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ParticipantI also like the Bridges in RSF, but the prices are exorbitant. There are about 28 homes (roughly 10% of the community) for sale, but there has not been a sale in almost 4 months. In my opinion, prices will come down.
In 2010, it seemed like homes in the Bridges were selling for at least a $500K premium over other high end areas like covenant RSF, fairbanks ranch, cielo, crosby, santaluz, etc. The price of the lots is part of the problem, ranging from $1.2 -3.2 mil. As much as I like the Bridges, I would only spend that kind of money on a lot near the ocean. Not sure that the builder has much to do with the high prices at this point. There are only a few empty lots left, and almost all of the 28 homes listed are resales.
Anyone know whether the initiation fee for golf is still $350K? At one point, monthly membership dues were $1500-1800/month. I do not understand where all that money goes. Any guesses about how much it costs to maintain a nice 18 hole course? Assuming 200 golf members, this club brings in $300K a month. Let’s assume $180K a month to maintain the course (or $10K per hole a month). That still leaves $120K a month for the clubhouse and other expenses. Seems very excessive to me.
ParticipantI also like the Bridges in RSF, but the prices are exorbitant. There are about 28 homes (roughly 10% of the community) for sale, but there has not been a sale in almost 4 months. In my opinion, prices will come down.
In 2010, it seemed like homes in the Bridges were selling for at least a $500K premium over other high end areas like covenant RSF, fairbanks ranch, cielo, crosby, santaluz, etc. The price of the lots is part of the problem, ranging from $1.2 -3.2 mil. As much as I like the Bridges, I would only spend that kind of money on a lot near the ocean. Not sure that the builder has much to do with the high prices at this point. There are only a few empty lots left, and almost all of the 28 homes listed are resales.
Anyone know whether the initiation fee for golf is still $350K? At one point, monthly membership dues were $1500-1800/month. I do not understand where all that money goes. Any guesses about how much it costs to maintain a nice 18 hole course? Assuming 200 golf members, this club brings in $300K a month. Let’s assume $180K a month to maintain the course (or $10K per hole a month). That still leaves $120K a month for the clubhouse and other expenses. Seems very excessive to me.
December 21, 2010 at 8:32 PM in reply to: Santa Luz opinions on custom home prices and building new #643291ParticipantI would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.
My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.
Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.
December 21, 2010 at 8:32 PM in reply to: Santa Luz opinions on custom home prices and building new #643362ParticipantI would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.
My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.
Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.
December 21, 2010 at 8:32 PM in reply to: Santa Luz opinions on custom home prices and building new #643943ParticipantI would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.
My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.
Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.
December 21, 2010 at 8:32 PM in reply to: Santa Luz opinions on custom home prices and building new #644079ParticipantI would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.
My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.
Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.
December 21, 2010 at 8:32 PM in reply to: Santa Luz opinions on custom home prices and building new #644400ParticipantI would not build a house in Santaluz. The supply of high end homes there greatly exceeds the available buyers right now.
My suggestion – do not pay too close attention to the asking prices of existing homes. Find a house in Santaluz that you really like and make a lowball offer such as $1.5 mil, your estimate to build. Then, wait out the seller. Like you said, it is expensive owning in Santaluz ($1700/month in MR and HOA alone). Count in a mortgage and I don’t think that some existing sellers can hold out for that long. Prices will continue to decline.
Alternatively, if you really want to build your own house, you can make a lowball offer on a lot. Those prices are also going to continue to decline.
Participant“If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes.”
Permabear, the fallacy of your argument has been exposed. Consider Rancho Santa Fe: average income – $245,631, median home sale price – $2,585,000.
You have neglected to consider the segment of buyers that have substantial downpayments. While the absolute numbers are small, these buyers form a significant percentage of the buyers of homes $1 million and up.
Participant“If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes.”
Permabear, the fallacy of your argument has been exposed. Consider Rancho Santa Fe: average income – $245,631, median home sale price – $2,585,000.
You have neglected to consider the segment of buyers that have substantial downpayments. While the absolute numbers are small, these buyers form a significant percentage of the buyers of homes $1 million and up.
Participant“If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes.”
Permabear, the fallacy of your argument has been exposed. Consider Rancho Santa Fe: average income – $245,631, median home sale price – $2,585,000.
You have neglected to consider the segment of buyers that have substantial downpayments. While the absolute numbers are small, these buyers form a significant percentage of the buyers of homes $1 million and up.
Participant“If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes.”
Permabear, the fallacy of your argument has been exposed. Consider Rancho Santa Fe: average income – $245,631, median home sale price – $2,585,000.
You have neglected to consider the segment of buyers that have substantial downpayments. While the absolute numbers are small, these buyers form a significant percentage of the buyers of homes $1 million and up.
Participant“If you’re making 200k, you’re in the top 5% of earners for any of those areas. That means you should be able to afford the top 5% of homes.”
Permabear, the fallacy of your argument has been exposed. Consider Rancho Santa Fe: average income – $245,631, median home sale price – $2,585,000.
You have neglected to consider the segment of buyers that have substantial downpayments. While the absolute numbers are small, these buyers form a significant percentage of the buyers of homes $1 million and up.
ParticipantThe Villa sold for a good price.
Here’s another Crosby home that I think is listed fairly reasonably.
http://www.sdlookup.com/MLS-100053865-16968_Going_My_Way_San_Diego_CA_92127
Nice interior upgrades, full golf course view of hole 1. If someone can get this one for around $1.2 million, that would be a pretty good deal.
ParticipantThe Villa sold for a good price.
Here’s another Crosby home that I think is listed fairly reasonably.
http://www.sdlookup.com/MLS-100053865-16968_Going_My_Way_San_Diego_CA_92127
Nice interior upgrades, full golf course view of hole 1. If someone can get this one for around $1.2 million, that would be a pretty good deal.
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