Gianni at 4S Ranch

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Submitted by homesearcher on June 3, 2007 - 11:04pm

We recently had a baby and my wife is really ready to settle into an own home. We are looking for a basic 2 (or 3) bedroom condo in a nice neighborhood. My wife found the Gianni at 4S Ranch and liked their floorplans.

I would really appreciate if you could help us with some background information on these homes:

(*) How would you rate the builder "Standard Pacific Homes"?

(*) I read in this forum that $300+ per sqft at 4S Ranch is outragous. This home actually falls into this category with $400k for 1211 sqft. At which price per sqft would you consider a 2 bedroom at 4S Ranch adequately priced?

(*) I am concerned about the cost of upgrades, as I suspect, this will be a big moneymaker for the builder. I was not able to get pricing info from the sales team there. Do you have an estimate on how much I should assume tile-flooring and granite-countertops to cost?

(*) I would actually prefer to buy a used home, since I hoped to get more for the money. What lead us to the builders however is that used homes seem to be as expensive as new homes. Is this your observation as well or am I overlooking some costs when buying a new home from the builder?

(*) Most posters in this forum predict a further drop in prices at 4S Ranch. Would you expect a rather quick drop or an extended gradual drop?

Thank you very much, your input is greatly appreciated.

Homesearcher

Submitted by SD Realtor on June 3, 2007 - 11:26pm.

Once more my usual disclaimer... wait if you can before you buy, specially if you are getting a condo.

I will answer 4 and 5 for ya...Homebuilders price aggressively for many reasons. First and foremost, they have plenty of margin, and they are not emotionally attached to the product they sell. As the market continues to depreciate the homebuilders continue to price aggressively and contrary to what many people think, they are selling homes. They also keep sales robust by paring down the numbers of homes release per phase.

So in general your observation is correct, used homes are not only as expensive but more often then not more expensive then comparable new homes.

I am one of the many posters who feel that there is still room for prolonged depreciation. My view is that it will vary somewhat with the type of home, (condo verses single family) as well as the neighborhood. I am not saying some places will rise and some will fall. I think all will fall at different rates and they will find different levels. I believe we will see a more gradual drop over the next few years, that will be intertwined with seasonal behavior that is predictable. To clarify, I expect to see small pops in the spring, then pretty flat the remainder of the year with the declines in the summer and late summer.

SD Realtor

Submitted by Coronita on June 4, 2007 - 2:45am.

A 2bed/2bath/1car/1211sqft/1 car garage at $400k seems pretty steep for 4s ranch area.

As far as the attached market. I've monitored the condo/townhome market in Carmel Valley starting since 2004. Prices have declined..It seems like recently, it's happening at a faster rate (seeing more foreclosure/ short sales even in Carmel Valley )

1) A lot of people bought attached homes here on marginal financing.
2) A lot of places in CV converted from apartments to owner occupied==> lot of inventory.

To put things in perspective, Here's a foreclosure in a relatively nice attached community.

http://sandiego.houserebate.com/search/h...

1)
3762 MYKONOS LANE 89 (Andalucia)
2/2.5 1231 Sqft, TWO car garage
Plus located walking distance to a good elementary school, torrey pines middle school, a shopping mall with a movie theater, a city recreation center with a lap pool and playground.
$447k.

You might also compare the HOA/mello-ruse/property tax of this unit to what the 4s ranch unit is (NOTE 3762 MyKonos should have MellosRuse also, even though house rebate doesn't list it).

Obviously, a property marketed at this price (still high imho) doesn't help these folks(or possibly condo-convert owner) trying to unload roughly $36k-72k higher

2) http://sandiego.houserebate.com/search/h...
3806 MYKONOS LANE 15, San Diego
$483,900

3)
http://sandiego.houserebate.com/search/h...
3792 MYKONOS LANE 35, San Diego
$507,900

4)
http://sandiego.houserebate.com/search/h...
3716 MYKONOS LANE 159, San Diego
$519,900

You might also be interested in how much this buyers paid for this unit

1)
http://www2.sdcounty.ca.gov/ARCC/SalesSe...

307 022 39 11
Property Location:
03762#89 MYKONOS LN
Purchase Price: $581,645
Living Area: 1,202
No. Bedrooms: 2
No. Bathrooms: 3
Document Date: 12/23/2005

It's not a question of whether prices are falling for the attached market. It's pretty clear it's happening. Unfortunately, these were probably purchased with the least financially stable people during the peak.

