Shady Canyon

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Zulu said:
Skek,

Well, I will tell you that my building costs including landscaping are less than $290/sf with better quality and amenities than most of the specs I've seen. My house won't be one that you can tell a story about i.e. "...floor tiles salvaged from the ruins of Pompei" and "...doors from the Vatican and blessed by the Pope" but it will be excellent quality, practical and worth what we paid for it in this market or any other. Building costs have dropped greatly since most of the spec homes were started, but land is still the #1 cost. Even so, I could pay $2.5m for a lot and put a better home on it for less than most of the spec homes in Shady. The lots, as overpriced as they are, are still the best value in Shady if you know what you're doing.
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I didn't know that I could order doors from the Vatican blessed by the Pope, my grandma (old school european catholic grandma) would have loved that. haha
 
skek said:
Great post Zulu, thanks for responding.

"...floor tiles salvaged from the ruins of Pompei...”

Genius!
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I'm still waiting for the "Shell sconces salvaged from the lost city of Atlantis". Seriously though - the best one that I've heard was touring the former "Gucci Estate" on Aliso Creek Beach previously owned by Severin Wunderman and lot was originally owned by Charlie Chaplin (now owned by the Roberts family of Mission Tortilla fame) where bricks in the floor of the kitchen had been imported from a prison in Spain and had come with instruction on how to scrub the bricks in order to get the blood off...
 
just saw 72 golden eagle this sunday, pretty amazing, by far the best I've seen in Shady. Richard Krantz is brilliant.

I remember when the property was first listed prior to completion at 15...now its 9.95. The sunken courtyard is a nice feature, makes the subterranean level much more liveable, although now there are huge windows in the home theater, and not having the courtyard on the main level probably means it wouldn't be used as much...does that make it a huge light well?
 
cactusfan said:
just saw 72 golden eagle this sunday, pretty amazing, by far the best I've seen in Shady. Richard Krantz is brilliant.

I remember when the property was first listed prior to completion at 15...now its 9.95. The sunken courtyard is a nice feature, makes the subterranean level much more liveable, although now there are huge windows in the home theater, and not having the courtyard on the main level probably means it wouldn't be used as much...does that make it a huge light well?
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What did you think of the seagrass carpeting? I found it hard and not warm or inviting and if you take your shoes off it actually hurts your feet!
 
72 Golden Eagle is an amazing home. Beautiful views and a lot of light. A bit over the top for my taste, but drop the price about $7 million and I'm definitely a buyer! ;-)

Rumor is that 59 Canyon Creek is now in escrow. The inventory of relatively-fairly-priced new homes (qualifier there...) in Shady seem to be selling at a rate of around 2 per month (that's a guess).
 
Zulu said:
72 Golden Eagle is an amazing home. Beautiful views and a lot of light. A bit over the top for my taste, but drop the price about $7 million and I'm definitely a buyer! ;-)

Rumor is that 59 Canyon Creek is now in escrow. The inventory of relatively-fairly-priced new homes (qualifier there...) in Shady seem to be selling at a rate of around 2 per month (that's a guess).
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Per Redfin, the rate of new listings in the last 30 days is 11.
 
Skek - how did you come up with 50 properties in Shady? I count only 36 on Redfin and 42 on camoves.com, minus the recent sells. Oops - just found the answer to my own question - you're counting the lots for sale as well. Even so, that doesn't seem like such a huge inventory considering there are 400 properties in Shady - 13% of the homes are on the market, but 87% aren't.

Awgee - where can you find that info on Redfin?

Thanks.
 
Zulu said:
Skek - how did you come up with 50 properties in Shady? I count only 36 on Redfin and 42 on camoves.com, minus the recent sells. Oops - just found the answer to my own question - you're counting the lots for sale as well. Even so, that doesn't seem like such a huge inventory considering there are 400 properties in Shady - 13% of the homes are on the market, but 87% aren't.

Awgee - where can you find that info on Redfin?

Thanks.
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The last column in the information section under the map is "DAYS". It is just to the right of the "$/SQFT" column. If you click on the "DAYS", the most recent listings will scroll to the top of the list. Of course, it doesn't show how many new listings are actually relistings, but neither does it show how many "sales" have fallen out of escrow.
 
In looking at Microsoft Live Search it appears that there are approximately 40 sites with grading (obvious current activity) or under construction at the time of the photos. So, with about 50 homes and lots for sale today and 40 more at the time of the photo under construction that would bring the inventory to 90 possible homes on the market this year. Let us assume that 24 homes will sale this year and due to the economy tanking as it is, another 20 to 30 resale's will hit the market. At what point will these home's be selling at or below construction/replacement cost?
 
So the builder(owner) of this spec home is on his 3rd broker (maybe he figures 3rd time's a charm?)

Anyways, this listing is a pretty good example of someone who chases a market down

Total days on the market = 804

First Listed: 7/7/2006: $9,750,000

$8,995,000

$7,995,000

$7,850,000

$7,400,000

$6,988,000 (current list price as of 2/9)

hr95920510-5.jpg
 
Sell4u, do you have the dates of the price drops/correction on that house and at what price would that home sell for in your opinion?

Also, is 4 million the new 5 million in that neighborhood?
 
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