Port 121 at Seabridge Marina
Port 121 is part of the master planned community at Seabridge Marina. It is probably one of the last major residential communities to be approved by the California Coastal Commission for the foreseeable future. The Seabridge Marina takes advantage of breath-taking mountain views, easy ocean access and world class shopping, culture, and recreation within a few minutes drive.
The Channel Islands National Park is a 20 mile boat ride off the coast to the West.
As I write this on 8 November, 2008 the Weather Channel is reporting over 12 inches of rain in parts of Washington State, near-record snow fall in South Dakota with drifts high enough to trap home owners inside, and cold winds blowing through Chicago. Here in Ventura County we are enjoying clear, sunny skies, with temps in the high 70’s and low 80’s. It is not difficult to understand why people move here from all over the world.
Seabridge Marina new home communities are being offered at very competitive prices compared to the older harbor side communities in the LA Basin. If you like yachts, backdoor mooring for your yacht and a fabulous clubhouse / pool complex – Seabridge Marina is a real eye-opener. If you want a luxury loft style living space, Port 121 at Seabridge Marina is really the only game in town.
Port 121 is a Townhome complex made up of two buildings – Phase 1 and Phase 2 - fronting on the Marina Village area of Seabridge Marina. The first building – Phase 1 - is rapidly nearing completion with 35 units. Sales began in July and there are 24 units still available as of early November 2008. That means these homes are selling at a rate of about 3 a month. None of the units will be available for move-in until early 2009. These first 35 units are scheduled for completion sometime between January and March.
Phase 1
Phase 1 is a three story building with keypad security and elevator access. There are 8 floorplans which include first floor live/work units combining business office space with second floor quarters. The office units have already sold out in Phase 1. The majority of the units are residential and include single story and two story loft homes. These homes are being offered with a long list of luxury upgrades included standard. A few of these upgrades include:
- “Metro Maple” European style cabinetry
- Living Room and Master Bedroom pre-wired for plasma tv’s
- Video/Audio system including interior inside monitor for visitor communication and access
- Category 5 high speed data transmission wiring at all Bedrooms, Loft, Living Room and
Kitchen (per plan). Fiber optic cable with central hub included in each residence
Gourmet Kitchens include:
- Whirlpool Gold stainless appliance package, including:
- Self-Cleaning slide-in Gas Range
- 1.7 cubic ft. family capacity microwave hood combo
- 4-cycle, 5-level dishwasher with optional settings
- Granite Countertops with 6” backsplash
- Australian stainless steel sink with stylish Delta Chrome faucet
- In-Sink-Aerator disposal
- Spacious Pantries (per plan)
- Convenient Center Island (per plan)
Master Suite Baths include:
- Granite Countertops at both bath vanities.
- “Laguna” square sinks with striking chrome bath hardware and accessories
- Attractive tile shower/tub surrounds including shower enclosure with matching chrome
Accents.
This is just a very small sampling of the many upgrades included as standard with Phase 1. The cost of these upgrades has been heavily subsidized by the builder to get people interested.
Not all of these upgrades will be included as standard in Phase 2 !!!!
Also, it is important to know what is not included in either phase:
- You must buy your own Refrigerator
- Washer and Dryer - The washer and dryer must be a stackable unit.
Phase 2
Phase 2 will be twice as large as Phase 1 with 75 units and 4 stories. Where Phase 1 had only 2 water view units, Phase 2 will have 17 water view units. Phase 2 construction has been halted at the foundation and will not resume until sometime near 2011. These units are premium locations at Seabridge and the hope is to be able to offer them when the market is stronger and the builder can more easily justify higher prices and recoup some of the massive investments made prior to the current market slump. Prices will be anywhere from $100,000 to $200,000 more for the same floorplans currently available in Phase 1!
Phase 2 has been built immediately adjacent to harbor boat slips and features gated underground parking the same as in Phase 1. A fabulous harbor walkway runs immediately behind the property. Owners may have 1 or 2 parking spaces depending on the unit they purchase above them.
What is all this going to cost?
On the face of it, this community is a real bargain. You can actually buy a 1 bedroom, 1 bath for less than $350,000 ($349,990). The 6 plans still available in Phase 1 are priced from the $350,000 range for a Plan A on up to $599,990 for a Plan F single bedroom. You can also get a premium two bedroom Plan J with up to 1,732 sq ft for $550,990. The 3 other plans fall somewhere in between. So what we are talking about is a unit priced somewhere between $350,000 and roughly $600,000. Not bad at all for the seaside location, luxury amenities and brand new everything. But there are a few more considerations…
Mello-Roos
This is a new development. That means we can automatically expect a Mello-Roos (see my Mellos-Roos blog). When Proposition 13 passed in 1978, it severely limited the abilty of state and local governments to use property taxes to construct public facilities and services. Things like road maintenance, traffic lights, street lights, storm sewers, water mains, etc for new home developments. The Mello-Roos Community Facilities Act of 1982 enables “Community Facilities Districts (CFD’s) to be established by Counties, Cities and School Districts as a means of obtaining this community funding.
