Sunday, November 2, 2008
The Retreat goes Sub-400K
My favorite bubble whipping post has gone Sub-$400k.
Last week before hitting the high seas I saw this listing. I honestly figured it would have sold by the time I got back. But it hadn't and there was an open house on it this weekend. I drove over to take a look with my wife. I expected a stripped home or another thrasher where the owners trashed it on the way out. But no, the home was actually quite nice. The fixtures and flooring were all basic stuff. No upgrades here folks. But the house was in good shape. The only bad thing was the back yard was tiny and I do mean tiny. I think you could stand in the door and touch the back wall with a broom.
The home is 8775 Gentile Wind drive. An address my wife found strangley amusing. Gentile Wind she said with a snicker.... "that's a perfect address for you". The home is a 4 bedroom 3 bath with 3333 sq/ft of living space. This is a KB home built in 2005 and selling new for $718K. They tried to get $390k for it on the courthouse steps but there were no takers so the bank now owns it. There asking price is $380K. A couple of months ago I would have said this will sell in a heart beat. But there are several other homes in this tract listed very close to $400k. If those are upgraded or have larger lots then this home may still have trouble at this price. Another huge problem for this tract is the ungodly high property tax. On top of the normal CA property tax you have about another $4500. If that's not bad enough the HOA is currently running about $120 a month ( I was quoted $230 by another agent at another open house). All together that adds another $500 to $600 a month to the monthly nut. (the picture above is the home next door but they look alike and are the same basic floorplan. This one is listed at $417k as a short sale).
I've received a few nasty-grams over the months about me being a poor, bitter, jealous renter who can't afford "The Retreat". They said sales were picking up and prices would soon recover, etc, etc. Funny stuff really, obviously from homeowners in "the retreat". Please if you feel the need to send me another one, just go get a stiff drink and skip it.