Building a new home in Carlsbad is not an easy task. Ask Fred Arbuckle, president of Morrow Development. It has taken him almost a decade to be able to see his vision of the Villages of La Costa to come to fruition, 1,800 homes spread between three distinct communities: La Costa Oaks, La Costa Greens and La Costa Ridge.
Arbuckle had to contend with the city’s strict growth management program, a host of environmental issues and coordinate half a dozen builders to complete the ambitious project, but his careful planning has paid off. The first two areas of the Villages, the Oaks and The Greens, were extremely popular and are almost completely sold out. The Ridge remains.
Currently in development by Warmington, Pulte and Shea Homes, the Ridge is an exclusive, gated community uniquely situated at the highest point in La Costa. Because of its supreme elevation, many of the Ridge’s home sites have unobstructed, jaw-dropping views.
Also, many of the available lots are 10,000+ square feet, which is rare in new developments. Such views and large lots were once reserved for the estates that adorn El Fuerte Street in La Costa; estates that have recently commanded sales prices of $2,000,000 and above. And while the Ridge will not appeal to every family's needs (or budget), it is recommended that buyers looking to purchase in the next year consider the remaining new construction projects in Carlsbad. They represent the best buys in the current market.
Changing Environment
Comparing 2006 to years prior, it is safe to say the local market has changed. The number of homes sold, both in the resale and the new construction market, has lessened. The number of homes for sale has risen steadily from the beginning of the year to the highest levels to date.
Although Carlsbad homeowners have seen almost eight years of sensational appreciation, many sellers are reluctant to offer their home for any less than what it would have sold at the height of the market. In this market, the current buyer must feel as though he or she is getting a ‘value-purchase’. In many cases this means below market value; something current sellers are not willing to do. Developers have larger margins to work within and have little to no emotion tied to the sale of their property.
That being said, the developers' willingness to negotiate is only part of the reason why many buyers are finding themselves purchasing new construction. Most projects are offering standard upgrades, such as granite countertops, crown-molding and stainless steel appliances. The developer may also be offering a flooring package or landscape allowance, like John Laing Homes in La Costa Greens, to make their offer more appealing. Also, the developer will have builder warranties that protect the purchaser after their purchase and assure their home is to their liking.
Tips for Purchasing New Construction
A buyer in today’s market should explore all of their options in both resale and new construction. Compare the different aspects of each new community and decide what is most important to you and your family.
Once an area is chosen, research the pricing history of the individual phases. If there are major discrepancies between the phases, find out why. One release might have included entirely ocean view properties, while another may back a busy road. Another interesting statistic is how fast, or slow, the properties in the track sold. If you can get a gauge on how popular the track has been, it may bring insight into the future desirability of the neighborhood. One San Diego company, MarketPointe, releases quarterly data on the trends of local new construction and can provide you with excellent insight.
Finally, you should also talk with an educated professional to compare ideas. A seasoned real estate professional can offer many years of practical experience in many different markets and should be used as another great resource.
Arbuckle had to contend with the city’s strict growth management program, a host of environmental issues and coordinate half a dozen builders to complete the ambitious project, but his careful planning has paid off. The first two areas of the Villages, the Oaks and The Greens, were extremely popular and are almost completely sold out. The Ridge remains.
Currently in development by Warmington, Pulte and Shea Homes, the Ridge is an exclusive, gated community uniquely situated at the highest point in La Costa. Because of its supreme elevation, many of the Ridge’s home sites have unobstructed, jaw-dropping views.
Also, many of the available lots are 10,000+ square feet, which is rare in new developments. Such views and large lots were once reserved for the estates that adorn El Fuerte Street in La Costa; estates that have recently commanded sales prices of $2,000,000 and above. And while the Ridge will not appeal to every family's needs (or budget), it is recommended that buyers looking to purchase in the next year consider the remaining new construction projects in Carlsbad. They represent the best buys in the current market.
Changing Environment
Comparing 2006 to years prior, it is safe to say the local market has changed. The number of homes sold, both in the resale and the new construction market, has lessened. The number of homes for sale has risen steadily from the beginning of the year to the highest levels to date.
Although Carlsbad homeowners have seen almost eight years of sensational appreciation, many sellers are reluctant to offer their home for any less than what it would have sold at the height of the market. In this market, the current buyer must feel as though he or she is getting a ‘value-purchase’. In many cases this means below market value; something current sellers are not willing to do. Developers have larger margins to work within and have little to no emotion tied to the sale of their property.
That being said, the developers' willingness to negotiate is only part of the reason why many buyers are finding themselves purchasing new construction. Most projects are offering standard upgrades, such as granite countertops, crown-molding and stainless steel appliances. The developer may also be offering a flooring package or landscape allowance, like John Laing Homes in La Costa Greens, to make their offer more appealing. Also, the developer will have builder warranties that protect the purchaser after their purchase and assure their home is to their liking.
Tips for Purchasing New Construction
A buyer in today’s market should explore all of their options in both resale and new construction. Compare the different aspects of each new community and decide what is most important to you and your family.
Once an area is chosen, research the pricing history of the individual phases. If there are major discrepancies between the phases, find out why. One release might have included entirely ocean view properties, while another may back a busy road. Another interesting statistic is how fast, or slow, the properties in the track sold. If you can get a gauge on how popular the track has been, it may bring insight into the future desirability of the neighborhood. One San Diego company, MarketPointe, releases quarterly data on the trends of local new construction and can provide you with excellent insight.
Finally, you should also talk with an educated professional to compare ideas. A seasoned real estate professional can offer many years of practical experience in many different markets and should be used as another great resource.