NR: Miro Circle, Scripps Ranch, town homes

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Submitted by spring_bubble_09 on August 10, 2009 - 8:46pm

Would appreciate feedback on Miro Circle Town-homes in Scripps ranch.

How do the town-homes in Scripps compare to a SFR in 4s Ranch? For approximately the same sale price you can get a SFR in 4S Ranch.

Thanks in advance

Submitted by DataAgent on August 11, 2009 - 7:50am.

I like Miro Circle. Rented a place up there when I first moved here. Great location and lots of fun people.

However, for the same selling price, I'd take the SFR in 4s. I'd rather own a single-family home and 10 years from now the single-family home in 4s will proabably be worth a lot more than the TH on Miro Circle.

Submitted by freshman on August 11, 2009 - 8:26am.

The SFR in Miro Circle has a nice view but it is a bit of noisy facing the Scripp Ranch Blvd. The traffic is bad between Mira mesa and Scripps Ranch Blvd. 2000 sqt SFR is about $630K now in Miro Circle, about year 2002. It is about $300 ppsf. Miramar Lake is closed too. Renting there may be good idea. MR is lower in Scripps so it attracts people to buy house there but then the house price is higher.

For the same price, you can buy a brand new house about 2900 sqt ft in 4S now, about $210 ppsf. No lake in 4S but many hiking trails. The area in 4S is not as crowded as Scripps. If you plan to buy a townhouse or SFR and live there for long time, 4S seems a better choice, for your enjoyment and investment.

Submitted by DataAgent on August 11, 2009 - 9:18am.

"Miramar Lake is closed too."

You probably mean "close." I haven't been to Miramar Lake in a while but I hear they reopened the path over the dam. You can now walk/ride completely around the lake again.

Submitted by kcal09 on August 11, 2009 - 11:58am.

I know Miro Circle and 4S Ranch very well. Went there a few times to look at the condos and SFH. I found the ones not facing the street quite nice. Location is very convenient, MM has a lot of stores within 5 min. 4S Ranch has newer homes although commuting may be a bigger problem depending where your workplace is. Also, MR is higher in 4S Ranch.

Submitted by SD Realtor on August 11, 2009 - 2:25pm.

Honestly it is very much a matter of taste. To me they dont compare at all. The communities are very different as is the commute.

I know both communities very well.

Both are good neighborhoods with respect to raising kids. 4S has the better and newer schools and is PUSD.

Really what is more important to you?

Submitted by Scarlett on August 12, 2009 - 10:36am.

I think owning a SFR is better from many points of view (think enjoyment and investment) than a townhome - provided both are in good neighborhoods. But that said, you have to take into account the MRs which can be really hefty in 4S (over $400/mo)("Older"/Southern 4S has a little lower MRs, $2-300/month in average but still significantly higher than Scripps Ranch). So you have to factor that into the price.

I did go in the past to open houses in Miro Circle townhomes and in 4S SFR. I like them, but it depends on needs of space too. Obviously the SFRs have more space.

SD R said it best. It's a question of taste, needs and commute.

If you don't and won't have kids, school district differences are less important.

to the OP: what are your space needs, do you have kids, where do you & your family work, other things you are looking for - e.g. big backyard?

Regarding 4S there are many threads about it on this forum, you can search for it.

EDIT: I think SD R is referring to the fact that 4S is a master planned community in the suburban area, in a relatively open area. Miro Circle is just a development, and doesn't represent Scripps Ranch. I felt it was thrown together in a tight busy place as an afterthought. Furthermore, there may be more of a certain demographics and common workplace at Miro - it's just a hunch of mine. A more fair comparison would be Miro Circle to a particular development in 4S. I could compare Miro Circle with Westview Parkway for example.

OP: do you have a particular development in mind in 4S?

Submitted by spring_bubble_09 on August 11, 2009 - 6:31pm.

Thanks for all your replies. Appreciated your opinions and insights.

The property I am interested is http://www.sdlookup.com/MLS-090044771-11...

Submitted by Scarlett on August 12, 2009 - 10:53am.

