Covenant Hills Homesites for sale

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zovall_IHB

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Just got this via email:



<blockquote>7 Alexa Lane

Homesite 63

Approx. 8,293 Square Feet

Views over the Ladera Ranch Valley with evening city lights and

natural terrain.

Priced from the Low $700,000s



5 Broken Arrow

Homesite 86

Approx. 10,290 Square Feet

Beautiful views over the Ladera Ranch Valley with evening

city lights.

Priced from the Low $900,000



16 Sky Ranch Road

Homesite 2

Approx. 12,990 Square Feet

Beautiful panoramic views overlooking the San Juan Valley with

evening city lights.

Priced from the Low $1,000,000s

</blockquote>


Anyone else have a feeling that these are going to be on the market for a very long time?
 
[quote author="zovall" date=1232444939]Just got this via email:



<blockquote>7 Alexa Lane

Homesite 63

Approx. 8,293 Square Feet

Views over the Ladera Ranch Valley with evening city lights and

natural terrain.

Priced from the Low $700,000s



5 Broken Arrow

Homesite 86

Approx. 10,290 Square Feet

Beautiful views over the Ladera Ranch Valley with evening

city lights.

Priced from the Low $900,000



16 Sky Ranch Road

Homesite 2

Approx. 12,990 Square Feet

Beautiful panoramic views overlooking the San Juan Valley with

evening city lights.

Priced from the Low $1,000,000s

</blockquote>


Anyone else have a feeling that these are going to be on the market for a very long time?</blockquote>


The 1st lot is about 0.2 ac that equate to $3.7 mil/ac (too small for custom home)

The 2nd lot is about .23 ac and that equate to $3.8 mil/ac (overpriced)

The 3rd lot is about 0.3 ac and that is about $3.35/ac. (industry standard)



Finished lot like I said before should be about $2.5 million+/ac unless it is unimproved land requiring septic pool like in Orange Park Acre. Custom lot prices would a considered a good deal when the price is between $2.5-2.75 mil/acre in a branded village such as Ladera and a steal on Irvine Ranch.



My accessment is that the lots will sit there.
 
[quote author="zovall" date=1232444939]Just got this via email:



<blockquote>7 Alexa Lane

Homesite 63

Approx. 8,293 Square Feet

Views over the Ladera Ranch Valley with evening city lights and

natural terrain.

Priced from the Low $700,000s



5 Broken Arrow

Homesite 86

Approx. 10,290 Square Feet

Beautiful views over the Ladera Ranch Valley with evening

city lights.

Priced from the Low $900,000



16 Sky Ranch Road

Homesite 2

Approx. 12,990 Square Feet

Beautiful panoramic views overlooking the San Juan Valley with

evening city lights.

Priced from the Low $1,000,000s

</blockquote>






















Anyone else have a feeling that these are going to be on the market for a very long time?</blockquote>










I've been watching covenant hills for awhile. The high end is not moving at all. Those custom homes are very nice, but why would anyone plop down 3-5 million dollars when there are a ton of homes in Newport, Newport Coast, and Shady Canyon in the same price range.



My wife and I will consider Ladera mainly because our price range is 1.2-1.5 million and this would only buy a 2400 sq foot house with a tiny yard in Newport Coast compared to 4000 sq foot house with pool, grassy yard, nice upgrades in Ladera(Encantada and Arboledo). We live in a newport coast condo now, and if we want to stay in NC we'd probably pick Belcara....but those are 1.3-1.7 mill with a shared driveway and tiny yard..not a whole lot different than a condo.
 
Granted, I am not a real estate agent, and so do not understand all the finer points of marketing high end properties. When I see a price change like the following, I am confused. High end properties are not entertaining bidding wars.





This short sale, <a href="http://www.redfin.com/CA/Ladera-Ranch/6-Mission-Ridge-Rd-92694/home/5934617">6 Mission Ridge</a>, was originally listed at $3,100,000, lowered and recently listed at $2,490,000, and now raised to $2,790,000. Huh? The bank told the agent they were getting too many offers at $2,490,000, so the asking price needed to be raised by $300,000? Can anybody help me understand this?
 
As long as we are looking at Covenant Hills today, according to Redfin, there are 9 new listings within the last 8 days. I would have made it a week, but the front photo for <a href="http://www.redfin.com/CA/Ladera-Ranch/11-Anna-Ln-92694/home/5961801">11 Anna Lane</a> is quite attractive, even if the price is not.



