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2185 Ventura Blvd
Camarillo,
CA93010
805-504-0223
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Wednesday, March 28, 2012
1503 Windshore Way
2185 Ventura Blvd
Camarillo,
CA93010
805-504-0223
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Monday, March 5, 2012
Home Inventories Shrink in Ventura County
Decreasing home inventory is very good for home sellers. It’s just supply and demand – when there is less supply there is usually greater demand, ie: Gradually increasing home prices. Although this may be just a short term decrease in inventory, I’m cautiously optimistic. Here’s why…
Every month I do a little report for myself to see where our market is heading. Generally I see mild trends that may not change significantly for 6 or 8 months at a time. This month was different.
In Camarillo, the total number of Single Family Detached homes for sale dropped from 155 to 134 - Townhomes dropped from 43 to 34. Last July we had over 200 SFD homes on the market, so to drop to 134 homes in just 8 months is a strong trend.
In Oxnard, the total number of SFD homes for sale dropped from 253 in January to 147 at the end of February! Townhomes dropped from 168 Units to 77 Units! The number of properties that went into contract was still high but that is because there is usually an average 30 – 90 day lag between when homes are listed and when they go under contract (accept an offer).
Most of the other statistics I check showed similar drops as you can see.
It appears that we are beginning to see a possible shift in our marketplace from a strong buyers market to the possibility of a housing inventory shortage.
The next several months could be very significant in terms of changing from a buyers market to the beginning of a sellers market. Certainly these numbers (if they continue to fall or hold at these low values) would tend to indicate that our market is bottoming.
A continuing trend like this would seem to point the way in Ventura County towards gradually improving home values.
Mark Thorngren
Mark Thorngren
Realtor DRE# 01413932
Movewest Realty Inc.
Direct (805) 504-0228
Mark@MarkThorngren.com
www.MarkThorngren.com
Free Realty Times Video News Letter
Fair Warning
This email is for folks who are considering the purchase of a new home sometime this year. I have included 2 attachments which describe in detail our local market changes for Camarillo and Oxnard. Basically, our existing home inventory is shrinking rapidly. Fewer homes to pick from means increasing home prices.
Silverio Garcia is a local Mortgage Broker who sent me today - the email you see below. This combination of inventory changes and increasing mortgage costs have not taken effect yet, but they may indicate some changes for buyers, that will soon make home ownership more expensive. I’m thinking sometime yet this year we may begin to notice some gradual price changes.
Here is Silverio’s email:
I'm sure by now you have heard rumors that FHA is increasing their premiums. While a Mortgagee Letter has not yet been issued we felt that we should introduce the information we have at this point. When the Mortgagee Letter is posted we will issue a formal notification of change.
With the increases hopefully borrowers who have just been thinking about buying may be ready to spring into action to avoid the increases. Please inform all of your clients of these changes and let’s get them into escrow before these changes are effective. Please call me 805-479-9283 if you have any further questions or if you need any of you clients to be pre-approved TODAY!!!!!!!!!
Increased annual premium - 10 basis points across for the board to 1.25% ( Today it’s 1.15%)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Additional annual premium increase for loans over $625,500 - 25 basis points to 1.50% ( Today it’s 1.15%)
Implementation delayed until June 1,2012: Case numbers assigned on or after June 1st
Increased upfront premium - 75 basis points: Total upfront premium - 1.75% (Today it’s 1.0)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Applies to all loans regardless of LTV or amortization term
Silverio Garcia
Every month I do a little report for myself to see where our market is heading. Generally I see mild trends that may not change significantly for 6 or 8 months at a time. This month was different.
In Camarillo, the total number of Single Family Detached homes for sale dropped from 155 to 134 - Townhomes dropped from 43 to 34. Last July we had over 200 SFD homes on the market, so to drop to 134 homes in just 8 months is a strong trend.
In Oxnard, the total number of SFD homes for sale dropped from 253 in January to 147 at the end of February! Townhomes dropped from 168 Units to 77 Units! The number of properties that went into contract was still high but that is because there is usually an average 30 – 90 day lag between when homes are listed and when they go under contract (accept an offer).
Most of the other statistics I check showed similar drops as you can see.
It appears that we are beginning to see a possible shift in our marketplace from a strong buyers market to the possibility of a housing inventory shortage.
The next several months could be very significant in terms of changing from a buyers market to the beginning of a sellers market. Certainly these numbers (if they continue to fall or hold at these low values) would tend to indicate that our market is bottoming.
A continuing trend like this would seem to point the way in Ventura County towards gradually improving home values.
Mark Thorngren
Mark Thorngren
Realtor DRE# 01413932
Movewest Realty Inc.
Direct (805) 504-0228
Mark@MarkThorngren.com
www.MarkThorngren.com
Free Realty Times Video News Letter
Fair Warning
This email is for folks who are considering the purchase of a new home sometime this year. I have included 2 attachments which describe in detail our local market changes for Camarillo and Oxnard. Basically, our existing home inventory is shrinking rapidly. Fewer homes to pick from means increasing home prices.
Silverio Garcia is a local Mortgage Broker who sent me today - the email you see below. This combination of inventory changes and increasing mortgage costs have not taken effect yet, but they may indicate some changes for buyers, that will soon make home ownership more expensive. I’m thinking sometime yet this year we may begin to notice some gradual price changes.
Here is Silverio’s email:
I'm sure by now you have heard rumors that FHA is increasing their premiums. While a Mortgagee Letter has not yet been issued we felt that we should introduce the information we have at this point. When the Mortgagee Letter is posted we will issue a formal notification of change.
With the increases hopefully borrowers who have just been thinking about buying may be ready to spring into action to avoid the increases. Please inform all of your clients of these changes and let’s get them into escrow before these changes are effective. Please call me 805-479-9283 if you have any further questions or if you need any of you clients to be pre-approved TODAY!!!!!!!!!
Increased annual premium - 10 basis points across for the board to 1.25% ( Today it’s 1.15%)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Additional annual premium increase for loans over $625,500 - 25 basis points to 1.50% ( Today it’s 1.15%)
Implementation delayed until June 1,2012: Case numbers assigned on or after June 1st
Increased upfront premium - 75 basis points: Total upfront premium - 1.75% (Today it’s 1.0)
Implementation - April 1, 2012: Case numbers assigned on or after April 1st
Applies to all loans regardless of LTV or amortization term
Silverio Garcia
Tuesday, February 21, 2012
Update on Moorpark Highlands - The Pinnacle
Update on Moorpark Highlands Communities The Pinnacle
The Pinnacle is a small hillside community of beautiful upscale homes tucked away behind two separate, private gated entries. Located off Ridgecrest Drive just North of Moorpark is this latest Moorpark Highlands development.
The original KB development was a bit of a non-starter. It began as a Pardee Homes community with four models of homes approved though the City of Moorpark. Pardee sold the development and the city approved home designs to KB Homes. KB built three model homes which simply sat unsold. They were nice homes, but the market simply wasn’t there.
Toll Brothers purchased the property and the city approved plans for four of the Pardee Home Models. Working with the City of Moorpark, Toll Brothers had three additional floor plans approved and the development re-plotted to accommodate these models. Toll Brothers rebuilt one of the model homes to the luxury standards they are known for, and simply sold off the other two older KB model homes. A new Toll Brothers “San Miguel” model home was constructed and opened to the public last September.
Sales were slow to begin until buyers began to realize the quality and value inherent in these new homes. That sounds like a sales pitch, but my personal opinion is that Toll Brothers had some real challenges to overcome with public perception until the reality of what was being built here became apparent. I’m told sales are steady now. There simply is nothing new in Ventura County being built in this price range to this quality standard.
The price list for these seven models show prices ranging from roughly $855,000 for a Santa Susana model up to about $1,040,000 for a Chateau version of the Isla Vista Model. These are Feb 1, 2012 prices and will likely rise as sales continue to improve.
Homes are built from 7 available floor plans which include both single and 2- story homes. Currently there are 17 home lots released for sale out of a total of 132 lots in The Pinnacle. Three additional homes are in escrow and 18 homes have already sold. By my count, that means that presently there are 111 lots left to sell. Homes take 7 to 9 months to build and according to their onsite sale manager – Kathleen Martin – they expect to sell about 40% of them as single story models.
I like these homes. They come with many options, including extra rooms, balconies, wet bar or fireplaces. You can choose from 5 types of granite for your kitchen counters, different marbles for the bathrooms or standard tile. Kitchen cabinets are self-closing so you don’t need to fear bruising your side on sharp edges while you bustle around the kitchen with your hands full. Kitchen Aid appliances are standard for the kitchens.
Kohler tub and plumbing fixtures come standard in the bathrooms. Master bathrooms are lavish with jetted tubs and separate shower enclosures. They include double basin Pullman cabinets and often come with a little makeup counter. Count on a large walk-in closet for Mom, but Dad will have to share or he’s on his own. (Some plans have his/hers walk-in closets).
These homes offer $20,000 multi-slide patio doors which slide right into wall recesses, 2 or 3 zone air conditioning and options for pre-installed recessed solar panels that will offer considerable energy savings over the years. These solar panels are well executed and blend in with the contours of the homes instead of looking like a high school science project gone bad. Solar panels are an option who’s time has come. They just make good sense in Ventura County.
Solar panels come with a 20 year lease from Sun Run - a major solar provider - for $45/month. Since most home sizes average 4,000 to 5,000 square feet I’ll leave it to the reader to imagine how much this could save in heating and air-conditioning costs. Also, solar power is an option that allows the use of tankless water heaters, thereby eliminating the costs of continuously heating 75 gallons of water in the standard water heater installed here.
Lot sizes run from about 31,000 sq ft to as much as 47,000 sq ft for lots fronting the arroyo on the West side of the development. I’d say more typical lot sizes range from 14,000 to 20,000 ft for more central properties. Landscaping, pools with Jacuzzi and lavish BBQ areas highlight the spectacular views that many of these homes enjoy.
Imagine sipping something cold and delicious while sitting comfortably in your favorite patio chair on a stonework patio shaded by a wooden beamed framework. Your spouse grills nearby on a permanent BBQ with maybe a mini-bar and gas warmers. Your kids and your neighbors’ kids splash around in the pool or play down the street at the Moorpark Highlands 7 acre park with tennis and basketball courts.
After dinner when the kids are in bed, you and your spouse can share some time in the Jacuzzi and admire the marvelous hillside views.
It’s not my intention to try to list all the wonderful features of these homes – go online to http://www.thepinnacleatmoorparkhighlands.com/ call Kathleen Martin or Diane Valenza at (805) 532-2007 or call me for more in depth information or to schedule a private viewing.
My bottom line impression is simply that these homes start with a high standard of quality and build additional enhancements to your taste.
Now let’s talk about the fine print.
Each home comes with two HOA fees. There is a $95 Moorpark Highlands Master Association Fee and a $145 Pinnacle Association Fee – total $240/month. There is also a very substantial Mello Roos for each property from the City of Moorpark. The local Mello Roos is a 40 year posted bond or city tax. Over the course of the 40 years this adds up to between $50,000 and $70,000 (depending on home size) paid to the City of Moorpark by each home owner.
When you buy a home in the Pinnacle Community, Toll Brothers will pay off your Mello Roos! To my knowledge, no other Moorpark Highlands development has offered its’ buyers this bargain. Of course this begs the question – don’t they just tack that cost on to the home price? The sales office has stated to me that the cost of the Mello Roos is not passed along to buyers. Toll Brothers is serious about selling these homes at a value price.
Some of the other nice things about Toll Brothers homes include what they call a “First Home Buyer Orientation” which is a 300 item checklist that each homebuyer reviews 5 to 7 days before closing on their new home. A “Second Homebuyer Orientation” is completed just before closing to ensure completion of any discrepancies found during the first orientation. This is a very nice way to reinforce buyer confidence in the quality of their new home. A ten-year limited warranty comes with your new home.
These are not exotic mansions and you won’t see many captains of industry helicoptering to and from these homes. Short of that, these are fine homes in a pleasant semi-rural area. Just be aware that there are not many homes in this development. It is a rather special place to raise a family or to retire in comfort.
Just the way I see it,
Mark Thorngren
(805) 504-0228
mark@movewest.com
http://www.markthorngren.com/
Monday, April 5, 2010
Cherry Hill at Moorpark Highlands
Cherry Hill at Moorpark Highlands
Located just North of Moorpark, California is one of the few remaining new home tracts in what is called the Moorpark Highlands. The Moorpark Highlands is a very large area of new homes which includes a number of different tract communities built by several distinguished home developers. Ranging in ascending order of size and price these include Pardee Homes - Waverly Place condominiums (sold out); KB Homes - Sterling Heights Community of single family homes (sold out) and Toll Brothers - Country Club Estates at Moorpark (sold out).
I may be missing a tract or two, tucked away among the two massive hilltop areas, but Cherry Hill by Pardee Homes appears to be the last major new home development still actively building new 3 to 5 bedroom homes.
Cherry Hill homes are built to three basic floor plans and with 5 different styles:
French, Early Californian, Tuscan, Spanish Monterey and Coastal. Contact Pardee Homes at PardeeHomes.com to download pictures and floorplans of what these styles look like. Plan 1 homes are 2600 square foot homes, Plane 2 are 2900 square foot homes and Plane 3 are just over 3100 square feet (3500 square feet with optional loft).
The homes are located in a gated community and closely spaced up the side of a large hill on maybe half a dozen streets. Many of these home sites were built with an eye to a view of the surrounding mountains. I would say the views are above average for many new home communities.
The experienced new home shopper will note that model homes are usually lavishly upgraded with all the bells and whistles and do not always closely reflect a standard new construction home. It’s also worth note, that if the developer goofed somewhere or just did something silly on a model home, then he probably did it more than once in succeeding homes.
Everyone wants to know price. These homes have dropped considerably in price. I have a price sheet from September 2008 and one from this week – March 2010. Here is what has happened in 1½ years.
Plan 1 - was $734,475 now $692,000 which is a 43K price drop
Plan 2 - was $775,400 now $689,150 which is a 86K price drop
Plan 3 - was $797,975 now $740,225 which is a 57K price drop
Wow! – kind of takes your breath away, especially if you were an original buyer. That is pretty typical of what has happened with most new construction. What an opportunity if you are just now in the market!
Along with the advantage of interest rates around 5% and both the 6.5% federal tax credits for current home owners and 8.5% state credits for current home owners buying new construction homes, makes this a very rare time for people who want to move up. It’s the perfect storm for buyers of new construction homes. Unless the federal tax credit is renewed soon, it is set to expire for new offers at the end of this month (April 30).
What is bad about these prices. They do not include the Mello Roos that comes with each home. See my blog about Mello Roos for more complete information, but this is basically a way of taxing the individual home owners for city services – which include a new school district for the homeowners – but without having to call it a tax.
The Mello Roos runs about 1.9% of the home’s purchase price per year. The good news is that the school district has seriously considered not accepting a new school site for Moorpark Highlands. I don’t profess to be an expert about the local School District politics but I do know that most school districts are hurting for money right now like everyone else. They are not inclined to want to budget for more teachers, facilities and maintenance, even when they are mostly provided for by the Mello Roos.
What does that translate to for new home owners. Something even more rare in new home construction. A break on the Mello Roos. It could be a 30% to 40% reduction on the annual Mello Roos for those new home purchasers according to the sales counselors. Not sure what that does to class size in existing schools.
How big is Cherry Hill? There will be 149 units built total. A total of 4 -5 homes are now - or will be - available by the end of June in the 3 different plan models. Counting the 4 homes available, I believe there have been a total of 92 homes already released for sale or sold. Mostly sold. That figures out to about 60% of the last new homes are built and sold. Just over 50 homes have yet to be built at Cherry Hill.
Plan 1
Plan 1 has the master bedroom downstairs and it usually opens onto the back patio. There is a second bedroom at the opposite corner of the home which would make an excellent “granny flat” or bedroom for a teenager with a loud music problem. The second bedroom has it’s own full bath and is wedged between the garage at the front, and a den or optional 3rd bedroom as you move back towards the center of the house.
The den can be an office or built as another bedroom. There already is a formal living room and another family room, so this room has many good possibilities depending on your needs.
The kitchen is one of the primary home status symbols and is of course quite nicely done. In keeping with other new home developments, the kitchen faces the family room so that Mom can enjoy conversation with her guests/family while preparing all the holiday meals. The family room and kitchen face out to the backyard through large windows, so the kids playing there can be observed without worry.
There is one upstairs bedroom with a full bath or it can be a loft/office with additional storage in what would have been the bathroom.
Things I liked.
The front entry has a closet. There are so many new homes being built without a cloakroom or front coat closet. I guess if you live in California, you aren’t expected to wear a coat.
The master bath has the bathtub oriented out from the wall so that you can enter from either side. The two vanities are separated by the tub so you don’t mix up your Rogaine with your wife’s Clarol.
The large walk-in closet has two doors, one at either end, but guys know better than to expect to use any of it.
Things I didn’t like.
The back yard is smaller than other models because there are more ground floor bedrooms for the same size lot as the other two model plans.
This home has a 2 car garage separated by the front door with a 3rd garage on the other side but facing parallel to the street. If there is any other car in the driveway, your aren’t going to get a vehicle out of that garage. Makes a nice workshop though. Also, if both garage doors are open, it makes your home look more like a downtown parking garage.
Plan 2
The ground floor of this two floor home is laid out with the entryway facing a long hallway that runs beside the staircase as you walk to the rear of the home. There is a wall that separates the home into basically a front half and a rear half. Each half contains 2 rooms which open to the central hallway.
The formal living room is followed by the dining area and then the wall. On the other side is the kichen facing to the rear of the house through the family room. At the intersection of the kitchen and family room is a hallway running off to the left side of the home where there is small bedroom and full bath. There is also direct access to the 3 car, tandem garage from this hallway. This is almost a 3,000 square foot home, so there are 2 air conditioning units at the rear of the home. They are fairly quiet but are located just outside the ground floor bedroom. I think this location is unfortunate in terms of view and noise - which isn’t bad – it just doesn’t need to be that way.
Upstairs is a spacious family room / loft area which was modeled as a family room. It can be built as a 5th bedroom. Toward the center of the home and opening directly into the family room is a full bath with double vanities for the bedrooms and loft use. To the rear of the family room / loft is a doorway opening to a side to side hallway. Along the hallway are two separate bedrooms with their own doorways. At the far end of the hallway is the upstairs laundry.
The master bedroom is quite comfortably large and looks out upon the backyard. The master bath has a separate closet for the toilet, which might be a bit tight if you are inside trying to shut the door. The double vanity is side by side with the tub and shower enclosure immediately behind the sinks. There is a large single door walk-in closet at the far end of the master bath.
Things I liked.
The loft area is upstairs away from the family room downstairs. If adults are entertaining downstairs, the kids don’t have to shut themselves away in their bedrooms, yet they are far enough away not to cause a noise distraction if they want to watch tv or play video games.
The back yard is considerably deeper than plan 1, since more of the bedrooms are upstairs in this model.
The street appeal is nicer in my opinion since you have only a 2 car garage door in front, along with a front door that is not tucked away between garages. A nice cut glass door or carved hardwood door can really enhance a home’s appearance. Also the living room window fronts the home, so it is possible to see when family or guests have arrived.
The model had a nice balcony off the master bedroom with enough depth for table and chairs to fit comfortably.
Things I did not like.
The downstairs is not as open a floor plan as the plan 1. It has a strong front and back feel to it.
The coat closet is located under the staircase or worse, around the corner in the hallway leading to the back bedroom. That only works well if you come into the house from the garage.
The upstairs loft has a full bath directly off it. A half bath would work just as well. It forces the occupants of the two bedrooms behind the family room to walk through the family room / loft in order to use the bath or shower. That would also force the family room occupants to go downstairs or to the master bath to use a bathroom.
It’s probably just me, but if you are carrying on a conversation with your spouse, while dressing/undressing in the master bedroom, it’s going to be like listening to a train going by. One of you walks away from the bedroom to the walk-in closet, which is past the toilet closet, past the vanities and tub to the far end, where you walk through a single doorway and turn either right or left to find your hangar at either end of the walk-in.
Maybe they could install a walk-in closet intercom and video monitor?! Maybe have a satellite feed to the bedroom.
Also, if you had an infant, you would want to keep the little one in their crib with you in the master bedroom. A separate nursery would be rather difficult to reach quickly from the master and way far away from anyplace downstairs. This is a better home for older kids.
Plan 3
This is a puzzle palace. Don’t get me wrong, it’s a very comfortable puzzle palace and with the optional loft it can be pushing 3,500 square feet. It just doesn’t flow. If you were in the Navy you would love it. Like a miniature cruiser, it has all these little hallways (passageways) and doorways (hatches). The upstairs bathrooms and laundry are tucked away in hidden places. You’d need movie theater lights to find your way around upstairs after dark. The bathrooms do offer better privacy and access to nearby bedrooms than the Plan 2. There is a downstairs bedroom but it is tiny and makes a better office or hobby room.
The downstairs is similar to the Plan 2 in that you have a definite front half and back half to the home, but the kitchen has a massive crescent shaped island that should have it’s own zip code. There is also a breakfast nook that has two outside walls as it pushes out a bit into the backyard. There is plenty of natural light to eat your outmeal and yogurt by, (or eggs and bacon if you wife isn’t watching).
Things I liked.
The living room is an actual room, not an area.
The kitchen has upgraded appliances and cabinet quality. The breakfast nook is fun.
The master bedroom can be built with a good sized balcony and the bedroom at the front of the house has a nice long balcony as well. Some of these homes have breathtaking bedroom and balcony views of the surrounding mountains.
Things I didn’t like.
Besides the intricate floor plan, the master bedroom is directly above the large screen tv in the downstairs family room. Most of these homes will not have the optional upstairs loft, so late night entertaining will probably happen directly under your bedroom slippers in the
family room below.
Summary
These are very comfortable homes in a very scenic location. I like the room sizes for the most part, though some of the bedrooms are merely adequate. The homes are sensibly designed so that space is more often used for practical comfort rather than to impress. Even though there is a minimum setback between homes, you have a good chance of finding at least one room in your home with a view that includes more than your neighbors kitchen clock.
The driveways are usually large enough to accommodate at least 2 cars and there is a bit of front yard for most homes. Things just aren’t as cramped as lower priced new homes tend to be and though the streets are still a bit narrow, you can safely park on them.
There is a good deal of flexibility in how you can have your home built and that adds a lot of creative individuality to the neighborhood. It doesn’t have the production line feel of manufactured homes that so many other developments have.
This is a pleasant upscale community with quality homes and with a better than average location.
The prices are still considerable and the Mello Roos doesn’t help, but if you can afford one of these homes you’ll experience a very pampered Southern California lifestyle.
Happy House Hunting
Mark Thorngren
(805) 504-0228
www.markthorngren.com
Free Video Newsletter at
http://realtytimes.com/REUv/MarkThorngren
Located just North of Moorpark, California is one of the few remaining new home tracts in what is called the Moorpark Highlands. The Moorpark Highlands is a very large area of new homes which includes a number of different tract communities built by several distinguished home developers. Ranging in ascending order of size and price these include Pardee Homes - Waverly Place condominiums (sold out); KB Homes - Sterling Heights Community of single family homes (sold out) and Toll Brothers - Country Club Estates at Moorpark (sold out).
I may be missing a tract or two, tucked away among the two massive hilltop areas, but Cherry Hill by Pardee Homes appears to be the last major new home development still actively building new 3 to 5 bedroom homes.
Cherry Hill homes are built to three basic floor plans and with 5 different styles:
French, Early Californian, Tuscan, Spanish Monterey and Coastal. Contact Pardee Homes at PardeeHomes.com to download pictures and floorplans of what these styles look like. Plan 1 homes are 2600 square foot homes, Plane 2 are 2900 square foot homes and Plane 3 are just over 3100 square feet (3500 square feet with optional loft).
The homes are located in a gated community and closely spaced up the side of a large hill on maybe half a dozen streets. Many of these home sites were built with an eye to a view of the surrounding mountains. I would say the views are above average for many new home communities.
The experienced new home shopper will note that model homes are usually lavishly upgraded with all the bells and whistles and do not always closely reflect a standard new construction home. It’s also worth note, that if the developer goofed somewhere or just did something silly on a model home, then he probably did it more than once in succeeding homes.
Everyone wants to know price. These homes have dropped considerably in price. I have a price sheet from September 2008 and one from this week – March 2010. Here is what has happened in 1½ years.
Plan 1 - was $734,475 now $692,000 which is a 43K price drop
Plan 2 - was $775,400 now $689,150 which is a 86K price drop
Plan 3 - was $797,975 now $740,225 which is a 57K price drop
Wow! – kind of takes your breath away, especially if you were an original buyer. That is pretty typical of what has happened with most new construction. What an opportunity if you are just now in the market!
Along with the advantage of interest rates around 5% and both the 6.5% federal tax credits for current home owners and 8.5% state credits for current home owners buying new construction homes, makes this a very rare time for people who want to move up. It’s the perfect storm for buyers of new construction homes. Unless the federal tax credit is renewed soon, it is set to expire for new offers at the end of this month (April 30).
What is bad about these prices. They do not include the Mello Roos that comes with each home. See my blog about Mello Roos for more complete information, but this is basically a way of taxing the individual home owners for city services – which include a new school district for the homeowners – but without having to call it a tax.
The Mello Roos runs about 1.9% of the home’s purchase price per year. The good news is that the school district has seriously considered not accepting a new school site for Moorpark Highlands. I don’t profess to be an expert about the local School District politics but I do know that most school districts are hurting for money right now like everyone else. They are not inclined to want to budget for more teachers, facilities and maintenance, even when they are mostly provided for by the Mello Roos.
What does that translate to for new home owners. Something even more rare in new home construction. A break on the Mello Roos. It could be a 30% to 40% reduction on the annual Mello Roos for those new home purchasers according to the sales counselors. Not sure what that does to class size in existing schools.
How big is Cherry Hill? There will be 149 units built total. A total of 4 -5 homes are now - or will be - available by the end of June in the 3 different plan models. Counting the 4 homes available, I believe there have been a total of 92 homes already released for sale or sold. Mostly sold. That figures out to about 60% of the last new homes are built and sold. Just over 50 homes have yet to be built at Cherry Hill.
Plan 1
Plan 1 has the master bedroom downstairs and it usually opens onto the back patio. There is a second bedroom at the opposite corner of the home which would make an excellent “granny flat” or bedroom for a teenager with a loud music problem. The second bedroom has it’s own full bath and is wedged between the garage at the front, and a den or optional 3rd bedroom as you move back towards the center of the house.
The den can be an office or built as another bedroom. There already is a formal living room and another family room, so this room has many good possibilities depending on your needs.
The kitchen is one of the primary home status symbols and is of course quite nicely done. In keeping with other new home developments, the kitchen faces the family room so that Mom can enjoy conversation with her guests/family while preparing all the holiday meals. The family room and kitchen face out to the backyard through large windows, so the kids playing there can be observed without worry.
There is one upstairs bedroom with a full bath or it can be a loft/office with additional storage in what would have been the bathroom.
Things I liked.
The front entry has a closet. There are so many new homes being built without a cloakroom or front coat closet. I guess if you live in California, you aren’t expected to wear a coat.
The master bath has the bathtub oriented out from the wall so that you can enter from either side. The two vanities are separated by the tub so you don’t mix up your Rogaine with your wife’s Clarol.
The large walk-in closet has two doors, one at either end, but guys know better than to expect to use any of it.
Things I didn’t like.
The back yard is smaller than other models because there are more ground floor bedrooms for the same size lot as the other two model plans.
This home has a 2 car garage separated by the front door with a 3rd garage on the other side but facing parallel to the street. If there is any other car in the driveway, your aren’t going to get a vehicle out of that garage. Makes a nice workshop though. Also, if both garage doors are open, it makes your home look more like a downtown parking garage.
Plan 2
The ground floor of this two floor home is laid out with the entryway facing a long hallway that runs beside the staircase as you walk to the rear of the home. There is a wall that separates the home into basically a front half and a rear half. Each half contains 2 rooms which open to the central hallway.
The formal living room is followed by the dining area and then the wall. On the other side is the kichen facing to the rear of the house through the family room. At the intersection of the kitchen and family room is a hallway running off to the left side of the home where there is small bedroom and full bath. There is also direct access to the 3 car, tandem garage from this hallway. This is almost a 3,000 square foot home, so there are 2 air conditioning units at the rear of the home. They are fairly quiet but are located just outside the ground floor bedroom. I think this location is unfortunate in terms of view and noise - which isn’t bad – it just doesn’t need to be that way.
Upstairs is a spacious family room / loft area which was modeled as a family room. It can be built as a 5th bedroom. Toward the center of the home and opening directly into the family room is a full bath with double vanities for the bedrooms and loft use. To the rear of the family room / loft is a doorway opening to a side to side hallway. Along the hallway are two separate bedrooms with their own doorways. At the far end of the hallway is the upstairs laundry.
The master bedroom is quite comfortably large and looks out upon the backyard. The master bath has a separate closet for the toilet, which might be a bit tight if you are inside trying to shut the door. The double vanity is side by side with the tub and shower enclosure immediately behind the sinks. There is a large single door walk-in closet at the far end of the master bath.
Things I liked.
The loft area is upstairs away from the family room downstairs. If adults are entertaining downstairs, the kids don’t have to shut themselves away in their bedrooms, yet they are far enough away not to cause a noise distraction if they want to watch tv or play video games.
The back yard is considerably deeper than plan 1, since more of the bedrooms are upstairs in this model.
The street appeal is nicer in my opinion since you have only a 2 car garage door in front, along with a front door that is not tucked away between garages. A nice cut glass door or carved hardwood door can really enhance a home’s appearance. Also the living room window fronts the home, so it is possible to see when family or guests have arrived.
The model had a nice balcony off the master bedroom with enough depth for table and chairs to fit comfortably.
Things I did not like.
The downstairs is not as open a floor plan as the plan 1. It has a strong front and back feel to it.
The coat closet is located under the staircase or worse, around the corner in the hallway leading to the back bedroom. That only works well if you come into the house from the garage.
The upstairs loft has a full bath directly off it. A half bath would work just as well. It forces the occupants of the two bedrooms behind the family room to walk through the family room / loft in order to use the bath or shower. That would also force the family room occupants to go downstairs or to the master bath to use a bathroom.
It’s probably just me, but if you are carrying on a conversation with your spouse, while dressing/undressing in the master bedroom, it’s going to be like listening to a train going by. One of you walks away from the bedroom to the walk-in closet, which is past the toilet closet, past the vanities and tub to the far end, where you walk through a single doorway and turn either right or left to find your hangar at either end of the walk-in.
Maybe they could install a walk-in closet intercom and video monitor?! Maybe have a satellite feed to the bedroom.
Also, if you had an infant, you would want to keep the little one in their crib with you in the master bedroom. A separate nursery would be rather difficult to reach quickly from the master and way far away from anyplace downstairs. This is a better home for older kids.
Plan 3
This is a puzzle palace. Don’t get me wrong, it’s a very comfortable puzzle palace and with the optional loft it can be pushing 3,500 square feet. It just doesn’t flow. If you were in the Navy you would love it. Like a miniature cruiser, it has all these little hallways (passageways) and doorways (hatches). The upstairs bathrooms and laundry are tucked away in hidden places. You’d need movie theater lights to find your way around upstairs after dark. The bathrooms do offer better privacy and access to nearby bedrooms than the Plan 2. There is a downstairs bedroom but it is tiny and makes a better office or hobby room.
The downstairs is similar to the Plan 2 in that you have a definite front half and back half to the home, but the kitchen has a massive crescent shaped island that should have it’s own zip code. There is also a breakfast nook that has two outside walls as it pushes out a bit into the backyard. There is plenty of natural light to eat your outmeal and yogurt by, (or eggs and bacon if you wife isn’t watching).
Things I liked.
The living room is an actual room, not an area.
The kitchen has upgraded appliances and cabinet quality. The breakfast nook is fun.
The master bedroom can be built with a good sized balcony and the bedroom at the front of the house has a nice long balcony as well. Some of these homes have breathtaking bedroom and balcony views of the surrounding mountains.
Things I didn’t like.
Besides the intricate floor plan, the master bedroom is directly above the large screen tv in the downstairs family room. Most of these homes will not have the optional upstairs loft, so late night entertaining will probably happen directly under your bedroom slippers in the
family room below.
Summary
These are very comfortable homes in a very scenic location. I like the room sizes for the most part, though some of the bedrooms are merely adequate. The homes are sensibly designed so that space is more often used for practical comfort rather than to impress. Even though there is a minimum setback between homes, you have a good chance of finding at least one room in your home with a view that includes more than your neighbors kitchen clock.
The driveways are usually large enough to accommodate at least 2 cars and there is a bit of front yard for most homes. Things just aren’t as cramped as lower priced new homes tend to be and though the streets are still a bit narrow, you can safely park on them.
There is a good deal of flexibility in how you can have your home built and that adds a lot of creative individuality to the neighborhood. It doesn’t have the production line feel of manufactured homes that so many other developments have.
This is a pleasant upscale community with quality homes and with a better than average location.
The prices are still considerable and the Mello Roos doesn’t help, but if you can afford one of these homes you’ll experience a very pampered Southern California lifestyle.
Happy House Hunting
Mark Thorngren
(805) 504-0228
www.markthorngren.com
Free Video Newsletter at
http://realtytimes.com/REUv/MarkThorngren
Monday, June 1, 2009
Spring 2009 - Camarillo Market Report
There are likely more months ahead of gradually falling home prices & stricter loan requirements. However, for qualified home buyers, the low interest rates, large home selection and considerably reduced home prices are providing some remarkable opportunities.
In Ventura County over the last 12 months, home prices have fallen 38%! Homes are selling at an average of 97% of list price, when they are priced near market average. This is a strong sign of the beginnings of market recovery.
There are some rather compelling indicators from a variety of sources that indicate continued positive pressures on our markets since the start of the year. Anything being offered for sale for less than $500,000 and especially in the $350,000 and below range is being snapped up by investors and first time home buyers.It is not unusual for me to call a listing agent for my clients and be told there are 20 to 25 offers!
This is like the market 3 years ago but in reverse.
Prices have fallen so far that first time buyers are jumping at the opportunity to realize their home ownership dream.At the same time, investors are snapping up homes with all cash offers making it very difficult for many first time buyers to compete. Their frustration is that list prices are in their price range, but competition from investors and austere bank terms drive the actual sale prices much higher.
There are still a number of banks that have not figured out that a short sale is an opportunity for them to cut their losses. Some of these banks take 8 to 10 months to approve these short sales and consequently they loose numerous deals from frustrated and impatient buyers. Often a buyer waits months for bank approval of short sale, only to have the bank foreclose on the property and auction it off for many thousands less than their offer! It makes no sense and can't be predicted.
First time home buyers need to take a hard look at their needs and be realistic about the cost of home ownership. You simply cannot low ball a listing with a reasonable expectation of success now. The market is much more competitive than a year ago. The days of offering $50,000 less than market average for a home are coming to an end.
Your realtor should be doing a Comparative Market Analysis on any home you want to make an offer on.Once you know the market value of the home, make an offer based on the market price. If you have taken the time to be pre-approved with a lender, you'll know already if this home makes financial sense.
Be prepared to negotiate and expect competition! If you cannot be flexible in price and terms, this market will be extremely difficult for you. A take it or leave it attitude will not serve a buyer well either, and many folks have lost wonderful opportunities for home ownership for the sake of a few dollars.
One rule of thumb to keep in mind is: for every $1,000 you borrow for a home, it increases your mortgage cost by about $7 to $8 dollars. Develop your buying strategy, negotiate price and terms based on market price, be pre-approved with your lender, and beware of short sales. Be flexible and have a backup plan.
Let your real estate professional guide you through the 30 pages of the offer process and handle all the followup escrow details. Expect them to schedule and track all the inspection, termite, and home repair and home warranty details for you and to provide you with experience based guidance for a successful transaction.
You can buy a home for a lower price than we have seen in many years.
You are invited to explore the latest in Video Real Estate News and Information at http://www.RealtyTimes.com/REUv/MarkThorngren. Produced and updated daily, it provides comprehensive upbeat information on the latest developments in our fast changing market.
ZIP Code: 93010
Approximate Location Boundaries: Camarillo straddles the 101 highway West of Thousand Oaks/Newbury park and East of Oxnard. Stick a pin on a roadmap showing the 101 between LA and Santa Barbara and Camarillo will be right in the middle.
Location Characteristics: Mild Mediterranean Climate year round. Excellent schools and 20 minutes from the beach. No smog, great shopping and friendly small town feel. Camarillo is a showpiece for Ventura County. A very upscale town of 63,000 people, with summer "Concerts in the Park", Frequent community events and celebrations, this town has an abundance of attractions.
LA is an hour South and separated by a mountain range. Beach and harbor activities are available within a few minutes drive for boaters, swimmers, divers or a romantic dining experience at one of our many premium restaurants.
Camarillo has it's own premium outlet mall for upscale shopping at discount prices. Hiking, horseback riding, off-road biking, ATV exploring and fishing are all within an hours drive at scores of State Parks and National Recreation Areas. Take a boat trip out to the Channel Islands for a unique camping or hiking experience, or observe the twice a year dolphin and whale migration back and forth to Mexico.
Visit http://www.markthorngren.com/ for access to local home searches, more blogs, listings, real estate reports, and many to local schools, churches and city resources.
It's important that you know, that I do have time for you, your family, friends and business associates who could use my help right now.
Warmest Regards,
Mark Thorngren
Office Direct (805) 504-0228
mark@markthorngren.com
In Ventura County over the last 12 months, home prices have fallen 38%! Homes are selling at an average of 97% of list price, when they are priced near market average. This is a strong sign of the beginnings of market recovery.
There are some rather compelling indicators from a variety of sources that indicate continued positive pressures on our markets since the start of the year. Anything being offered for sale for less than $500,000 and especially in the $350,000 and below range is being snapped up by investors and first time home buyers.It is not unusual for me to call a listing agent for my clients and be told there are 20 to 25 offers!
This is like the market 3 years ago but in reverse.
Prices have fallen so far that first time buyers are jumping at the opportunity to realize their home ownership dream.At the same time, investors are snapping up homes with all cash offers making it very difficult for many first time buyers to compete. Their frustration is that list prices are in their price range, but competition from investors and austere bank terms drive the actual sale prices much higher.
There are still a number of banks that have not figured out that a short sale is an opportunity for them to cut their losses. Some of these banks take 8 to 10 months to approve these short sales and consequently they loose numerous deals from frustrated and impatient buyers. Often a buyer waits months for bank approval of short sale, only to have the bank foreclose on the property and auction it off for many thousands less than their offer! It makes no sense and can't be predicted.
First time home buyers need to take a hard look at their needs and be realistic about the cost of home ownership. You simply cannot low ball a listing with a reasonable expectation of success now. The market is much more competitive than a year ago. The days of offering $50,000 less than market average for a home are coming to an end.
Your realtor should be doing a Comparative Market Analysis on any home you want to make an offer on.Once you know the market value of the home, make an offer based on the market price. If you have taken the time to be pre-approved with a lender, you'll know already if this home makes financial sense.
Be prepared to negotiate and expect competition! If you cannot be flexible in price and terms, this market will be extremely difficult for you. A take it or leave it attitude will not serve a buyer well either, and many folks have lost wonderful opportunities for home ownership for the sake of a few dollars.
One rule of thumb to keep in mind is: for every $1,000 you borrow for a home, it increases your mortgage cost by about $7 to $8 dollars. Develop your buying strategy, negotiate price and terms based on market price, be pre-approved with your lender, and beware of short sales. Be flexible and have a backup plan.
Let your real estate professional guide you through the 30 pages of the offer process and handle all the followup escrow details. Expect them to schedule and track all the inspection, termite, and home repair and home warranty details for you and to provide you with experience based guidance for a successful transaction.
You can buy a home for a lower price than we have seen in many years.
You are invited to explore the latest in Video Real Estate News and Information at http://www.RealtyTimes.com/REUv/MarkThorngren. Produced and updated daily, it provides comprehensive upbeat information on the latest developments in our fast changing market.
ZIP Code: 93010
Approximate Location Boundaries: Camarillo straddles the 101 highway West of Thousand Oaks/Newbury park and East of Oxnard. Stick a pin on a roadmap showing the 101 between LA and Santa Barbara and Camarillo will be right in the middle.
Location Characteristics: Mild Mediterranean Climate year round. Excellent schools and 20 minutes from the beach. No smog, great shopping and friendly small town feel. Camarillo is a showpiece for Ventura County. A very upscale town of 63,000 people, with summer "Concerts in the Park", Frequent community events and celebrations, this town has an abundance of attractions.
LA is an hour South and separated by a mountain range. Beach and harbor activities are available within a few minutes drive for boaters, swimmers, divers or a romantic dining experience at one of our many premium restaurants.
Camarillo has it's own premium outlet mall for upscale shopping at discount prices. Hiking, horseback riding, off-road biking, ATV exploring and fishing are all within an hours drive at scores of State Parks and National Recreation Areas. Take a boat trip out to the Channel Islands for a unique camping or hiking experience, or observe the twice a year dolphin and whale migration back and forth to Mexico.
Visit http://www.markthorngren.com/ for access to local home searches, more blogs, listings, real estate reports, and many to local schools, churches and city resources.
It's important that you know, that I do have time for you, your family, friends and business associates who could use my help right now.
Warmest Regards,
Mark Thorngren
Office Direct (805) 504-0228
mark@markthorngren.com
Tuesday, May 19, 2009
Sedona at Dos Vientos in Thousand Oaks
Sedona
at Dos Vientos Ranch
There is a newer section of Thousand Oaks set within an elevated bowl surrounded by the gorgeous and scenic, Santa Monica Mountains. Located just north of the Pacific Coast and perched at the very western edge of the Conejo Valley Shelf, this area is bordered by Malibu to the Southeast, the much lower Oxnard Plain to the West and Newbury Park to the North East.
Drive down Borchard Road away from the older neighborhoods of Newbury park, up and over the Potrero Ridge line, and back down the other side into the valley bowl that is Dos Vientos Ranch. As you coast down the hill through the rustic, rocky, cactus and yucca lined hillsides, you follow a gentle left curving roadway until you begin to glimpse the sprawling, stucco tribute to expensive tract homes that is Dos Vientos Ranch.
In the far Southwest corner in a little L- shaped bowl of rocks, cactus and coyotes is Sedona, the newest tract. These are roughly 4500 sq ft to 6,000 sq ft homes which are offered in what the developer calls Italianate, Spanish and Tuscan Elevations. Sixty nine homes are currently planned which range in price from roughly $1,446,000 to about $1,600,000.
There are 7 phases planned and they are currently selling the 8 homes of Phase 1. These 8 homes were put on the market Saturday the 16th of May. Today, Monday the 18th, four of the homes have already sold! When my wife and I visited the site on Sunday, there were cars lining both sides of the road, for a block on either side of the model homes. Clearly, our newspapers and tv have failed to convince these people how bad our economy is, and how poorly real estate is faring. Imagine that.
The Phase 1 homes are being offered at a “low introductory price.” Each of these 8 homes is being offered with an additional $25,000 worth of interior options. Buyers can pick their lot, or they can pick the model of home they want, but the builder has already determined which models will be built on which lots.
By the way, the developer has the A- team working to serve prospective buyers. I was very impressed by the professionalism of the Sales Counselors I met. They were friendly and composed even when there were 3 and 4 groups of people actively seeking their help at any given time. They answered all my toughest questions with no dodges or excuses and they were extremely knowledgeable.
Build time is about 9 months with the Phase 1 homes projected to be move-in ready next January 2010. I was told that Phase 2 may be built earlier than originally planned if demand continues, with a possible March 2010 move-in.
Buyers are expected to pre-qualify with either Chase or Bank of America, but they can use any bank for their loan. Bank of America is offering a long term rate lock of up to a year to cover build time on these homes.
There is no Mello-Roos on these homes ( see my blog on Mello-Roos ) but there is a $266/month combined HOA. A Master Association covers the cost of keeping the brush clear around the homes for fire protection, and a few other things like building and maintaining the Park Center. The Sedona Association takes care of the maintenance of the security gates, roads and walkways.
These are big homes, lavishly presented. Myself, I think some of the homes “flow” better than others. The models are not always very representative of what you can make the homes into either. There are numerous layouts available for the two story homes but only one example of each model is presented.
The two story models are the Santa Barbara and the La Jolla (which was my personal favorite). These homes have the option of a 3 car tandem garage with an optional bedroom and bathroom “suite” or what most of us would call a great big granny flat. Depending on the model, you can have a 5 car garage or you can substitute another Den, or you can move the dining room or granny flat location if you choose a 3 car garage.
Pick a design with up to 6 bedrooms, or fewer bedrooms and additional recreation/ family rooms. There are a lot of design opportunities for buyers to review before their specific home design is frozen. I like that the developer is offering a bit of flexibility to his buyers.
The thing I really like about the two story homes is the use of outside space. This is featured prominently in the marketing of these homes as well. Simply put, the designs encourage home owners to adapt the many courtyards, covered porticos, balconies, decks and covered loggias as everyday living space. The built-in barbeques, outside fireplaces, relaxing fountains and beautifully tiled courtyards encourage you to pull up a big comfortable chair and kick back with friends or family while everyone enjoys the open air and sunshine.
The covered loggia/balcony off of the master bedroom in the Santa Barbara model is particularly inviting, with gorgeous views and cool breezes and yet, a bit more privacy than most balcony designs. It has outdoor drapes which can be pulled across each side to enclose the room around a gas log fireplace. Very romantic.
The Montecito Plan is essentially a 1-story home with a second story recreation room. It is a 4 bedroom home with a 3 car tandem garage. Featuring a central courtyard, it tends to be a bit smaller than the 2-story homes having just under 5,000 sq ft. of living space. Three different walls of the courtyard have doors leading into the home, and an outside staircase leads up from the courtyard wall to the second story recreation room . This is just a little weird for me. Like the movie “Labyrinth”, you have to wonder what happens if you choose the wrong door.
The rest of the interior is like walking around a squarish mall. A narrow hallway runs in front of each of the bedrooms and widens out in front of the Den and Living Room. Like an echo of the nearby courtyard, an open dining room occupies a smaller framed area within a central atrium. The hallway skirts the dining room on two sides and runs past the Family Room entry on the left and Dining Room to the right. It narrows back down as it passes by the powder room on the right and on to the Master Bedroom entry on the left. I swear I passed some joggers along the way.
The Family Room is the largest room in the house and is open to the huge kitchen. I liked this combination layout. Each of these rooms has a nice outside view and backyard access. The kitchen has a large island with tall low-backed chairs for snacking. It adjoins a breakfast nook which is large enough for a smaller table. Unfortunately, you need to hire a guide to get from the kitchen through the family room and over to the main dining room.
The next largest room appears to be the Master Bedroom. The bedroom opens through double glass doors to the rear, outdoor patio. On the other side of the bedroom, a tall, rather narrow arched doorway leads to the Master Bath. There are two recessed reading lights in the ceiling above the headboard of the bed, but they are so high up in the 12’ coffered ceiling that they are useless for reading. There is a thin screen tv on the distant wall opposite the bed, but you need binoculars to see what’s on.
The Master Bath is quite large with separate tub and shower enclosures. The shower is nicely tiled and big enough for about a dozen of your closest friends. Strangely enough, the jetted jacuzzi tub is a mere 6’, two person bucket by comparison. I also think the tub surround should be made of a material that wouldn’t be slippery when wet. Maybe a small hand rail would be useful as well.
The walk-in “his closet” reminds me of my college dorm room and across the hallway, something about 3 times larger is obviously the “her closet”. Most of the models I saw have rather sparsely furnished walk-ins. Maybe a shelf, but not much in the way of quality wall organizers or center room fixtures. Lighting in these walk-in closets was similar to my garage and is a missed opportunity for the developer to please women with lots of needs.
The Monterey Plan is the other single story floor plan and does not have a model. The floor plan appears to be identical to the Montecito Plan but without the second story recreation room.
I have one major concern with each of these homes. The downstairs view for most of them is not much more than a brick wall or embankment. The best views were usually upstairs views from the front or rear of the homes. Being a tract home, each home has minimal set back from its’ neighbor, with homes in higher elevations enjoying greater privacy. This is a disappointment for homes in this price range.
My wife was a bit put off by the rather imposing kitchens. They are appropriately huge with ovens that look more like stereos - sprouting buttons, gauges and switches. The refrigerator in one model had 2 doors that were each about 3 feet wide and heavy as a safe. Once opened, the refrigerator shelving was only about a foot deep. Forget about walking by an open refrigerator door, it’s like crossing the border. You have to wait for the door to close.
The central island stands about chest high on me and a bit higher for my wife. The cabinets were fabulous but again a bit high. My wife could not see inside the microwave mounted on the overhead cabinets. If you are an NBA basketball player, you’ll love these kitchens.
Some of the family rooms were centered on fireplaces with the entertainment center off to one side. Other family rooms were centered on the entertainment center with the fireplace off to one side. Personally, I am more of a tired tv person in the evening than a romantic fireplace person. I’ve been married a long time.
A word about presentation. I expect to see all the most expensive upgrades on new home models. Designer nick-nacks and leather furniture do well in these homes. However, please don’t try to sell me a 6,000 sq ft home by employing undersized furniture and beds in the bedrooms! It’s a bit tawdry and silly in these huge homes.
If you want me to see the genius of design in your outside living areas, then impress me. Don’t stick a mid-priced home depot barbeque in the middle of a huge stucco wrap around. Show me some barbeque tech and a built-in refrigerator at least. Also, explain to your interior designer that outside design means not putting candle decorations in the sun. They melt all over the furniture!
From a strictly safety point of view, I was glad to see home sprinkler systems standard in these homes. I was a bit concerned that none of the second floor homes had a second way downstairs other than the main staircase. That might be an issue in a home fire. Why doesn’t someone develop a stylish way to hide a few fire extinguishers in these huge homes? Once the main sprinkler system trips, water damage can get expensive.
Speaking of technology, I didn’t see much. Lots of extra bedrooms/dens, but I didn’t see a single home theater. I saw no integrated solar panels powering these huge homes even though we live in an area of the world that just screams for them. Many local residences and businesses have already adapted them as eco-friendly and economic windfalls. There is no voice activated lighting or music. No adjustable polarizing windows on the sun side of the home or even personalized door locks. I guess that is just too much to ask for.
I did see 3 air-conditioning units lined up just outside the window of a ground floor bedroom in a 1.5 million dollar model home. Yuuch!
We all know a large part of our population is rapidly aging, but I saw none of the new elevator designs which are now available to two story residences. These new elevators are concealed behind what looks like closet doors, yet are wide enough for wheelchairs. They open up a whole new market for two story structures and enable long term home owners to maintain the full utilization of their homes, even if their owners develop physical limitations.
The lots themselves speak for the way our culture seems to have changed in the last few decades. The tract is locked away behind some really pretty wrought iron gates. Presumably this is for enhanced security and privacy. It just doesn’t work. People just follow each other through the opened gates.
If you are serious about security, you can employ an additional entry arm to separate individual vehicles as they pass through the gate or you hire real, live gate security. I’ve seen many less expensive neighborhoods with better security than this – (see Victoria Estates in Oxnard).
The individual lots remind me of pictures of aircraft parking revetments in a war zone. Stone walls atop earthen embankments surround each lot on the sides and back. It looks for all the world like someone hooked a tow bar to the front of each home and shoved it into its own parking spot. Whatever happened to neighborhoods with lot lines made of flowering hedges and property lines of fragrant evergreens? Sorry, I’m showing my age.
Considering what people seem to want in a new home these days, I give these homes a solid B. Although the design of the exterior spaces on some of the two story models is intriguing, I didn’t see much real innovation or serious new technology. These are just nice, big, expensive tract homes like they have been building for the last 10 years.
Just the way I see it.
Mark Thorngren
at Dos Vientos Ranch
There is a newer section of Thousand Oaks set within an elevated bowl surrounded by the gorgeous and scenic, Santa Monica Mountains. Located just north of the Pacific Coast and perched at the very western edge of the Conejo Valley Shelf, this area is bordered by Malibu to the Southeast, the much lower Oxnard Plain to the West and Newbury Park to the North East.