Spring_bubble,
it really depends on your budget and needs and goals. 450K is different from 600K, which was discussed above. Sooner or later, most 4S SFRs would reach 450K (some already did I think). If you are fine with a SMALLER townhome even in the long run (family wise), then I don't think you should tie more money in RE and buy a SFR. I wouldn't overstrech my budget in these days. You never know what the future brings. But then, if you are fine with a smaller townhome, then I would definitely rent one for a while in the area I want to buy and wait to buy my dreamhome SFR at the 450K price...in a couple years...Yes, I know that the lower end condos and townhomes went down the most, but we are talking a high-end area closer to the Coast. Those may still have a ways to go down. I don't believe the rise in price we see is sustainable.

The property loooks ok to me, but I haven't been inside. I'd prefer a larger townhome than that, and there are some there for comparable prices at 1750 sf, according to recent closings in SDL (the 1750 sf is the type I looked at 5 yrs ago, when they were selling in mid500K). Maybe one of the realtors here (SD R?) went inside. Question is, should you buy at all? Why do you want to buy now? It's hard to advise when one doesn't know more details.

You mentioned 4S, which properties/developments you liked/considered?

Submitted by spring_bubble_09 on August 12, 2009 - 9:40pm.

Thanks for the input. No I have not made my move as yet and based on the discussion I feel that I should look out for a SFR instead of a town home.

Thanks for all your inputs!

Submitted by kcal09 on July 26, 2010 - 1:50pm.

There have been a couple homes on the market at Miro circle at reasonable prices. I was surprised at how nice these homes are. The location is also great as shopping is close by and access to the freeway is convenient.

Submitted by bearishgurl on July 26, 2010 - 2:11pm.

spring_bubble_09 wrote:
Thanks for all your replies. Appreciated your opinions and insights.

The property I am interested is http://www.sdlookup.com/MLS-090044771-11540_Miro_Cir_San_Diego_CA_92131

spring bubble 09, this unit sold for a BREATHTAKING price considering it has a tiny FP, tiny kitchen, spartan front entrance, rental-grade bathrooms, smallish "private" patio and . . . where do you park?? I don't see any mention of a garage.

IMO, you can do MUCH, MUCH better (in every way) investing in an SFR. Why don't you just rent in that complex if you want to see what it's like to live there and keep saving for an SFR? I believe we are still in a falling market.

Submitted by andymajumder on July 26, 2010 - 2:23pm.

I have been to these condos too. At 450K they are barely 20% off from the peak prices and they have a $300+ monthly HOA + mello roos. The yard size is tiny and in most cases someone else's bedroom looks right into your yard. Agree its a nice location specially if you are working in Sorrento Valley and the community is nice. But, really its still too expensive for a 1450sqft condo.

Submitted by kcal09 on July 26, 2010 - 2:26pm.

I have actually been in one of the single family homes at Miro and in my opinion they are very nice inside with a nice view facing west. One of them is currently on the market for about $650k. any opinions?

Submitted by DataAgent on July 26, 2010 - 3:05pm.

Here's one for sale @ $599K:
http://www.sdlookup.com/MLS-100026680-11...

Submitted by ocrenter on July 29, 2010 - 7:04am.

this 1700 sqft townhome just closed for $522k:

http://www.sdlookup.com/MLS-100034372-11...

although if I'm in the market for a scripps home at around half a million, this fixer may be a good one to fix up. except total cost of renovation will be north of $100k.

http://www.sdlookup.com/MLS-100038566-12...

Submitted by kcal09 on July 29, 2010 - 10:47am.

I think SR is still a very popular part of town where you can find nice homes. It seems like the prices have not come down that much and foreclosures are fewer except for Stonebridge.

Submitted by sunny88 on April 9, 2011 - 8:09pm.

There is currently not much inventory at Miro. Does anybody know how many units are currently "under water" and what the pricing trend is? I'm interested in buying a condo there as I like the location.

Submitted by SD Realtor on April 9, 2011 - 8:48pm.

You have to be more specific Sunny. Are you talking about the 2 bedroom 1100 sf units or are you talking one of the bigger floorplans? I think you will see depreciation there but not falling off a cliff depreciation.... more like slow flatline stuff unless rates rise appreciably. Seems like a few of the active listings for the townhomes have some pretty long market times.

Submitted by sunny88 on April 9, 2011 - 9:20pm.

SD Realtor wrote:
You have to be more specific Sunny. Are you talking about the 2 bedroom 1100 sf units or are you talking one of the bigger floorplans? I think you will see depreciation there but not falling off a cliff depreciation.... more like slow flatline stuff unless rates rise appreciably. Seems like a few of the active listings for the townhomes have some pretty long market times.

