Want to know how thin the inventory is?
There wasn’t a new 92130 listing inputted onto the MLS all day – house or condo.
It’s the second time this month that has happened, out of roughly 11,000 homes and 30,000 people.
Will buyers get antsy enough that prices could start rising? This might be a good tester:
Wow – $600/month minimum in extra fees every month for the rest of your life. Just wow…
rest of your life.
It’s only 40 years! 😉
Break out the calculator and add 2% per year to both Mello-Roos and property taxes and see if you like it.
“Great Wall of Stucco”. LOL!!!
I liked that Brightwater all had 3 car garages and the master bathroom showers seemed pretty spacious. Friend lives in similar development in PHR and it is quieter in her house/patio than most single family homes/yards I’ve been in CV. But the resale of older similar developments has been slow even with similar/cheaper prices to those new homes (i.e. you can buy a totally upgraded Portico for under $700k).
Funny you mention your neighbor watering your stucco… I lived in a zero lot line property many years ago. When my neighbor turned on his outdoor sprinkler system, the floor of my garage got wet. It was only about an inch of water at ‘high tide’ but the water really limited what we could store on the floor of our garage.
You know what I hate about a zero lot line home — its when the neighbors laundry air outlet lets out into your yard. In this case, probably above your patio. Never get the zero lot line. And when they dry with the wrinkle controls its going to smell a little too. Nice inside though. Plus the fees are outrageous.
Just saw your video with the other REO you had in CV for $599k. What do you mean it goes to Non-profits? What would a Non-profit need with a house in CV? Something’s fishy and it isn’t fish I smell.
$600/month in HOA/Mello-Roo fees? *Calculator whirling*: That’s $7,200/year which adds up to an eye-popping $288,000 over 40 years.
That’s not even adding in the 2% yearly increase for MR and property taxes.
Comment #1 was right on: Wow, just wow…
So, one way to think about it – that’s the real cost of living in a good public school district. At some point, cheaper houses and private schools have got to be the better deal, but I think a lot of people don’t do the math.
I calculate the NPV (Net present value) of a bond like that ($7200 a year increasing at 2% a year for 40 years) to be about $250k! It’s only $180k if the payments never increase (good luck with that).
So really the house is a $950k house. I’m not a finance type so I could be wrong. Here is my MATLAB code (for the engineers out there):
yield_curve = [.12 .27 .40 .65 .89 1.15 1.41 1.60 1.78 1.97…
2.04 2.11 2.18 2.25 2.32 2.39 2.46 2.53 2.60 2.67…
2.70 2.73 2.76 2.79 2.83 2.86 2.89 2.92 2.95 2.98…
2.98 2.98 2.98 2.98 2.98 2.98 2.98 2.98 2.98 2.98]/100;
payments = 7200*1.02.^(0:39);
npv = sum(payments./((1+yield_curve).^(1:40)))
Isn’t the whole concept behind PHR is zero lot line or similar density with a villagey walkable thingy going on? So these places fit right in. Maybe you could turn the Great Wall of Stucco into a rock-climbing wall…?
I think PHR has had major growing pain issues since its inception – still no parks, shopping, schools, etc. Still alot of unresolved issues out there and alot of moving parts. But the lure of the new home is great for many in spite of the red flags…
Agreed.
Can you imagine paying the Mello-Roos since the inception (2006-ish) and told it’s for infrastructure, then have no park, no school, and no retail shopping across the street?
I think there is a bus stop though.
That’s like at least a $20M bus stop.
Sounds like defense contracting back in the late 80’s.
Chuck