Thursday, January 20, 2011

The bubble must be back


The bubble days are back. This seller thinks so anyway. 8024 Sanctuary in the Retreat just listed for $748k. That's $223k more than the owner paid less than 2 years ago. Other than some landscaping and paint I don't see that he's done much to the house. I looked at this home in 2009 when it was for sale and although it was nice it was actually priced about $50k higher than some of the identical floorplan homes were selling for. This one does back up to the course but the yard is small and it's right next to the clubhouse. I'm not sure what makes a person think in this economy that they can get $223K profit on this house. The realtor should have smacked the seller for even suggesting such a price. On the plus side, the pictures are great. I'll give Tiffanie some brownie points for the listing. Well written and good pics, that's nice to see once in a while. But the price.......

6 comments:

Sandagger said...

It doesn't make any sense, especially since you can buy a brand new home in the $500's from ryland at the top of The Retreat. I have been up there and those homes have golf course AND valley views.

mcm said...

testing

Snail said...

The HOA only list $164 per month, this could not be right. My understanding it would be at least $500/month. Do they have different tiers or something?

golfer_X said...

Last time I looked at a house in the Retreat it was $290/mo for the HOA on a similar floor plan home. That was over a year ago. The only way it would go down is if they built more houses. That would spread the total cost across more homes and reduce each persons. They are building some new homes in there but not enough to drop it $140/mo.

$500/mo is about what the Mello Roos fees are. You are looking at around $750/mo between the HOA and the Mello Roos to live in the Retreat.

Sandagger said...

Have you had a chance to look at the new homes being built? My wife and I looked at the new homes being built and we are really considering buying one. The HOA dues that were quoted were not too bad ($229), and I know about the mello roos, but still seems like a good deal because it is a new home for the same price as a resale in the same community.

golfer_X said...

I have not looked at the new homes but they seem smaller and they seem to be on smaller lots. You can usually do much better with a resale, especially if you can get one that has some landscaping aleady done. It costs a fortune to landscape a home. If you add that cost in the new homes are way more expensive. Also most of the resale homes in there are HIGHLY upgraded (travertine, high end appliances, hardwoods etc). To upgrade one of those new homes to the level of most of the homes I've looked at in there would cost you $50K to $100k.