 4S/Del Sur/CV in my opinion.

[rb_engineer]

fromnj,

I would say ~10%. One caveat about bargain hunting is that you’ll probably need to settle for a less than perfect house.

I guess Santaluz has a love/hate type of community plan. They are in a much nicer (visually) location compared to 4S/Del Sur/CV in my opinion.

[fromnj]

rb_engineer,

Thanks for the info. That is what we were guessing. I agree with you about the location, it is nicer than Del Sur or 4S Ranch.

Anyway, I was looking at the west side of Camino Del Sur where much smaller lots have been built in Santaluz. They are more reachable in terms of price range.

In my opinion, the value of those houses selling at 1M or over in that particular area may loose much weath over the years due to its poor community planning. It is discussed about it in a different topic before, but those houses have a garage on their backside of house and the garages are facing at each other (face to face) between a very narrow street. So, if your neighbor parks a car for car wash in front of their garage, you cannot get your car out of garage. And there a lot of street parking going on since there is no drive way. And then my wife has more complains.

I will not be so suprised if it is going back to the original price range like 700K in 3-5 years from now when Del Sur starts selling more units. On the other hand, the east side of camino Del Sur has very different design, but more expensive.

[Author]

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