Stonebridge-what does the future bring?

[Anonymous]

Thanks SD Realtor. I have been following both the market and this blog for about 2 years and had I not I might have made a purchase in Stonebridge about 18 months ago and paid $1.2mil for less house. I like Poway also and we looked extensively but even an older home with a more cramped floor plan does indeed exceed my goal of $750-$850K. I will have to review the Sunrise power link to see if it is plotted. I would guess they might put it near the existing power lines (which are 180 degrees away from my view.

Given that my wife of 27 years promises divorce if I ever decide to leave California again, I think this will be the home for life or at least until we need to go into assisted care which I hope is many moons away (just hit 50 last year). I also expect to maintain my career for 15+ years and this area is about as good as any and better than most.
We REALLY like the house and this is after visiting probably 50 properties and developments in the last 2 years. We have lived in the past at the end of a much more demanding road than Stonebridge. I am an early bird anyway so commute traffic does not usually come into play. I lived with a friend in Sanctuary for a couple of months early this year which gives me confidence that I know the pros and cons of the area. My wife likes shopping at either Scripps or Poway and both are easy. For people that maybe are used to living 5 minutes off the freeway they probably view Stonebridge as a big challenge. For 20+ years I commuted at least daily (sometimes 2x) over the mountain from Santa Cruz to Santa Clara so I have a different reference point. I like to get home and be home and enjoy the peace and quiet. I love the walking and biking in the area.

So at $195/sq. ft before the 6% credit (about $183 after) for 4164 sq ft and with almost 1,000 sq. ft of garage I feel pretty comfortable that I am not going to get a significantly better deal. Maybe with a short sale I might get a comparable home with more upgrades but then it would be impossible to time it with my lease expiration of next May. Plus my wife is not big on getting her hopes up and then having to pass which is required to play in the short sale world. I don’t see these houses dropping much more and assuming a good fixed rate then I think it is about time to lock in a deal. Given that I took a HUGE loss on a prior home out of state, if this one goes down $50-$100K over the next 2 years but rallies back in 5-10 I won’t feel too badly. I might not be popular in the neighborhood as this same floor plan with Warmington I think sold for well over $1Mil not that long ago!

[Anonymous]

RecordsClerk: Did you look at the homes? A good view, large lots and 4 car garage at $195/ft (or $183 with the “credit” for the larger 2 story) seems pretty compelling as I mention in my other posts. If you are in the market you might want to take a look. I suspect they will try to sell the first 10 in a hurry and then adjust the price for the next phase based upon the market so of course it could go either way. But unless they are really going to build a cheap house (I will be checking several times/week) then I don’t see how they can sell them for much less. They are using basic tile and generic “Corian” so that has to be factored in.

[Anonymous]

RecordsClerk: Did you look at the homes? A good view, large lots and 4 car garage at $195/ft (or $183 with the “credit” for the larger 2 story) seems pretty compelling as I mention in my other posts. If you are in the market you might want to take a look. I suspect they will try to sell the first 10 in a hurry and then adjust the price for the next phase based upon the market so of course it could go either way. But unless they are really going to build a cheap house (I will be checking several times/week) then I don’t see how they can sell them for much less. They are using basic tile and generic “Corian” so that has to be factored in.

[Anonymous]

RecordsClerk: Did you look at the homes? A good view, large lots and 4 car garage at $195/ft (or $183 with the “credit” for the larger 2 story) seems pretty compelling as I mention in my other posts. If you are in the market you might want to take a look. I suspect they will try to sell the first 10 in a hurry and then adjust the price for the next phase based upon the market so of course it could go either way. But unless they are really going to build a cheap house (I will be checking several times/week) then I don’t see how they can sell them for much less. They are using basic tile and generic “Corian” so that has to be factored in.

[Anonymous]

RecordsClerk: Did you look at the homes? A good view, large lots and 4 car garage at $195/ft (or $183 with the “credit” for the larger 2 story) seems pretty compelling as I mention in my other posts. If you are in the market you might want to take a look. I suspect they will try to sell the first 10 in a hurry and then adjust the price for the next phase based upon the market so of course it could go either way. But unless they are really going to build a cheap house (I will be checking several times/week) then I don’t see how they can sell them for much less. They are using basic tile and generic “Corian” so that has to be factored in.