The other 8 properties listed just in time for the much anticipated spring selling season are:



<a href="http://www.redfin.com/CA/Mission-Viejo/2-Overlook-Dr-92694/home/5962791">2 Overlook</a> @ $479 per sq ft,

<a href="http://www.redfin.com/CA/Ladera-Ranch/16-Thomas-Rd-92694/home/5962756">16 Thomas Road</a>; absolutely gorgeous and priced to sit unsold for years @ $518 per sq ft,

<a href="http://www.redfin.com/CA/Ladera-Ranch/1-San-Luis-Obispo-St-92694/home/5934483">1 San Luis Obispo</a> priced 21% less than it's 2006 selling price, but 21% over what it would sell for today. Presently listed @ $499 per sq ft.

<a href="http://www.redfin.com/CA/Ladera-Ranch/92-Bell-Pasture-Rd-92694/home/5962284">92 Bell Pasture</a> @ $379 per sq ft for 8,700 sq ft. Wow, that is huge!

<a href="http://www.redfin.com/CA/Ladera-Ranch/20-Mission-Ridge-Rd-92694/home/5934606">20 Mission Ridge</a> @ $484 per sq ft. Bwa-ha-ha-ha-ha-ha! It comes with a name, "Vista Toscana". I do not know if a named property costs extra.

A "fixer upper" at

<a href="http://www.redfin.com/CA/Ladera-Ranch/66-Bell-Pasture-Rd-92694/home/5962321">66 Bell Pasture Road</a>. When reading the description it occurs to me that there must be a series of seminars for realtors, "Turn lemons into lemonade", "The glass is half full, even if it is a very small glass", "The Sun Will Come Out Tommorrow", "Anybody can flip."

And a couple of WTHs at <a href="http://www.redfin.com/CA/Mission-Viejo/4-Connor-Ct-92694/home/5963138">4 Conner Ct.</a>

and <a href="http://www.redfin.com/CA/Mission-Viejo/23-Galaxy-Isle-92694/home/5934346">23 Galaxy Isle</a>.







The news is all full of articles about home sales rising. It doesn't look like Covenant Hills has a newspaper boy to let them know.
 
I think Covenant Hills was a builder's attempt to bring a little bit of Coto to Ladera Ranch. Frankly, if I wanted to spend that kind of money and live in So County, I would live in Coto.
 
[quote author="freedomCM" date=1237599494]What "city lights" view are they talking about? Can you see downtown San Diego from there? Or even 'downtown' SJC?</blockquote>


Probably the crackling that comes off the power lines on a foggy night.
 
[quote author="awgee" date=1237586383]

<a href="http://www.redfin.com/CA/Ladera-Ranch/16-Thomas-Rd-92694/home/5962756">16 Thomas Road</a>; absolutely gorgeous and priced to sit unsold for years @ $518 per sq ft,

</blockquote>


Now I have been known to make fun of Fraudera Ranch with the best of 'em (my Mom lived there in '02-'05 and hated it), but I have to give this realtor on the home linked above a round of applause.



In her desperate attempt to move this overpriced McMansion, she has described it as a <strong>"Father of the Bride"</strong> home because it does bear a slight resemblance to the warmly pleasant looking old house on the grand leafy San Marino street in that old Steve Martin movie. (Nevermind the shrimpy trees in Ladera are decades away from being leafy or grand, just go with it) <strong><em>But she didn't stop there!</em></strong> In the Redfin picture of the family room with the cheesy Ethan Allen knockoff staged furniture, she photoshopped a screen capture from the actual movie on to the widescreen TV! It's subtle and almost subliminal, and yet it's hilariously ballsy at the same time!



Bravo Ms. McMansion Realtor! Your focus on the details might just impress the right sucker and get you a sale!
 
^^Way to pay attention Mighty.



It appears she also photoshopped in a roaring fire in the "study" and the Lakers game in the "billiards room" and the "pool retreat" outside.
 
Skekkers - Check this REO out. I seem to remember previewing this home a couple of years and a few listing agents ago. IIRC, the listing price was over $2,000,000 and may have been closer to $3,000,000. How the mighty have fallen. Does the water in the pool appear to be green? How I hope that is just an odd photo color.











<a href="http://www.redfin.com/CA/Ladera-Ranch/8-Forest-St-92694/home/5934438">8 Forest St.</a> is listed at $1,150,000 or $214 per sq ft. I can not help but wonder what the lot cost? This is a new custom home. It was lived in a bit by a "stager". Anybody know what the Mello Roos and HOAs are in Covenant Hills? The elementary and middle schools are wonderful, but the high school is San Juan Hills which would not be my first choice.
 