Drive down Borchard Road away from the older neighborhoods of Newbury park, up and over the Potrero Ridge line, and back down the other side into the valley bowl that is Dos Vientos Ranch. As you coast down the hill through the rustic, rocky, cactus and yucca lined hillsides, you follow a gentle left curving roadway until you begin to glimpse the sprawling, stucco tribute to expensive tract homes that is Dos Vientos Ranch.
In the far Southwest corner in a little L- shaped bowl of rocks, cactus and coyotes is Sedona, the newest tract. These are roughly 4500 sq ft to 6,000 sq ft homes which are offered in what the developer calls Italianate, Spanish and Tuscan Elevations. Sixty nine homes are currently planned which range in price from roughly $1,446,000 to about $1,600,000.
There are 7 phases planned and they are currently selling the 8 homes of Phase 1. These 8 homes were put on the market Saturday the 16th of May. Today, Monday the 18th, four of the homes have already sold! When my wife and I visited the site on Sunday, there were cars lining both sides of the road, for a block on either side of the model homes. Clearly, our newspapers and tv have failed to convince these people how bad our economy is, and how poorly real estate is faring. Imagine that.
The Phase 1 homes are being offered at a “low introductory price.” Each of these 8 homes is being offered with an additional $25,000 worth of interior options. Buyers can pick their lot, or they can pick the model of home they want, but the builder has already determined which models will be built on which lots.
By the way, the developer has the A- team working to serve prospective buyers. I was very impressed by the professionalism of the Sales Counselors I met. They were friendly and composed even when there were 3 and 4 groups of people actively seeking their help at any given time. They answered all my toughest questions with no dodges or excuses and they were extremely knowledgeable.
Build time is about 9 months with the Phase 1 homes projected to be move-in ready next January 2010. I was told that Phase 2 may be built earlier than originally planned if demand continues, with a possible March 2010 move-in.
Buyers are expected to pre-qualify with either Chase or Bank of America, but they can use any bank for their loan. Bank of America is offering a long term rate lock of up to a year to cover build time on these homes.
There is no Mello-Roos on these homes ( see my blog on Mello-Roos ) but there is a $266/month combined HOA. A Master Association covers the cost of keeping the brush clear around the homes for fire protection, and a few other things like building and maintaining the Park Center. The Sedona Association takes care of the maintenance of the security gates, roads and walkways.
These are big homes, lavishly presented. Myself, I think some of the homes “flow” better than others. The models are not always very representative of what you can make the homes into either. There are numerous layouts available for the two story homes but only one example of each model is presented.
The two story models are the Santa Barbara and the La Jolla (which was my personal favorite). These homes have the option of a 3 car tandem garage with an optional bedroom and bathroom “suite” or what most of us would call a great big granny flat. Depending on the model, you can have a 5 car garage or you can substitute another Den, or you can move the dining room or granny flat location if you choose a 3 car garage.
Pick a design with up to 6 bedrooms, or fewer bedrooms and additional recreation/ family rooms. There are a lot of design opportunities for buyers to review before their specific home design is frozen. I like that the developer is offering a bit of flexibility to his buyers.
The thing I really like about the two story homes is the use of outside space. This is featured prominently in the marketing of these homes as well. Simply put, the designs encourage home owners to adapt the many courtyards, covered porticos, balconies, decks and covered loggias as everyday living space. The built-in barbeques, outside fireplaces, relaxing fountains and beautifully tiled courtyards encourage you to pull up a big comfortable chair and kick back with friends or family while everyone enjoys the open air and sunshine.
The covered loggia/balcony off of the master bedroom in the Santa Barbara model is particularly inviting, with gorgeous views and cool breezes and yet, a bit more privacy than most balcony designs. It has outdoor drapes which can be pulled across each side to enclose the room around a gas log fireplace. Very romantic.
The Montecito Plan is essentially a 1-story home with a second story recreation room. It is a 4 bedroom home with a 3 car tandem garage. Featuring a central courtyard, it tends to be a bit smaller than the 2-story homes having just under 5,000 sq ft. of living space. Three different walls of the courtyard have doors leading into the home, and an outside staircase leads up from the courtyard wall to the second story recreation room . This is just a little weird for me. Like the movie “Labyrinth”, you have to wonder what happens if you choose the wrong door.
The rest of the interior is like walking around a squarish mall. A narrow hallway runs in front of each of the bedrooms and widens out in front of the Den and Living Room. Like an echo of the nearby courtyard, an open dining room occupies a smaller framed area within a central atrium. The hallway skirts the dining room on two sides and runs past the Family Room entry on the left and Dining Room to the right. It narrows back down as it passes by the powder room on the right and on to the Master Bedroom entry on the left. I swear I passed some joggers along the way.
The Family Room is the largest room in the house and is open to the huge kitchen. I liked this combination layout. Each of these rooms has a nice outside view and backyard access. The kitchen has a large island with tall low-backed chairs for snacking. It adjoins a breakfast nook which is large enough for a smaller table. Unfortunately, you need to hire a guide to get from the kitchen through the family room and over to the main dining room.
The next largest room appears to be the Master Bedroom. The bedroom opens through double glass doors to the rear, outdoor patio. On the other side of the bedroom, a tall, rather narrow arched doorway leads to the Master Bath. There are two recessed reading lights in the ceiling above the headboard of the bed, but they are so high up in the 12’ coffered ceiling that they are useless for reading. There is a thin screen tv on the distant wall opposite the bed, but you need binoculars to see what’s on.
The Master Bath is quite large with separate tub and shower enclosures. The shower is nicely tiled and big enough for about a dozen of your closest friends. Strangely enough, the jetted jacuzzi tub is a mere 6’, two person bucket by comparison. I also think the tub surround should be made of a material that wouldn’t be slippery when wet. Maybe a small hand rail would be useful as well.
The walk-in “his closet” reminds me of my college dorm room and across the hallway, something about 3 times larger is obviously the “her closet”. Most of the models I saw have rather sparsely furnished walk-ins. Maybe a shelf, but not much in the way of quality wall organizers or center room fixtures. Lighting in these walk-in closets was similar to my garage and is a missed opportunity for the developer to please women with lots of needs.
The Monterey Plan is the other single story floor plan and does not have a model. The floor plan appears to be identical to the Montecito Plan but without the second story recreation room.
I have one major concern with each of these homes. The downstairs view for most of them is not much more than a brick wall or embankment. The best views were usually upstairs views from the front or rear of the homes. Being a tract home, each home has minimal set back from its’ neighbor, with homes in higher elevations enjoying greater privacy. This is a disappointment for homes in this price range.
My wife was a bit put off by the rather imposing kitchens. They are appropriately huge with ovens that look more like stereos - sprouting buttons, gauges and switches. The refrigerator in one model had 2 doors that were each about 3 feet wide and heavy as a safe. Once opened, the refrigerator shelving was only about a foot deep. Forget about walking by an open refrigerator door, it’s like crossing the border. You have to wait for the door to close.
The central island stands about chest high on me and a bit higher for my wife. The cabinets were fabulous but again a bit high. My wife could not see inside the microwave mounted on the overhead cabinets. If you are an NBA basketball player, you’ll love these kitchens.
Some of the family rooms were centered on fireplaces with the entertainment center off to one side. Other family rooms were centered on the entertainment center with the fireplace off to one side. Personally, I am more of a tired tv person in the evening than a romantic fireplace person. I’ve been married a long time.
A word about presentation. I expect to see all the most expensive upgrades on new home models. Designer nick-nacks and leather furniture do well in these homes. However, please don’t try to sell me a 6,000 sq ft home by employing undersized furniture and beds in the bedrooms! It’s a bit tawdry and silly in these huge homes.
If you want me to see the genius of design in your outside living areas, then impress me. Don’t stick a mid-priced home depot barbeque in the middle of a huge stucco wrap around. Show me some barbeque tech and a built-in refrigerator at least. Also, explain to your interior designer that outside design means not putting candle decorations in the sun. They melt all over the furniture!
From a strictly safety point of view, I was glad to see home sprinkler systems standard in these homes. I was a bit concerned that none of the second floor homes had a second way downstairs other than the main staircase. That might be an issue in a home fire. Why doesn’t someone develop a stylish way to hide a few fire extinguishers in these huge homes? Once the main sprinkler system trips, water damage can get expensive.
Speaking of technology, I didn’t see much. Lots of extra bedrooms/dens, but I didn’t see a single home theater. I saw no integrated solar panels powering these huge homes even though we live in an area of the world that just screams for them. Many local residences and businesses have already adapted them as eco-friendly and economic windfalls. There is no voice activated lighting or music. No adjustable polarizing windows on the sun side of the home or even personalized door locks. I guess that is just too much to ask for.
I did see 3 air-conditioning units lined up just outside the window of a ground floor bedroom in a 1.5 million dollar model home. Yuuch!
We all know a large part of our population is rapidly aging, but I saw none of the new elevator designs which are now available to two story residences. These new elevators are concealed behind what looks like closet doors, yet are wide enough for wheelchairs. They open up a whole new market for two story structures and enable long term home owners to maintain the full utilization of their homes, even if their owners develop physical limitations.
