New home sales in Carmel Valley

[jztz]

BobbyD — can you tell us how many houses are built in those luxury tract home communities (that you referred to) in the last 3 years? Just wonder the size of the problem if it were to suffice. Do you get the sense of an average buyer’s profile (profession, age, etc)?

I wonder if some people right now are covering mortgages and expensese not from income, but from previous lump sum home equity extractions. That is, a homeowner sold previous house, instead of put all his profit as downpayment, he put the cash aside and take out a large mortage beacuse credit is easy. Now if someone made $200K profit, and his monthly housing related expense totals $8K, but he can only realistically support 4K from his salary, he’s $4K short. But his $200K profit can support him for 50month – that’s 4 years. Of course, if housing prices start to go down meaningfully, he sure will get nervous before he exhausts his previous gains (or equity extraction from a HELC loan). I guess my point is that people who bought these high end homes may have more room to manuver to buy them sometime before the cash flow issues really force them to give up. We’ll see. 2007 and 2008 will be critical years.

[booter1]

SDR,

Enjoy your posts. Long-time lurker….
Advice to family relocating out of state-

Objective is to find nice 5 bedroom home in Encinitas for three year lease at $3000-$4000/month. Children would go to school in Solana Beach. Encinitas seems like a nice, laid-back family community and off-freeway travel time to Solana seems about 15 minutes or so. Don’t need to go to downtown SD every day.

Thoughts? Think finding this type of home in that area for long lease doable? Encinitas a good choice?
(vs. Carmel Valley let’s say)

Lot of issues to think about when relocating from out of state with four children. Thanks!

[SD Realtor]

booter1 I stareted to reply this morning but got rundown by the kids. Anyways youyr strategy is pretty sound. Personally I have had tough luck getting any landlord to sign more then a 1 year lease. Actually as a landlord myself I would not lock into any more then a 1 year lease as well. Also my needs as a tenant are pretty demanding due to kids, pets and live in grandma.. so we need the big yard, the full room and full bath downstairs, and the bigger home, plus it needs to be within a certain distance to my office, wifes office and preschool. Our budget is below yours but yours sounds very realistic for the area and the schools in Solana are great. I think you will get more home for your money in Encinitas compared to Carmel Valley and you will not be crammed in as tight as all the new homes in CV are right on top of each other in the price range you are talking about. There is a nice 4/3 on Calle Anacapa in the Olivenheim area but you wanted a 5 bedroom so that doesnt quite cut it for ya. Keep your eyes peeled on craigslist. If I see anything nice on the MLS I will post it on here for you as well. Are you partial to any other neighborhoods?

SD Realtor

[booter1]

Thanks SDR for your informative reply. Apppreciate you taking the time to offer your thoughts. It seems like Encinitas is the best area for our family but we are not very familiar with the neighborhoods other than recognizing the names of the areas like Olivenhain, Encinitas Ranch, etc.

I was out visitng the school last week and drove around
Encinitas a little just to get more familiar with the area
but somewhat overwhelming when you don’t know the specific areas.

I will continue to watch craigslist but if you see anything on the MLS it would be great if you could pass it on.
Looking for 5/3 because we have four children
(15,14, 12, 8). Thanks again!!

[sdrealtor]

SDR here (as opposed to SD R that you have been conversing with). I live in the area you are looking. You should have no problem finding what you want between 3000 and 4000. Look in S Carlsbad also which is right on the border and where you will more likely find what you are looking for in communities like La Costa Valley, Arroyo Vista, Santa Fe Trails, Olivenhain as well as Encinitas Ranch. I’d probably stay away from la Costa Oaks because anyone that speculated there will likely be in trouble within 3 years.

[booter1]

Thanks SDR. I didn’t notice the distinction (SDR vs. SD R)until you pointed it out. Thanks for your guidance on the neighborhoods-exactly what I was looking for.

[sdrealtor]

Here’s one. Its owned by an agent investor that has owned it since it was built in 1999. I believe he has a good stable mortgage and that he plans on holding it for a long time. I would be surprised if the owner wasnt happy to get a tenant for 3 years. It has 4BR and a bonus room upstairs (w/o a closet that could definiely be a 5th bedroom). There is 1BR and bath downstairs. Its on a cul de sac and you would be very happy living there. He’s asking about $3700 but I think it should be no more than $3500 if not less. I’ve heard he tends to hold out for higher rents but I’d look into it if you are serious as it would be worth finding something with this great of a location available for 3 years. His number is (858) 792-0915

Also call Granite Asset Mgmnt who manages alot of property in the area. They are a pain in the rear but they tend to have some very nice rentals.

[booter1]

Thanks sdrealtor- we won’t move until June/July but any info is appreciated as it will help me learn the markets and values. Appreciate your help.

[SD Realtor]

Hi booter –

As sdrealtor said there is alot of stock in the area you mentioned including south carlsbad, which is borders encinitas to the north. At the budget you mentioned you will do fine. Also go to craigslist, san diego, real estate, lots of landlords post there.

SD Realtor

[CardiffBaseball]

Booter1, are you talking Santa Fe Christian, or the public schools? I am just wondering why you’d want to travel that far for school unless it’s private school.

[booter1]

Hi Cardiff Baseball-children have been accepted to SFCS.
Encinitas seems nice and not too bad of a commute to the school. Thanks.

[CardiffBaseball]

From where I live in Cardiff SFCS is an infinitely easier commute than LCC which is the traditional High School for most of us in that area (though many attend San Dieguito Academy). I am considering SFCS as well.

[booter1]

Cardiff seems very nice also and definitely closer to SFCS.

Are you aware of any 5/3 or 4/3 homes for rent on a regular basis? Thanks CardiffBaseball!

[CardiffBaseball]

Realistically for that kind of space I’d be looking at the area East of El Camino Real in Encinitas. Seems you can find a little more breathing room. Sometimes I see a good rental pop up in Cardiff, but they go fast. Since schools are not a primary concern, you could consider the area east of El Camino Real and south of Encinitas Blvd. and then you have the Manchester Ave. entrance to I-5.

[booter1]

Thanks CB!

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