Thursday, November 8, 2007

Would-crest?

They may want to consider changing the name to Didcrest, as in the prices crested about a year ago. They are now in full retreat. Woodcrest is full of new developments, built from the late eighties until...well, they are still building. The new tracts that are still going have made some massive price cuts. The Centex development lopped off about 20% back in July or August. That was about $160k on the biggest homes. New homes are all over the pricing universe but the ones that are priced most aggressively are sporting 2003/2004 prices. Some of these may technically be in Orangecrest but close enough.

19944 Krameria,
This a rather typical new home in the area up for sale, 2651 sq/ft 4/4.5. It was bought new in 2006 for $615k (redfin says it was built in 2004 but this tract was not there in 2004. It looks like the owner lost it to the bank in July. He managed to hang on slightly less than a year. They are not messing around with this one and have it listed for $409,900. A staggering loss of $206k in one year or 33%.


19929 Lonestar this is a big-un, 4015 sq/ft on a 1/4 acre lot. Mr desperate seller is willing to deal on the furniture too if it helps make the sale. This home was bought new in July of 06 for $738k and it's now on the market for $549K. Assuming he can find a buyer thats a loss of $189k plus another $33k in fees for a loss of $222k in slightly over a year.


8186 Branding Iron, is a 3288 sq/ft 5 bedroom home built in 2002. It sold new for $299k (probably about what it's worth today). In 2006 it was flipped for $650k (we have a winner!). Unfortunately the new owner stretched himself a wee bit too far and lost this baby to the bank. It's now offered for $474K. That's a loss of $176k or 28% in a year.




9474 Paradise is a 4300 sq/ft REO. I don't have the original purchase price but I do have the brochure from the development. These sold from the low $700s but the bank is offering this one for $515k. The last owners may have taken the kitchen with them though..... This has to make the neighbor at 9568 Paradise PL a little tweeked as he is trying to unload his 4300 sq/ft home for $699k. He is already listing it for $56k less than the $755k he paid. But with the REO at $519k he is looking at a loss of $235k in a year (or 32%).



Homes with big big price drops are just way too easy to find in this area. Basically anything bought after 2004 is currently screwed. Next year anything bought after 2002 is probably gonna be upside down. This area is probably going to settle back to 2001/2002 prices. That would put most of these bigger homes right around $100 sq/ft.

5 comments:

Lou Minatti said...

The Branding Iron house with the dead lawn would be about $300k here if it was in a superior tract development. It's been widely bandied about that the bubbliest areas require a 50% haircut, so that $299k original price seems about right.

Angela said...

Wow, that is exactly where I think they will be too. My price target is $300k. We would like to buy next winter. It might take a little longer but they are really falling now. I don't need a 3,000/4,000 sq foot house but if they are cheeper than the resales, I guess I'll take one. I have several friends who bought in the new Centex homes. We sold our home and rent and they all thought we were crazy. I just keep my mouth closed when they tell me we were smart.

Have a great day,
Angela (in Woodcrest)

golfer_X said...

Big houses are nice until you get that first July electric bill! My electric bill last July was $460 and my house is only 1800 sq/ft. Of course my kids think every TV and PC needs to be on 24/7.

Paige said...

I'm so glad I found this blog. I live in the Riverside/Orangecrest area and drive by many of those homes quite often. We have a few homes in our neighborhood that are down 30%.

We are looking for a pre-foreclosure and expect prices to go down into the $300,000's.

Keep up the great work!

In the Office Twice a Week Guy said...

Lonestar down to $429k and no takers.