Tag Archives: Real Estate

So how is the Real Estate market in San Elijo Hills ?

San Elijo Hills

Only 9 Active homes and condos currently for sale in San Elijo Hills averaging 36 days on the market priced from $1,195,000 to $524,700. Not a lot of homes for buyers to choose from and great time to sell your San Elijo Hills home.

In July  – 8 homes sold with an average market time of 17 days. The Median sales price was $779,250.

The 92078 zip code currently has a 1.7 month supply of inventory on the market back in August of 2007 we had a 10.2 month supply of inventory.

Some homeowners may be hesitant to list their San Elijo Hills homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live.

If you are thinking of moving up to a luxury or premium North County home, there tends to be more inventory available in these markets in North County and you may even get a great deal on a home that has been on the market for a while.

Homeowners are building contingency plans into their contracts. This means that the homeowner builds in extra time before they close in order to find their dream home and they are upfront about the contingency with any buyers who come to see the house.

Your home is an oasis to buyers who are searching for homes in today’s San Elijo Hills Market. The right buyers will sympathize and wait for you and your family to find your next home.

Bottom Line

If you are even thinking of listing your home and moving up to a luxury home, let’s get together to evaluate your ability to do so. Homeowners are upgrading their homes, why can’t you?

Please let me know if I can provided an exceptional real estate experience.



Ed Philbrick: REALTOR®
M: 760-496-8134
E: ed@hillsandcoast.com
CalBRE # 0196713
Coastal Premier Properties CalBRE # 01861547

Achieve your San Elijo Hills Real Estate Goals

If now is the right time for you or someone you know to make a San Elijo Hills move, please let me know! I have many buyers looking for homes and little inventory to show them. If you’re planning to buy a home this year, it’s still a great time to get in the marketplace because interest rates are still comparatively low. Let’s discuss how I can help you achieve your goals in the current market conditions, whether that’s buying or selling!

As always, the referral of your friends and family is the highest compliment I can receive!

See you around town or out on the trails.

Ed Philbrick

Ed Philbrick: REALTOR®
M: 760-496-8134
E: ed@hillsandcoast.com
3295 Business Park Dr. Suite C, Vista, CA 92081
CalBRE # 0196713
Coastal Premier Properties CalBRE # 01861547


Ed Philbrick Your San Elijo Hills REALTOR®

Ed Philbrick REALTOR:

Today’s San Elijo Hills buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With my extensive local knowledge and commitment to providing only the best and most timely information to my clients, I’m your go-to source for San Elijo Hills real estate insight and service. Read my 5 star reviews

I have sold, managed, and invested in San Diego County Real Estate for over 20 years. I’m a skilled agent, marketer, and local community volunteer. I was elected the San Elijo Hills Community Association President by San Elijo Hills homeowners for two consecutive terms.

I am the publisher/owner of San Elijo Life. I also have 19 years of online marketing experience and am a published local photographer. I graduated from San Diego State University with a degree in Marketing.

I have lived in San Elijo Hills for 14 years with my wife and daughter #sanelijohillsthankful. We enjoy surfing, cycling, hiking, volleyball and building our community.

Covering Your North County San Diego Real Estate Needs from “The Hills to The Coast”

Ed Philbrick: REALTOR®


M: 760-496-8134

E: ed@hillsandcoast.com

3295 Business Park Dr. Suite C, Vista, CA 92081

CalBRE # 01967137

Coastal Premier Properties CalBRE # 01861547

10-Q: HOMEFED CORP Quarterly Report


Quarterly Report

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Interim Operations.

Liquidity and Capital Resources

For the nine month periods ended September 30, 2010 and 2009, net cash was used for operating activities, principally for real estate expenditures at the San Elijo Hills and Otay Ranch projects, general and administrative expenses and farming operations at the Rampage property. In addition, net cash was used for estimated federal and state tax payments during the nine month 2010 period. The Company’s principal sources of funds are proceeds from the sale of real estate, fee income from the San Elijo Hills project, proceeds from the sale of grapes at the Rampage project, dividends and tax sharing payments from its subsidiaries, borrowings from or repayment of advances by its subsidiaries and cash and cash equivalents and investments. As of September 30, 2010, the Company had aggregate cash, cash equivalents and investments of $59,600,000 to meet its current liquidity needs and for future investment opportunities.

As of September 30, 2010, the remaining land at the San Elijo Hills project to be developed and sold or leased consisted of the following (including real estate under contract for sale):


Single family lots                        409
Multi-family units                        162
Square footage of commercial space     50,100


As of September 30, 2010, the Company has entered into three sales agreements with homebuilders that have not closed. The Company has agreed to sell 32 single family lots for aggregate cash proceeds of $7,000,000, 131 multi-family units for aggregate cash proceeds of $18,500,000 and 52 single family lots for aggregate cash proceeds of $13,600,000. The Company received non-refundable option deposits with respect to these agreements of $650,000 in 2009 and $2,850,000 in 2010 (of which $500,000 was received in October 2010). These option payments are non-refundable if the Company fulfills its obligations under the agreements, and will be applied to reduce the amount due from the purchasers at closing. Although these agreements are binding on the purchasers, should the Company fulfill its obligations under the agreements within the specified timeframes and the purchasers decide not to close, the Company’s recourse will be primarily limited to retaining the option payments.

As more fully discussed in the 2009 10-K, residential property sales volume, prices and new building starts have declined significantly in many U.S. markets, including California and the greater San Diego region, which have negatively affected sales and profits at the San Elijo Hills project. The slowdown in residential sales has been exacerbated by the turmoil in the mortgage lending and credit markets, which has resulted in stricter lending standards and reduced liquidity for prospective home buyers. Sales of new homes and re-sales of existing homes have declined substantially from the early years of the project’s development; there has been only one sale of residential lots at the San Elijo Hills project since June 2006.