[Anonymous]

RecordsClerk: Did you look at the homes? A good view, large lots and 4 car garage at $195/ft (or $183 with the “credit” for the larger 2 story) seems pretty compelling as I mention in my other posts. If you are in the market you might want to take a look. I suspect they will try to sell the first 10 in a hurry and then adjust the price for the next phase based upon the market so of course it could go either way. But unless they are really going to build a cheap house (I will be checking several times/week) then I don’t see how they can sell them for much less. They are using basic tile and generic “Corian” so that has to be factored in.

[cabal]

Sdseeker – Congrats on your potential new home.

For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.

Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.

[cabal]

Sdseeker – Congrats on your potential new home.

For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.

Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.

[cabal]

Sdseeker – Congrats on your potential new home.

For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.

Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.

[cabal]

Sdseeker – Congrats on your potential new home.

For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.

Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.

[cabal]

Sdseeker – Congrats on your potential new home.

For this home class, I would agree $195/sqft is very reasonable, certainly consistent with early bubble 02 pricing. Haven’t visited the development in a while, but regarding first impressions, we didn’t like Stonebridge and would not buy a home there due to a combination of factors such as long single point entry, power lines and industrial park visibility, and the lack of a “well planned out feel” to the community. However, other folks clearly like it perhaps due to the floorplans, lot size and overall designs tipping the scale towards purchase worthiness. In any case, if you’re there for the long haul resale considerations are not relevant.

Regarding your question, my initial thought was your interior finishing and exterior landscaping budget. Builder front landscaping is of little value as it typically gets torn up during real landscaping. Finishing a large new house is really expensive and this is a hidden pitfall not frequently discussed. Most homeowner can initially afford their house, but once interior & exterior finishing pressures hit, many deplete their savings, get a heloc, or refi cash out into a bad loan ultimately getting into trouble. It took me 3 yrs to fully finish my house using the pay as u go approach, whereas many of my neighbors somehow coughed up 200k/300k to finish in 3-6 months. A few of them had to eventually short sell. Another consideration is that as you become empty nesters, do you really want to be stuck cleaning and maintaining a large house? Why dampen your new found freedom during your golden years. Even if you pay for a regular maid & gardener, daily housework and yard maintenance is still required by the homeowner. Finally, did you decide on a 15/20 yr loan so that the house can be free and clear near retirement? It may be worth it to consider the slightly higher rate, peace of mind lower payment with a 30/40 yr loan and attempt to pay it off in fewer yrs as cash flow permits.

[Anonymous]

Cabal,
These are all good points and we have given them careful consideration over the past 6 months (and the prior 27 years of marriage!)
Regarding the home size, I thought we might consider moving to something in the 2-3 bedroom range. I don’t really “want” nor need 4,100 sq feet but it seems like there is somewhat of minimum price to purchase a property that we like which includes extra garage space, nice yard, good view and open floorplan. That price seems to be around $750K minimum and that would be at best a 3 car (usually tandem) garage. I am more or less bound by Rancho Bernardo South to Pomerado and west to 5 but really like the area East of 15. This of course includes Carmel Valley but there you have smaller lots and still MR fees and limited garage space and not much in the way of views.

The comments about the front landscaping are also well appreciated. First, I don’t plan to have a showcase yard and will try to minimize the water requirements as this is going to be a problem in San Diego forever. The rear is perfectly flat, we have 2 dogs so mostly I will use mulch and natural areas with a small patio area for entertaining. Maybe a simple spa but no pool (been there, done that). So I hope to keep this at a minimum and probably will do most of the work (except the spa) myself. I am born and bred in North Carolina so this comes naturally :-). I would be interested if you could share some insight into what you did on your 3 year pay as you go plan and what it cost you. I plan to do the same plan. I have seen plenty of homes (many in Stonebridge where folks spend $200K+ and end up just as you described. We also don’t plan to do much in upgrades. We have about $48K credit that we can apply to upgrades or towards a buydown and other than probably changing from solid surface to granite we will keep it mostly as is. I want to own the cheapest house on the block, not the most expensive. Maybe 5-8 years down the road we might decide to upgrade the carpets in time to have the grandkids puke on them.