I'm interested in the 3/3 1750 sqft units which sell in the high $400k range. Do you think they are fairly priced?

Submitted by kcal09 on April 9, 2011 - 9:24pm.

In my opinion the Miro condos are in high demand for renters and buying one of them at the current levels is a great investment if you keep them for at least 10 years.

Submitted by Scarlett on April 9, 2011 - 10:00pm.

sunny88 wrote:
I'm interested in the 3/3 1750 sqft units which sell in the high $400k range. Do you think they are fairly priced?

No, I don't think so. We put an offer spring 2004 on one of those and they were then ~500K. Add on top of it the relatively high MR+HOA combo. We weren't then at the peak, but we were in full blown bubble still.

I don't anything of that size in a good area is fairly priced unless it's early 2003 prices at the most.

Submitted by SD Realtor on April 10, 2011 - 8:10am.

I would agree with what Scarlett said. I would be more comfortable with the 1750 sf homes down lower then where they are now. At the 500k price they are horrible investment properties. Most of those that were bought for investments were done so long ago. The majority were owner occupied and bought at a low price and then the owners moved on but kept the unit. I am not sure how low they will go because it is a nice area that has decent demand. I do believe they will move down though.

Submitted by permabear on April 10, 2011 - 6:33pm.

Scripps is a fantastic area (I live here) but the rental/landlord prices don't pencil in at current levels, pretty much across the board.

There are some properties in Rancho Penasquitos that do.

If you check Craigslist/etc, rentals are pretty much stuck in the $1900-2500/mo range across the board, regardless of whether your place is a 1300 sq ft condo or a 2500 sq ft house. Seriously, it's weird.

Submitted by kcal09 on April 11, 2011 - 10:30am.

At the current price levels there is not much buying interest and the question is if the seller is willing to compromise on the price. As far as I'm concerned I'm planning to keep the property for at least 10 years.

Submitted by sunny88 on April 11, 2011 - 3:03pm.

SD Realtor wrote:
I would agree with what Scarlett said. I would be more comfortable with the 1750 sf homes down lower then where they are now. At the 500k price they are horrible investment properties. Most of those that were bought for investments were done so long ago. The majority were owner occupied and bought at a low price and then the owners moved on but kept the unit. I am not sure how low they will go because it is a nice area that has decent demand. I do believe they will move down though.

Since the interest rates will go up eventually do you think that the lower priced properties in Scripps Ranch will become more popular than the more expensive ones and thus lose less value since they are more "affordable"? It just seems to me that Miro is more attractive than some of the surrounding neighborhoods.

Submitted by SD Realtor on April 11, 2011 - 3:55pm.

Well I think that in general price compression is always more substantial in more expensive homes. So to some degree the answer would be yes but I don't think the number will be substantial. Maybe a few percent. That is just a guesstimate though.

Submitted by kcal09 on June 29, 2011 - 11:01pm.

Looks like the prices have not changed much since April 2011. Does that mean that we are getting close to a bottom as the overall market has weakened over the last few months? I'm still interested in buying a 3/3 condo (1,700 sqft) for investment.

Submitted by sunny88 on June 30, 2011 - 9:53am.

kcal09 wrote:
Looks like the prices have not changed much since April 2011. Does that mean that we are getting close to a bottom as the overall market has weakened over the last few months? I'm still interested in buying a 3/3 condo (1,700 sqft) for investment.

Those units rent out for about $2,500/month depending on location within the complex. In my opinion there a far better investment properties out there but if you're planning to hold on for a long time or even consider living there it's a great option. The location is very convenient and the development is nice.

Submitted by kcal09 on June 30, 2011 - 2:00pm.

I have been watching these condos for several years now and believe that the prices are near bottom. Demand is definitely there, especially for rentals in SR as many military and tech company employees are renting here. I feel that these properties will appreciate over the next 10-15 years which is the period I'm planning to keep the condo.

Submitted by SD Realtor on June 30, 2011 - 8:43pm.

So t sounds like you are basing a projection for a market bottom on the pricing being static in this area for a few months? That could be. However I believe that longer term mortgage rates will have a greater bearing on pricing then most other factors. I think how you plan to finance your purchase should have some bearing on you decision. If you plan to finance it heavily then yes it may be in your better interest to lock in the low rate and static payment in exchange for potential further depreciation. If you are planning on using a higher portion of cash then it may be better to wait.

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