I'm interested in the Promontory are of EDH - anyone have comments, good or bad? How are the HOA's? And

Asked by Debra Tortorelli, Folsom, CA Fri Feb 1, 2008

I've heard utility bills are really high in EDH?

Help the community by answering this question:

+ web reference
Web reference:

Answers

17
Jeff, , edh
Thu Feb 21, 2008
Anybody read the article in the lastest Atlantic magazine? Called "The Next Slum?" .Talks about Mc Mansion suburbs falling into the same plight that the innercities did oevr the last fifty years. It suggests that even though some areas will be isolated from much of the decline they will be Islands left in the middle of aboandoned ad run down crime infested areas. In other words El Dorado Hills on the north side of fifty probably will do ok, but Folsom and south ELdorado hills could easily become more rundown and crime ridden. The effects of which could be like living in thhe nice areas of Oakland today. Get a good alarm system and don't venture outside much after dark!!
Web Reference:  http://www.theatlantic.com
1 vote
Dave, , Folsom, CA
Sun Feb 10, 2008
Thanks to Jim and Cambridge for sharing their thoughts and opinions.
1 vote
Cambridge, , El Dorado Hills, CA
Sat Feb 9, 2008
I agree with what Jim Walker said in his post. While prices in EDH have come down some..they may have a tad bit more to go down to "hit bottom"...but not much. I'm thinking we've already achieved the bulk of the expected price declines in EDH (well, other than perhaps Serrano where there are lots of investors who are still willing to take a hit to just get out). And no, I didn't buy there as an investor. I actually lived in that home for quite a few years.

I agree w/you that Toll Brothers, for Promontory, is a different beast. Personally, if I have that kind of bucks, I'm doing/buying custom built rather than production Executive-style home. Also agreed that some of those Christopherson homes have tiny backyards: one reason we chose to not buy there. We wanted to build a pool in our backyard.

Lastly, if you want brand new, reasonable $$ from a developer in Promontory, then basically, Richmond American is it. If you plan on being there for awhile and can get it now for a deal, IMHO, you won't go wrong. I was chatting today with an ex-Serrano neighbor who was telling me about the "sea" of foreclosures and short sales in Serrano, his comment to me: I bet you guys in Promontory and/or Crown Valley are probably still doing pretty will in spite of this bad market. Our answer: yes. Don't get me wrong, there are a few foreclosures and/or short sales in Promontory, but I've driven by them: nothing to write home about. Interestingly, there are only two resales in Montecito (where Richmond American is located). That tells me that people who bought there bought there to stay and probably don't care much what's happening in the market. They bought for good and are staying put..not flipping or investors trying to flip.

You asked about anything "noteworthy" about Promontory: well, by buying in Promontory you "lock" yourself and your kids into the top schools in EDH. You will get Lakeview, which is only 3 years old and is top-notch, you lock yourself into Marina Village Middle School (IMHO better than Pleasant Grove...more on this later)...and you assure yourself Oak Ridge High School (as opposed to Ponderosa or Union Mine).

