Standard Pacific Homes in Santee Still Overpriced?

[sunny88]

I agree, time to buy will come later this year when the next phase will be released. Right now, sales have slowed down and the seller has to offer more incentives to move these homes again.

[SDEngineer]

Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting 🙂

[SDEngineer]

Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting 🙂

[SDEngineer]

Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting 🙂

[SDEngineer]

Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting 🙂

[SDEngineer]

Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting 🙂

[sunny88]

[quote=SDEngineer]Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting :)[/quote]

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%.

[sunny88]

[quote=SDEngineer]Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting :)[/quote]

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%.

[sunny88]

[quote=SDEngineer]Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting :)[/quote]

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%.

[sunny88]

[quote=SDEngineer]Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting :)[/quote]

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%.

[sunny88]

[quote=SDEngineer]Just another note on these, since there are apparently a few people looking at them (we’ve been one of them)

The plan 6 in the Riverwalk townhomes has been expanded in the new phases being built now (something the builder probably won’t mention until the last of their early phase plan 6’s sell – it’s not mentioned in the model, nor on any of the brochures, unlike the plan 5 revamp which has large signs in the model pointing out what will be different in the new construction, and which has had the new floorplan pasted over the old one in their brochures).

They expanded the 3rd floor by roughly 180ft^2, most of which went into a larger master BR suite (full master bath now, with the seperate shower/oval tub, and the MBR went from somewhere around 12×14 (smallish MBR) to what I eyeballed at about 14×16 (reasonable MBR)). Total square footage in these units is now up to 2226 (may be less if the plan 6 has one of the expanded garage options).

Same prices roughly – they have 2 new plan 6’s ready for closing in june/july timeframe, asking 395K or so with most of the upgrades except flooring pre-planned and included (including fridge, washer and dryer as well), and also including 6% in closing costs/buydown credits/flooring options.

With the new plan, we’ve decided to bite the bullet and are going to go to contract on one of the available plan 6’s – the revamp of the 3rd floor made it a near ideal floor plan for us.

We’ll still lose some money in depreciation in the immediate future, but we think the plan and location is good long term, and we – like many others here – are just plain tired of renting :)[/quote]

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%.

[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.

[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.

[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.

[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.

[Author]

Posts