The new development at Cannon and El Camino Real in NE Carlsbad is taking shape, though the first move-ins won’t be until mid-2016 – and the high-enders won’t be until 2017. But in the meantime, these houses will occupy the minds of buyers, so any sellers nearby will be affected.
In SE Carlsbad, we saw how Davidson’s Arterro tract helped to elevate prices throughout La Costa Oaks. But those were all similar and newer McMansions – the older homes near RR will take a backseat to the new stock.
When first announced as a 672-home development, it sounded huge – but less than half are houses. There are 308 single-family homes, 364 condominiums, 175,000 square feet of commercial development and 88 acres of open space including five neighborhood parks.
The condos are being called apartments, and are in the gray area on the map. Like many builders, they are probably hoping to rent them for ten years, and then sell them later to avoid any construction-defect lawsuits. But that high-density look will be interesting right in the middle of higher-end houses.
There is a little something for everyone – and that’s probably good because the builder has had over 4,000 inquiries so far:
The Ridge will be 1,600sf to 3,000sf houses, but those lots look smaller. Prices start in the mid-$600,000s, and they will be opening in Spring, 2016.
The Vistas will be 2,100sf to 3,900sf, and start in the $700,000s, but I think most will be in the $800,000s and $900,000s. They’ve gotten started on a piece of the existing neighborhood in the bottom right corner on the map and are taking reservations.
The Terraces will be 2,900sf to 4,600sf houses on lots that will average 6,000sf. They will start in the mid-$900,000s, and be opening n Summer, 2016.
The Bluffs will be the big bombers on the hill, though no ocean view. The houses will be 3,200sf to 4,900sf on lots that average 8,500sf. Prices aren’t announced yet, but should be over a million.
You can see here that the lots in the Vistas are brief. This is a 3,900sf house going on a lot with a 15-ft. backyard – max. It is 11.2-ft on the other side, and I think that includes the slope. The price is $934,995.
Click on the photos to enlarge the images.
The Terraces and Bluffs are gated. Will the HOA fees be the same for all residents? Or will the fees be based on size of the residence? The apartment/condo people would be peeved to know that they are subsidizing the gates for others if the HOA fees were the same.
JtR, could you elaborate on the apartment to condo conversion? Are the initial residents renters with an option to buy?
Are you sure about The Bluffs not having ocean view? The lots look like they are placed North/South to take advantage of the view. Everyone else faces East/West. That sounds counter-intuitive, but the big hill in the Brentwood Heights area of Carlsbad blocks the East/West view of the Ocean.
I asked about ocean view – and you might see a sliver but they aren’t making any promises which is good. They have some of the best salespeople I have ever experienced at a new-home tract sales office (I know them from the last tract), and they aren’t fluff-pushers.
HOA fees should be different.
If you build a condo today, it is 100% certain that you will be sued for construction defects in the first ten years. The attorneys tell the HOA that they have a duty to sue on behalf of the owners, and then the goon squad comes out and finds whatever problems they can and then sue for millions.
Builders have gotten smarter though, and are renting them out until the mandatory 10-year warranties expire, then sell them.
Those off the I-5 in Carmel Valley, those big ones at Mira Mesa and the I-15, and no doubt these condo apartments are all examples.
Makes you wonder if the builders were forced to include the condos.
It’s amazing that the strawberry field hippies aren’t fighting this development. If one of the biggest reasons for pushing back on the Caruso 85/15 project is traffic Robertson Ranch will blow it away. 672 homes x 2 cars each = 1344 additional cars every day in North Carlsbad. Add in that the condos are going to be rentals for the first 10 years and you’ll get even greater traffic from people moving in/out and friends visiting. They even found dinosaur bones + Native American artifacts when grading.
Goes to show how silly people that oppose 85/15 are being. The opposition is purely nimby grasping at whatever fits their agenda.
Fascinating, this stuff about condo defects and the ways around it.