Pacific Highlands Ranch & La Costa Greens

[dejams]

Being new to SD, I went to check out the new builds this weekend before making a decision on where to buy by end of this year or early next week. Just to gauge the market to see how things go.

My first stop this past Saturday was at the Arabella @ Pacific Highlands Ranch in Del Mar/Carmel Valley. It was not that busy around 3:00PM and only couple families were there. They were all looking and didn’t really make any serious inquiry about the new homes. I was shocked to see the price range from 754K to 873K for 2007 to 2453 sqft. The average lot is 4500 sqft which does not leave much for backyard and the models are built on 6000 sqft. Even on a 6000 sqft, the backyard is probably big enough for a patio table and bbq grill. Is the price really a norm in that area? Has anyone else been there and are they will selling? My impression from the sales lady is that they are selling and not offering incentives. Is Pardee for real? Oh, I forgot to mention Pardee called Mello Roos at this community CFD Fee (Community Faciliteis District) for $221 per month with $250 for HOA

The 2nd stop was across the street at Portico. The homes are much smaller with only court yard and the backyard is like community driveway for car to get into garage. The price here listed at 708K to 726K for 2408 to 2413 sqft. These homes looked much cheaper than the ones from Arabella. I over heard a sales rep that they are will to negotiate on the price they are incentives. I didn’t bother to stay long because these homes were the ones I like.

I went to Cordelance (John Laing Homes) at La Costa Greens on Sunday and these homes look much better than the ones from Pacific Highlands. The price range from 855K to 890K for 3060 to 3424 sqft. The average lot is 5500 sqft. The HOA is $280 and the MR is 1.4% per year. Isn’t that seems too high for MR? Did I hear it wrong? That comes out to almost $990 per month if the home is value at 800K Who can really offer such home? Did I miss something about SD area? Who the hell can offer these homes if they are not making 250K+ per year or if they didn’t build up enough equity on their old home? I thought builders are lowering their price? Does anyone know the pricing history at this location? Thanks for all the comments…

[sakina96]

I looked at Cordelane about 1 year ago. I think that the prices you mention are about 10% lower than 1 year ago. I think that the total tax rate (MR and property tax) is 1.4% (not just mello roos). No matter how you stack it I agree that high 800s is quite high for this size house on this size lot, particularly since these houses are in the San Marcos school district (despite the fact that they are located in Carlsbad).

At that point you might as well save 100-150K and buy the same size house in San Marcos.

[JJGittes]

I too have looked at the developments you mentioned. The info you got is correct. (FYI, MelloRoos is identified as “CFD”, which I believe stands for community facilities district.)

I agree with Sakina96 about Cordelene, they are in the San Marcos Schoold district, but have Carlsbad prices. I wonder how many people who bought in there may be getting a surprise on this. And if you wonder what the difference is, go sit out in front of San Marcos High when it lets out one day and decide if that is where you want your kid to go. It looked like baggy-panted thug punk central to me.

Yup, if you are going to buy new, you might as well figure on at least a thousand a month on top of your mortgage for taxes, MR and association. And….welcome to the neighborhood!!!

[slackerboy]

It is depressing looking in San Diego isn’t it? I know the weather is nice here, but with the high home prices you rarely will be enjoying it because you will be working your butts off to pay all the expenses. I made the mistake once in San Francisco of being house poor and never again! Please really consider your purchase before you jump off the cliff. Can you really afford that house? We are programed as Americans to spend way more than we can afford, it is an industry that depends on our emotions. But if you sit down and really look at your lifestyle and crunch the numbers you will probably come to the conclusion you can not afford it. Our household income is over 200k a year and we live in a condo that we bought in 2000 for $120k (We paid cash). We also drive a 2001 Toyota and have zero debt. With our income we should be living in a McMansion in Carmel Valley and driving a Lexus, and using my credit cards to make up the difference. I know, I know this is not the American way, we spend our summers in Switzerland and we picked up on their “pay cash for everything and live below your means” way of life.

[dejams]

Thanks for the heads up on San Marcos school district. I was not aware of this and the flyers they passed out didn’t mention it either. As for living in expansive place like SD, I can’t really complain comparing to San Francisco. I lived there for over 20 years and housing market there is still doing very well. Homes like La Cost Greens and Pacific Highlands can’t be found in SF unless you go 30 miles outside of the city and the prices are in the 1.5 million staring.

Slackerboy, I am not going to make my purchase without making sure I can afford it and making sure it is a right neighborhood. I was lucky to build up enough equity on the old house where I can put down a sizable down payment if necessary. As for buying things on credits, I usually use credit on all purchase for the miles but I pay the whole entire balance each month. It true that we should emulate the European or the Asia where they save money in order to purchase instead of financing the purchases.

As a newcomer to SD, I love to read this forum to learn more about the housing market and get everyone’s take on the potential community. Thank you all!

[Author]

Posts