Standard Pacific Homes in Santee Still Overpriced?

[SDEngineer]

[quote=sunny88]
Just like you we like the expanded floor plan in model 6. Last time we went there about 6 weeks ago they still had some old model 6 available opposite the model homes. Unfortunately, their location is not great. Have you been able to negotiate some additional incentives or are they pretty firm?
We feel that these are quite attractive townhomes and that the value long-term, i.e. after 5-10 years should be significantly higher. Short-term they may go down another 10-15%.[/quote]

Yes, the location wasn’t nearly as good as the old model 6’s, but is acceptable to us, on the walkway to the final phase’s greenbelt (though not fronting directly on it like some of the newly released units – unfortunately, the 3 model 6’s that do face directly into the greenbelt are already under contract).

They were willing to deal on the one remaining old model 6 they had (presumably because, although it’s location is very good, as an older plan model it’s smaller and has significant flaws in the master suite), but were not willing to go further down on the new models – they’re gambling that they can sell them at the current prices with the current incentives. Based on foot traffic that I saw in the past couple of visits to the development, I think they’re probably correct in that assessment (out of 16 or so new units that they’re releasing in the next phase, we saw it go from 1 or 2 contracts last month about this time to over half the units contracted as of Sunday). The new tax credits have clearly brought folks out of the woodwork, though of course we have no way of knowing how many of those contracts will cancel before closing.

On the model 6 we’re going to contract on, the PPSF worked out to about $175 at the market price, which is roughly equivalent to the average closing PPSF of existing SFR’s and condo’s in the area. If you figure in the closing costs allowance and the value of some of the “freebies” (like the washer/dryer/fridge) that don’t usually come with a house, it’s down in the $160’s. As a comparison, the Morningside townhomes have had a number of their foreclosed higher square footage units close in the mid $150’s ppsf, but those have higher HOA’s, a poorer quality (in my opinion) overall development, and a far worse location (especially when the 52 extension comes in right in their backyard).

In the end, we know we could have saved at least 10% (and quite possibly more) by waiting longer, but we plan to be in this townhome for quite awhile (at 2200+ sf we don’t see any problems outgrowing the unit for a very long time), our lease is up roughly around the time the unit will close, and we’re simply tired of renting.

[PKMAN]

SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.

[PKMAN]

SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.

[PKMAN]

SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.

[PKMAN]

SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.

[PKMAN]

SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.

[SDEngineer]

[quote=PKMAN]SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.[/quote]

Thanks PKMAN – might have to have a ex-RE Bear Pigg get to know your neighbor bbq it seems like.

Yeah, Brooke was busy – we’ve been there 4 times in the past two months (looking at the SFR’s originally, then the townhomes later once we x’d the remaining SFR’s as just a little too small in the main living area for us). Every time we were there unscheduled she was in the office doing a contract with someone. We had to actually schedule a time to meet with her this last weekend to do the walkthrough of the under-construction units (which is when we found out about the expanded plan 6), and even then we were shoe-horned in between two more contracts (when we came in she was just finishing one, and once we got back from the construction, the next folks were in the office ready to sign their contract – unfortunately for us, the folks that were in the office as we got back were there to sign their contract for the last plan 6 overlooking the new greenbelt, which otherwise would have been our first choice of location, c’est la vie).

We were never the only folks doing the model walk throughs any of the times we were there either – traffic is much heavier than it was last year, and it seems they’ve hit a “happy point” with the current price points, incentives, and government tax rebates and are now doing brisk business.

I suspect there may be a few cancellations down the road though, as I don’t expect that the 10K CA tax credit will last through the summer (since it’s capped at about 10,000 properties with it’s $100M funding cap), and there may be a few people to whom that was a deciding factor. It wasn’t to us, and I’m guessing there’s slightly less than a 50/50 shot of it still being there when we close. Should be a nice unexpected bonus for you though.