As for the new found freedom, that too appeals to me but to find a place we like I am going to spend at least $750K so I would just as soon have the extra rooms as long as it is not really costing me on issues such as taxes. Since that is based on cost it does not matter if we buy a 3/3 or 5/4 if the cost is the same. Sure heating and cooling is a bit of a factor but not really a big deal for us in this climate (and yes I know it gets much hotter up there). My wife is a stay at home and would never consider a maid so I sort of have to have enough for her to do when we become empty nesters. Plus she is constantly reminding me that she wants the kids to feel welcome and have a place to come home. I tried to argue about downsizeing to a 2 BR condo and then rent hotel rooms when the kids return but that did not go over too well.

So in summary when we moved to San Diego I expected to pay about $1Mil for a nice home or $800K for a real compromise (stepping down from 7,000 sq. ft lakefront home in NC that unfortunately I had to sell at the bottom of the market). I love NC but my wife is a CA girl and we are here for the duration. Seriously even if a job opportunity came up elsewhere she would not leave again. I have to admit I love San Diego. We lived in Santa Cruz for about 20 years and that was great but San Diego is much better. At least I can live in San Diego and not have such a horrible commute. I would not want to live anywhere in the Bay area except Santa Cruz and then you are stuck with a really bad commute and the weather does not compare.

So the way I look at it, if I can get the house at $810K and allocate maybe $20K for upgrades and use the rest for the mortgage buydown/closing that is about as good a deal as I could get. Having lived in Stonebridge before I have experienced it first hand and like anywhere it has it’s advantages and shortcomings.

For the loan term, I agree. I intend to do a 30 year (would not think about 40) but have always paid more than was due so I set up my own 15 year plan. I have some business investments that hopefully will pay out some cash in a few years so that will pay off a big chunk.

Thanks again for the feedback and thoughts. If you can share any pointers about the landscaping/hardscape that would be much appreciated.

[Anonymous]

Cabal,
These are all good points and we have given them careful consideration over the past 6 months (and the prior 27 years of marriage!)
Regarding the home size, I thought we might consider moving to something in the 2-3 bedroom range. I don’t really “want” nor need 4,100 sq feet but it seems like there is somewhat of minimum price to purchase a property that we like which includes extra garage space, nice yard, good view and open floorplan. That price seems to be around $750K minimum and that would be at best a 3 car (usually tandem) garage. I am more or less bound by Rancho Bernardo South to Pomerado and west to 5 but really like the area East of 15. This of course includes Carmel Valley but there you have smaller lots and still MR fees and limited garage space and not much in the way of views.

The comments about the front landscaping are also well appreciated. First, I don’t plan to have a showcase yard and will try to minimize the water requirements as this is going to be a problem in San Diego forever. The rear is perfectly flat, we have 2 dogs so mostly I will use mulch and natural areas with a small patio area for entertaining. Maybe a simple spa but no pool (been there, done that). So I hope to keep this at a minimum and probably will do most of the work (except the spa) myself. I am born and bred in North Carolina so this comes naturally :-). I would be interested if you could share some insight into what you did on your 3 year pay as you go plan and what it cost you. I plan to do the same plan. I have seen plenty of homes (many in Stonebridge where folks spend $200K+ and end up just as you described. We also don’t plan to do much in upgrades. We have about $48K credit that we can apply to upgrades or towards a buydown and other than probably changing from solid surface to granite we will keep it mostly as is. I want to own the cheapest house on the block, not the most expensive. Maybe 5-8 years down the road we might decide to upgrade the carpets in time to have the grandkids puke on them.

As for the new found freedom, that too appeals to me but to find a place we like I am going to spend at least $750K so I would just as soon have the extra rooms as long as it is not really costing me on issues such as taxes. Since that is based on cost it does not matter if we buy a 3/3 or 5/4 if the cost is the same. Sure heating and cooling is a bit of a factor but not really a big deal for us in this climate (and yes I know it gets much hotter up there). My wife is a stay at home and would never consider a maid so I sort of have to have enough for her to do when we become empty nesters. Plus she is constantly reminding me that she wants the kids to feel welcome and have a place to come home. I tried to argue about downsizeing to a 2 BR condo and then rent hotel rooms when the kids return but that did not go over too well.

