New Tract in Mira Mesa

[outtamojo]

Imo, kids moving in and driving up/maintaining area API scores will have a bigger effect on property values than interior styling.

[an]

[quote=outtamojo]Imo, kids moving in and driving up/maintaining area API scores will have a bigger effect on property values than interior styling.[/quote]
I understand and totally agree with that. The reason why I’m bringing this up is, these new houses are much much more expensive than anything out there in either 92121 and 92126 part of Mira Mesa. On the 92121 side, for mid $600k, you can get 2500-2900 sq-ft depending on view. Also, those lots are larger. On the 92126 side, similar sized house are in the high $400k to mid $500k depending on view. Both of these sets of houses were built in the 90s. These are also sitting on larger lots. If you go to similar lot size in 92126, similar houses built in the 90s are going for mid $400k. So, we’re talking about $200k premium for new vs old (this haven’t even counted in the cost of landscaping).

This is why I’m asking if having that “newest” cachet really bring in that kind of premium. For $200k, you get have a totally gutted and rebuilt with high end materials and improve layouts and modern features. If being newest does bring in the higher premium, then does it mean that with this development being built, the houses built in the 90s on both 92121 and 92126 side will lose its “newest” cachet, which would drive down its prices?

[outtamojo]

Not that knowledgeable about Carlsbad, but I do know they have lot of old and new.
Both in 92009
http://www.sdlookup.com/MLS-120002926-3454_Filoli_Cir_7_Carlsbad_CA_92009

http://www.sdlookup.com/MLS-110054979-6434_Chiriqui_Ln_Carlsbad_CA_92009

http://www.sdlookup.com/MLS-120000474-2347_Terraza_Ribera_Carlsbad_CA_92009

Some older areas seem to maintain cache better than others but for the most part there does not seem to be much of a premium placed on newer construction if at all. Actually, the “premium” seems to be in HOA fees and Mello-Roos.

[sdrealtor]

I dont beleive they will hurt the surrounding area. To the contrary they can only help by improving the cachet of the area. I hope this next comment doesnt come off as racist in any way but it has been my experience that Asian buyers have a strong preference for new homes particularly those coming from out of the area. I dont know exactly what the reason is. Whether it is to have something new untouched by others or the sense of security in something new but I have seen it over and over again.

[sdrealtor]

[quote=outtamojo]Not that knowledgeable about Carlsbad, but I do know they have lot of old and new.
Both in 92009
http://www.sdlookup.com/MLS-120002926-3454_Filoli_Cir_7_Carlsbad_CA_92009

http://www.sdlookup.com/MLS-110054979-6434_Chiriqui_Ln_Carlsbad_CA_92009

http://www.sdlookup.com/MLS-120000474-2347_Terraza_Ribera_Carlsbad_CA_92009

Some older areas seem to maintain cache better than others but for the most part there does not seem to be much of a premium placed on newer construction if at all. Actually, the “premium” seems to be in HOA fees and Mello-Roos.[/quote]

FWIW that new place on Fioli is gonna cost you a bunch for upgrades and landscaping on top of that price. It is also an inferior location and also happens to have a water treatment facility as a next door neighbor.

Where the premium comes in for Carlsbad on the older has more to do with location and large (i.e. 10K sq ft) lots than older vs new.

[an]

[quote=sdrealtor]I dont beleive they will hurt the surrounding area. To the contrary they can only help by improving the cachet of the area. I hope this next comment doesnt come off as racist in any way but it has been my experience that Asian buyers have a strong preference for new homes particularly those coming from out of the area. I dont know exactly what the reason is. Whether it is to have something new untouched by others or the sense of security in something new but I have seen it over and over again.[/quote]
In your opinion/experience, how much premium does buyer put on new vs old? Right now, according to Pardee, it would be $200k. If you see them flying off the shelve, does that mean you think $200k premium is valid or do you see resale in the area closing that gap?

BTW, I don’t take your 2nd comment as racist. It is true. Asian tend to like new. But they tend to also want value and not overpay. To those who want new, they don’t want newer, so, as soon as it becomes resale, it’s no longer view, even if it’s 1 year old. So, those Asian you’re referring to would not put the premium on the “newer” homes.

[sreeb]

[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]

Qualcomm engineers are the last ones who should be buying in Mira Mesa or Carmal Valley. The big Q looks good now but if they start to cut back, there is nobody else to employ these guys in SD. You could lose your job and have your house crater on the same day. Those Qualcomm engineers who want to live close should rent.

[an]

[quote=sreeb][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]

Qualcomm engineers are the last ones who should be buying in Mira Mesa or Carmal Valley. The big Q looks good now but if they start to cut back, there is nobody else to employ these guys in SD. You could lose your job and have your house crater on the same day. Those Qualcomm engineers who want to live close should rent.[/quote]
When do you see them cutting back?

