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New_Renter
ParticipantFrom what I have heard, Pardee owns that huge parcel of land due south of Meadows Del Mar (between Meadows Del Mar and Rancho Penasquitos Reserve) and plans to develop a custom home community (subdivide/sell lots). It’s supposed to be similar to what they did with Rancho Pacifica but a notch below in terms of exclusivity. Apparently they are in a battle over environmental issues, so can’t move forward with their plans yet. Eventually, Carmel Mountain Road should connect up with the road on Del Mar Mesa that currently dead-ends at Duck Pond Ranch. And hopefully, the proposed connecting road to 56 will also be completed. That would make living up in those areas of Del Mar Mesa way more convenient.
Information deemed reliable, but not guaranteed… 😉
ParticipantFrom what I have heard, Pardee owns that huge parcel of land due south of Meadows Del Mar (between Meadows Del Mar and Rancho Penasquitos Reserve) and plans to develop a custom home community (subdivide/sell lots). It’s supposed to be similar to what they did with Rancho Pacifica but a notch below in terms of exclusivity. Apparently they are in a battle over environmental issues, so can’t move forward with their plans yet. Eventually, Carmel Mountain Road should connect up with the road on Del Mar Mesa that currently dead-ends at Duck Pond Ranch. And hopefully, the proposed connecting road to 56 will also be completed. That would make living up in those areas of Del Mar Mesa way more convenient.
Information deemed reliable, but not guaranteed… 😉
ParticipantI sold for multiple reasons (just recently closed escrow):
1. Pocket $500K Tax Free. The goal would be to do this multiple times over the coming decades, as long as the tax code allows it. This tax loophole is unbelievable and just to tempting not to take advantage of it at the top of the market.
2. To move into a better area and nicer home (better schools).
3. When the real estate market is depreciating, it makes perfect sense not to own (renting is a far better deal). This is easily seen by playing with a good buy vs. rent calculator.
ParticipantI sold for multiple reasons (just recently closed escrow):
1. Pocket $500K Tax Free. The goal would be to do this multiple times over the coming decades, as long as the tax code allows it. This tax loophole is unbelievable and just to tempting not to take advantage of it at the top of the market.
2. To move into a better area and nicer home (better schools).
3. When the real estate market is depreciating, it makes perfect sense not to own (renting is a far better deal). This is easily seen by playing with a good buy vs. rent calculator.
Participantrecordsclerk,
The development is called “Garden Homes” and was probably the worst selling of all the Santaluz developments. Part of the problem is that they are on the west side of Camino Del Sur, which is much less desireable than the east-side, which is much closer to the club facilities. They also don’t have much privacy. On the west-side you have Garden Homes, Davidson, Belsera, and Spanish Bungalows. Note that Mirasol and Santa Monica are NOT part of Santaluz. They sit just to the west of the Santaluz boundary, and they do not have any privledges at Santaluz, despite what some Realtors may “imply” in their marketing. They are nice large homes for sure, have their own little community center with pool, etc. These have also had very long resale marketing times and price drops. I like the Spanish Bungalows the best out of the lower-priced west-side Santaluz properties and they can be had in the very low $1M’s. When this bear market is hitting bottom I expect they will be closer to their original prices in the $700-800’s. On the East-Side of Santaluz, I would look at Casitas for lower cost properties. I used to own one on the golf course, and while they are smaller (2100-2300 sq. ft.) they are the ultimate in convenience if you use the Club facilities alot, and many are also right on the Golf Course. They too are getting quite soft on pricing and expect will be sub-$1M soon.Participantrecordsclerk,
The development is called “Garden Homes” and was probably the worst selling of all the Santaluz developments. Part of the problem is that they are on the west side of Camino Del Sur, which is much less desireable than the east-side, which is much closer to the club facilities. They also don’t have much privacy. On the west-side you have Garden Homes, Davidson, Belsera, and Spanish Bungalows. Note that Mirasol and Santa Monica are NOT part of Santaluz. They sit just to the west of the Santaluz boundary, and they do not have any privledges at Santaluz, despite what some Realtors may “imply” in their marketing. They are nice large homes for sure, have their own little community center with pool, etc. These have also had very long resale marketing times and price drops. I like the Spanish Bungalows the best out of the lower-priced west-side Santaluz properties and they can be had in the very low $1M’s. When this bear market is hitting bottom I expect they will be closer to their original prices in the $700-800’s. On the East-Side of Santaluz, I would look at Casitas for lower cost properties. I used to own one on the golf course, and while they are smaller (2100-2300 sq. ft.) they are the ultimate in convenience if you use the Club facilities alot, and many are also right on the Golf Course. They too are getting quite soft on pricing and expect will be sub-$1M soon.ParticipantWhile I’m no math whiz (as amply demonstrated on a previous thread), when there is an “even” number of data points you have to average the two data points in the middle of the set (the 14th & 15th in this case). The median of the data set above is the average of $1,875,000 and $2,115,000, which is $1,995,000. See, helping your kid with their math homework does pay some dividends! 😉
ParticipantWhile I’m no math whiz (as amply demonstrated on a previous thread), when there is an “even” number of data points you have to average the two data points in the middle of the set (the 14th & 15th in this case). The median of the data set above is the average of $1,875,000 and $2,115,000, which is $1,995,000. See, helping your kid with their math homework does pay some dividends! 😉
ParticipantTone,
Rustico is right on with the advice, however, if you are less than 1-month away from closing your escrow you should be able to get the lease negotiated with a contingency such that if you fall out of escrow you only lose your deposit (or maybe even just part of your deposit) on the lease. The deposit is usually equivalent to 1-month rent. Just set the due date for the 1st months rent to be due 1-day after your close of escrow, and write your contingency appropriately. Ideally you would have negotiated at least a 1-week rent-back to avoid storage fees from your moving company, but failing that, all the major moving companies can easily store the contents of your house for a couple of days until your new lease begins at reasonable cost.
