[ocrenter]

[quote=Halifax]We ended buying a home in Marston this morning. The MR are high but in line with most of Del Sur. The only other new construction in Del Sur for homes 4000+ sqft seems to be in the lakes and the hoa fees of 400-500 are worse with comparable MR. The only way we could see to avoid high MR was to consider a home in a more established community like Bel Etage but the sellers wanted somewhat unreasonable amounts for their homes (1.3-1.4 million) which really weren’t well updated for the most part. I know that we will need to add another 150k or so to update the backyard but its not like existing homes are substantially cheaper in the end. inventory still sucks and whats available isnt that great. We lost out on 4-5 offers to cash buyers as well. We liked Stonebridge in Scripps Ranch but it really does feel out of the way, although some friends don’t mind.

The lots for the models are small but the available lots were quite large. Our purchased lot is 13k square feet which is perfect for us. It’ll be between 2 parks and overlooks a canyon which is extra nice. They’re also going to landscape the front yard which saves a couple of bucks.[/quote]

Congrats. That’s the perfect sized lot. Anything higher than your water bill and landscape bill start to get overwhelming. Although I can see someone planning on building a casita in the back would prefer that 1/2 acre lot.

Given how much the builders have spiked up the asking price in Stonebridge, the cost of the new homes between Del Sur and Stonebridge are essentially equivalent. Except for the MR. But if you pay it off, then it’s no longer a big deal. Didn’t someone mention the payoff in Del Sur runs about 70k? Thats just 10k more than Stonebridge.

The Lakes is technically not part of del sur. More of the Crosby’s step-sibling. The benefit of the Lakes is they do not have to use the lowly “92127” zip. 🙂

[ocrenter]

[quote=kcal09]HOA is $160-170/month.
MR is around $6,800-7,200/year

Very high MR indeed…[/quote]

That’s a reduction of $150k in purchase power based on the latest jumbo rate.

But then given the smaller sized lot you don’t have to spend as much for the landscaping.

[ocrenter]

[quote=paramount][quote=SDHopes]To the OP:

You have every right to feel however you feel about a certain geographic location for whatever reasons you may have.

Wow, thank you. My wife and I just read this together and it touched us. We definitely learned our lesson and will not make the same mistake again. We are going to be more patient with the San Diego housing market the next time around. Have a great night![/quote]

Wow, the insults just keep coming. Yes, you have every right to feel and express yourself, but so do others.

Don’t be surprised that when you insult an entire city of 125,000+ people – either passively or actively – that they might take issue with your insults – as I do.

Call me a hypocrite if you must, but then again my time in Temecula is measured in decades, not months.[/quote]

I don’t think the OP is trying to insult the whole city. They moved there, and for whatever reason, have come to the conclusion it isn’t a good fit. That happens, it isn’t personal.

Plenty of Californians try out Vegas and after a few months to a few years, end up returning. I seriously doubt the rest of Vegas are looking at that as a personal rejection.

Different strokes for different folks, right?

[ocrenter]

[quote=SD Realtor]Also and someone with tax skills can correct me, but if the op was carrying cap gains losses from previous years, cant the gain from his sale offset those losses that he was carrying forward?

Agreed with you OC. To many unknown variables. I have learned by watching my kids grow up at the speed of light that time is way more important then money.[/quote]

Agree with you regarding the realized profit will likely even out by the improvement cost already put into the house.

And yes, time is more important then money (well, with the exception of waiting for the bubble to burst back in the days) 😉

[ocrenter]

[quote=sdsurfer]I think the 19% might be a little high, but I guess you never know. I feel like there is a tone in your responses that you want someone else to tell you to move now. Go for it! Be happy now instead of next year!!

It sounds like the only reason to stay is the possible appreciation and potential tax advantages of living there a full 2 years. The appreciation might balance out or work against you depending on if north county appreciates at the same rate. Who knows? It might be worth considering a 1031 exchange if you were to convert your primary into a rental through which the proceeds go directly to the purchase in North County and do not get taxed until you sell the property in North County. There is an aspect of qualifying for the loan and paying your rent at the same time, but where there is a will there is a way right? Another consideration is that the negative $500 would most likely be a write-off I believe depending on your situation.

