PV: Stoneridge vs. Pronghorn Ranch (for sale, rentals, HOA)

[amc399]

We are planning to move to PV (we currently live in the New Orleans area) and like the idea of a planned community with clubhouse and pool amenities. In looking at home prices, it seems as though Pronghorn Ranch prices are lower, on average, than Stoneridge, even though the houses are similar in age and size. Is there something about Stoneridge that makes it more desirable? We have 2 kids, ages 5 and 9, so schools will of course be a huge factor in determining where we live.

[BriansPerspective]

Originally Posted by amc399

We are planning to move to PV (we currently live in the New Orleans area) and like the idea of a planned community with clubhouse and pool amenities. In looking at home prices, it seems as though Pronghorn Ranch prices are lower, on average, than Stoneridge, even though the houses are similar in age and size. Is there something about Stoneridge that makes it more desirable? We have 2 kids, ages 5 and 9, so schools will of course be a huge factor in determining where we live.

Interestingly enough, if you look at sales to date this year, seven Pronghorn homes have sold for an average of $105/sqft and nine StoneRidge homes have sold for an average of $96/sqft. If I back up to the last six months, then Proghorn has 25 sales at $97/sfqt and StoneRidge has 25 sales at $98/sqft.

Perhaps what you are seeing is a price vs. supply mismatch. There is a much higher supply of homes in StoneRidge. The supply is higher, because the homes, on average, are priced above market value, so they do not sell. However, the ones that DO sell are priced near market value. In Pronghorn, there are fewer over-priced homes, and they tend to sell more quickly. In StoneRidge there are 28 homes for sale and in Pronghorn there are only 15 homes for sale (not including new builds). So, when you are looking at what's for sale, StoneRidge seems to be more expensive, eventhough it is not.

Other factors to be aware of are the Community Facilities District (CFD) taxes, the HOA dues, and the transfer fees. Both Pronghorn and StoneRidge have a CFD tax. They are both similar at around $575/yr for an 1850 sqft house. The HOA dues are also similar at around $50/mo. The transfer fees in Pronghorn used to be dramtically higher at around $1,000 vs. $400 in Stoneridge. There was a law passed last year to limit HOA transfer fees in AZ, so it's possible that the Pronghorn fees have been reigned in.

You might also consider Granville, which is more centrally located than either Pronghorn or StoneRidge. Granville does not have a CFD tax, so the property tax bill is about $575 less per year. In lending terms, that equates to about $10,000. In other words, since your property tax is lower, you could borrow an extra $10,000 on a Granville house and have the same monthly payment as a StoneRidge house that is $10,000 cheaper. Assuming that the house costs are comparable, that's an extra 100 square feet in Granville vs. StoneRidge or Pronghorn.

[amc399]

Wow, thank you Brian! I've been looking at houses on your website after seeing your many informative posts on this forum, and somehow Granville didn't make it onto my radar, but I'll definitely check it out. This summer we are actually renting a house in Stoneridge for a few days, just to get a feel for the area, but we are open to other neighborhoods. And our move is still probably about 2 years away, so a lot can change before then, I realize. I've been really impressed with your knowledge of the area and your helpful attitude, so we will be calling you when the time comes to make the big relo. Thanks again!

[BriansPerspective]

Originally Posted by amc399

Wow, thank you Brian! I've been looking at houses on your website after seeing your many informative posts on this forum, and somehow Granville didn't make it onto my radar, but I'll definitely check it out. This summer we are actually renting a house in Stoneridge for a few days, just to get a feel for the area, but we are open to other neighborhoods. And our move is still probably about 2 years away, so a lot can change before then, I realize. I've been really impressed with your knowledge of the area and your helpful attitude, so we will be calling you when the time comes to make the big relo. Thanks again!

You're welcome! Glad I could help.

By the way, if you are not renting from a friend, make sure you double confirm your rental before you leave. We had another client who made a short term rental, and we she arrived, the rental was gone. The house was rented out long term, and they never called her back to cancel the reservation. Also, as far as I know, short term rentals (e.g., a few days) are not technically allowed in StoneRidge, because the zoning is not commercial. I'm sure that there is some aspect of don't ask, don't tell, but just be cautious.

[wretched wrench]

Originally Posted by amc399

This summer we are actually renting a house in Stoneridge for a few days, just to get a feel for the area,

VERY good idea. We lived in our motor home to check neighborhoods.