New_RenterParticipantTone,
Rustico is right on with the advice, however, if you are less than 1-month away from closing your escrow you should be able to get the lease negotiated with a contingency such that if you fall out of escrow you only lose your deposit (or maybe even just part of your deposit) on the lease. The deposit is usually equivalent to 1-month rent. Just set the due date for the 1st months rent to be due 1-day after your close of escrow, and write your contingency appropriately. Ideally you would have negotiated at least a 1-week rent-back to avoid storage fees from your moving company, but failing that, all the major moving companies can easily store the contents of your house for a couple of days until your new lease begins at reasonable cost.
New_RenterParticipantcovered_10,
I totally agree with you. I’ve watched La Jolla closely for years. It is the most over-priced of all. Part of the reason is that according to some, up to 30% of the homes there are owned by non-locals as 3rd or 4th vacation homes. Not to mention that ocean views in La Jolla are probably some of the most coveted in the world. You’ve got these two factors driving additional demand that you don’t have in CV. In general, I think once you see La Jolla, RSF, and to a lesser degree Coronado and Olde Del Mar taking hefty declines, most of SD will have already been in big trouble. These areas are financed more with old money and true wealth. While there are comfortably affluent people in CV, the vast majority are not buying properties for cash like you commonly see in La Jolla. I have a friend who recently sold his house in North La Jolla for $4M+ for cash to a very wealthy Mexican family as their 4th home. You don’t see that kind of thing in CV.
New_RenterParticipantcovered_10,
I totally agree with you. I’ve watched La Jolla closely for years. It is the most over-priced of all. Part of the reason is that according to some, up to 30% of the homes there are owned by non-locals as 3rd or 4th vacation homes. Not to mention that ocean views in La Jolla are probably some of the most coveted in the world. You’ve got these two factors driving additional demand that you don’t have in CV. In general, I think once you see La Jolla, RSF, and to a lesser degree Coronado and Olde Del Mar taking hefty declines, most of SD will have already been in big trouble. These areas are financed more with old money and true wealth. While there are comfortably affluent people in CV, the vast majority are not buying properties for cash like you commonly see in La Jolla. I have a friend who recently sold his house in North La Jolla for $4M+ for cash to a very wealthy Mexican family as their 4th home. You don’t see that kind of thing in CV.
New_RenterParticipantOh Jeez, great catch Jim! What a joke. This data is pretty important right now, so you’d think at least DataQuick would have caught the mistake, it’s their numbers after all…
Alex’s example still shows us how it could happen that the overall median could rise, while the constituents could fall, but when you think about it, for that to happen there would have to be a MASSIVE shift in the mix. This tells me that the shift in the mix, while no doubt is happening, is more subtle (i.e. slower moving). The fact that North County Coastal median was up 4.5% and volume constant, while South County median was down -4.7% and volume WAY down (174 vs. 262) is really where the change in mix is showing up in the data.
ParticipantOh Jeez, great catch Jim! What a joke. This data is pretty important right now, so you’d think at least DataQuick would have caught the mistake, it’s their numbers after all…
Alex’s example still shows us how it could happen that the overall median could rise, while the constituents could fall, but when you think about it, for that to happen there would have to be a MASSIVE shift in the mix. This tells me that the shift in the mix, while no doubt is happening, is more subtle (i.e. slower moving). The fact that North County Coastal median was up 4.5% and volume constant, while South County median was down -4.7% and volume WAY down (174 vs. 262) is really where the change in mix is showing up in the data.
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