9543 Newbridge is a newer Centex home with 4194 sq/ft. It has 5 bedrooms and 4.5 baths. These were nice looking homes, I remember looking at them when they were selling in early 06. This house sold new in May 06 for $710k. It's now offered for $343K or $82 sq/ft. In case your math skills aren't up to snuff, that's about 52% off the original selling price.
A fluke? well, not really. There are 3 others in this same tract selling around the same price per sq/ft. 9528 Los Coches is a new listing and another REO. This one is even bigger at 4479 s/f. It has 6 bedrooms and 4.5 baths. This one sold new in Jan 06 for $732k. It's now listed for $375k or $84 s/f.
Too big for ya? OK, here's something a touch smaller. 19506 Lurin Ave, just barely qualifies as a McMansion in my book (over 3500 s/f). It squeeks in at 3685 s/f, with 6 bedrooms and 4.5 baths. This one was purchased new in Dec 05 for $622k and now it's offered for $315k or $85 s/f. It say's it needs some TLC whatever that means. So it might be missing some stuff or maybe it just needs carpet and paint.
What, still too big? Ok lets drop down to closer to 3000 s/f. I can still find some nice choices here but most of them are short sales. There are a few REO's to choose from though. 9406 Darby Ct is a 2870 s/f home with 4 bedrooms and 2.5 baths. This was a Fox and Jacobs home, which is the low end Centex brand name. These homes were outfitted with "builder grade" amenities. In other words, all the stuff inside was cheap. Cheap cabinets, cheap carpet, tile, fixtures etc. Don't expect to see Viking appliances in one of these homes. Never the less they still sold at ridiculous prices. It doesn't say what this gem went for new but you can bet it was north of $500k. It's now listed (REO) for $270k or $94 s/f. Too much in my opinion given the low quality of these homes.
I'm going to end this here. I could go on for a long time because there's really quite a lot of them now. As you can see, the sub $100 s/f wave is steadily making it's way West. The sub $80 s/f ripple should be hitting those big homes soon enough. How low will it go? Well, that's the million dollar question, isn't it? As long as the economy and employment are heading south prices will too.
8 comments:
Hmmm, tempting. I like the thought of 6 bedrooms....but not the A/C bill in the summer.
Yeppers... the utilities alone would eat you alive on a box like that.
I keep hearing from friends that live in these ginormous homes that their electric bill is not that bad because the homes are more efficient. I don't really know if I believe that or not. I know my electric bill in the summer often tops $400. My house is only 1800 s/f. I have a hard time believing these big homes are that much better. I am hoping they are since I'm looking for about 3500 s/f.
well im sure that you have all heard about the new "bailout" plan...it is only offered to people that own homes that have depreciated a maximum of 5%. obviously, the bailout plan will have absoluutely no affest whatsoever on californians, so in essence, there really is no bailout plan
The LA times said the only 9% of homeowners in Southern Cali would qualify. It's a ridiculous plan. It might even be worse than the ones floated under Bush. This one seems so ridiculously complicated it's almost certainly doomed to failure.
It's not for homes that have only depreciated 5%. It has several different aspects. One allows low interest refis for Fannie and Freddie backed loans with a max loan to value of 105%. The other primary aspect is the complicated one. Where they try to get banks to bring the principal down to 38% DTI and then the government kicks in additional money to get the DTI down to 31%. They also want 2nd lien holders to "play ball".
They are including lots of monetary incentives for loan servicers to make these mods happen. This looks to me like a sure fire way to encourage all kinds if funny biz.
This plan is another attempt by the government to build an anti-gravity machine for home prices. Like most anti-gravity machines or perpetual motion machines it's doomed to failure.
You have to figure that any bail out plan must work nation wide, we do not meet the nation wide model so we are where we are. Helpless
I live in one of the larger centex homes. 3258 sq feet. The homes are built very well. I only ran my A/C two times last summer.. I just close the house up each day, lower the blinds, ect. and when I get home upstairs is 77. After the sun goes down I open all the windows and the breeze cools things off. My old home was 1600 sq feet and my electric bill was more to cool that house then it is for this house.
Post a Comment