[bearishgurl]

[quote=sdcellar]If instead, that’s a bad interpretation and the Stonebridge property was something approaching a steal, then still don’t let the M-R equivalence fool you. You saved the money on the purchase price of the house plain and simple. M-R didn’t suddenly become awesome. (and if you really think about it, as a percentage of purchase price, the M-R is even higher!)[/quote]

sdcellar, if I understand you correctly here, are you saying that since the builders in SB didn’t receive a (lump-sum equivalent of 30 yrs worth of MR) in the purchase prices that these properties originally sold for and instead owners’ annual MR payments were diverted to bonds to run the CFD(s), that the buyers who bought new in SB and possibly thought they were getting a “good deal” at the time weren’t because they were paying exactly what the market would bear at the time (and still give the developers a profit)? And that the price they paid had nothing to do with whether MR bonds were present there or not? Of course, the above is all irrespective of the boom/bust cycle that took place.

If this is what you are saying, I agree. A resale buyer will try to get the most “bang for their buck” in their price range and will add the remaining MR encumbrance onto the price of the property when comparing that property to a non MR-encumbered comparable one (apples to apples).

Unfortunately, there aren’t yet enough “traditional” resales which took place in a “normal” market to prove whether a property in some of these recently-built high-MR communities will appreciate sufficiently over an average length of ownership of say, 7-10 years, to determine if taking on these MR encumbrances was “a good investment.”

But this is a very interesting subject, nonetheless.

I haven’t studied the comps but this is why I think the SCP community may very well attract a different subset buyers who are shopping in a higher price range than SB buyers and properties in SCP may be more valuable, overall.

But I don’t know for sure. I’m not very familiar with the various communities of SR.

[bearishgurl]

[quote=sdcellar]If instead, that’s a bad interpretation and the Stonebridge property was something approaching a steal, then still don’t let the M-R equivalence fool you. You saved the money on the purchase price of the house plain and simple. M-R didn’t suddenly become awesome. (and if you really think about it, as a percentage of purchase price, the M-R is even higher!)[/quote]

sdcellar, if I understand you correctly here, are you saying that since the builders in SB didn’t receive a (lump-sum equivalent of 30 yrs worth of MR) in the purchase prices that these properties originally sold for and instead owners’ annual MR payments were diverted to bonds to run the CFD(s), that the buyers who bought new in SB and possibly thought they were getting a “good deal” at the time weren’t because they were paying exactly what the market would bear at the time (and still give the developers a profit)? And that the price they paid had nothing to do with whether MR bonds were present there or not? Of course, the above is all irrespective of the boom/bust cycle that took place.

If this is what you are saying, I agree. A resale buyer will try to get the most “bang for their buck” in their price range and will add the remaining MR encumbrance onto the price of the property when comparing that property to a non MR-encumbered comparable one (apples to apples).

Unfortunately, there aren’t yet enough “traditional” resales which took place in a “normal” market to prove whether a property in some of these recently-built high-MR communities will appreciate sufficiently over an average length of ownership of say, 7-10 years, to determine if taking on these MR encumbrances was “a good investment.”

But this is a very interesting subject, nonetheless.

I haven’t studied the comps but this is why I think the SCP community may very well attract a different subset buyers who are shopping in a higher price range than SB buyers and properties in SCP may be more valuable, overall.

But I don’t know for sure. I’m not very familiar with the various communities of SR.

[bearishgurl]

[quote=sdcellar]If instead, that’s a bad interpretation and the Stonebridge property was something approaching a steal, then still don’t let the M-R equivalence fool you. You saved the money on the purchase price of the house plain and simple. M-R didn’t suddenly become awesome. (and if you really think about it, as a percentage of purchase price, the M-R is even higher!)[/quote]

sdcellar, if I understand you correctly here, are you saying that since the builders in SB didn’t receive a (lump-sum equivalent of 30 yrs worth of MR) in the purchase prices that these properties originally sold for and instead owners’ annual MR payments were diverted to bonds to run the CFD(s), that the buyers who bought new in SB and possibly thought they were getting a “good deal” at the time weren’t because they were paying exactly what the market would bear at the time (and still give the developers a profit)? And that the price they paid had nothing to do with whether MR bonds were present there or not? Of course, the above is all irrespective of the boom/bust cycle that took place.

