Stonebridge below 700k

[sd_resident]

Flu

HOA is $179. MR is $423/Mo.

[Coronita]

[quote=sd_resident]Flu

HOA is $179. MR is $423/Mo.[/quote]

Duh!!!!!!!!!!! Ok, I’m on drugs….Sorry. I’m on drugs….Totally not reading things correctly…Duh!
My bad. Thanks.

[SD Realtor]

Hard to say if Stonebridge has bottomed out yet. I think the lower end of Stonebridge has indeed bottomed out or at least most all of the risk has been bled out. High end Stonebridge not so much.

Stonebridge verses 4S has always been an interesting comparison. IMO Stonebridge compares favorably if you only look at the home/lot. For many people however it does not work out as well. Bear in mind the following opinions I have heard over the years when I ask buyers to compare:

– Stonebridge is much harder to get in and out of.
– 4S has alot more infrastructure then Stonebridge
– Convenience of supermarkets etc is better in 4S.
– Commute to high tech is easier. (More Fwy)

Again these are simply various opinions and by far the majority of young couples I have worked with preferred 4S over Stonebridge. With that said these are simply opinions and I have not heard many Stonebridge homeowners ever complain. In fact there are a few Stonebridge residents on this blog and they like it.

In terms of the ppsf remember that many homes in older Scripps are much smaller and ppsf goes down as the size of the home goes up. There are some other factors such as proximity to freeways and simply getting in and out of Scripps that contribute to the ppsf as well.

[ocrenter]

[quote=sd_resident]This recently sold house shows a decline of 34% from Summer 2005. $ per Sq. Ft. price is $177.
http://www.sdlookup.com/MLS-110061487-12884_Starwood_Ln_San_Diego_CA_92131

Has Stonebridge reached it’s bottom yet? I am trying to understand why it’s avg $ per Sq. Ft. price is much below older Scripps Ranch especially Scripps Highlands area. Compared to 4S Ranch, I like it’s proximity to Sorrento Valley where I work. Access to areas like Poway and Mira Mesa makes it convenient for shopping (Costco, Kohls, Home Depot etc) and entertainment/dining. Backyards are also much bigger than most of the houses in 4S. 4S has a community feel though and schools are closer as compared to Stonebridge.[/quote]

I’m not so sure this is a true bargain.

it has a sloped yard with people looking right down at you.

that’s a $50k reduction for me right there.

the back yard improvements consist of a single slab of concrete and not much else. so there’s a lot of work to be done.

http://www.sdlookup.com/MLS-110033512-12253_Misty_Blue_Ct_San_Diego_CA_92131

this Miramar Ranch North Scripps Ranch home is a little older and $100k more, but it has a nice pool/spa with a slide and very well kept. it does have a slope but everything is well covered up so you don’t get that “looked down” feel. the difference in MR/HOA is about $500/month in the Miramar Ranch North home’s favor. that $500/month is the equivalent of the $100k extra in mortgage cost at 4.5%.

[ocrenter]

more problem with starwood. it is at the bottom right below Stonebridge to the south and Pomerado to the west. I sense very strong pattern of white noise throughout the day. Great for folks with tinnitus!

what is truly amazing is someone actually almost paid a cool million for this back in the days… ($954k)

[kkun]

Even with the shortcomings mentioned (eg sloped backyard, little noise, not great interior), this is a great deal. Even with some interior and backyard fixing it will be at good price. Now, if you don’t like Stonebridge, that’s a different deal. This house is very close to Pomerado- as opposed to Toll Brothers homes that are probably 5 miles inside Stonebridge.

I think 4S is losing value at same rate as Stonebridge with many more homes up for sale all the time. I think ere are 20+ homes on sale up for sale in 4S.

One question still wonders me why San Angelo/ Scripps Ranch Heights homes are still selling at $245 per sqft for comparable size homes. See this one:

http://www.sdlookup.com/MLS-120002113-11592_Aspendell_Dr_San_Diego_CA_92131

Even with I15 noise this home is priced high IMHO

[ocrenter]

[quote=kkun]Even with the shortcomings mentioned (eg sloped backyard, little noise, not great interior), this is a great deal. Even with some interior and backyard fixing it will be at good price. Now, if you don’t like Stonebridge, that’s a different deal. This house is very close to Pomerado- as opposed to Toll Brothers homes that are probably 5 miles inside Stonebridge.
[/quote]

Uh, this house and toll brothers homes are in completely different leagues. It is like comparing Ivy Gates homes to Maybeck or Sivercrest in 4S.