I love visiting my family in Temecula and it suits them fine, but I also always enjoy returning home to Encinitas and feel very fortunate to love where I live. It’s expensive because it’s desireable and worth it in my opinion, but not everyone’s which is fine by me. Good luck with everything![/quote]

This is why the OP’s situation is so difficult to assess. We simply do not understand the severity of the problem.

I would agree with most that waiting the 2 years, realize some of the appreciation in value tax free, would be the best scenario. But at what cost? If he is involved in a death match with a neighbor from hell, or his health and the family is stressed by horrific commute, I would just sell and move right now. But if it is merely the weather or not liking the leasurely activities available, then suck it up for the 2 years.

[ocrenter]

so why the regret? the commute? the neighborhood?

would not rely on zillow predictions. it is great for data mining of recent home sales to get a good sense of current values, but don’t use it for prediction of future gains.

and where in North SD would you and the family be ok with? Fallbrook? 4S? Escondido? Encinitas? North County is extremely diverse and spread out. If you are regretting Temecula, there’s going to be large parts of North County you’ll regret as well.

[ocrenter]

[quote=sunny88]We toured the models yesterday and found the interior of the homes quite appealing. However, the lots are very small for the size the homes. Obviously, they made the outdoor upgrades very nice but they cost at least another $100-150 k which will bring up the price of a finished home to almost $1.3 million. Crazy![/quote]

Given Del Sur’s reputation for outrageous MR/HOA, any idea about the cost of those?

[ocrenter]

[quote=sunny88]

I have not seen homes selling for $170-180 per sqft unless short sales. In my opinion the MR is a huge drawback compared to Poway. Also, Stonebridge is too far away from sshopping areas. I do like some the the homes though.[/quote]

There were so much distress from ’09 to ’12 that foreclosures and short sales were essentially the market value. I think the lowest price per sqft actually got down to less than $165, and that was a regular sale. So Stonebridge was undervalued during those few years.

You are right about the MR, but for those 4 years, homes were so undervalued that even after factoring in MR payoff, some folks were still looking at less than $190/sqft.

I would say there’s a lot more shopping options in regard to Stonebridge vs Poway. But like I said before, this is very objective as shopping preferences do vary individually.

[ocrenter]

[quote=sunny88]Stonebridge was massively overvalued between 2005 to 2007 and was less overvalued from 2008 to 2010. It was never undervalued compared to more desirable neighborhoods such as Poway. It is becoming very overvalued again given the location.
However, I would not be surprised if the prices are going up even higher due to shortage of new homes.[/quote]

So if it was never undervalued, then it is your position that $170-180 per sqft is of normal value? that’s less than replacement cost for these homes.

I know you feel Poway is much more desirable for you, but I don’t think that’s an objective viewpoint at all.

[ocrenter]

[quote=Essbee]I live in 4S the Stone Ranch Elementary area. (I LOVE it, BTW). I haven’t heard of kids not being able to get in to Stone Ranch. Then again, my kids are only 4 and 2, so maybe I haven’t talked to enough people yet. However, most of the kids here in south 4S seem to be older (older elementary/middle school/high school age) now as a function of the houses being built in the 2003-2006ish era. Thus, I imagine that more space in Stone Ranch will be opening up soon, as these kids age up.

In contrast I *have* heard that Monterey Ridge in north 4S is overcrowded and that some kids are being sent elsewhere (including to Stone Ranch, I believe).[/quote]

I’m not surprised Monterey Ridge is so overcrowded given how many homes they managed to squeeze into the north side.

To the OP, if possible, I would try for a house on the 4S south side, the MR is less too.

[ocrenter]

[quote=asterix007]Dear folks,
I’ve an opportunity to buy a house in 4s ranch. Here are the details:

Single family over 3800 sq ft at 225$/sq ft. Beautiful neighborhood, we love the house. It however has a high Mello Roos, around 6000$/year.

Questions to the community:
1) Is 225$/sq ft a good price to buy in today’s market?