If this is what you are saying, I agree. A resale buyer will try to get the most “bang for their buck” in their price range and will add the remaining MR encumbrance onto the price of the property when comparing that property to a non MR-encumbered comparable one (apples to apples).

Unfortunately, there aren’t yet enough “traditional” resales which took place in a “normal” market to prove whether a property in some of these recently-built high-MR communities will appreciate sufficiently over an average length of ownership of say, 7-10 years, to determine if taking on these MR encumbrances was “a good investment.”

But this is a very interesting subject, nonetheless.

I haven’t studied the comps but this is why I think the SCP community may very well attract a different subset buyers who are shopping in a higher price range than SB buyers and properties in SCP may be more valuable, overall.

But I don’t know for sure. I’m not very familiar with the various communities of SR.

[bearishgurl]

It looks like Scripps Crown Pointe (SCP) is an established HOA with several amenities, acc to the attractive photos on the index page and names of links.

http://www.scrippscrownpointe.com/index.html

The links are password-protected (to members only?)

I haven’t personally been to either development, but based upon the rotating “home page” photos in the SCP HOA website and the “armchair-tour” I just (vicariously) took of SB in JTR’s car, I would say that SB looks far more lunar-like … that is, it’s more like driving on the moon, due to lack of mature vegetation on both the lots and surrounding area. I didn’t see any amenities there but maybe JTR didn’t drive by them.

I don’t know anything about this association. SDR, when you get time, could you tell us, if you know, if SCP is a well-managed association and are the amenities it offers worth $235 month in dues?

[bearishgurl]

It looks like Scripps Crown Pointe (SCP) is an established HOA with several amenities, acc to the attractive photos on the index page and names of links.

http://www.scrippscrownpointe.com/index.html

The links are password-protected (to members only?)

I haven’t personally been to either development, but based upon the rotating “home page” photos in the SCP HOA website and the “armchair-tour” I just (vicariously) took of SB in JTR’s car, I would say that SB looks far more lunar-like … that is, it’s more like driving on the moon, due to lack of mature vegetation on both the lots and surrounding area. I didn’t see any amenities there but maybe JTR didn’t drive by them.

I don’t know anything about this association. SDR, when you get time, could you tell us, if you know, if SCP is a well-managed association and are the amenities it offers worth $235 month in dues?

[bearishgurl]

It looks like Scripps Crown Pointe (SCP) is an established HOA with several amenities, acc to the attractive photos on the index page and names of links.

http://www.scrippscrownpointe.com/index.html

The links are password-protected (to members only?)

I haven’t personally been to either development, but based upon the rotating “home page” photos in the SCP HOA website and the “armchair-tour” I just (vicariously) took of SB in JTR’s car, I would say that SB looks far more lunar-like … that is, it’s more like driving on the moon, due to lack of mature vegetation on both the lots and surrounding area. I didn’t see any amenities there but maybe JTR didn’t drive by them.

I don’t know anything about this association. SDR, when you get time, could you tell us, if you know, if SCP is a well-managed association and are the amenities it offers worth $235 month in dues?

[bearishgurl]

It looks like Scripps Crown Pointe (SCP) is an established HOA with several amenities, acc to the attractive photos on the index page and names of links.

http://www.scrippscrownpointe.com/index.html

The links are password-protected (to members only?)

I haven’t personally been to either development, but based upon the rotating “home page” photos in the SCP HOA website and the “armchair-tour” I just (vicariously) took of SB in JTR’s car, I would say that SB looks far more lunar-like … that is, it’s more like driving on the moon, due to lack of mature vegetation on both the lots and surrounding area. I didn’t see any amenities there but maybe JTR didn’t drive by them.

I don’t know anything about this association. SDR, when you get time, could you tell us, if you know, if SCP is a well-managed association and are the amenities it offers worth $235 month in dues?

[bearishgurl]

It looks like Scripps Crown Pointe (SCP) is an established HOA with several amenities, acc to the attractive photos on the index page and names of links.

http://www.scrippscrownpointe.com/index.html

The links are password-protected (to members only?)

