Storyliving by Disney - a Disney-branded, master-planned home community

[CaptinEO]

On average in the US prices dropped 10-30% not a "huge" drop compared to what prices have done since the 70s.

Just look at the housing price index for the US which comes directly from the FED -

That small dip in 2007/2008 was nothing. Some places (and people) got hit harder than others, but the average for the US as a whole wasn't the correction some think it was. The US literally would have to have a dip almost 5x worse over before it really made a dent in housing prices across the board.

Also just an FYI I sold mortgages in the mid-2000s, so I was right in the thick of it when things started.

How is 30% not a huge drop? I know many people that were effected by the 08 recession. Some were realtors.

What you call a "small dip" was devastating for many.

 

[CaptinEO]

You are assuming it actually gets built. There was no timeline or opening date given for this project. Interest rates are going to rise quickly very soon, a massive correction is coming to housing, and a recession looms closer by the day.

That's not a good scenario for selling second homes to upper-middle class folks and/or condos to middle class folks.

Disney has plenty of experience releasing splashy press releases with vague concept art like this for concepts that never actually saw the light of day. Just off the top of my head, there was supposed to be a half dozen other Aulani-like properties around the world's resort areas by now, and I remember about 15 years ago when Jay Rasulo announced Disney would be getting into the regional entertainment center business.

You bring up a very good point. It's funny seeing how quickly Disney ditched their Disney Quest concept. I believe they even had a structure they completed that was never used due to the project's cancellation.

Heck it takes them more than 5 years to clone a roller coaster that they already made in China.

They probably started this plan/concept in 2020 with the ultra row interest rates happening and it took them this long to develop the concept art.

A poster in here also mentioned all the abandoned DVC hotel sites Disney sold off before completion in the 90s.

Yesterland: Four More Disney Vacation Clubs That Might Have Been

www.yesterland.com

 

[J2B]

Nope. At least not in any normal gated and HOA community I've ever heard of. I know a couple from Seattle who retired to La Quinta nearby Rancho Mirage in one of these master planned places. You can't rent your place out. If it's summer, it just sits there.

That said, I am continually surprised at how many retirees live in the Coachella Valley during summer. Especially the northerners, they just love it. It honesly helps that as humans get older our blood thins and we get cold easy.

Residents absolutely rent out their homes when not occupied by their own family. We've been renting homes in Palm Desert and Palm Springs for years, in the upscale neighborhoods.

 

[TP2000]

Residents absolutely rent out their homes when not occupied by their own family. We've been renting homes in Palm Desert and Palm Springs for years, in the upscale neighborhoods.

Really? The friends I know from Seattle who retired in the Trilogy development in La Quinta said airbnb's were strictly forbidden for their development, including casitas.

Their direct neighbor in Trilogy is a retired executive from Capitol Records, and he got in trouble from the CC&R police for having too many "guests" cycling through the house and its casita. The tipoff was the nightly jam sessions that had different musical styles depending on who was staying there.

And apparently during the Coachella festivals, the CC&R police goes into overdrive on airbnb's and suspicious "house guests".

 

[Disney Irish]

How is 30% not a huge drop? I know many people that were effected by the 08 recession. Some were realtors.

What you call a "small dip" was devastating for many.

30% compared to where prices were or are again is not a huge drop. Again not saying that there weren't people affected, just that it didn't have the huge correction on prices that some claim. A $1M house dropping 30% is nothing, as its still unaffordable for most Americans.

Overall again the problem is inventory, the reason why prices continue to rise at a breakneck pace is because we have a housing shortage in this country. In the US there is at least a 6M unit shortage, and in California alone there is a 2-3M unit shortage. So simple economics, supply and demand, when supply is low demand causes prices to go up.

 

[TP2000]

30% compared to where prices were or are again is not a huge drop. Again not saying that there weren't people affected, just that it didn't have the huge correction on prices that some claim.

That is an absolutely fascinating comment to make out loud for someone who used to work in the mortgage business.

 

[Disney Irish]

That is an absolutely fascinating comment to make out loud for someone who used to work in the mortgage business.

If I bought a house at $250K that was worth $1M in 2007 and it dropped 30% in 2008, sure I lost equity but I'd still would make a huge profit if I had to sell even with that 30% drop. But on the flip side that 30% drop doesn't make that house any more affordable to the average person.

Yes there were lots of people affected by the crash of 2007/2008, but that still doesn't mean it was a huge enough drop in prices to solve the housing price issue. The only way that is going to happen as I mentioned in more supply, simple economics. Add more supply to the market and that cause prices to drop to compensate. Like I mentioned we're at least 6M units short in this country, at least 2-3M of that is here in California alone. Flood the market with those units and you'll see housing prices stabilize.

 

[CaptinEO]

30% compared to where prices were or are again is not a huge drop. Again not saying that there weren't people affected, just that it didn't have the huge correction on prices that some claim. A $1M house dropping 30% is nothing, as its still unaffordable for most Americans.

Overall again the problem is inventory, the reason why prices continue to rise at a breakneck pace is because we have a housing shortage in this country. In the US there is at least a 6M unit shortage, and in California alone there is a 2-3M unit shortage. So simple economics, supply and demand, when supply is low demand causes prices to go up.

Many new home owners invested all they could into their homes and were barely affording their high mortgage payments when the market crashed. Then many of those same people lost jobs.

Think if this happened again tommmorow. How many people pulled all their money together to buy a home or upgrade homes during 2020 and 2021 and are again barely getting by.

A 30% loss for these folks, and there's many of them, would have a major impact.

If someone can keep their income stable in a recession then they have nothing to worry about though and the equity will go back in time.

 

[J2B]

Really? The friends I know from Seattle who retired in the Trilogy development in La Quinta said airbnb's were strictly forbidden for their development, including casitas.

Their direct neighbor in Trilogy is a retired executive from Capitol Records, and he got in trouble from the CC&R police for having too many "guests" cycling through the house and its casita. The tipoff was the nightly jam sessions that had different musical styles depending on who was staying there.

And apparently during the Coachella festivals, the CC&R police goes into overdrive on airbnb's and suspicious "house guests".

I'm sure it's frowned upon but residents fly under the CC&R radar. The last home we stayed in (PGA) had such strict rules that it turned our family off from wanting to rent there again. In fact the owner showed up at the pool... 'just to see how we were doing' LoL. Sooo, while residents DO rent out their homes it isn't easy being the 'guest' I prefer to go through property management companies...they could care less and leave renters alone.

 

[TP2000]

Why isn't this done close to Disney World or Disneyland? Building something like this in the middle of the desert is a waste. Disney, please remember what realtors say about "location, location, location."

Greetings from La Quinta, gang! I’m here for a few days at PGA West, staying with some friends who have a second home here. Looking at the map, this is very close to where Storyliving will be. And I imagine the homes in Storyliving will be similarly sized and amenities laden as these.

For the Non West Coasters here who are still baffled by the concept, here’s this afternoon’s view from my friends pool terrace looking due west.

Its 3 bedrooms/3baths with a detached one bed/bath guest casita. Two car garage with golf cart garage. Open concept, about 2,800 square feet. Small pool and jacuzzi, as seen below. (Flamingos are an upgrade)

The same scale and scene will be found in the Storyliving homes, I am sure. To be honest, almost all the homes in La Quinta and Rancho Mirage are the same. Disney is not inventing anything new here.

 

[Sailor310]

We rented a house for Christmas in Rancho Mirage. No golf course, just a regular neighborhood. The agreement was tough: no music heard beyond the property. No one outside at the pool/bbq after 10PM. Could lose lease or be fined by the cops.

 

[Phroobar]

We rented a house for Christmas in Rancho Mirage. No golf course, just a regular neighborhood. The agreement was tough: no music heard beyond the property. No one outside at the pool/bbq after 10PM. Could lose lease or be fined by the cops.

You forgot the lights out after Lawrence Welk at 8pm.

<turn off the bubble machine!>
<turn off the bubble machine!>

 

[No Name]

In what underground bomb shelter did you spend the years 2007-2010 to not know that California housing prices suffered a huge drop? And did you get tired of eating canned soup when you were down there for so long?

This is a pretty misleading graph but it was still a big deal nonetheless. Not that Mr. Irish is necessarily saying this, but the idea that the Great Recession wasn’t that bad is a hot take if I ever heard one.

 

[Disney Irish]

This is a pretty misleading graph but it was still a big deal nonetheless. Not that Mr. Irish is necessarily saying this, but the idea that the Great Recession wasn’t that bad is a hot take if I ever heard one.

Correct, that is not what I was saying. The Great Recession was absolutely devastating to a lot of Americans. What I was saying is that while it did cause a lot of homeowners to go underwater in their mortgages, it didn't have the huge price drop in housing that some think it did. US housing has been and continues to be overvalued in most markets across this country. Its all supply and demand, because there has been an inventory shortage for decades it causes existing housing prices to skyrocket to compensate.

And huge shocker, the reason why The Great Recession didn't have the impact on home pricing that some thought it did is because institutional investors came in and bought up a lot of foreclosures in order to keep the prices from plummeting.

 

[Dear Prudence]

We rented a house for Christmas in Rancho Mirage. No golf course, just a regular neighborhood. The agreement was tough: no music heard beyond the property. No one outside at the pool/bbq after 10PM. Could lose lease or be fined by the cops.

Oh, lord,that is the most "wh!te neighbourhood" ish I have read in a loooooong time. My grandfather used to feud with the people down the street by blasting the opera Carmen and ranchera music.

