The Market in the Santa Lucia Preserve
While the Santa Lucia Preserve, known locally as The Preserve, is a place apart from the rest of the
world, it has not escaped the recent downturn in the economy. Unlike many developments across the
country, and the world, The Preserve was well beyond its infancy when global financial uncertainty would have affected its operations and growth. There is over $200,000,000 worth of infrastructure paid for and in place within the 20,000 acres of The Preserve including a nationally ranked golf course, equestrian facilities, trails, and club buildings. The 73 completed homes have a conservative value of $400,000,000 with 20 additional homes under construction and 17 properties moving through the design review process.
Looking Forward
Since January of this year one property in the Preserve has entered escrow, lot 175 (11 Vasquez Trail).
In the same period last year, five parcels and one home sold in the Preserve. My colleagues and I continue to field inquires from new clients about the Preserve as well as questions from our clients that have been considering the Preserve for some time. We believe that, as with other high end golf and amenities properties, buyers recognize there are value priced properties but are holding off in hopes of selecting the perfect property for their needs, at the near perfect price. In all of these communities, the purchase decision is elective. None of us are lucky enough to have an employer who transfers you to a place as beautiful as the Preserve.
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