[sreeb]

[quote=AN][quote=sreeb][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]

Qualcomm engineers are the last ones who should be buying in Mira Mesa or Carmal Valley. The big Q looks good now but if they start to cut back, there is nobody else to employ these guys in SD. You could lose your job and have your house crater on the same day. Those Qualcomm engineers who want to live close should rent.[/quote]
When do you see them cutting back?[/quote]

I have no special thoughts on when. Nothing is forever in tech though.

[an]

[quote=sreeb][quote=AN][quote=sreeb][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]

Qualcomm engineers are the last ones who should be buying in Mira Mesa or Carmal Valley. The big Q looks good now but if they start to cut back, there is nobody else to employ these guys in SD. You could lose your job and have your house crater on the same day. Those Qualcomm engineers who want to live close should rent.[/quote]
When do you see them cutting back?[/quote]

I have no special thoughts on when. Nothing is forever in tech though.[/quote]so, you advise people to rent based on that statement? Qcom have been around for almost 30 years. San Diego want to make Sorrento Valley and UTC to be one of their main employment area. Even if qcom doesn’t last forever, Sorrento Valley and UTC will be employment center for many years to come.

[Coronita]

[quote=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?[/quote]

Yes AN… If in doubt, checkout the ATTACHED pardee homes “Highlands Village” at the end of Carmel Country Highland area in CV. Some of these larger townhomes are in the $600k and are being sold, probably to techie folks that want their kids to be able to go to Ocean Air or Sage Canyon. So relatively speaking, I think these SFH will do just fine. Pardee’s got this market dialed in pretty well.

[Coronita]

[quote=sdrealtor]I dont beleive they will hurt the surrounding area. To the contrary they can only help by improving the cachet of the area. I hope this next comment doesnt come off as racist in any way but it has been my experience that Asian buyers have a strong preference for new homes particularly those coming from out of the area. I dont know exactly what the reason is. Whether it is to have something new untouched by others or the sense of security in something new but I have seen it over and over again.[/quote]

Asians like virgin homes. Sorry, couldn’t resist. I’m joking…partly

[an]

[quote=flu]Yes AN… If in doubt, checkout the ATTACHED pardee homes “Highlands Village” at the end of Carmel Country Highland area in CV. Some of these larger townhomes are in the $600k and are being sold, probably to techie folks that want their kids to be able to go to Ocean Air or Sage Canyon. So relatively speaking, I think these SFH will do just fine. Pardee’s got this market dialed in pretty well.[/quote]
But those Highlands Village is in CV with CV’s school. This is in Mira Mesa with Mira Mesa school. Don’t get me wrong, I’d love to get more high priced homes in MM, it just help bring up the median income of the area, which can only help. I’m just skeptical as to if there will be buyers for these at ~$200k above resale. Those Highlands Village attached homes are not selling at $200k above comparable resale, are they?

[Coronita]

[quote=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?[/quote]

I think quite the opposite possibly. If the ultimate result attracts new buyers who presumably have a higher economic background (being that these homes are in the 600’s and that the days of crazy financing have gone), I think the only thing that would happen is the neighborhood gets better, not worse. Folks with higher income levels will raise the levels in spending in local areas, school scores, etc. And this will feed on itself.

[Coronita]

[quote=AN][quote=flu]Yes AN… If in doubt, checkout the ATTACHED pardee homes “Highlands Village” at the end of Carmel Country Highland area in CV. Some of these larger townhomes are in the $600k and are being sold, probably to techie folks that want their kids to be able to go to Ocean Air or Sage Canyon. So relatively speaking, I think these SFH will do just fine. Pardee’s got this market dialed in pretty well.[/quote]
But those Highlands Village is in CV with CV’s school. This is in Mira Mesa with Mira Mesa school. Don’t get me wrong, I’d love to get more high priced homes in MM, it just help bring up the median income of the area, which can only help. I’m just skeptical as to if there will be buyers for these at ~$200k above resale. Those Highlands Village attached homes are not selling at $200k above comparable resale, are they?[/quote]

MM schools aren’t THAT bad, come on…And frankly CV schools are overrated. Only a small percentage of people *that* snooty when it comes to schools.

Highland Village i think is selling considerably above attached townhomes on the other side of CV (near Ralphs).
So yes, I think there is a premium that people are paying for new homes. Same could be said for Carriage Run, which I use to laugh at all the time. I’m not laughing anymore. People have paid around mid $800k for those too, and those are pretty much sold out.

This MM community I think has the convenience factor, so I think it will be a winner. It will bring up MM and the surrounding and schools.

[Author]

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