Here’s an update on the new homes being built at the end of the road in Olivenhain from $1,900,000 and up:
Category Archive: ‘Builders’
This sold for $3,100,000, which is a good value for those who appreciate this location and view – congrats Amy!
Carmel Valley’s One Paseo will have 60 affordable units among the 608 apartments being built (no prices announced yet). The processing of the development began in 2009, and the final project ended up being roughly one-third the size of the original proposal. The retail shops and restaurants are expected to open by the end of 2018.
This new-home tract (in red circle) is due east of La Costa and behind Knightsbridge for those who know Olivenhain. These can be described as Robertson-Ranch quality on bigger secluded lots for less than twice the price. This same builder sold out the 1 Channel Island in spite of the odds so they should have a go of it here (Encinitas schools too). Green line is the old dump. Click on any of my photos for larger image.
There are nine models that range in price from $2,094,000 to $3,119,000. The base tax rate is approximately 1.05965%, plus Mello-Roos assessment of $1,430 per year. The HOA fee is $420 per month for private streets, mailboxes, fencing, and common-area landscaping.
It was almost four years to the day that the drone visited Robertson Ranch – before the development began. Here is a post from 4/17/2014 when I was still piloting the drone, and hit my peak elevation:
They only have six houses left to sell, plus the models, which means they’ve sold nearly 300 houses at an average of about $1,100,000 (guessing) in the last 2-3 years – or about 100 million-dollar-houses per year:
I’ve sold multiple houses across the street from the R-Ranch for less than $200,000. Now that they can get 13x times that money on what was a strawberry field five years ago is mind-boggling.
Reader metta8888 left this comment on the youtube channel that summarizes the 7,611 new homes being built in North County – they are just further out. As we become more accustomed to driverless cars, these new homes might give coastal buyers some alternatives.
Here is his research on the current and proposed future projects:
1. Meadowood – Pardee Homes is building 844 homes on a 389.5 acre site in Fallbrook, near interstate 15 and state route 76:
2. Campus Park. D.R. Horton is building 751 homes in Fallbrook, near I-15:
Going to Bonsall may sound like a hike, but it might be worth considering for those who like the sound of brand new houses in the $600,000s – and that’s with no Mello-Roos! Take your favorite realtor with you for free advice.
We see these stories regularly now, but nothing is changing. Even if we had another housing crash and prices retreated by 10% or 20%, homes would still not be affordable for most. Hat tip to Richard!
For all of its claims of being an economic paradise, California is a failure when it comes to housing.
Not just low-income, affordable housing, but middle-income, working-class housing for teachers, firemen and long-time residents hoping to live anywhere near work.
“California has a housing crisis. We can’t provide housing to our citizens,” said Rita Brandin, with San Diego developer Newland Communities. “In Georgia, Texas and Florida, it can take a year and a half from concept to permits. In California, just the process from concept to approvals, is five years – that does not include the environmental lawsuits faced by 90 percent of projects.”
Numbers tell the story of California’s housing crisis.
* 75 percent of Southern Californians can’t afford to buy a home, according to the state realtors association.
* 16 of the 25 least affordable communities in the US are in California, according to 24/7 Wall Street.
* Officials this year declared a homeless emergency in San Francisco, Los Angeles, San Diego and Orange counties.
* 56 percent of state voters say they may have to move because of a lack of affordable housing. One in four say they will relocate out of state, according to University of California Berkeley’s Institute of Governmental Studies.
* A median price home in the Golden State is $561,000, according to the realtors association. A household would need to earn $115,000 a year to reasonably afford a home at that price, assuming a 20 percent down payment. Yet, two thirds of Californians earns less $80,000, according to the U.S. Census Bureau.
* The household income needed to afford a median-priced home in the Silicon Valley town of Palo Alto is $450,000.
* In San Francisco, a median priced home is $1.5 million, according to the Paragon Real Estate Group.
* Home prices in California are twice the national average, and 70 percent can’t afford to buy a home, according to state figures.
* Median household income in L.A. is $64,000. That’s half what is necessary to buy a home.
*1 in 10 residents are considering leaving because they can’t afford a place to live, according to a state legislative study, while US Census figures show 2 million residents, 25 and older, have already left the state since 2010.
* In 2016, 30 percent of California tenants put more than 50 percent of their income toward rent and utilities, according to the California Budget & Policy Center. Economists consider 30 percent the limit.
* California needs to double the number of homes built each year to keep prices from rising faster than the national average, according to the Legislative Analyst’s Office.
“The biggest tragedy of California is we have stopped building houses for the middle class,” said Borre Winkle with the Building Industry Association of San Diego. “Think of California’s housing market as a martini class. We’re building some affordable housing at the low end. Absolutely nothing in the middle and the top end is high-income housing, which subsidizes low-income housing. So that is a broken system.”
In 2016, the cities of Houston and Dallas built more homes, 63,000, than the entire Golden State, which built 50,000, according to US Census Bureau figures.
“Supply and demands works,” said USC real estate professor Richard Green. “People want to be here and we’re not accommodating them with new housing and so the cost of the housing goes up.”
Read full article here (blaming building fees and NIMBYs):
If all you want to spend is the mid-$700,000s, and prefer a new house with no Mello-Roos, this might be worth considering: