Saturday, June 26, 2010

The biggest loser.....


It's been a while since we saw a house here so lets take a look at a home that has fallen in value a whopping 63%. 16622 Catalonia Dr is a 5400 s/f Mcmansion up in Woodcrest. This behemoth sold new in Dec. 2006 for $1.381 million. Today it is listed at $512k. It's an REO now so no short sale BS to deal with. The price is solid based on comps so I don't think it will get bid way up. I'd say this area has "corrected" back to about where it would have been had there been no bubble.

I've looked at quite a lot of this model in this tract. I'd never buy one of them though. They are just way too big. If you have a family of 20 or yearn for the MTV "Cribs" lifestyle then these might be for you. I'd prefer something I can afford to maintain, heat, cool, etc.

6 comments:

ryan said...

What's up with 300K shoot up at The Retreat from last
year's price?

One of my broker last told me to get the place at the retreat instead getting a house at lake hills reserve

Did I made a big mistake? Your opinion is sincerely appreciated....

golfer_X said...

What $300k shoot up? The retreat is selling for about the same as last year. There are a few ridiculously priced homes listed in there but those are not selling. Most of the stuff selling is between $420k and $600k. Same as last year. Check the sold comps. In the last year 4 homes sold at $400k, another half dozen sold under $450k, another 6 sold int he $450-$500k range, another half dozen from $500-550k and over $550k there were over 20 sold. So the prices are not really any different today than they were a year ago. What IS different is the amount of homes for sale. Last year there were tons of homes in there, today you have about a dozen to choose from.

Cathy Mena said...

Ask questions if you are uncertain on some aspects of buying or selling a home. A good real estate agent will not mind if you ask questions, however you should do your part and try to educate yourself on the entire process. real estate

paula said...
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paula said...
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Daimon said...

What a depreciation on its price.. Nice house design though.

Ray Brickman
Philippine Condo Rental Agency