SANTALUZ: Home Values in 2009
Posted by Gretchen Pagnotta | Visited 291 times, 1 so far today | Currently 1 Comment »
- Santaluz: Declining Values Present Opportunities for Buyers
Santaluz, a premier planned community in North San Diego county San Diego has experienced a continued decline in home values throughout 2009. The main factors contributing to the decline has been the combination of:
- Excess inventory,
- The difficulty of borrowers obtaining “jumbo” loan financing.
During the height of the real estate market, Santaluz values soared. There were long waiting lists of prospective buyers for various new developments, and many people were caught in a frenzy of buying opportunity. Some of these purchasers were counting on a a quick turnaround of the property, with thoughts of making substantial profits in a short amount of time. Some residents purchased lots as well as tract-type homes. These people intended to sell their initial Santaluz homes at a profit, and use the equity they made to build their luxury custom home. Contractors were building speculative custom homes knowing they had a captive audience of buyers who could easily obtain financing. Attractive “no down” stated income and option arm financing helped to fuel the market, driving prices up.
The Santaluz bubble headed for a burst as inventory built. Some sales were attributed to:
- the natural attrition of a neighborhood
- job relocation,
- divorce
- sellers desiring a change in their housing requirements: up-sizing, downsizing or moving to their completed custom home .
Some residents experienced a loss of employment or drastic decrease in their income due to the recession. Mortgages started to readjust and payments increased for people with adjustable mortgages. As equity disappeared, some people put their keys on the counter and headed for the door. Short sales and bank owned foreclosures brought prices down and equity evaporated.
- Santaluz YTD Closed Sales for Production Homes
While is has been a struggle and hardship for sellers in Santaluz YTD Closed Sales for Production Homesantaluz, many buyers have seized the opportunity to purchase in this fabulous community. It was unheard of during the peaks of the market to purchase anything in Santaluz for under $1,000,000. There have been several sales of beautiful properties that have closed for $1,000,000 or less in 2009. Custom homes have sold for less thasn their constructions costs and buyers have had an opportunity to be selective in the choices of homes available.
My forecast for 2010 is positive for this vibrant community. Santaluz is recognized as a community that is highly desirable. It is 10 minutes away from the beaches of Del Mar, 20 minutes to San Diego airport, provides 24-hour guard gates, has a fabulous Rees Jones golf course, is part of Poway’s award-winning school district and offers home floor plans to suit a variety of buyers’ needs. It also helps that Santaluz is an absolutely stunning, well-planned community that provides a close sense of community with its various social and club sponsored events.
Watch for my future blogs on Santaluz:
Santaluz Floor Plans and Home Styles
Santaluz: Community Events and Clubs
Santaluz: Why Residents Love Living Here
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