The two big Pardee tracts in Carmel Valley haven’t disrupted the resale market – instead, with deliveries being so far out, they have probably helped resales which have a more-immediate occupancy.
Leucadia might be different - Shea is building enough new mid-range homes that the resale market might feel it next year.
At this location off Vulcan, Shea is building 39 houses from 2,520sf to 3,041 sf (which hopefully should start under $1,000,000), and 30 townhouses from 1,276sf to 1,575sf. They decided not to use my suggested Train Track Estates:
Barratt’s old Nantucket tract, foreclosed by BofA and then given to Shea Homes for $3,975,000 in March, 2011, is almost completed. This one Leucadia tract exemplifies the bubble experience from the peak in 2007, to where we are today.
The house for resale featured towards the end sold for $2,258,000 in 2007, short-sold in November, 2011 for $1,375,000, and is now listed for sale at $1,675,000:
Barratt sold seven of the houses in the first phase for $2,000,000+ Some of the past coverage:
A renovated house with an extra granny flat near the beach is a rare find:
Here are the MLS remarks:
Completely remodeled quaint beach house West of the 5 Freeway in North Leucadia, just a short walk to Ponto Beach. The home boasts 2,111 sf with 3 bedrooms, 2 bathrooms, and a mother-in-law unit with separate entrance with an additional bathroom. The house sits on an oversized .25 acre lot on a very quiet street. Both the interior and exterior have just finished being completely remodeled; new kitchen and bathrooms with granite counters, new flooring and carpet throughout.
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