200 New Homes; 14,000 Interested Buyers

A large new master planned development in San Diego offers another anecdote about the state of the real estate market in 2021.

1 minute read

May 21, 2021, 7:00 AM PDT

By James Brasuell @CasualBrasuell

"The first homes at San Diego’s newest residential community haven’t even been built yet but the interest list is growing by the minute," reports Philip Molnar.

The 3Roots development will add 1,800 homes on a former quarry in the Mira Mesa neighborhood. While the full amount is excepted to be complete until 2025 or 2026, 200 homes from that total are expected to open this year. The interest list for those 200 homes includes already more than 14,000 households, reports Molnar.

The developers have a gold-plated problem — who gets to buy? At the moment, they say they are still trying to figure that out. New home builders across San Diego County have relied on lotteries or very long wait times for a home after an initial deposit to select residents. Would-be buyers at 3Roots don’t seem concerned about the development’s prices, which start around $600,000 for townhouses and into the millions for single-family homes.

Real estate analysts cited in the article blame the high demand and the ensuing high prices on a shortage of homes available in the region.

This development is also doing a lot to attract potential buyers, according to the article. "The 413-acre 3Roots project has a mix of condos, townhouses, single-family homes and subsidized rentals," reports Molnar, and includes amenities like zen gardens, an extensive trail network, and other recreation facilities.

Wednesday, May 19, 2021 in The San Diego Union-Tribune

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