Clarification on the schools: Lakeview...nothing to clarify ...100% excellent school. Marina Village vs. Pleasant Grove: at this point the most Eastern part of Serrano goes to Marina Village but down the road, that section of Serrano will end up going to Pleasant Grove once Rescue School district builds the elementary school off of Bass Lake Road (go to http://www.greatschools.net and look at comparisons not only for test scores but something I found more compelling, free lunches vs. not-free lunches), right now the bulk of EDH will got to Oak Ridge. High School (other than Blackstone which is assigned Union Mine in, um, Shingle Springs!!??) but, again, the eastern most part of EDH just barely made Oak Ridge. Well, by being in the most Western part of EDH, you're more than likely to remain within the Marina Village and Oak Ridge boundaries. So you ask: why did we move from Serrano, rent that house and buy in Promontory...please read my above statements.
1 vote
Dave, , Folsom, CA
Sat Feb 9, 2008
I read it on money.cnn.com or cnbc. It was an article which I can't find. I'll send it when I find it. It mentioned 10% drop in each of the next 2 years and another 5% a year after that. It might not necessarily apply to our area since the numbers were national/general numbers and real-estate is local. So we will see some depreciation but not as much as mentioned in that article(I hope). Bottomline, every is hoping and all analysts are speculating. Let's admit it. If they knew what they predict, they won't have to work any more and can retire multi-millionaires. I've noticed that christopherson homes(montecito) does not offer any decent backyards or side-yards. Most of them have wooden decks since the house lot drops down-slope right when you step out of the backyard. I am not sure how people with kids decide to buy such homes with no backyards and a potential hazard for little kids due to those extreme downslopes. Is my observation accurate? We can't afford Toll Brothers Home and even if we did, we wouldn't be investing a million dollars in this uncertain market. I am having shivers investing mid-600's. My husband keeps on telling me that it is not a bad idea, but I am nervous. And I'll keep looking for that article and send it over.

And I am not a realtor either. I am a working wife getting nervous in buying in this market. If there is anything else noteworthy to share about Promontory, do let me know. I'll appreciate your feedback.
1 vote
Cambridge, , El Dorado Hills, CA
Fri Feb 8, 2008
Wait..are you saying that current prices are expected to fall by another 25% by 2010 (according to real-estate times)? I'll wait to receive your answer on that question.

Even if Toll Brothers builds those 100 planned homes (I assume off of Alexandra/ia?) , they'll still be "beneath" your current home (in terms of grading), so they shouldn't detract from your privacy and/or view (assuming I'm looking at those lots correctly). You are also correct that Promontory, with its mix of custom/semi-custom/production homes has a much more, overall, unique feel to it. You have Montecito which is kind of in a woodsy valley; Richmond-American which is hilly; Toll Brothers which has large, executive-type homes w/views and then the other three Promontory villages which are a mix of the three above. Not very "cookie-cutter."

And yes, it does seem that Serrano is in abit of distress. However, to its credit (only because I came from there), there is a high density of housing in Serrano (way more than in Promontory or probably any other single neighborhood in EDH), so it would kind of go hand-in-hand that Serrano, in particular, should experience more high, negative adversity than other parts of EDH.

As for Blackstone: I don't particularly like it but threw it out there for you because you were looking for $600K new developments in EDH.

And for anyone reading this: no, I'm not a real estate agent, nor do I have any particular interest in Promontory vis-a-vis Serrano (or any other EDH neighborhoods, for that matter). I'm just a layman interested in real estate.. who still owns a rental in Serrano and now owns a home in Promontory.
1 vote
Dave, , Folsom, CA
Fri Feb 8, 2008
You are right. It currently dead-ends but would be developed by Toll Brothers and loop back into Giorno Way. They have about 100 more homes planned for that part of the hill. We looked at Serrano but felt that Serrano doesn't have open-ness and natural beauty. Promontory has more of a custom-home feel and appeal even if the homes are from builders like Richmond American. In Serrano, all you see are rooftops. It is a sea of houses and tons of resale and foreclosure signs indicating a distressed community going down in value and appeal in the long run. And blackstone is a project ready to be shelved any day. Promontory is much more established and almost in the final phase of completion. With builders like Toll brothers, christopherson and custom homes sprinkled all over, even not-so-upscale builder like Richmond American homes appear and feel upscale leveraging from the quality of more expensive homes. Hopefully we are not making a mistake spending in mid-600's in that neighborhood judging by the market conditions and recessionary real-estate times expected for the next couple of years with expected to fall by 25% by 2010.
1 vote
Cambridge, , El Dorado Hills, CA
Fri Feb 8, 2008
The only builder I know of in Promontory in the 600Ks is Richmond American. Toll Brothers is abit more. But I have seen some relatively new resale houses in the 600s in Promontory (only a handful, though). Otherwise, Serrano has 600s (Shea & Pulte) and Blackstone too (on the "other" side of Hwy 50). Oh, Trevi Way, isn't that the street that kinda dead-ends into a cul-de-sac? Probably a nice, child-friendly location (assuming you have kids).
1 vote
Dave, , Folsom, CA
Thu Feb 7, 2008
Thanks for your feedback.
Any home in the 600's in your village?
In your village, is there any builder who is still selling?
If yes, let me know.
1 vote
Cambridge, , El Dorado Hills, CA
Thu Feb 7, 2008
We looked at those homes and liked them. However, we didn't buy, so I can't comment on workmanship or quality of homes. They showed well, though.

