Mary Beth, Home Buyer in Oceanside, CA

What is the situation with the John Laing St. Cloud project in Oceanside, California? Can we get a good deal on one of these condominiums?

Asked by Mary Beth, Oceanside, CA Sat Jun 26, 2010

It has been abandoned and the model homes locked up behind chain link fences. The next phase lots are fenced off and overgrown with weeds. This once glorious gated community is a mess, the front gates appear to be broken and the interior roads to new planned areas are fenced off. No one even there to try to sell any units. Most of the built units do not appear to be occupied.

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Oceanside is a little short on nice townhome communities, so it is unfortunate about what has happened at St. Cloud. The short sale John mentioned at 4372 Pacifica #3 is the only resale that has come up in the past year. It is priced at $249,000 which seems quite a bit below market value, but if you are willing to wait on the short sale and are a cash or 20% down conventional loan buyer, it might be worth a shot.

K Hovnanian's Piazza d'Oro over by Hooters were some nice townhomes, but when the developer couldn't sell the units, they bought back any that were sold, and turned them all into rentals. That was a shame.

So for nice townhomes, you may want to consider Alacima, Rancho Rose, Casitas at Old Ranch. and maybe Brisbane or the Villas at Mission Point.
0 votes Thank Flag Link Sat Jun 26, 2010
Hello Mary Beth - T
here are some resales available in St Cloud for sale as short sales. Homes there sold for over $300K - some over $400K new from the builder. The builder, John Laing Homes, went into bankruptcy last year so all of their projects went into receivership and will be sold to interested parties. So, what happens to St. Cloud depends on the buyer's business strategy. Some buyers will build out and complete selling while others may buy and hold for a better market.

The homeowners that are there are severely impacted in many ways - insurance, maintenance, hoa dues and utility fees all fall on the shoulders of the few that are owners there. It is tough to get a loan to buy a new home in there, too. Lenders are not willing to take a risk on the unknown like that when evaluating the collateral for the loan. So, if you have cash, you might get a good deal or maybe you should look at other good deals that are safer opportunities.

I have helped many clients find great deals in this current market. You are welcome to look for free on our website. I posted a link to the San Diego MLS right there for my clients. I'd be happy to set up a search that pushes properties to your email if you like.

John Cadman
0 votes Thank Flag Link Sat Jun 26, 2010
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