A <a href="http://www.redfin.com/CA/Ladera-Ranch/92-Bell-Pasture-Rd-92694/home/5962284">$3,000,000 REO.</a>
 
[quote author="MightyAlweg" date=1237630191][quote author="awgee" date=1237586383]

<a href="http://www.redfin.com/CA/Ladera-Ranch/16-Thomas-Rd-92694/home/5962756">16 Thomas Road</a>; absolutely gorgeous and priced to sit unsold for years @ $518 per sq ft,

</blockquote>


Now I have been known to make fun of Fraudera Ranch with the best of 'em (my Mom lived there in '02-'05 and hated it), but I have to give this realtor on the home linked above a round of applause.



In her desperate attempt to move this overpriced McMansion, she has described it as a <strong>"Father of the Bride"</strong> home because it does bear a slight resemblance to the warmly pleasant looking old house on the grand leafy San Marino street in that old Steve Martin movie. (Nevermind the shrimpy trees in Ladera are decades away from being leafy or grand, just go with it) <strong><em>But she didn't stop there!</em></strong> In the Redfin picture of the family room with the cheesy Ethan Allen knockoff staged furniture, she photoshopped a screen capture from the actual movie on to the widescreen TV! It's subtle and almost subliminal, and yet it's hilariously ballsy at the same time!



Bravo Ms. McMansion Realtor! Your focus on the details might just impress the right sucker and get you a sale!</blockquote>


Hilarious! LMAO!



Seriously though.... Covenant Hills is in BAD SHAPE. There are so many factors working against it.... I don't see the point to CH? Why pay the really high HOAs for a simple gate that probably provides little, if any, security? Seems pointless? The more and more homes like these that go on the market, the more we are going to see a massive freefall in prices (assuming anyone actually wants to jump off a cliff and buy one in 2009 or 2010). These homes will be selling in the 800s and 900s in 2011 and 2012.
 
It is not that people are paying the $200 extra HOA per month so that they can have the security of living behind gates, they are paying $200 extra HOA per month so that they can tell people that they live behind gates.
 
[quote author="Joe33" date=1240962086]It is not that people are paying the $200 extra HOA per month so that they can have the security of living behind gates, they are paying $200 extra HOA per month so that they can tell people that they live behind gates.</blockquote>


I stand corrected.... you are in fact right, Joe33. Unfortunately there are still a very large number of "keeping up with the joneses" people living in Ladera Ranch and MANY of them are concentrated in Covenant Hills. So sad. They will regret that lifestyle soon, if they haven't already.
 
[quote author="awgee" date=1240955021]A <a href="http://www.redfin.com/CA/Ladera-Ranch/92-Bell-Pasture-Rd-92694/home/5962284">$3,000,000 REO.</a></blockquote>


After the three million dollar Hollywood short sale HELOC abuse from hell from this weekend's special feature, I'll believe anything at this point.
 
[quote author="Geotpf" date=1240968091][quote author="awgee" date=1240955021]A <a href="http://www.redfin.com/CA/Ladera-Ranch/92-Bell-Pasture-Rd-92694/home/5962284">$3,000,000 REO.</a></blockquote>


After the three million dollar Hollywood short sale HELOC abuse from hell from this weekend's special feature, I'll believe anything at this point.</blockquote>


Looks like the found a sucker..err...buyer!



<blockquote>STATUS: Backup Offers Accepted</blockquote>
 
[quote author="zovall" date=1232444939]Just got this via email:



<blockquote>7 Alexa Lane

Homesite 63

Approx. 8,293 Square Feet

Views over the Ladera Ranch Valley with evening city lights and

natural terrain.

Priced from the Low $700,000s



5 Broken Arrow

Homesite 86

Approx. 10,290 Square Feet

Beautiful views over the Ladera Ranch Valley with evening

city lights.

Priced from the Low $900,000



16 Sky Ranch Road

Homesite 2

Approx. 12,990 Square Feet

Beautiful panoramic views overlooking the San Juan Valley with

evening city lights.

Priced from the Low $1,000,000s

</blockquote>


Anyone else have a feeling that these are going to be on the market for a very long time?</blockquote>


All three are still on the market and six more have joined their ranks, priced from $395,000 to $1,150,000. Three are listed as short sales.
 
[quote author="awgee" date=1243720768]

All three are still on the market and six more have joined their ranks, priced from $395,000 to $1,150,000. Three are listed as short sales.</blockquote>


Covenant Hills lot sizes are a joke for custom homes. They need to consider finding a few places with side by side open lots, and merge them into a single one and sell them at the $500-700k range.



Ya, some of the homes people built are nice, but putting these large homes on such small lots is stupid.



Delroy
 
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