So in summary when we moved to San Diego I expected to pay about $1Mil for a nice home or $800K for a real compromise (stepping down from 7,000 sq. ft lakefront home in NC that unfortunately I had to sell at the bottom of the market). I love NC but my wife is a CA girl and we are here for the duration. Seriously even if a job opportunity came up elsewhere she would not leave again. I have to admit I love San Diego. We lived in Santa Cruz for about 20 years and that was great but San Diego is much better. At least I can live in San Diego and not have such a horrible commute. I would not want to live anywhere in the Bay area except Santa Cruz and then you are stuck with a really bad commute and the weather does not compare.

So the way I look at it, if I can get the house at $810K and allocate maybe $20K for upgrades and use the rest for the mortgage buydown/closing that is about as good a deal as I could get. Having lived in Stonebridge before I have experienced it first hand and like anywhere it has it’s advantages and shortcomings.

For the loan term, I agree. I intend to do a 30 year (would not think about 40) but have always paid more than was due so I set up my own 15 year plan. I have some business investments that hopefully will pay out some cash in a few years so that will pay off a big chunk.

Thanks again for the feedback and thoughts. If you can share any pointers about the landscaping/hardscape that would be much appreciated.

[Anonymous]

Cabal,
These are all good points and we have given them careful consideration over the past 6 months (and the prior 27 years of marriage!)
Regarding the home size, I thought we might consider moving to something in the 2-3 bedroom range. I don’t really “want” nor need 4,100 sq feet but it seems like there is somewhat of minimum price to purchase a property that we like which includes extra garage space, nice yard, good view and open floorplan. That price seems to be around $750K minimum and that would be at best a 3 car (usually tandem) garage. I am more or less bound by Rancho Bernardo South to Pomerado and west to 5 but really like the area East of 15. This of course includes Carmel Valley but there you have smaller lots and still MR fees and limited garage space and not much in the way of views.

The comments about the front landscaping are also well appreciated. First, I don’t plan to have a showcase yard and will try to minimize the water requirements as this is going to be a problem in San Diego forever. The rear is perfectly flat, we have 2 dogs so mostly I will use mulch and natural areas with a small patio area for entertaining. Maybe a simple spa but no pool (been there, done that). So I hope to keep this at a minimum and probably will do most of the work (except the spa) myself. I am born and bred in North Carolina so this comes naturally :-). I would be interested if you could share some insight into what you did on your 3 year pay as you go plan and what it cost you. I plan to do the same plan. I have seen plenty of homes (many in Stonebridge where folks spend $200K+ and end up just as you described. We also don’t plan to do much in upgrades. We have about $48K credit that we can apply to upgrades or towards a buydown and other than probably changing from solid surface to granite we will keep it mostly as is. I want to own the cheapest house on the block, not the most expensive. Maybe 5-8 years down the road we might decide to upgrade the carpets in time to have the grandkids puke on them.

As for the new found freedom, that too appeals to me but to find a place we like I am going to spend at least $750K so I would just as soon have the extra rooms as long as it is not really costing me on issues such as taxes. Since that is based on cost it does not matter if we buy a 3/3 or 5/4 if the cost is the same. Sure heating and cooling is a bit of a factor but not really a big deal for us in this climate (and yes I know it gets much hotter up there). My wife is a stay at home and would never consider a maid so I sort of have to have enough for her to do when we become empty nesters. Plus she is constantly reminding me that she wants the kids to feel welcome and have a place to come home. I tried to argue about downsizeing to a 2 BR condo and then rent hotel rooms when the kids return but that did not go over too well.

So in summary when we moved to San Diego I expected to pay about $1Mil for a nice home or $800K for a real compromise (stepping down from 7,000 sq. ft lakefront home in NC that unfortunately I had to sell at the bottom of the market). I love NC but my wife is a CA girl and we are here for the duration. Seriously even if a job opportunity came up elsewhere she would not leave again. I have to admit I love San Diego. We lived in Santa Cruz for about 20 years and that was great but San Diego is much better. At least I can live in San Diego and not have such a horrible commute. I would not want to live anywhere in the Bay area except Santa Cruz and then you are stuck with a really bad commute and the weather does not compare.