I drove by there last week and they're down to 4 lots available. They must be providing some nice incentives (and financing), I'm assuming (no, I'm not asking). It's a nice neighborhood. You won't go wrong with the elementary school down the street.
1 vote
Dave, , Folsom, CA
Thu Feb 7, 2008
That's good to know. We are planning on buying in Village 5(not sure). It is a Richmond American Home off of Trevi Way which backs to an older custom home community. Any comments or feedback on the quality of homes or workmanship or that particular village in general?
1 vote
Cambridge, , El Dorado Hills, CA
Thu Feb 7, 2008
Well, last month there was that double-murder in Village 3 on Venezia..but that was a fluke.
I haven't heard of any break-ins, car thefts, etc. in Promontory. Also, no registered sex offenders living nearby. I feel very safe walking around the neighborhood with my dog and or kid(s). In my neighborhood/village, we all know each other and wave to each other as we're walking by. Hope this info. helps..
1 vote
Cambridge, , El Dorado Hills, CA
Fri Feb 1, 2008
We live in Promontory and love it. We came from Serrano. While we liked Serrano, we love Promontory. Promontory is smaller scale than Serrano so it has a more upscale feel to it (granted, no golf course but the bulk of Serrano housing is NOT on golf-course side). Also, in my "village" there are primarily custom homes...but some of the other Promontory "villages" have a mix of custom and production homes. Lastly, the elementary school that serves my Promontory neighborhood (Lakeview Elementary) is excellent.

As for utilities...can't tell provide much insight. Our utility bills are probably comparable to Serrano. However, we came from San Francisco proper and I think our utility bills were actually less in SF than we've seen in EDH (Serrano & Promontory). Oh, HOA here is $93 a month.
1 vote
Cambridge, , El Dorado Hills, CA
Fri Feb 1, 2008
We live in Promontory and love it. We came from Serrano. While we liked Serrano, we love Promontory. Promontory is smaller scale than Serrano so it has a more upscale feel to it (granted, no golf course but the bulk of Serrano housing is NOT on golf-course side). Also, in my "village" there are primarily custom homes...but some of the other Promontory "villages" have a mix of custom and production homes. Lastly, the elementary school that serves my Promontory neighborhood (Lakeview Elementary) is excellent.

As for utilities...can't tell provide much insight. Our utility bills are probably comparable to Serrano. However, we came from San Francisco proper and I think our utility bills were actually less in SF than we've seen in EDH (Serrano & Promontory). Oh, HOA here is $93 a month.
1 vote
Jim Walker, Agent, Carmichael, CA
Thu Feb 21, 2008
Jeff, Thanks for the link. I have long been a fan the Atlantic Monthly and its series of essays on New Urbanism. Christopher Leinberger is a strident promoter of old urbanism and new urbanism.

Ironically, an area built with New Urbanism in mind (Franklin Reserve in Elk Grove ) is one of the doomed communities mourned in Leinberger's essay.

Laguna in was promoted as a "New Urban" area when it was first proposed by Developer (and later gubernatorial candidate) Phil Angelides and his partners. Perhaps the new urbanists consider Angelides to be an apostate.

