Real Estate Watch – Halcyon Real Estate Services
The Stoneridge Effect
As most Powegians know, we will be voting next month on the proposal to convert 15 acres of the Stoneridge golf course area into condos for seniors, 55 and over. Opinions have been loud and varied, but I don’t think many people have considered the effect a “yes” or “no” vote will have on real estate prices, not only in the Stoneridge area but throughout the city of Poway.
First, looking at what happened in the Escondido golf course area where owner/developer Michael Schlesinger is in a similar situation, homeowners have had to live with their beautiful golf course views being turned into views of dead grass and weeds, which has negatively impacted their property values. Now, homeowners are practically begging the city to allow Schlesinger to build homes, simply to improve their views and at least have something worth looking at. The golf course, however, appears to be closed for good.
For Poway, a “no” vote will probably look the same, as Stoneridge golf course will almost certainly be closed the next day. The grass will quickly turn to weeds, property values will decrease, and the golf course views will be gone for good.
A “yes” vote, on the other hand, will preserve most of the golf course land, it will mean a brand new clubhouse built, and it will mean 180 new condos for seniors. The big question seems to be whether these condos will adversely affect the home values almost as much as the loss of views. But looking at what values are doing in the new senior development in Del Sur by the same builder (Auberge, by CalAtlantic Homes), these homes are selling for roughly $500/sf, which is $100/sf more than what homes are currently selling for in the Stoneridge area. Couple that with the very strong need for more senior housing in Poway (30% of the population is 55 and older), the demand should be high for these condos, improving the values of homes for the whole area – in fact, the whole city.
In south Poway, it is likely the vote will not affect home values nearly as dramatically; however, what helps one part of the city helps the whole city. When values go up in one part, they help values go up all over, and vice versa.
Please, do your homework before you vote in November, and do not assume that this proposal must be bad simply because it means there will be new development. For more information on the subject, you can visit the Poway Open Space Facebook page, or ask a Poway Realtor what they think.
CalBRE #: 01924853
Halcyon Real Estate Services