The two big Pardee tracts in Carmel Valley haven’t disrupted the resale market – instead, with deliveries being so far out, they have probably helped resales which have a more-immediate occupancy.
Leucadia might be different – Shea is building enough new mid-range homes that the resale market might feel it next year.
At this location off Vulcan, Shea is building 39 houses from 2,520sf to 3,041 sf (which hopefully should start under $1,000,000), and 30 townhouses from 1,276sf to 1,575sf. They decided not to use my suggested Train Track Estates:
Cut loose? ROFLMAO!!!
I don’t understand the dynamic of wanting to live next to (or near) eyesores like the flower growers, train tracks nor leucadia as a whole. I think the resale market will do just fine! I toured the Brookfield homes in leucadia, the starting prices (1.25 mil) were outrageous for 3000sf in that hood!
Will this be a good test to see if there is still a market for flippers? Seems like at this price point but I am not sure sub-400 too much?
true, Leucadia isn’t for every type of person. But, for instance, a family bought a small…2,200 ish SQFT house for $1.1M on a 1/4 acre lot. They moved from San Elijo Hills and like it a lot here. It is funky and it does have some….diversity, let’s say. But that’s part of the reason prices are where they are; people will pay more to be in a more established neighborhood with mature trees/vegetation than a tract home inland.
The drive along Vulcan doesn’t give a great impression, I’ll concede that. But the neighborhood behind Vulcan & up the hill is a very cool area. It’s where I grew up and the neighbors are all super friendly & long term residents. You can walk to the beach & to….Tom’s doughnuts!
Yes, some people don’t want to be among the greenhouses and such. But enough do & that’s reflected in the market. Shea blew out Nantucket and sold many without putting them on the market. Toxic Estates sold all of them; again, not every one was put on the market. The brookfield development, east of the freeway, has sold…I believe eight she said. But you have to check who those buyers are….I remember a video where Jim talked about buyers being friends/family of the developer. But I wouldn’t be surprised if it wasn’t.
But let me say: Those are some of the cheapest and low quality homes I’ve ever been in….for that price range. White tile in the MASTER SHOWER? For over a million….EAST of the freeway?
Yeesh. I sure hope they’ll do some upgrading.