Submitted by ocrenter on June 4, 2007 - 7:55am.

bad move here. A condo in 4S is not worth $400,000. that's basically OC prices. At all levels, SD should at be at least $100,000 lower for comparable housing to OC.

If you are willing to settle for older RB, you can get yourself SFR in the high $400,000 these days.

Submitted by SDowner on June 4, 2007 - 11:39am.

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

SDowner

Submitted by PerryChase on June 4, 2007 - 12:48pm.

Humm.... baby pops out and wife is ready to nest. That is so typical.

I know that's the way it is but it doesn't have to be. See the big lie related thread.

Submitted by Coronita on June 4, 2007 - 2:39pm.

Regarding attached condos in MYKONOS LANE. can anyone shed some light on this. I see a lot of activity in that complex. comps show lots of sales, too many. I assume that they must be foreclosed or repo by bank???, but then why are there so many foreclosures in such a short time? Too many speculators/investors/poorly financed people buying and unloading at the same time?? or a single investor unloading all of them??

 

These units are apartment home converts. But unlike most converts, these are actually pretty nice, which your own garage parking..They are just way overpriced back in 2005.

I believe some of these that are selling must be from the apartment owner, and not individuals. (could be wrong though).

Submitted by SD Realtor on June 4, 2007 - 4:19pm.

There are currently 6 actives right now. 1 is an REO. The other 5 are being listed by Prudential and they are representing the developer. All comments say call the sales office. These are not being sold any owners

SD Realtor

Submitted by paramount on December 14, 2007 - 6:24pm.

Update December 2007

Prices at Gianni 4S Ranch have really not fallen to much if at all.

Looked at a model 4, fell out of escrow - 460k, ~$315/sq. ft.

Submitted by pnilesh on December 14, 2007 - 8:41pm.

homesearcher,

Forget Gianni... they are expensive..

Here is one detached condo listing in 4S ranch for 470K.

http://www.sdlookup.com/MLS-076073440-10...

This is about a mile away from Gianni.

With this property you will also get a backyard which you would not get with Gianni. ACtually they do not have front or backyard.

Your kid(s) can use the backyard to playing..

Otherwise your kids will be playing on streets.. you certainly don't want that right?

Submitted by paramount on December 14, 2007 - 10:32pm.

I agree, Gianni is a rip off even though they are nice.

I'm sure they keep selling though...

The link to the listing above is more expensive that Gianni on a sq. ft. basis.

Submitted by temeculaguy on December 15, 2007 - 12:21am.

Good to see Perrychase again. Homesearcher, I was looking at some stan pac stuff in my neck of the woods and it's less than half done and I'm worried that they will not be in business much longer. For SFR's it's annoying when the builder goes belly up, but for a condo it's a disaster. Their stock is at about $3, roughly 10 cents on the dollar from a year earlier and they are losing $6 a share per year for a $3 stock. They are having a hard time borrowing money and I think it's a matter of time before they close shop. How far along is the Gianni project. Someone else may pick it up and finish it off but that can go bad, having smaller and cheaper units or having to wait a long time and the owners having to foot much higher HOA dues in the meantime.

The real question is can you afford it, what is your downpayment and what kind of loan are you getting. If you can't say that you are putting down 20% 30 yr fixed and the mortgage/utilities cannot be easlily made with the net pay of one of your paychecks, not counting her income at all, then don't do it. First it's I want a house, then another kid, then I don't want to work, that train is never late.

It's too late to give the real advice you needed (don't ever marry, don't have babies until after you buy a home, etc.) so I will give you the best piece of advice I can think of. DISTRACT HER. Don't let her ever see model homes, plan activites during the operating hours, join a civic organization, take up a new hobby, but for god's sake keep her away from decorated models. Most women have no power to resist the fantasy that models represent, especially those with an increased hormone level. Model homes are fairy tales, soap operas and fasion magazines all rolled into one. The closest analogy for men would be a car dealer or internet porn. I understand the power of the car dealer so I just don't go there or I'll end up buying a car I don't need, happens every time. Of course porn is good for you so I'll leave that one out, but you get the drift.

If you allow her needs/wants to push aside your logic, you have started a trend that I guarantee will not end until the day you find yourself in a courtroom and even then it doesn't really end.

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