How would Rancho Mirage survive a fiesta or a cook out? Good grief!!!

 

[Sailor310]

Oh, lord,that is the most "wh!te neighbourhood" ish I have read in a loooooong time. My grandfather used to feud with the people down the street by blasting the opera Carmen and ranchera music.

How would Rancho Mirage survive a fiesta or a cook out? Good grief!!!

I guess the cities got tired of folks renting houses for spring break parties.

 

[TP2000]

Oh, lord,that is the most "wh!te neighbourhood" ish I have read in a loooooong time. My grandfather used to feud with the people down the street by blasting the opera Carmen and ranchera music.

How would Rancho Mirage survive a fiesta or a cook out? Good grief!!!

Thank you, dear lady! I laughed so hard at this post because it's so true!

Today I went for a drive to see exactly where Storyliving would be, and it's right across Bob Hope Drive from Sunnylands (the old Annenberg Estate, and where Frank Sinatra got married for the last time in '76 if @BuddyThomas is interested. I've been on the Sunnylands home tour and marveled at the big marble fireplace where Frank and Barbara tied the knot). I thought Storyliving was further south than that, but Sunnylands is an excellent area. Storyliving is bounded by Bob Hope Drive on the west, Frank Sinatra Drive on the south, and Gerald Ford Drive on the north.

Storyliving as of this week is still a giant empty sandscape with only a few dozen rattlesnakes and roadrunners, and a gaggle of very hungry coyotes, but check back in '24. Maybe '25.

So my earlier posts a few days ago about the view from Storyliving is a few miles off. You won't see the exact same hills as these in the western distance that I took this afternoon at my friend's place, but you'll see a similar set of hills from the Storyliving homesites. It's a really stunning vista, contrasting lush greens and water against sun scorched desert hills. (And again, flamingos are an upgrade. Bob Chapek will probably charge $29 per bird in a Genie+ Storyliving Bundle.)

Here's the view angle from Storyliving a few miles north, versus where I am this week and have photos of in this thread, as originally I had thought Storyliving was in Indian Wells...

So, using a stock photo of the fabulous Sunnylands Estate as a location just across Bob Hope Drive, here's the westward facing view from the Storyliving homesites (because the most expensive homesites in the Coachella Valley are generally westward facing towards the hills).

 

[truecoat]

There's nothing like having an HOA.

Is there a show on TV yet about HOA nightmares?

 

[TP2000]

A few thoughts on Storyliving, after spending several days here and listening to the locals at restaurant dinners and cocktail sociables....

Everyone in town is talking about Storyliving! I've lost track of how many people have brought it up, and for the most part they are either full-time residents who were hosts or hostesses of parties at their home, or part-time residents who own a vacation home here. But what's fascinating is how wrong most of these folks seem to be. To be honest, these are not stupid people. They are retired folks who had successful careers in business or medical professions. They read. They are tuned in. They can carry a conversation on current events.

But almost to a person, they think Disney is building some elaborate themed environment out here. With shows, and character greetings, and themed environments. Hell, they probably even think there's going to be a Fantasmic! and 9 o'clock fireworks.

Several times this week I've heard stuff like the following:
"Did you hear that Disney is building a new resort here? It's going to be incredible! Walt would love it."
"Once the new Disneyland opens in Rancho Mirage, I'm sure we'll get more non-stops out of Palm Springs. I hate changing planes in San Francisco to get anywhere."
"Disney is building a new city up near Frank Sinatra Drive. They'll control everything, the HOA probably won't even let you grow a mustache."

I laughed at all of them, and more. But it's fascinating how powerful the Disneyland/Disney name is in the Coachella Valley with the Baby Boomers who will be the prime customers for it. Many people here really do think it's going to be a fully fleshed out "Disneyland" type experience.

 

[TP2000]

Because California isn't having a drought or anything.....

True. But it's incredible how much water there is out here. Or how much water is wasted. And it was well over 100 degrees today, and a very dry heat at that. Less than 10% humidity.

I snapped thsee pics late this afternoon at another friend's place hosting a cocktail hour…

These friends of friends are on a "water feature" off the fairway, which is an upgrade from just the standard west-facing hillside view. Plus the obligatory plunge pool and jacuzzi. And everyone here has a burbling water fountain at the front door that just evaporates away water all day for no one except the Amazon delivery guy. Plus all the endless green fairways, landscaping, and flower beds everywhere.

It makes you wonder how Disney is going to market Storyliving, seeing as how they've gone rather "woke" and won't want to position themselves as water hogs. And yet, to build a lavish housing development out here for nothing but second homes and retiree's who could theoretically live anywhere... those Communications Majors in Burbank are going to be working overtime to try and explain why Disney needs to use up even more water out here just to make a few bucks.