Looking for first home - 15 corridor vs. San Marcos/Carlsbad

[GuyInSD]

Before buying within the Poway Unified School District, make certain you understand the implications of what their Capital Appreciation Bonds (approved in 2008, sold in 2011) are. Starting about 16 years from now, they are on the hook for repaying $981M over the following 20 years. The PUSD has a small blurb about this on their Board Advisory Committees page.

[NYSD1995]

I think 15 corridor, particularly Poway, RB / RP is nicer than SM / Vista / Oceanside and the 15/56 corridor is more free flowing than 5/78... Inland North County is still pretty removed from central SD due to geography (mainly Rancho Santa Fe) and 15 corridor feels more connected to other places in SD, you can get from RP to Downtown SD in under 30 minutes, from SM it's more like an hour.

[oddstray]

Originally Posted by GuyInSD

Before buying within the Poway Unified School District, make certain you understand the implications of what their Capital Appreciation Bonds (approved in 2008, sold in 2011) are. Starting about 16 years from now, they are on the hook for repaying $981M over the following 20 years. The PUSD has a small blurb about this on their Board Advisory Committees page.

I'm guessing, so verify this. If you live outside of Poway itself but still within PUSD, you aren't on the hook for repayment since you never voted for the bond. But, you're more likely not to benefit from the upgrades that were paid for by the bond.

[GuyInSD]

Originally Posted by oddstray

I'm guessing, so verify this. If you live outside of Poway itself but still within PUSD, you aren't on the hook for repayment since you never voted for the bond. But, you're more likely not to benefit from the upgrades that were paid for by the bond.

I would guess that any property within the School Facilities Improvement District will see this on its Property Tax Bill.

Some FAQs are available on PUSD's webpages:

Main PUSD CAB page

Link to FAQS

From the FAQs:
"only parcels in the SFID are obligated to pay the SFID taxes"
"Anyone who pays property taxes in the SFID will be taxed the $55/$100,000"

It appears that the overall effect of the CAB is that the capped limit of $55/$100K on Property Taxes for debt servicing will, starting sometime around 2040, be entirely taken up for paying off the bonds issued in 2011 (see attached taken from PUSD's webpage) - so any future PUSD financing needs will only be possible by voter approval. I'm sure that'll be fine - the infrastructure they have now won't need any sort of improvements/repairs/replacement for the next 35 years - PUSD voters have already said so, in 2008, when they voted to approve this.

Edit: From their own chart, it looks like Property Owners are currently paying around $15/$100K, with annual increases until the amount levels off near the cap of $55/$100K. Future Property owners will be paying more than triple of what current Property owners are paying for servicing PUSD bonds.

[oddstray]

Originally Posted by GuyInSD

I would guess that any property within the School Facilities Improvement District will see this on its Property Tax Bill.

Some FAQs are available on PUSD's webpages:

Main PUSD CAB page

Link to FAQS

From the FAQs:
"only parcels in the SFID are obligated to pay the SFID taxes"
"Anyone who pays property taxes in the SFID will be taxed the $55/$100,000"
...

Yeah, I tried to look at all of that stuff. It's beyond my comprehension.

I am in the SFID (I'm in RP). And, I was not given an opportunity to vote for or against this bond issue. So I don't see how they can assess me for any repayment of it.

[Julianpieohmy]

Originally Posted by djxpress

Have you looked in the Rancho Penasquitos area? It's still in the Poway School District, yet prices seem to be a little more affordable than Carmel Mountain Ranch. The Poway School District is one of the best, and the access to amenities in that area is outstanding, plus you're only 5 minutes away from Mira Mesa/Miramar which has every amenity you could ever want.

San Elijo hills, while nice, is not an area I'd ever want to live. It's way too "secluded" being tucked back into the Harmony Grove/Elfin Forest area. If you lived there, you only have the Albertson's that's in the small center of the city. You'd have to make a 15 minute trip out of the area to get to any real amenities. HOA's are pretty high in that area too. Plus the new housing in Harmony Grove is being sold, and they have 1-2 more stages they're going to build out. The traffic in that areas going to be a nightmare, they are building way too much housing with no ingress/egress roads to support it.

San Elijo is more secluded, but has great trails, parks, and open spaces. The downside is that these areas are vulnerable to wildfires. Although, seclusion doesn't necessarily mean that you can avoid the fires. RB/PQ is not secluded, but it still was affected by the wildfires. San Elijo had a close call last year.

Things to consider!

[thorvitz]

I'd rather Poway (love RB, CM). Comfy and hate 45 min commutes. Not as sexy as the coast for nice unique restaurants and an upscale vibe. But Poway is super friendly, easy to get daily stuff, and safe/quiet.

Are inventories severely repressed? I see little under 650 in RPQ and almost nothing in CM. either too early in season or I'm too picky in restricting to a detached town home/single family. In general there's few new standout listings in my range (500-625k).

[Westofthe5]

My recommendation is to look in the area of San Marcos that borders Carlsbad around the San Marcos Blvd/Palomar Airport headed west towards Melrose. North or south on Melrose is a little more affordable than San Elijo and typically doesn't have the high Mello Roos payment. The shopping you are looking to be near is just another mile or so headed west in the Bressi Ranch area.

If you travel further north on Melrose you get into the Shadowridge area of Vista which is also more affordable than some other areas of n. county but still nearby shopping and has good access for commuting.

Another option that is a great community nearby shopping is the Discovery Hills neighborhood which you will find south of San Marcos Blvd and Bent Ave. Great community feel. They have good hiking and a great park with a lake. Prices are also good there for what you get compared to some other areas of north county.

For commuting purposes these location are both good as you can travel down Rancho Santa fe or Palomar Airport to the 5 and avoid the 78 freeway as it can get real congested in that area.