So the way I look at it, if I can get the house at $810K and allocate maybe $20K for upgrades and use the rest for the mortgage buydown/closing that is about as good a deal as I could get. Having lived in Stonebridge before I have experienced it first hand and like anywhere it has it’s advantages and shortcomings.

For the loan term, I agree. I intend to do a 30 year (would not think about 40) but have always paid more than was due so I set up my own 15 year plan. I have some business investments that hopefully will pay out some cash in a few years so that will pay off a big chunk.

Thanks again for the feedback and thoughts. If you can share any pointers about the landscaping/hardscape that would be much appreciated.

[Anonymous]

Cabal,
These are all good points and we have given them careful consideration over the past 6 months (and the prior 27 years of marriage!)
Regarding the home size, I thought we might consider moving to something in the 2-3 bedroom range. I don’t really “want” nor need 4,100 sq feet but it seems like there is somewhat of minimum price to purchase a property that we like which includes extra garage space, nice yard, good view and open floorplan. That price seems to be around $750K minimum and that would be at best a 3 car (usually tandem) garage. I am more or less bound by Rancho Bernardo South to Pomerado and west to 5 but really like the area East of 15. This of course includes Carmel Valley but there you have smaller lots and still MR fees and limited garage space and not much in the way of views.

The comments about the front landscaping are also well appreciated. First, I don’t plan to have a showcase yard and will try to minimize the water requirements as this is going to be a problem in San Diego forever. The rear is perfectly flat, we have 2 dogs so mostly I will use mulch and natural areas with a small patio area for entertaining. Maybe a simple spa but no pool (been there, done that). So I hope to keep this at a minimum and probably will do most of the work (except the spa) myself. I am born and bred in North Carolina so this comes naturally :-). I would be interested if you could share some insight into what you did on your 3 year pay as you go plan and what it cost you. I plan to do the same plan. I have seen plenty of homes (many in Stonebridge where folks spend $200K+ and end up just as you described. We also don’t plan to do much in upgrades. We have about $48K credit that we can apply to upgrades or towards a buydown and other than probably changing from solid surface to granite we will keep it mostly as is. I want to own the cheapest house on the block, not the most expensive. Maybe 5-8 years down the road we might decide to upgrade the carpets in time to have the grandkids puke on them.

As for the new found freedom, that too appeals to me but to find a place we like I am going to spend at least $750K so I would just as soon have the extra rooms as long as it is not really costing me on issues such as taxes. Since that is based on cost it does not matter if we buy a 3/3 or 5/4 if the cost is the same. Sure heating and cooling is a bit of a factor but not really a big deal for us in this climate (and yes I know it gets much hotter up there). My wife is a stay at home and would never consider a maid so I sort of have to have enough for her to do when we become empty nesters. Plus she is constantly reminding me that she wants the kids to feel welcome and have a place to come home. I tried to argue about downsizeing to a 2 BR condo and then rent hotel rooms when the kids return but that did not go over too well.

So in summary when we moved to San Diego I expected to pay about $1Mil for a nice home or $800K for a real compromise (stepping down from 7,000 sq. ft lakefront home in NC that unfortunately I had to sell at the bottom of the market). I love NC but my wife is a CA girl and we are here for the duration. Seriously even if a job opportunity came up elsewhere she would not leave again. I have to admit I love San Diego. We lived in Santa Cruz for about 20 years and that was great but San Diego is much better. At least I can live in San Diego and not have such a horrible commute. I would not want to live anywhere in the Bay area except Santa Cruz and then you are stuck with a really bad commute and the weather does not compare.

So the way I look at it, if I can get the house at $810K and allocate maybe $20K for upgrades and use the rest for the mortgage buydown/closing that is about as good a deal as I could get. Having lived in Stonebridge before I have experienced it first hand and like anywhere it has it’s advantages and shortcomings.

For the loan term, I agree. I intend to do a 30 year (would not think about 40) but have always paid more than was due so I set up my own 15 year plan. I have some business investments that hopefully will pay out some cash in a few years so that will pay off a big chunk.

Thanks again for the feedback and thoughts. If you can share any pointers about the landscaping/hardscape that would be much appreciated.

[Author]

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