It could be accidental, if Leinberger was not aware of the origin of Laguna West. It is ironic that he cited the area in the essay, using it as an example of a future slum, then proceeded to advocate the construction of new faux urban areas as a partial antidote to the decline he predicts for outer suburbs that are not citified enough.

Leinberger's essay is pure speculation, it is interesting reading, but it is silly. He fantasizes that McMansion slums-in-waiting were flimsily built with asphalt shingle roofs, - Those have been pretty rare in the past decade on new homes. Tile roofs are the standard on new homes this century. Another fantasy is that so much of the new construction has been on large lots wasting vast amounts of space. This would make a reader think that most of the home building has been ranchettes on acreage.

Au contraire, the typical new suburban commuter tract home ( even McMansions ) this century has been on a lot smaller than a quarter acre.

To a new urbanist 1/6 of an acre (.16 of an acre ) is a large lot.

Leinberger suggested another reason that the suburbs will decline is because the city centers are the place to be in the future. The young and hip who are drawn to cities now, will stay young and hip as they age and have children, city schools will improve, while suburban schools will decline. The perpetually young and hip will be loathe to move out to the burbs where there is no art, culture, or "sense of place"

If there are good jobs, a suburb will thrive, people will complain about the lack of affordable housing.
If slums develop in outer suburban areas it will be mainly traceable to a lack of available decent paying jobs in those specific areas.

Not a lack of art galleries, professional sports teams, museums, and diesel fumes.
(Actually we have all those things in the burbs, too. )
0 votes
Jim Walker, Agent, Carmichael, CA
Sat Feb 9, 2008
Regarding the 25% drop:

Julie, I told your husband over coffee at Starbucks last week that recorded sales prices in E D H in the square footage range between 3200 and 4200 sq feet had declined by 17%. from the peak in 2005 to the 4th quarter of last year. I also speculated that 1st quarter 2008 recordings would show a further slip, since most 1st quarter recorded sales were signed for in late 2007, while the news was still getting worse.



Since the average decline in prices from the peak in the Sac region is 21% +,

That could imply different things: Either EDH is better suited to withstand the decline or it has some chasing to do to meet the declines at lower elevations.

My opinion is: national publications that "predict" a national 25% drop, are predicting that 25% drop from peak prices. Since we have already experienced a recorded average of 21% in the region, that means we would have another 4% to go ( if we were average for nation - which we are not )

As someone who writes offers almost daily on behalf of clients, ( mostly in Placer and Sac County, though ), I can see that new contracts that are being entered into in February represent another 4% decline from recorded December sales.

My opinion is that the prediction of a 25% decline is a correct prediction. It is merely the timing the national publications have wrong. The decline is not in the future. It has already happened. If you are buying at a 25% discount from peak 2005 prices, then you should not worry so much.

I end by saying that I think the current lower prices are more realistic than the 05 bubble values. I do not expect a re-inflation of home values back up to that level for several years. So any purchase should be made with a plan to hold the property for several years. It will take years before values appreciate back up to those vaulted heights.
0 votes
Dave, , Folsom, CA
Mon Feb 4, 2008
Cambridge,
Since you live in the Promontory, can you clarify on the crime-rate in the Promontory?
0 votes
Jim Walker, Agent, Carmichael, CA
Fri Feb 1, 2008
Lovely area, with views of the Sierra Nevada to the east, Folsom Lake, and the city lights of Folsom below. Also the local vistas are very nice too. It is a hilly area. Some of the slopes are steep. Due to the proximity of the Folsom power plant there is a high power transmission line that runs through, otherwise not much negative. I had a meeting this afternoon with a Promontory buyer, he told me that his Mello-Roos and HOA dues will cost about him about $300 per month. That could vary slightly from subdivision to subdivision.

Production builders include Toll Brothers, Christopherson Homes, Richmond American, amongst others.
0 votes
Search Advice
Search
Ask our community a question
Foreclosure in El Dorado Hills Zip Codes

Email me when…

Learn more