I have done a little research on new home developments in Ventura County today for those of you who may be interested. All of these new developments are within 10 or 20 miles of the ocean. I have not included new developments in Moorpark, Simi Valley or Fillmore. Those developments are in a bit warmer climes further from the ocean. These developments are normally made up of neighborhoods with differing home types and styles. Most have HOA’s, a few have Mello Roos. There is a county tax of 1.25% of the sale price of each home in Ventura County. Some developments are large enough to have schools and even firehouses of their own. It is important for home buyers to understand, if a tract in a new home development sells out, they will eventually become available again when the original owner sells. Often the original seller is an investor trying to “flip” a property for a quick profit. That is difficult to do in today’s slower market, which means the investor is often stuck with a second mortgage for longer than he planned. That is good for buyers who can take advantage of the seller’s situation. These sales are normally handled through the local realtors and real estate consultants. Bottom line- there really isn’t such a thing as a sold out tract if you are patient.
Camarillo – Village in the Park
One of the largest new home developments is Village in the Park. This is an upscale planned community with 9 separate tracts and home styles, which sits just South of the 101 and square in the proposed FEMA flood plain between Camarillo and the ocean. This is a community which has it’s own school, YMCA, a Central Recreation Center, East Cove Recreation Area and a West Garden Recreation Area. As of this moment only Brookshire (485K to 510K) and Kensington Court (starts in low 900K’s ) are still “available”. HOA’s are based on square footage and run from $250 to $300 a month in Brookshire. The HOA’s at Village in the Park include water, sewer, trash, hazard insurance and maintenance of the common areas. That makes it a reasonable value for our area. There are incentives gallore and these include home upgrades, and a 10K closing cost give back for using their lender. Excellent maps, floorplans and general information can be found on their website. Http://www.villageatthepark.com/index.html.
The tract names are:
· Kensington Court
· Camden
· Brookshire
· Cedar Creek
· Hampton Roads
· Wickford
· Easton Crossing
· Addison Lane
· Madison
Oxnard – Riverpark – 1,800 homes along the Santa Clara River
The largest new home development currently being built in Oxnard is Riverpark There are 15 different home plans by my count, located just North off the 101, along the banks of the Santa Clara River. HOA’s vary by neighborhood, by square footage and by builder. Standard Pacific Homes is currently marketing the Celadon tract. Their HOAs can run from less than $100.00 up to nearly $300.00. There is also a 30 year Mello Roos which is about 1.1% but it is combined with a city special tax assessment. Agents in the development have told me to just multiply the Sale Price x 1.9 to get a rough idea of the combined total. Add the HOA and you will come close to your monthly fees. The HOA in the homes built by Standard Pacific Homes includes outside maintenance, landscaping and lender insurance – typically fire. Add these to your mortgage payment for your monthly housing costs. This does not include all utilities or your personal property insurance. Even with all the added costs, the homes tend to be very competitively priced with more floor space than I would expect. In one case that I know of, a home was offered for 70K below market with a special 6% give back at close of escrow. It was the last home in the tract and had fallen out of escrow previously. This was a nicely upgraded home in a nice location. Good things can happen. Call them to find out what is currently available or I can check for you if you prefer.
Shea Homes is offering the Market Street Tract of luxury townhomes. Plans 1 – 4 range in price from 486K for 2,362 sq ft to 545K for 2,631 sq ft. HOAs are up to $292 for Phase 2. This covers the Riverpark master association dues ($32) with the balance for Fire and Casualty Insurance of the building and exterior maintenance of the building. There is a property tax rate of 1.15% of the sale price, plus a Mello Roos Tax Assessment of $4,587 per year.
Several other tracts are still under construction. They have a new school opening there this Fall. There are very nice websitesq at http://www.riverparklife.com/ or http://www.standardpacifichomes.com/ or http://www.sheahomes.com/.
