I don’t “hate” Riverpark. Riverpark is a travesty, Riverpark is an example of excess in the bubble. Riverpark is a sad commentary on dysfunctional municipal processes. Lots more. I go on on my pathetic blog tomorrow. Oh and the newspaper reports the Riverpark disaster in progress today in order to get out in front of my reportage.
Visited the welcome center and registered. This will be interesting to watch it play out.
The friendly sales associate had me all to herself as i was the only visitor at this 2600 unit megaproject. The literature was silent but the salesperson vollunteered that the Mello-Roos is 30yrs, 0.8%. Thus $800/yr per $100k added to costs. Additionally, HOAs run from $200/mo for townhomes to $100/mo for SFRs. Thus $2400-$1200/yr TCO.
I'd guess the median sales price is $600k given the sales sheet provided with $1800 HOA and 1.9% tax bills. $100k down, $500k @ 6.2% and PITI will be about $3100 + $1000 + $200 = $4400/mo.
The entire site is supposedly 700 acres with 1/3rd open space, 3 schools, fire station, roads, 2600 DU. Hyperdensity. Hyperscary. I say supposedly because I've never seen so much public space dedication. Not just wide, winding streets but rotaries (traffic circles) and huge cul-de-sac bulbs. The developers read like a rouges gallery; SP, Centex and Shea. The construction looked adequate but the short driveways told me parking was going to be an issue in places. Previous posts already addressed ingress/egress. I didn't have the heart to ask about sales rates. It is too early anyway. Any sales were surely to contractors or other interested parties.
5 comments:
I'll never knowingly move into a neighborhood with traffic circles. Pleasanton had two or three put in about a year ago for some new developments, but tore them out just after the first houses started getting built.
Livermore had a few retrofitted into the neighborhoods, along with zig-zags and speed humps. I think only one traffic circle remains, and it is little more than a decorative island. If anybody actually used it as a traffic circle, and expected the opposing traffic to yield for them to turn onto the side street, the result would be catastrophic.
The locals initially honked as they passed the traffic circle to voice their displeasure, which offended the nearest residents (who no doubt thought it was a good idea initially). Signs went up asking that people please stop honking. That traffic circle remains, as a monument to our city leaders.
At least the hair-brained plan to turn the main street through downtown into a pedestrian-only promenade has been delayed.
Robert,
I've always enjoyed your input on the Ventura County market. My girlfriend and I are renting in Thousand Oaks hoping for a market correction. Most of my friends bought homes a few years ago and I've endured my share of self-congratulatory speeches over the years. Of course, most of that equity was reinvested in Plasma's, BMW's, unneccesary home add-ons and most importantly, long periods of unemployment. Well it appears it's finally time to pay the fiddler. From just driving around lately, I've noticed a rather large surge of inventory in the Conejo Valley over the last couple of months. It seems like the only homes going to contract took about a 25% whack off the selling price. It's definitely getting interesting!
Anyway, your Riverpark threads spurred my curiosity and I was shocked to find out the location of this disaster. I used to grab a burger at Wendy's on Vineyard and park down the road on El Rio to do a little paperwork in my car. I couldn't imagine putting a development in that nasty, toxic waste-ridden area. It's a wonder I could get my burger down at the time. This is very close to where a bridge construction worker was stabbed by a homeless guy in the basin not too long ago. Lovely area! I also spent a little time living in Oxnard and had first hand experience with the out of control gang activity. This project ought to be a dandy. Thanks again and please keep us updated.
The article that I suppose brought Riverpark back up is classic. Pioneers alright. Or colonists, like Roanoke and Vinland. They better hope the other colonists arrive by boat soon, so that they reach critical mass before the native rise up.
Ahem . . . casey has added assets and income statement . . . please attack.
Riverpark is a nice place to live. Unlike the other posters, I actually live there. I have been in 3 years and enjoy the wide streets, quiet etc. There is no gang activity at all.
However, I must say that both the Riverpark and Luminaria HOA's are staffed by veritable idiots. The Luminaria HOA is now under the control of a new manager who acts like a little Hitler, as does his board of miscreants. They are pissing residents off with their petty concerns, while real issues like lack of parking, no water access for many units (genius!) etc go without comment/action. Watching the Luminaria board is like watching a gang of monkeys trying to assemble an IKEA bookshelf. The funniest one was one guy that got a notice from the HOA for letting his dog defecate on other lawns. The defense: the guy didn't even own a dog! Hilarious...and sad. These sad little puppets need to have their strings cut.
Otherwise, the place is nice to live in.
A Resident
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