I haven’t personally been to either development, but based upon the rotating “home page” photos in the SCP HOA website and the “armchair-tour” I just (vicariously) took of SB in JTR’s car, I would say that SB looks far more lunar-like … that is, it’s more like driving on the moon, due to lack of mature vegetation on both the lots and surrounding area. I didn’t see any amenities there but maybe JTR didn’t drive by them.

I don’t know anything about this association. SDR, when you get time, could you tell us, if you know, if SCP is a well-managed association and are the amenities it offers worth $235 month in dues?

[bearishgurl]

Looks like 11645 Cam. Magnifica in SCP backs into trees and open space above.

zoom in: http://www.google.com/maps?q=11645%20Caminito%20Magnifica,+92131

I would surmise that this is far more preferable than constant noise from the main thoroughfare running directly behind the subject SB sold comp.

And, I don’t know how old the photo is that ocr just posted, but it DOES seem to indicate that the (SB) back yard is mostly dirt :={

[bearishgurl]

Looks like 11645 Cam. Magnifica in SCP backs into trees and open space above.

zoom in: http://www.google.com/maps?q=11645%20Caminito%20Magnifica,+92131

I would surmise that this is far more preferable than constant noise from the main thoroughfare running directly behind the subject SB sold comp.

And, I don’t know how old the photo is that ocr just posted, but it DOES seem to indicate that the (SB) back yard is mostly dirt :={

[bearishgurl]

Looks like 11645 Cam. Magnifica in SCP backs into trees and open space above.

zoom in: http://www.google.com/maps?q=11645%20Caminito%20Magnifica,+92131

I would surmise that this is far more preferable than constant noise from the main thoroughfare running directly behind the subject SB sold comp.

And, I don’t know how old the photo is that ocr just posted, but it DOES seem to indicate that the (SB) back yard is mostly dirt :={

[bearishgurl]

Looks like 11645 Cam. Magnifica in SCP backs into trees and open space above.

zoom in: http://www.google.com/maps?q=11645%20Caminito%20Magnifica,+92131

I would surmise that this is far more preferable than constant noise from the main thoroughfare running directly behind the subject SB sold comp.

And, I don’t know how old the photo is that ocr just posted, but it DOES seem to indicate that the (SB) back yard is mostly dirt :={

[bearishgurl]

Looks like 11645 Cam. Magnifica in SCP backs into trees and open space above.

zoom in: http://www.google.com/maps?q=11645%20Caminito%20Magnifica,+92131

I would surmise that this is far more preferable than constant noise from the main thoroughfare running directly behind the subject SB sold comp.

And, I don’t know how old the photo is that ocr just posted, but it DOES seem to indicate that the (SB) back yard is mostly dirt :={

[bearishgurl]

[quote=sdrealtor]There you go again. One sentence the value is cash flow/cost of ownership and the next sentence it is some underlying mystery value of the property and the area it sits in. You were right the first time. The true value of an asset is the discounted cash flow it generates…[/quote]

I’m sure you must realize that each of those “sentences” refers to a different type of investment :D. Let’s review them briefly, here. One “sentence” refers to purchasing lower-priced older SFR’s as investment property located in what the average Pigg would call a “working-class” area. The other “sentence” refers to a mid-priced or higher-priced SFR that one would purchase for they and their families to live in for a period of years and possibly sell at the time of retirement or “retire” in.

Practically speaking, these two types of “investments” are two completely different animals.

[bearishgurl]

[quote=sdrealtor]There you go again. One sentence the value is cash flow/cost of ownership and the next sentence it is some underlying mystery value of the property and the area it sits in. You were right the first time. The true value of an asset is the discounted cash flow it generates…[/quote]

I’m sure you must realize that each of those “sentences” refers to a different type of investment :D. Let’s review them briefly, here. One “sentence” refers to purchasing lower-priced older SFR’s as investment property located in what the average Pigg would call a “working-class” area. The other “sentence” refers to a mid-priced or higher-priced SFR that one would purchase for they and their families to live in for a period of years and possibly sell at the time of retirement or “retire” in.

Practically speaking, these two types of “investments” are two completely different animals.

[Author]

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