The MLS listing description indicates this property is vacant and the seller if motivated. The SDLookup.com report shows only one sale so this property is likey trading below the developer price from 2004.
Type: Listed on MLS(#068033953)
List Price: $875,000
(Range priced $850,000 to $899,000)
Cost: $916,990
Loss@6% Sales Expenses: $94,490
Loss%: 10.30%
Purchase Date: 11/09/2004
Holding Period: 24 months and counting...
Bedrooms: 5
Bathrooms: 2.5
Square Feet: 3390
Purchase Details: view
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4 comments:
This is another Stonebridge disaster. There will be more.
The problems with this development are big. First, they all have sold recently so the break even point is near the market high.
Second, they carry heavy HOA, Mello Roos & property taxes. The monthly load on this property is about $1,450 a month. That is before you get to your mortgage payment. Even if it's interest only, your looking at around $3,000 to $5,000 per month.
Who wants to jump onto that financial treadmill in a falling market?
Stonebride is Scripps Ranch's Titanic. It's hit the iceberg, the first class passengers are getting in the lifeboats. Pretty soon it will be too late for the rest of them--they will all be underwater.
Just my opinion.
Traitor Broker
This is a good one to keep an eye on
From previous post about Victorian House - checked Lew Breeze site - it has been marked down again to 549K!! At least they have a "motivated seller." Will be interesting to see what it sells for.
I am glad that finally, someone has commented about Stonebridge!
As a Scripps Ranch resident since late 1996 (bought at the lowest point in the market), I was against the overdevelopment of this area which was formerly called Rancho Encantada - does anyone remember that name?
These homes are nice, but way overpriced compared to similar homes we were looking at in '98 - 2000.
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