[SDEngineer]

[quote=PKMAN]SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.[/quote]

Thanks PKMAN – might have to have a ex-RE Bear Pigg get to know your neighbor bbq it seems like.

Yeah, Brooke was busy – we’ve been there 4 times in the past two months (looking at the SFR’s originally, then the townhomes later once we x’d the remaining SFR’s as just a little too small in the main living area for us). Every time we were there unscheduled she was in the office doing a contract with someone. We had to actually schedule a time to meet with her this last weekend to do the walkthrough of the under-construction units (which is when we found out about the expanded plan 6), and even then we were shoe-horned in between two more contracts (when we came in she was just finishing one, and once we got back from the construction, the next folks were in the office ready to sign their contract – unfortunately for us, the folks that were in the office as we got back were there to sign their contract for the last plan 6 overlooking the new greenbelt, which otherwise would have been our first choice of location, c’est la vie).

We were never the only folks doing the model walk throughs any of the times we were there either – traffic is much heavier than it was last year, and it seems they’ve hit a “happy point” with the current price points, incentives, and government tax rebates and are now doing brisk business.

I suspect there may be a few cancellations down the road though, as I don’t expect that the 10K CA tax credit will last through the summer (since it’s capped at about 10,000 properties with it’s $100M funding cap), and there may be a few people to whom that was a deciding factor. It wasn’t to us, and I’m guessing there’s slightly less than a 50/50 shot of it still being there when we close. Should be a nice unexpected bonus for you though.

[SDEngineer]

[quote=PKMAN]SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.[/quote]

Thanks PKMAN – might have to have a ex-RE Bear Pigg get to know your neighbor bbq it seems like.

Yeah, Brooke was busy – we’ve been there 4 times in the past two months (looking at the SFR’s originally, then the townhomes later once we x’d the remaining SFR’s as just a little too small in the main living area for us). Every time we were there unscheduled she was in the office doing a contract with someone. We had to actually schedule a time to meet with her this last weekend to do the walkthrough of the under-construction units (which is when we found out about the expanded plan 6), and even then we were shoe-horned in between two more contracts (when we came in she was just finishing one, and once we got back from the construction, the next folks were in the office ready to sign their contract – unfortunately for us, the folks that were in the office as we got back were there to sign their contract for the last plan 6 overlooking the new greenbelt, which otherwise would have been our first choice of location, c’est la vie).

We were never the only folks doing the model walk throughs any of the times we were there either – traffic is much heavier than it was last year, and it seems they’ve hit a “happy point” with the current price points, incentives, and government tax rebates and are now doing brisk business.

I suspect there may be a few cancellations down the road though, as I don’t expect that the 10K CA tax credit will last through the summer (since it’s capped at about 10,000 properties with it’s $100M funding cap), and there may be a few people to whom that was a deciding factor. It wasn’t to us, and I’m guessing there’s slightly less than a 50/50 shot of it still being there when we close. Should be a nice unexpected bonus for you though.

[SDEngineer]

[quote=PKMAN]SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.[/quote]

Thanks PKMAN – might have to have a ex-RE Bear Pigg get to know your neighbor bbq it seems like.

Yeah, Brooke was busy – we’ve been there 4 times in the past two months (looking at the SFR’s originally, then the townhomes later once we x’d the remaining SFR’s as just a little too small in the main living area for us). Every time we were there unscheduled she was in the office doing a contract with someone. We had to actually schedule a time to meet with her this last weekend to do the walkthrough of the under-construction units (which is when we found out about the expanded plan 6), and even then we were shoe-horned in between two more contracts (when we came in she was just finishing one, and once we got back from the construction, the next folks were in the office ready to sign their contract – unfortunately for us, the folks that were in the office as we got back were there to sign their contract for the last plan 6 overlooking the new greenbelt, which otherwise would have been our first choice of location, c’est la vie).