2) In good financial situation, can afford the house. Will be financially tight for a few years, mainly concerned about the downside and high Mello Roos. 6000/yr == 60K in 10 yrs, that is a chunk of money..

Very conflicted.. Can someone provide some guidance.[/quote]

bottom line is the MR payoff is essentially $60k. that’s why I said if staying 10+ years, paying off the MR is a no brainer

the house is $855k based on your numbers above. So the question to you is, if the house cost $915k, is that a good deal to you.

[ocrenter]

[quote=UCGal]I don’t know the 4S submarket enough to comment. I expect some others to chime in on that.

As far as MelloRoos – folks have varying opinions. If you plan to stay in the home long term (forever)… it might be worth considering paying them off. But that requires a chunk of cash.

Here’s a long thread on the subject.
http://piggington.com/paying_off_mello_roos%5B/quote%5D

ok, forever is a slight exaggeration. 🙂

long term as in 10+ years would be a no brainer to pay off the MR. mid term as in 5+ years the numbers could still work.

[ocrenter]

[quote=kev374]Unfortunately I am not seeing a rise in inventory in Orange County…perhaps the situation is different in San Diego. Interest rates have dipped again from 4.6 to 4.29% I believe so perhaps the rise in interest rates was just an overreaction to the Fed statement that they will taper but now they have made it clear they WILL NOT taper and will keep buying bonds indefinitely as needed.

http://www.cbsnews.com/8301-505123_162-57592198/u.s-30-year-mortgage-rate-falls-to-4.29-percent/%5B/quote%5D

from past experiences, SD is not different to OC. It is simply ahead of OC. Observing SD trend would be very helpful for OC buyers.

[ocrenter]

[quote=HLS][quote=spdrun]This may sound really mean, but more short sales on the market would suit me. Frankly, this is looking a lot like what happened after the 2009-10 housing tax credit expired.[/quote]

It’s not mean at all! There are still many people living in houses that they really cannot afford, lulled into believing that they have some sort of right to live an entire lifestyle way beyond their means. It’s what the govt wants (and needs)

This is a sickness of several generations and is a huge pyramid scheme created by the ‘govt’ to support an artificial economy that is based on debt, (which is just another word for living beyond one’s means)
The govt is going to continue to control the ebb & flow.

I said it years ago and I will say it again.
Foreclosures are not the problem, they are the solution. The govt doesn’t want a solution though. It would destroy the economy.
***
The rise is interest rates has made a HUGE difference in the last 30 days. It is human nature for virtually everybody to hesitate when something has gone up in price 35% in a short period and unless you really need it, most assume that it will come back down or at least go on sale, and are going to wait.

I know of 1 fairly decent sized north county zip code that only has (2) 4bd/3ba 2250 sq ft+ houses for sale in the $400K-$500K price range.
This doesn’t mean they are cheap, it doesn’t mean they are worth more, it doesn’t mean the market is hot but many people will make assumptions and other nonsense based on simple facts that there are only 2 houses for sale.[/quote]

I’ve always thought the moment prices start to take off, a bunch of underwater homeowners would jump out of the woodwork and start listing homes at their wishing price, bumping up the inventory and slow down the market. Most will not get their wishing price and those homes will be pulled. inventory then goes back down and price goes up once again. These guys will then test the water again. Repeat cycle x X. Therefore, the road back to the top is going to be rather bumpy.

[ocrenter]

[quote=Navydoc][quote=]ocrenterSpeaking of Toll, looks like they really hiked up their prices of late. On Zillow they got a interior lot backing to slope asking for $1.1 mil and view lots are asking for $1.2 mil. Good grief![/quote]

I saw the brochure and price list for my house and couldn’t believe how much they’ve gone up. This is quite possibly the only real estate purchase I have ever timed correctly. Makes the 100K we lost on the Maryland house a bit more palatable.[/quote]

I do have to say I’m quite surprised by the speed of the price increase. In comparison to Toll, StanPac’s price increase is even higher.

While the ultra-low inventory did allow the builders to increase their prices, I have to wonder if they got a little too greedy and jacked up the prices a bit too fast and too high as inventory is now starting to build back up.

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