[sunny88]

These homes are clearly overpriced but some buyers a desperate to get in the market now as inventory is low, prices of preexisting homes and interest rates have been going up. I wouldn’t be surprised if this is another bubble which will burst within the next couple of years.
I also believe that these models are misleading in the sense that they make them look bigger than in reality. When you drive by the homes under construction you can see that they are being built close to each other with almost not space between them.

[sunny88]

Halifax-
Have you considered Poway? There are nice homes without HOA and MR. Del Sur is getting very crowded and traffic will be horrendous. Also, Marston is at upper price range for the neighborhood and resale may be more difficult. Just my 2 cents…

[sunny88]

For that money you can buy a better quality home with a nicer view in “Stonebridge” from Toll Brothers.

[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!

[sunny88]

[quote=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.[/quote]

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.

[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.

[sunny88]

After looking at every single new neighborhood from “Calabria” to the Toll Brothers we decided that Stonebridge was not for us. We did liked the homes a lot but did not like the location at all. Stonebridge is too remote and driving from Pomerado to the newer neighborhoods was a long drive. We also did not like the fact that there were no stores in Stonebridge. Many of the homes had views to power lines and the MR was the last straw that broke the camel’s back. We ended up buying a wonderful home in Poway.

[sunny88]

Location, location, location…
Stonebridge has nice homes but location and views are horrible. In my opinion these homes should be less than $900 k.

[sunny88]

This specific house has some upgrades but the downside is that the backyard is not done yet. You have to factor in at least another $50 k for the landscaping and if you want a swimming pool it will be at least another $40 k. For many people the view will be important and resale may be more difficult.

[sunny88]

Resale value will mostly depend on the upgrades of the home as location is poor with view of power lines. I think that prices will probably be unchanged compared to 2-3 years ago.

[sunny88]

Is it your opinion that the homes are overpriced again. If that’s the case why are buyers so crazy to get in?

[sunny88]

Unfortunately, your link did not work.

[sunny88]

Interestingly, some homes in Stonebridge (“Serenity”) still sell for around $850-900k, which is only about 20% less than from the peak in 2006.

[sunny88]

[quote=kkun]Two interesting transactions in Stonebridge:

13198 Downing Lane: flipped successfully, purchased at $635k. Flipped at $750k in five months.

http://www.redfin.com/CA/San-Diego/13198-Downing-Ln-92131/home/7502145

Just across this house, another one up for flip:
13177 Bella Rosa Rd: bought at $550k! Cleaned up, fixed and made ready to sell in three weeks. Now listed at $759k. Probably will sale around asking price.

http://www.redfin.com/CA/San-Diego/13177-Bella-Rosa-Rd-92131/home/7502146

Seems smart flipping strategy can be reasonably profitable.[/quote]

13198 Downing Lane sold for $970 k back in 2006! What a deal!
13177 Bella Rosa sold originally for $990 k in 2007.

[sunny88]

[quote=SkyRanchOwner][quote=ocrenter]http://www.sdlookup.com/MLS-120020529-6137_Castilla_St_Santee_CA_92071

Sky Ranch Owner, are you selling your house? :)[/quote]

No, that’s not me, but that was the highest closing price home sold up here. That was the EaglePoint Plan 4, Model Home, all furniture included.

We are watching it to see where it might close.[/quote]

I bet it will be less than $1 million. Nobody in the right frame of mind will pay over $1 million for a home in Santee…

[Author]

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