We were never the only folks doing the model walk throughs any of the times we were there either – traffic is much heavier than it was last year, and it seems they’ve hit a “happy point” with the current price points, incentives, and government tax rebates and are now doing brisk business.

I suspect there may be a few cancellations down the road though, as I don’t expect that the 10K CA tax credit will last through the summer (since it’s capped at about 10,000 properties with it’s $100M funding cap), and there may be a few people to whom that was a deciding factor. It wasn’t to us, and I’m guessing there’s slightly less than a 50/50 shot of it still being there when we close. Should be a nice unexpected bonus for you though.

[SDEngineer]

[quote=PKMAN]SDEngineer – welcome to the neighborhood. I’m very glad that the final phase of townhouses will be built. My Stoney Creek Plan 2 is just a couple of houses away from the final phase, close to the second entry. I had feared that they would abandon or postphone the final phase, making the site a wasteland indefinitely.

I didn’t know that the new Plan 6 would be bigger with bigger Master and separate tub/shower. We probably would still go with the house, but the decision would’ve been much tougher to make. We’re closing escrow on the 24th and have been going to the site quite frequently to check on progress. Yes, I did notice quite a bit of traffic every time we went there. Poor Brooke, as she’s the only staff remaining, but she’s great.

Looks like all of us at Pigg buying (or interested in buying) at Riverwalk are cautious, sensible and with every intention to live there for a very long time. Riverwalk will be great community.[/quote]

Thanks PKMAN – might have to have a ex-RE Bear Pigg get to know your neighbor bbq it seems like.

Yeah, Brooke was busy – we’ve been there 4 times in the past two months (looking at the SFR’s originally, then the townhomes later once we x’d the remaining SFR’s as just a little too small in the main living area for us). Every time we were there unscheduled she was in the office doing a contract with someone. We had to actually schedule a time to meet with her this last weekend to do the walkthrough of the under-construction units (which is when we found out about the expanded plan 6), and even then we were shoe-horned in between two more contracts (when we came in she was just finishing one, and once we got back from the construction, the next folks were in the office ready to sign their contract – unfortunately for us, the folks that were in the office as we got back were there to sign their contract for the last plan 6 overlooking the new greenbelt, which otherwise would have been our first choice of location, c’est la vie).

We were never the only folks doing the model walk throughs any of the times we were there either – traffic is much heavier than it was last year, and it seems they’ve hit a “happy point” with the current price points, incentives, and government tax rebates and are now doing brisk business.

I suspect there may be a few cancellations down the road though, as I don’t expect that the 10K CA tax credit will last through the summer (since it’s capped at about 10,000 properties with it’s $100M funding cap), and there may be a few people to whom that was a deciding factor. It wasn’t to us, and I’m guessing there’s slightly less than a 50/50 shot of it still being there when we close. Should be a nice unexpected bonus for you though.

[sunny88]

You mentioned that the plan 6 homes facing the green are already under contract. Did you mean the homes 182-184 on the site map (Glen Brae Trail)?
Also, the current model homes had a sign mentioning the expansion in the later phases even about 4 months ago. I don’t think the seller tried to hide this fact.

[sunny88]

You mentioned that the plan 6 homes facing the green are already under contract. Did you mean the homes 182-184 on the site map (Glen Brae Trail)?
Also, the current model homes had a sign mentioning the expansion in the later phases even about 4 months ago. I don’t think the seller tried to hide this fact.

[sunny88]

You mentioned that the plan 6 homes facing the green are already under contract. Did you mean the homes 182-184 on the site map (Glen Brae Trail)?
Also, the current model homes had a sign mentioning the expansion in the later phases even about 4 months ago. I don’t think the seller tried to hide this fact.

[sunny88]

You mentioned that the plan 6 homes facing the green are already under contract. Did you mean the homes 182-184 on the site map (Glen Brae Trail)?
Also, the current model homes had a sign mentioning the expansion in the later phases even about 4 months ago. I don’t think the seller tried to hide this fact.

[Author]

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