Halt! Mission Viejo New Development Canned
Photo Courtesy of castadelsol.com
It’s well known that Mission Viejo and Laguna Hills each offer a good-sized Senior community for those 55+. Back when home prices peaked elsewhere, these senior community prices have typically been lower than anywhere else and were a bargain for anyone looking to live the “Leisure World” lifestyle.
But alas, things have changed. Things aren’t moving as fast as they were and the OC Register reported today that plans to build a new building in Casta del Sol have been cancelled.
Wayne Sant, of Sunrise Senior Living, told the city last Friday the company is no longer interested in the land.
Sant, senior vice-president of development, told city officials the withdrawal is mostly due to a stale development industry and the uncertainty of receiving city approvals for any of their concepts, according to a report given to the City Council Monday by Chuck Wilson, the city’s director of community development.
And it’s becoming clear to see why the market is so stale. What was once a great bargain, is now way overpriced.
For example, 27862 Via Prados. It’s a 2 bedroom, 2 bathroom, 1,347 Sq Ft single family home. The interior is not in bad shape, but is definitely dated. The home is listed for $495,000. When just a short jaunt down the street is 26839 Calle Alcala where you can get 3 bedrooms, 3 bathrooms, and 1,200 Sq Ft for $430,000. Sure it’s a short sale, but the price difference is huge. One drawback is the lack of “community” atmosphere, but with the events from local senior centers and groups, the money one can save is virtually priceless. Not to mention the Casta del Sol home has a $301 HOA/membership fee each month, whereas the other has none.
In Casta del Sol, one can get 28292 Zarza that sports 2 beds, 2 baths and 1,495 Sq Ft for $528,000. This certainly does sport a lot of upgrades – especially as far as Casta del Sol homes go. It has new counters and upgraded hardware in the kitchen and the appliances look fairly recently upgraded as well (at least in the last 5-10 years). But for nearly $100k less (certainly far, far less than it would cost to upgrade the home to exceed the Casta del Sol property) you can get a comparable home just down the street. 26521 Via Gorrion is available with 3 beds, 2 baths, and 1,099 Sq Ft. This home is listed for $429,000. While there aren’t any pictures and I haven’t been on a tour, it supposedly has a new kitchen with new appliances. And the HOA fees – Zarza’s comes in at $319 and Via Gorrion $19. Not to mention Via Gorrion is not too far from the YMCA which has a great Silver Sneakers program for seniors as well.
It’s easy to see why the market is “going stale” as the developer of the new Casta del Sol property noted. What was once a bargain faces stiff competition from the standard residential market for single family homes.