The tract names are:
· Celadon
· Destination
· Luminaria
· Market Street
· Promenade
· The Avenue
· Tradewinds
· Trellis
· Westerly
· Collage
· Meridian
· Morning View
· Veranda
· Waypoint
· Daybreak
Oxnard Seaside - Westport at Mandalay Bay, Seabridge at Mandalay, Harbor Island
Take a bunch of earth movers and dig a residential marina just North of, and eventually joined with, the previous Oxnard Harbor. Viola! You have Westport at Mandalay Bay, Seabridge at Mandalay, and Harbor Island. If you have a nice sailboat, motor cruiser or yacht – now you can live next to it. This is about as good as it gets for new tract homes. Many priced below 1M. The great location is reflected in the home prices.
Westport at Mandalay Bay - Very tony area, all newer homes – salted with a Vons and some smaller shops and restaurants. Some ocean view properties. Many of these homes are sold out, but again, homes can be had through local realtors as they become available the second time around. http://johnlainghomes.com/whitesails.
The tract names are:
· Lighthouse
· Villas
· Sea Cove
· Sea View
· Sea Side
· Whitesails
Seabridge at Mandalay - Extends just East of Westport at Mandalay Bay and includes 2 man-made islands. A bit more reasonably priced (or rather less prohibitively priced) Seabridge at Mandalay includes 6 individual tracts. Much of this development is still under construction. High rise condos are part of this offering and a Marina Village that contains 3 of the tracts guarding the central bridge.to Coral Island, and flanking the Southern Bridge to Shell Island. This will be a very impressive area when complete with tiny parks and plenty of public sidewalks around the marina. All inner marina properties, but the high rises should have a great view of the beach.
The tract names are:
· Port 121
· Port Oceano
· Port Marluna
· Port Meridian
· Port Province
· Port Haviland
Harbour Island – The island is actually a westward extension of Shell Island and pushes closer to the ocean. To be honest, I don’t know if there are any homes available there yet.
East Ventura - Chapel Lane - Just North of the Santa Clara River and a little East of Riverpark is a new and much smaller home development named Chapel Lane Lofts. Named after an historic church that was transplanted from downtown Ventura and which recently burned to the ground under mysterious circumstances, Chapel Lane Lofts should hopefully fare better. These are brand new 3 story townhomes with no Mellos Roos. The townhomes were built in “Loft A thru E” and in several phases as well. Each of the homes has a two car garage and an abundance of room. From 1,177 sq ft for 399k up to 2,026 sq ft for a bit over 500K these homes are a very good value. There are mountain views from most homes, although a mobile home park abutts the back of the property. There is talk by the listing agents of a new shopping center and coffee shop to be built a few blocks away. This is a semi- rural area, which means there is still a little crop land nearby. There is no Mello Roos. There is a 1% County Sales Tax instead of the normal 1.25%. All of the units have a $250 HOA which they promise will be reduced to $200 when all units have been built and occupied. The HOA includes water, trash, landscaping. There is a $6,000 dollar give back for closing expenses or to pay down interest rates on loans or for home upgrades. If a buyer uses their lender they receive an additional $2,000. There is no website for this development, but I can email or fax you information.
Again, these are just a few of the new home developments recently completed or nearing completion in the coastal parts of Ventura County. They are fairly representative of what can be found in new homes. All of the prices and fees I’ve quoted you come from the sales counselors at the developments. All of their literature bears the remark that “all information, prices and floor plans are subject to change without notice.”
All of these developments have experienced some slow sales in the last year but seem to be doing quite well now. As a result of the slower market, the developments I’ve named do cooperate with brokers throughout the area. This can be a significant advantage for new home buyers. Instead of the old “take it or leave it” experience prevalent a few years back, sellers are working much harder to entice buyers. Buyers who shop more ( ie – look at more than one development ) will often find a better match for their needs. Brokers from outside the developments often have a more comprehensive idea of what is available in the county since they are not constrained to any one home development. Outside lenders also love to compete with the developers own lenders and often are successful in lowering the mortgage of a potential buyer.
To be fair, my experience with the sales counselors in these developments has been quite positive. They know their own homes very well and have many incentives to entice buyers to buy their homes. My advantage is I know a little bit about most of the developments, enough to get you to the best developments for your needs, without any restrictions to what I can show you. I can also help you compare a wide range of mortgage programs without fear of loosing my job.
For more commentaries and local market surveys you are invited to visit my website blog at http://www.markthorngren.com.
Warmest Regards,
Mark Thorngren
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