Santaluz – Current Market Conditions

[clearfund]

I have a very intimate knowlege of Santaluz having owned/sold over 10 lots/homes out there during its early stages.

Early on people were very scared of the place because “where are the trees?” they would say.

Now that custom homes have been built on about 50% of the dirt (to varying degrees of refinement) and the higher end price point of $4mm has proven attainable the fear factor has subsided somewhat.

70 Degrees’ comments were very accurate. I believe that upon buildout in 15 years it will be looked at as an amazing community and folks will wonder why they didn’t buy in when it was cheaper.

For now, the flood of custom homes preparing to come tumbling down in price due to foreclosure is set to begin. Several are in foreclsure and the market is jammed with homes between $2.4- $3.4mm. Once this breaks it will be a race to sub $300/sf for a good quality custom home on an above average lot (6,000sf for $1.8mm or less).

My take is that it will get to the point that you can buy that home for its hard construction costs ($250-$300/sf) and get the lot,permits,effort, etc for free.

If you can handle the MR/HOA, have young kids, or like the active family environment, and plan to stay for the long term, I personally feel you cannot go wrong. Flipping, however, may prove hazerdous to your retirement.

[ocrenter]

there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.

[ocrenter]

there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.

[ocrenter]

there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.

[ocrenter]

there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.

[ocrenter]

there are currently about 25 lots for sale in Santaluz, with close to 40 homes for sale. so flipping is definately not recommended.

however, there are a couple of lots there going for $350-$400k. if you have a good contractor that can build a quality home for less than $150/sqft, it is poss to end up with a very nice estate in the low million range. that would not be so bad. if you are looking at the over million market, I don’t think the $1000 combined HOA/MR would be that bothersome…

and remember, for low million the alternative is an oversized tract home on postage stamped lot in Carmel Valley. I would pick the Santaluz option any day.

[waterboy]

I’m sorry, but I don’t believe that any contractor will build a custom home there for $150sf.

[waterboy]

I’m sorry, but I don’t believe that any contractor will build a custom home there for $150sf.

[waterboy]

I’m sorry, but I don’t believe that any contractor will build a custom home there for $150sf.

[waterboy]

I’m sorry, but I don’t believe that any contractor will build a custom home there for $150sf.

[waterboy]

I’m sorry, but I don’t believe that any contractor will build a custom home there for $150sf.

[toddt]

You can definitely do a home for $150, but you’d be hard pressed to get past design guidelines with that spec level.

[toddt]

You can definitely do a home for $150, but you’d be hard pressed to get past design guidelines with that spec level.

[toddt]

You can definitely do a home for $150, but you’d be hard pressed to get past design guidelines with that spec level.

[toddt]

You can definitely do a home for $150, but you’d be hard pressed to get past design guidelines with that spec level.

[Author]

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