Friday, September 21, 2007

Corona in free fall

I've been looking around Trilogy golf club at homes. There are loads for sale and the race to the bottom seems to be on. Let's take a look at Cantara rd. There are 34 homes on Cantara and I found 4 for sale, so just over 10% of the street is for sale.

23672 Cantara Rd is a 3103, 4/3 near the golf course. It looks to be a failed flip. Last purchased for $575k back in April. It's already back on the market for $493,850. That's an 82K loss in 5 months! Nearly 200K from peak in 2005

Currently on the market for $493,850
04/20/2007: $575,089
08/31/2005: $689,000
10/16/2003: $459,000

The neighbor with the same plan at 23700 Cantara is already under cutting this flop by a few dollars though. His is listed for $479,000, $166k less than he paid for it only 2 short years ago (ouch).

This is gonna make 23518 Cantara a little hard to sell at $579,000. Especially since it's 500 sq/ft smaller. These appear to be the original owners though so they may still be able to escape without losing much if they can lower the price.

23602 Cantara is also for sale at $590k. This one is the same 2665 sq/ft plan as 23518 Cantara. It does have a pool but at $100k more than the two larger homes I don't see much hope. They've already reduced the price from $645. This is another original owner so they should be able to get out if they price accordingly (and have not heloc'd all the equity out).

Here lies 4 properties on one street in the Trilogy community. There are many, many others.

1 comment:

Aaron said...

Finally a nice IE housing blog. Please keep up the good work. I'm a soon-to-be house buyer out here waiting and watching for a time to bounce on something. (It will be a while.) In the meantime, I'm going to a lot of new housing development and keeping an eye on the price drops. I'll pass on some info on the steep drops to you as I get them.