New Tract in Mira Mesa

[Anonymous]

I also live in the area and got the same letter from Pardee. Anyhow, it did mention the Sunset Pointe development on Sunny Mesa has been “unscheduled”. So I guess this means they’re postponing the inevitable development until the market picks up???

[an]

The two development will be called Sorrento Heights and Sorrento Terrace. Linky to Pardee site. The SFR will start in the mid $600k. The size will be between 2100-2500 sq-ft and the average lot size will be ~4500 sq-ft. This will definitely be the highest price home in Mira Mesa. Will be interesting to see if they can sell for this price. If they can, how will it affect houses around this area.

Also, it turns out that part of 92121 (east of the 805) is still technically Mira Mesa. The Mira Mesa Town Council is trying to fix the naming problem and reclaiming the area we all thought is Sorrento Valley. Here is the info about this effort.

[ocrenter]

Anyone know how in the world did Pardee manage to get all these land from Serranto all the way up to what is now Pacific Highland Ranch? They essentially got a lock on that entire area.

[an]

I don’t know how, but I’m sure they start buying land in this area probably in the 60s/70s. A lot of the western side of Mira Mesa were built by Pardee, even those that were built in the 70s. So, I assume they probably bought all of these land back then and slowly build them out. At least WRT this development, they wanted to build this many years ago, but because of environmentalist, they were delayed for many many years.

[Essbee]

10 years ago, I was living in West Los Angeles in a poorly maintained apartment. The management company was PBM, and every month I wrote rent checks to “Frederick Pardee.” I’ve always assumed that the same guy is behind Pardee homes. Does anyone know?

PBM owns multiple (maybe 30+) apartment buildings in West LA, just west of the 405 and south of Brentwood. I would guess that most of the buildings have 8-12 apartments and were probably built in the 1960s era. By “poorly maintained” I mean that when I asked for something to be fixed, the maintenance guy (1 guy for several hundred units) just went to his beat-up appearing blue van (which looked like it belonged to a hoarder), got a used-appearing part, and half-heartedly glued whatever it was back in place. And one day, the the ceiling in the common laundry room just collapsed. They kinda swept up the plaster, etc, but it never looked like it got properly fixed.

[sdrealtor]

Pardee has owned Carmel Valley and the other side of that canyon in SOrrento Mesa for a long time. I just drove by the area today showing a house in MM to a client. When I saw that location all I could think was Qualcomm/Telecom engineers wanting to buy new houses close to work. Those houses and condos are going to fly off the shelves.

[an]

[quote=sdrealtor]Pardee has owned Carmel Valley and the other side of that canyon in SOrrento Mesa for a long time. I just drove by the area today showing a house in MM to a client. When I saw that location all I could think was Qualcomm/Telecom engineers wanting to buy new houses close to work. Those houses and condos are going to fly off the shelves.[/quote]
Even at the starting price of mid 600k for a 2100 sq-ft house on a sub 5k sq-ft lot? Do people really pay that much more for new?

[sdrealtor]

There are always people who want and will pay for new. Just watch.

[an]

[quote=sdrealtor]There are always people who want and will pay for new. Just watch.[/quote]
What will it mean for those houses when it comes time to resale? They’ll no longer be new. Will they still hold the same premium then? Will they help bring up the price of the surrounding areas or will they just appreciate much slower in the near term?

[ocrenter]

[quote=sdrealtor]Pardee has owned Carmel Valley and the other side of that canyon in SOrrento Mesa for a long time. I just drove by the area today showing a house in MM to a client. When I saw that location all I could think was Qualcomm/Telecom engineers wanting to buy new houses close to work. Those houses and condos are going to fly off the shelves.[/quote]

agree

[sdrealtor]

[quote=AN][quote=sdrealtor]There are always people who want and will pay for new. Just watch.[/quote]
What will it mean for those houses when it comes time to resale? They’ll no longer be new. Will they still hold the same premium then? Will they help bring up the price of the surrounding areas or will they just appreciate much slower in the near term?[/quote]

Long term many of the people who buy them will hold onto them as either occupants or rentals. There will always be a great pool of renters for them in the future. Even though the dont stay new, they will always be the newest home sin the area so that will have some cachet. That is unless there are more coming we dont know about.

[an]

There is one more development on the 92121 side that’s also owned by Pardee a few blocks away. If this won’t be the newest in the future, would it lose its cachet? I agree about great pool of renters in this area.

Would this development take the “newest” cachet from those houses on the 92121 side and bring down their price?

[jimmyle]

I live along Callecristobal and exactly 1 mile from these new homes so I am hoping that they will positively affect my home value.

[sdrealtor]

Doesnt matter if a newer one comes along as this one will be newer than 95% of the housing stock there. It will always be a step up in newness. Alot of this is because of chaging tastes. The designs will be oriented towards todays homeowners with great rooms, home networks, set up to accomodate flat panel tv’s, bigger baths and closets in master etc.

[an]

I understand that this will be newer than most SFR in MM, but will this drive down the houses in MM that were built in the 90s without those new home features, like great rooms, home networks, etc. If you have a houses that’s built in the 80s-90s that has been remodeled with these features, would buyers view it in the same light when both are resale?

Wouldn’t taste change 10-20 years from now and some of these features will be outdated, just like some of the features that were the in thing in the 80s-90s?

[Author]

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