The Company has substantially completed development of all of its remaining residential single family lots at the San Elijo Hills project, many of which are “premium” lots which are expected to command premium prices if, and when, the market recovers. Although the Company has received unsolicited offers, the Company is not actively soliciting bids for its remaining inventory of single family lots and is unable to predict when local residential real estate market conditions might improve. The Company believes that by exercising patience and waiting for market conditions to improve it can best maximize shareholder value with its remaining residential lot inventory. However, the Company evaluates the local real estate market and economic conditions in general on an ongoing basis, and updates its expectations of future market conditions as it continues to assess the best time to market its remaining residential lot inventory for sale.

The Towncenter includes multi-family residential units and commercial space, which are being constructed in phases. The Company has completed construction of the first phase of the Towncenter, which includes 12 residential condominium units and 11,000 square feet of commercial space. Nine of the twelve condominium units were sold during the nine month period ended September 30, 2010. The Company has entered into leases for eight of the nine phase one retail spaces covering 9,900 square feet; all of the tenants have opened for business. The Company is currently evaluating design options for phase two of the Towncenter, which is expected to be comprised of office and retail space.

In October 2010, the Company engaged a real estate brokerage firm to sell the Rampage property. The listing price for the property is $25,000,000; however, no assurance can be given that the Company will be successful in selling the Rampage property, or if the property is sold whether it will be sold for the asking price. READ MORE



San Elijo Hills blossoms into a small town-San Diego Union Tribune

The San Elijo Town Center

Image via Wikipedia

Residents began moving into the development 10 years ago; now they say it has established a sense of community in suburbia

BY MICHELLE BREIER- San Diego Union Tribune

The San Elijo Hills master-planned community features a town square with a clock tower and other elements typical of Americana. The area’s retail portion is still developing. The neighborhood was designed to be walkable, with 19 miles of trails.

SAN MARCOS — Head south past Cal State San Marcos, over the hill as Twin Oaks Valley Road becomes San Elijo Road, and you will land in a place many have come to call their own little slice of Americana.

Nearly 10 years after residents started moving into San Elijo Hills, the sense of community is strong, residents say, and the neighborhood is taking shape.

Every element of the master-planned community in southwest San Marcos — from the purposeful placement of liquidambar trees whose leaves change colors in the fall to the divided road around the town square — is designed to evoke the quaint feel of an early 1900s small town.

San Marcos City Councilman Chris Orlando and his wife moved to San Elijo Hills in 2002.

“We lived in Sorrento Valley but it didn’t have that sense of community, sense of neighborhood,” said Orlando, the father of two sons, ages 10 and 8. “We definitely found that, not only in San Elijo Hills but in San Marcos.”

The road to a modern-day Mayberry has had its bumps. The largest residential project in the city’s history inspired a ridgeline protection ordinance approved by the City Council in 2006 after extensive grading for the development drew wide protests. Voters followed up with stricter protection in 2008.

Some residents have expressed frustration over the years with the slow pace of business development in the Towncenter, the community’s retail core.

San Elijo Hills: Vital statistics

• Acreage: 1,921 acres, 1,115 of which are open space

• Groundbreaking: 1998; first move-ins, 2000

• Residences: 2,550; 3,400 at build out

• Population: 7,462

• Developer: Project is managed by HomeFed Corp., a publicly traded company, for the San Elijo Hills Development Co.

• Schools: San Elijo Elementary and San Elijo Middle; students go on to San Marcos High; Cal State San Marcos is less than five miles away.

And San Elijo Hills’ idyllic environs couldn’t escape the real estate meltdown. One example: D.R. Horton in 2005 paid $36 million for a site at Wild Canyon and San Elijo roads only to sell it back to San Elijo Hills Development Co. for $6 million three years later. It’s now in escrow, said Halé Richardson, spokeswoman for San Elijo Hills.

Mary Maloney, co-owner of Hometown Realty in the Towncenter, was among the founding families in San Elijo Hills. The Maloneys bought their home in November 2000 and moved in five months later, when their youngest child was 5. READ MORE VIA SAN DIEGO UNION TRIBUNE

Brightwood Index-Editorial

5 of 8 homes sell on Brightwood

We have lived in SEH since summer of 2004. The market was red hot and we sold our old house at the peak and moved the equity here to a home we hope to retire in. Crest View was on it’s 2nd or 3rd phase. Buyers slept in line to get homes in the 1st phases. April 2004 the Fed raised rates for the 1st time and the builders had raised prices to the point that buyers would not pay. We bought our home in April of 2004 at what I call the crest of the market in SEH but the homes around us sat un-sold and 1 year latter eventually sold to investors. The investor homes sat with weeds in the yards and lifeless waiting for family’s that never came. These homes are now finally closing escrow after investors lost the homes…I now see life in the windows and yards and voices of people who are happy to live in San Elijo Hills. The web is full of SD Bubble Market blogs, several have followed some homes on Brightwood or Crest View and I have thought about creating a Brightwood Index for the number of homes on the market and for how long they sit and the sagas of each owner who has sold or tried to sell…but I’d like to keep it positive and truly welcome the new owners to a great place to live…and soon all the investors will drive another street and we will play in peace.


Hills Local

Brightwood Drive Facts:

A total of 41 Homes

March 2008

  • 8 homes or 20% for sale (plus phantom inventory…people who wished they could sell)

April 2008

  • 5 homes sold…looks like an indicator that deals are clearing through