The lots themselves speak for the way our culture seems to have changed in the last few decades. The tract is locked away behind some really pretty wrought iron gates. Presumably this is for enhanced security and privacy. It just doesn’t work. People just follow each other through the opened gates.
If you are serious about security, you can employ an additional entry arm to separate individual vehicles as they pass through the gate or you hire real, live gate security. I’ve seen many less expensive neighborhoods with better security than this – (see Victoria Estates in Oxnard).
The individual lots remind me of pictures of aircraft parking revetments in a war zone. Stone walls atop earthen embankments surround each lot on the sides and back. It looks for all the world like someone hooked a tow bar to the front of each home and shoved it into its own parking spot. Whatever happened to neighborhoods with lot lines made of flowering hedges and property lines of fragrant evergreens? Sorry, I’m showing my age.
Considering what people seem to want in a new home these days, I give these homes a solid B. Although the design of the exterior spaces on some of the two story models is intriguing, I didn’t see much real innovation or serious new technology. These are just nice, big, expensive tract homes like they have been building for the last 10 years.
Just the way I see it.
Mark Thorngren
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http://www.markthorngren.com/
mark@markthorngren.com
(805) 504-0228
Movwest Realty, Inc.
Monday, May 11, 2009
Camarillo's Montelena 1 Tract
Camarillo’s Montelena 1 Tract
There are many wonderful neighborhoods in Camarillo, but one of the nicer mid-priced tracts is Montelena 1. Built 1990 through 1995, these are very comfortable Mission Oaks homes, with a number of view locations. They are 3 and 4 bedroom homes with 2.5 to 3.5 bathrooms which range from about 1800 sq ft to almost 2800 sq ft. Lots range in size from about 6,000 sq ft to over 9,500 sq ft. The homes are all uniform stucco with red tile roofs, built with many luxury amenities, nicely landscaped and with no HOA!
The homes in Montelena 1 are located in the Mission Oaks area with a hilltop view overlooking the Calleguas Creek. Flynn and Lewis Roads are part of the expansive view to the North and West with mountain and partial ocean views on the horizon. This is a fairly quiet neighborhood with limited access to the busier streets of Creekside Drive and Mission Oaks Boulevard.
The neighborhood itself resembles a flattened loop with 3 streets and a cul-de-sac. Via Pacheco and Paseo Montelena have some amazing view locations, while Via Cupertino runs a block behind the cliffside homes. Chula Vista Court is a small cul-de-sac off of Paseo Montelena with a quiet, friendly feel.
Most of the homes I’ve seen have generous back yards that often sport large patio decks (especially the cliffside homes) or very private, lushly landscaped gardens. More than a few of these homes have gorgeous inground pools, built-in barbeques and decorator deck furniture.
Most of the kitchens I have seen are expensively upgraded with granite countertops and stainless appliances. They usually face the backyard and often have part of the valley view. Living rooms and family rooms enjoy vaulted ceilings and at least one fireplace. The master bedrooms are usually downstairs with backyard views or patio access. Huge master baths sport upgrades that may include double marble vanities, separate tub and tile shower enclosures, designer light fixtures and cabinetry.
There are usually 2 to 3 upstairs bedrooms which are quite a bit smaller than the downstairs master and a bit tight in my opinion for a home in this price range. That would be my main criticism of these homes. If Mom and Dad are using the downstairs master and the kids are upstairs, it’s okay. However, if grandma is living here or one of the kids have moved back in, the upstairs bedrooms are small.
Most homes have a downstairs hallway half bath that opens to the living room and the laundry is usually downstairs as well. Inside access to the two car garage is internal also, and a very few homes even have a 3 car garage. If you are retired or the kids are away at college, you essentially have a single story home with upstairs office and guest room. Pretty darn comfortable and often with the perfect backyard view for a couple to enjoy at sunset with an ice cold beverage or maybe a little barbeque with friends.
Eleven homes have come to market in the last year.
Two properties expired last summer after 6 month listings when they didn’t sell at $715,500 and $719,500 respectively.
Five homes have sold for an average of $635,000 with the highest sale price at $687,000 for a 2,400 sq ft home and the lowest sold at $600,000 for a 1,800 sq ft home.
There are four homes actively being marketed in this tract for an average listing price of just over $623,000. The lowest priced home is listed at $539,000 and 1,800 sq ft (it’s a short sale), while the highest priced home is listed at $690,000 for 1,800 sq ft. There is one home priced at $679,900 with almost 2,800 sq ft and a beautiful backyard pool.
By my calculations only one of these eleven homes was a distressed sale, meaning only one home was a short sale or foreclosure. That makes this tract a very stable investment for any home buyer. Just the same, values appear to have eroded about $1,000 to $1,500 a month over the last year. This compares to over $4,000 a month in some Oxnard neighborhoods with even larger, newer homes. (see my blog on Victoria Estates).
Four or five years ago, these homes were selling for the high $600,000’s to low $700,000 range, so they really have not come down as much as I would have expected. These homes are very comfortable, built in a premium location, and are a very solid investment for those with the means to take advantage of our current market.
Warmest Regards,
Mark Thorngren
www.markthorngren.com
mark@markthorngren.com
(805) 504-0228
There are many wonderful neighborhoods in Camarillo, but one of the nicer mid-priced tracts is Montelena 1. Built 1990 through 1995, these are very comfortable Mission Oaks homes, with a number of view locations. They are 3 and 4 bedroom homes with 2.5 to 3.5 bathrooms which range from about 1800 sq ft to almost 2800 sq ft. Lots range in size from about 6,000 sq ft to over 9,500 sq ft. The homes are all uniform stucco with red tile roofs, built with many luxury amenities, nicely landscaped and with no HOA!
The homes in Montelena 1 are located in the Mission Oaks area with a hilltop view overlooking the Calleguas Creek. Flynn and Lewis Roads are part of the expansive view to the North and West with mountain and partial ocean views on the horizon. This is a fairly quiet neighborhood with limited access to the busier streets of Creekside Drive and Mission Oaks Boulevard.
The neighborhood itself resembles a flattened loop with 3 streets and a cul-de-sac. Via Pacheco and Paseo Montelena have some amazing view locations, while Via Cupertino runs a block behind the cliffside homes. Chula Vista Court is a small cul-de-sac off of Paseo Montelena with a quiet, friendly feel.
Most of the homes I’ve seen have generous back yards that often sport large patio decks (especially the cliffside homes) or very private, lushly landscaped gardens. More than a few of these homes have gorgeous inground pools, built-in barbeques and decorator deck furniture.
Most of the kitchens I have seen are expensively upgraded with granite countertops and stainless appliances. They usually face the backyard and often have part of the valley view. Living rooms and family rooms enjoy vaulted ceilings and at least one fireplace. The master bedrooms are usually downstairs with backyard views or patio access. Huge master baths sport upgrades that may include double marble vanities, separate tub and tile shower enclosures, designer light fixtures and cabinetry.
There are usually 2 to 3 upstairs bedrooms which are quite a bit smaller than the downstairs master and a bit tight in my opinion for a home in this price range. That would be my main criticism of these homes. If Mom and Dad are using the downstairs master and the kids are upstairs, it’s okay. However, if grandma is living here or one of the kids have moved back in, the upstairs bedrooms are small.
Most homes have a downstairs hallway half bath that opens to the living room and the laundry is usually downstairs as well. Inside access to the two car garage is internal also, and a very few homes even have a 3 car garage. If you are retired or the kids are away at college, you essentially have a single story home with upstairs office and guest room. Pretty darn comfortable and often with the perfect backyard view for a couple to enjoy at sunset with an ice cold beverage or maybe a little barbeque with friends.
Eleven homes have come to market in the last year.
Two properties expired last summer after 6 month listings when they didn’t sell at $715,500 and $719,500 respectively.
Five homes have sold for an average of $635,000 with the highest sale price at $687,000 for a 2,400 sq ft home and the lowest sold at $600,000 for a 1,800 sq ft home.
There are four homes actively being marketed in this tract for an average listing price of just over $623,000. The lowest priced home is listed at $539,000 and 1,800 sq ft (it’s a short sale), while the highest priced home is listed at $690,000 for 1,800 sq ft. There is one home priced at $679,900 with almost 2,800 sq ft and a beautiful backyard pool.
By my calculations only one of these eleven homes was a distressed sale, meaning only one home was a short sale or foreclosure. That makes this tract a very stable investment for any home buyer. Just the same, values appear to have eroded about $1,000 to $1,500 a month over the last year. This compares to over $4,000 a month in some Oxnard neighborhoods with even larger, newer homes. (see my blog on Victoria Estates).
Four or five years ago, these homes were selling for the high $600,000’s to low $700,000 range, so they really have not come down as much as I would have expected. These homes are very comfortable, built in a premium location, and are a very solid investment for those with the means to take advantage of our current market.
Warmest Regards,
Mark Thorngren
www.markthorngren.com
mark@markthorngren.com
(805) 504-0228
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