Simply put, a Mello-Roos allows local CFD’s to collect a monthly tax from new home buyers instead of through state property taxes. The developer does not have to pay for these services so they don’t usually include their cost in the home price. That allows the homebuyer to purchase their home at a lower price from the developer. The CFD Mello-Roos just makes sure that the new home buyer does pay for these services without violating state law or impacting the bottom line for the developer. This is a 30 year Mello-Roos at Port 121.
HOAs
HOAs are Home Owner Association dues for the upkeep and maintenance of the landscaping, security systems, walkways, recreation center, pool – you get the idea. These fees are based on the square footage of the units purchased and can range from $290/month for a plan A to as high as $381/month for a plan J. These are “developer subsidized for the first 4 years of home ownership,” after which the community HOA’s will revert to an additional $100 dollars a month for each plan.
It is also interesting to note that these HOA costs are actually inclusive of a Seabridge Marina HOA and a Port 121 HOA. The two are separate HOA’s paid concurrently by the new home owner.
Besides your principal and interest for your mortgage, there is a 1.25% Annual Ventura County Property Tax based on your Home Sales Price. Amount / 12 for monthly cost.
Mortgage Insurance is .0026 times the Loan Amount / 12 for monthly cost.
Plan Costs
Here is a little break down of the plan costs and parking available for Phase 1 units.
Plan/ HOA/ Mello-Roos/ Total/Month/ # Parking Spaces
A/ $290/month/ $223/month/ = $513/month/ 1 space
B/ $335/ $263/ = $598/ 2
E/ $350/ $263/ = $613/ 2
F/ $335/ $263/ = $598/ 1
G/ $365/ $263/ = $628/ 2
J/ $381/ $340/ = $721/ 2
So what does all this add up to?
The least expensive Port 121 unit is the single bedroom Plan A. Your mortgage amount will depend upon the amount you borrow to finance this home. There are a number of conventional and FHA programs to help first time home buyers into a mortgage. Some will pay a portion of the down payment and even most of the closing costs when combined with CAL-HFA programs. They probably won’t beat the incentive offered by the developer.
The developer is working with DHI Mortgage www.dhimortgage.com to offer an interested buyer several incentives. They will pay closing costs. These are costs which cannot be financed into the loan itself and can be considerable. Roughly $4,000 to $8,000 or more depending on your purchase price, credit rating, etc. (This is a shoot from the hip value – check with your lender.)
Another developer incentive to buy down the interest rate for purchasers to “around 6%”. Interest rates fluctuate daily, so this is a very rough rate.
These numbers will certainly rise over time with a $100 increase in the HOA guaranteed after 4 years. These are Phase 1 numbers only. Phase 2 purchase prices and associated monthly HOA and Mello-Roos will most certainly be much higher.
-All offers must be accompanied by a $7500 deposit.
-No contingent offers will be accepted. If you need to sell a property in order to
purchase this one. It cannot be a contingency of purchase.
-There is a normal (required by law) 3 day right of recission on any offer made.
Summary
This is a luxury community and it really is going to be tough for a first time home buyer to manage. For a larger family, Port 121 is going to be a tight squeeze with only 1 or 2 bedrooms. However, if you don’t want to mow your lawn or do any home maintenance at all, this is a very user friendly opportunity. If you are not concerned by the monthly costs, the homes are very comfortable. I’m told many are being purchased as second homes by investors and folks wanting a scenic get-away retreat from LA.
Make no mistake though, these are not economy homes by any definition.
I would hazard a guess that if you believe real estate is a cyclic market that will generally trend upwards in value, that land is not an unlimited quantity in Southern California, and that seaside properties are often in greater demand than similar homes further inland, you will find these homes to be a good value. Maybe a good long term investment as well.
Warmest Regards,
Mark Thorngren
mark@markthorngren.com
www.markthorngren.com
Free Realty Times Video Newsletter
(805) 504-0228
All of the figures used in this report were current as of the day written. I cannot guarantee the accuracy of any of the information presented beyond today. All prices and fees are subject to change without warning.
