Home Buying in 95630>Question Details

Dave,  in Folsom, CA

Are there any custom home communities in Folsom that have no (or minimal) Mello Roos or HOA??

Asked by Dave, Folsom, CA Mon Dec 24, 2007

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Terazzo Estates at Broadstone no HOAs and custom homes and lots with great views of Sac valley and Folsom Lake. Also Hill Crest is a more developed upscale gated community in Empire Ranch. It has $80 dollar HOAs but is gated and well taken care of. Lots of custom homes there with amazing views of Folsom Lake, Sac Valley, and El Dorado Hills. Also, if you're looking for an older home there are many on the former street of dreams Los Cerros with no HOAs.
0 votes Thank Flag Link Sat Dec 4, 2010
There is a brand new custom lot community called Treviso at Ridgeview that will link to Folsom with a connector road across the County Line at some point from El Dorado Hills. The lots are in El Dorado Hills, but are only a few hundred feet over the County line on the Folsom side of the hill and currently have no mello roos and a small HOA due. They are larger 1 acre lots at a good value considering no mello.
0 votes Thank Flag Link Wed Jan 16, 2008
Folsom is pretty tied up with Elliott homes owning the last of the land and yes there are the two other smaller projects Jim mentioned next to the lake. There are some older homes that need renovations in exceptional locations around town depending on your budget. Not much in-fill left and even if you find a decent lot it will be hard to get the real value of a new home built in an older neighborhood, even in Folsom. Once the south of 50 area gets underway I'm sure there will be some custom lots available but doubtful if you'll find any neighborhoods w/o Mello Roos.
0 votes Thank Flag Link Mon Jan 14, 2008
http://prospector.metrolist.net/scripts/mgrqispi.dll?APPNAME…

I created a web page (see above link) that shows 7 listings that almost meet that criteria in Folsom priced under $600,000.

i say almost because 5 of the listings were older, but "remodeled" according to their listing data sheets,

Newer custom homes generally are above the $500K asking price, even after all the declines.

I did a price insensitive search for newer custom homes which found that about half were asking over 1 million, and about half below.

If I were a buyer In the price range below $600,000, I would also consider high end resale production homes (also marketed as "semi-custom" )
0 votes Thank Flag Link Fri Dec 28, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
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I am looking to buy an existing custom home with low MR/HOA, but in a newer(10-15 yrs or newer) neighborhood. Budget is
0 votes Thank Flag Link Fri Dec 28, 2007
El Cavallo Ridge and La Collina de Lago are smaller custom subdivisions. There are a number of vacant lots left in American River Canyon North. - ARC North has been building for 15 years continuously.

There are dozens of infill lots in established neighborhoods. Are you looking to have a new home built or to purchase an existing home?

There are a couple of dozen newer existing custom homes for sale in Folsom and another dozen high end "production" resale homes available.
0 votes Thank Flag Link Fri Dec 28, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
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Thanks for the info Jim.
You only specified older communities in your original response.
Apart from Hillcrest, are there any other new custom-home communities in Folsom?
0 votes Thank Flag Link Thu Dec 27, 2007
Melllo Roos Bonds often have 30 year lives. A 3 year old home that is in a subdivision that was completed in 2005 will probably have mello roos bond payments tacked to the property tax bill unitl the year 2035. (27 more years)

An 18 year old home in a subdivision dating from 1990 has fewer years left on its assessment - about twelve years left until about 2020.

Infrastructure cost less to build in 1990 than it does now so the original amount bonded and the current monthly cost for the older communities are often lower per month.

I'll give you two examples: 1990 home has a mello bond that costs $600 per year and has twelve years left. - Total indebtedness including future interest costs = $7200

A 2005 home example has 27 years left at $150 per month. Total indebtedness AND future interest payments total $48,600
0 votes Thank Flag Link Wed Dec 26, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
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Jim, What do you mean by "....and fewer years left in their assesments. " ??
0 votes Thank Flag Link Wed Dec 26, 2007
Older custom communities often have lower Mello assesments, and fewer years left in their assesments. Here are some older custom communities:
Inwood Estates, American River Canyon North (ARC South is even older) , Lexington Hills, Briggs Ranch Estates
0 votes Thank Flag Link Wed Dec 26, 2007
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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