This 2962 s/f, 4 bedroom/3 bath home was built in 2001 and sold for $277,500. 5 years later it sells again for the unbelievable price of 1.1 million! I find myself shocked and amazed at that selling price. Yes, this house is on a large lot and it probably has a nice view but 1.1 milllion dollars for an average sized tract house in Canyon Crest. Of course the outcome of this transaction is all too obvious.... the bank took it back in October. They have it listed for $599,000. That's a whopping 1/2-million dollar loss in a year (or a 46% loss).
I can't believe this is not another case of mortgage fraud. Zilow has most of the homes on this street estimated at between 500K and 600K and we all know how accurate Zillows estimates are. Even at $600k this home is seriously overpriced. At $100 s/ft this home would be under $300k, I'll give him another $100k for the big lot ( 3/4 acre) and that is still under $400k which is what I think this home is going to end up being worth in a year or two.