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Old 02-14-2011, 05:35 PM
 
Location: Santaluz - San Diego, CA
4,485 posts, read 8,142,337 times
Reputation: 1976

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Can any of you local experts give your opinion on the neighborhood of Verrazzano in 92127?

Verrazzano at Santaluz Homes (http://www.rsfhome.com/PageManager/Default.aspx/PageID=2096387&NF=1 - broken link)

http://www.northcountyhomesandlifest...go/verrazzano/


Specifically we saw this house that looks nice

7674 Concerto Ln, San Diego, CA 92127 | MLS# 100065765

But we have never looked at this neighborhood before. We are arriving in a few months to look at houses but I'm trying to see if it's worth flying out early to see a few.

I see that this house is a "pre-short sale" so it could take a while.

I'd love to see some feedback on this neighborhood and area. I see it's in the Poway School District which I read has great schools. It's a bit further out than we wanted to be as my wife liked Carmel Valley but I'd love some feedback.

Thanks in advance.

Last edited by earlyretirement; 02-14-2011 at 05:44 PM..
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Old 02-14-2011, 06:06 PM
 
384 posts, read 830,808 times
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I used to live in a condo nearby and it's a very swanky area overall. The school, Willow Grove Elementary is new and great, I'm sure. The surrounding area is beautiful because Verazzano is surrounded by Santaluz, a VERY expensive development that has left lots of open space.
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Old 02-14-2011, 06:08 PM
 
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Oh, and Carmel Valley, in my opinion doesn't have as much character as this area.
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Old 02-14-2011, 06:29 PM
 
Location: Santaluz - San Diego, CA
4,485 posts, read 8,142,337 times
Reputation: 1976
Thanks Janineg for the feedback..yeah I looked on a few websites and the area looks great. I just heard that the weather is much hotter in that area vs. Carmel Valley or Del Mar. I did hear the school is great so this is positive. Thanks so much for taking the time to post.
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Old 02-15-2011, 01:13 PM
 
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It's not much hotter, maybe 5 degrees during the summer. It gets much hotter once you move east and cross the 15 freeway. That's because there are hills and Black Mountain that block the ocean breezes. So Poway and Rancho Bernardo get much hotter. Verazzano doesn't have much blocking it, so it's pretty similar in temperature to Carmel Valley. Some would say that Del Mar is too cool during the summer because it's right along the ocean.
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Old 02-15-2011, 01:31 PM
 
Location: Santaluz - San Diego, CA
4,485 posts, read 8,142,337 times
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Janineg,

Thanks again for that helpful information, especially about it getting hotter once you cross the 15 freeway. I think we will fly up early to take a look at some houses in that area. The HOA and Mello Roos are SUPER high in that area but it looks like a nice area with great schools.

It sounds like you know that area super well. If you had to list anything negative about that area what would be on your top 5 list for negative things?

Thanks again.
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Old 02-15-2011, 01:34 PM
 
Location: San Diego
3,379 posts, read 5,193,420 times
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Verrazzano is a nice area. Very quiet with nearby shopping. We looked at those exact homes back in 2006 when they were all selling for over a million dollars.

The only negative is the hoa and mello-roos fees. You'll be paying over $600 a month (non-tax deductible) in addition to your normal property taxes.

We also didn't like the small yards and garage via alley entrance.
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Old 02-15-2011, 02:29 PM
 
Location: Santaluz - San Diego, CA
4,485 posts, read 8,142,337 times
Reputation: 1976
Quote:
Originally Posted by cruitr View Post
Verrazzano is a nice area. Very quiet with nearby shopping. We looked at those exact homes back in 2006 when they were all selling for over a million dollars.

The only negative is the hoa and mello-roos fees. You'll be paying over $600 a month (non-tax deductible) in addition to your normal property taxes.

We also didn't like the small yards and garage via alley entrance.

Hi Cruitr,

Yeah, so far doing a ton of research that's about the only negatives I could see about the high HOA fees and Mello Roos fees which is a bummer but it sounds like many of the newer communities all have Mello Roos taxes.

Many homes are 25% to 30% off peak. I still think prices will fall a bit more in 2010 as there is such a big amount of "shadow inventory". But it looks like more banks are ready to unload homes in that area at a loss. I'm talking to more realtors now that say both the primary lender and 2nd lien holders are approving short sales. There seems to be a good supply of homes for sale or probably that will go for sale this year that should keep a lid on prices.

I just saw this house that looks gorgeous just a few blocks away that sold last year for $960,000

7685 Cantata Ln, San Diego, CA 92127 | MLS# 100039819

http://www.brenthaywood.com/gallery/...20318212_X8FZd


In some of the properties we are taking a serious look at now, it seems like the lenders (both primary and secondary) have approved short sale deals but buyers are walking away or simply can't get approved for loans.

Before in the bubble years, lenders were giving anyone with a pulse a mortgage...now they are turning down people with good credit scores. It will be interesting to see how the rest of 2010 plays out.

If higher HOA and Mello Roos fees are the biggest/only negative then it sounds like we will be pleased about that area. We have 2 young kids that will start school in a few years so a good school district is one of the most important things for us.
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Old 02-15-2011, 02:56 PM
 
Location: San Diego
3,379 posts, read 5,193,420 times
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Short sales are a real pain. You could spend months working on a deal only to have it fall apart before closing. There are lots of stories about short sales in escrow which resulted in a sudden and unannounced foreclosure by the lender. Lots of time and money wasted.

The homes in Verrazzano are all very nice. You can't go wrong living almost anywhere in that area. Except for maybe the homes backed up to Camino Del Sur. That's a very busy road with lots of noise.
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Old 02-15-2011, 03:15 PM
 
384 posts, read 830,808 times
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The main downside is the small yards. I always thought that if I had the kind of money to afford a house like that, I'd look for older homes (bigger yards) in Olivenhain or Encinitas. But the two you posted do face a very nice park that has a bocce ball court and tables and BBQ/ovens. I've attached a picture from about 6 years ago.
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