[SD Realtor]

kkun I think that the answer is a combination of things. Lets look at some numbers. Drawing a polygon area around the entire highlands area and looking at comps for homes over 2700 sf you get an average of 248 ppsf for sales over the past year. Now looking at “actives” using the same criteria you get an average list price of around 259 ppsf. This is not surprising as list price ppsf is always higher then actual sold price ppsf unless there is a mitigating circumstance such as disrepair or distress (short sale/reo). Now there is a current listing on Aspendell that is contingent at 800k. The ppsf for this home is 218!

While your generalization may or may not be correct about highlands pricing being generally higher I think there are mitigating circumstances. For instance highlands is a better location with regards to commute then Stonebridge. A HUGE monetary advantage lies with NO MR for the San Angelo homes (if I am not mistaken) and like an 86 buck a month HOA fee. (OCR can correct me on all that). Do you realize how much you save in the long run?

Now I am not saying that 11592 Aspendell is not overpriced. However I am saying that based on the numbers alone, I think the lack of recurring charges and the better commute indicates the highlands homes (for that grade/size of house) is a better value.

[ocrenter]

[quote=SD Realtor]

While your generalization may or may not be correct about highlands pricing being generally higher I think there are mitigating circumstances. For instance highlands is a better location with regards to commute then Stonebridge. A HUGE monetary advantage lies with NO MR for the San Angelo homes (if I am not mistaken) and like an 86 buck a month HOA fee. (OCR can correct me on all that). Do you realize how much you save in the long run? .[/quote]

It really isn’t that hard to figure out.

The stonebridge MR and HOA amounts to basically $100k in term of monthly mortgage cost. So all things being equal, the stonebridge home should be $100k less.

Now ocean view homes typically carry another $100k in premium.

So an equally sized home in highlands getting $800k makes perfect sense. And to be frank, that Starwood home in stonebridge should be $600k.

[SD Realtor]

well put!

[kcal09]

It would be interesting to find out how many homes in “Stonebridge” are currently underwater. I wouldn’t be surprised if there are still a few homeowners out there who have bought in 2006/7 who are struggling and hanging on a thread.

[Navydoc]

[quote=ocrenter]Uh, this house and toll brothers homes are in completely different leagues. It is like comparing Ivy Gates homes to Maybeck or Sivercrest in 4S.[/quote]

Boy you aint kidding. We toured the available new stuff in Stonebridge, i.e. Montoro and Serenity, but when we saw the Toll models there was no comparison. So last November we put a deposit on a phase 2 lot, and they’re trenching it now.

My feelings are thus: as any regular here knows, I’ve been wathing this market for 6 years now. Any resale I buy I’m going to have to modify extensively to get what I want, and then I’ll stress about how bad a deal I got. Buying new takes all that anxiety out of the decision. I trust the Toll quality of construction, and I believe they’re building the best houses in Stonebridge. The community looks nice too, since they have phase 1 almost ready for stucco, there are no 2 houses that are the same. You certainly can’t say that about Montoro. As for commute, 4S and Stonebridge tested out about the same, and I’ll probably ride my bike down to Mira Mesa Blvd and catch a bus to Balboa, which works well for me.

Really can’t wait to move back to SD. Anybody want a nice house in Gaithersburg MD?

[bearishgurl]

[quote=Navydoc]…Really can’t wait to move back to SD. Anybody want a nice house in Gaithersburg MD?[/quote]

That’s a really NICE (and convenient) town, Navydoc! You shouldn’t have any problem unloading it (assuming arguendo you are NOT underwater) :=]

[Navydoc]

Nope, not underwater at all, and the improvements I did to the basement make the house a lot nicer than when we bought it 3 years ago. Won’t make any money on it, but don’t really need to. Was a great place to live for three years, and I’ll miss the home. Can’t stand the DC area though. People are too uptight and WAY too mean to bicyclists. I get called an F-ing A-hole about once a week while riding to work.

[SD Realtor]

Doc that has been the fastest 3 years ever. Correct me if I am wrong but I recall us talking about Venice Beach and Culver City. Seems like yesterday man. Good to hear you are coming back!

[Author]

Posts