Sunday, November 12, 2006

Flipper Massacre Part II: Woodhaven Place

Most bubble watchers are familiar with Woodhaven Place. It is part of a JTS "community" in West Sacramento that became the poster child for the last days of flipper insanity at the peak of the bubble. Recently, several Woodhaven Place came up as Flippers In Trouble listings:

410 Woodhaven Pl
West Sacramento, CA 95605
Total Loss: $103,100Percent Loss: 13.7%
Asking Price: $649,900
Bedrooms:6    Baths: 3    Sq. feet:3500

Previous Sales:
Sold on 2005-11-18 for $753,000

MLS# 60120845      Google Maps

365 Woodhaven Pl
West Sacramento, CA 95605
Total Loss: $78,000Percent Loss: 8.4%
Asking Price: $850,000
Bedrooms:5    Baths: 4    Sq. feet:4235

Asking Price Changes:
Down 8.4% from $928,301 On 04-15
Down 19.8% from $1,060,000 On 08-05
Down 19.0% from $1,050,000 On 10-07
Down 18.3% from $1,040,000 On 10-21
Down 12.8% from $975,000 On 10-28

Previous Sales:
Sold on 2006-07-11 for $928,000

MLS# 60112755      Google Maps

West Sacramento, CA 95605
Total Loss: $57,000Percent Loss: 7.8%
Asking Price: $675,000
Bedrooms:6    Baths: 3    Sq. feet:3574

Previous Sales:
Sold on 2005-10-17 for $732,000

MLS# 60116463      Google Maps

390 Woodhaven Pl
West Sacramento, CA 95605
Total Loss: $21,000Percent Loss: 3.1%
Asking Price: $659,000
Bedrooms:4    Baths: 3    Sq. feet:2855

Asking Price Changes:
Down 9.1% from $725,000 On 07-28
Down 8.3% from $719,000 On 09-23
Down 4.4% from $689,000 On 09-30
Down 2.9% from $679,000 On 10-28

Previous Sales:
Sold on 2005-11-14 for $680,000

MLS# 60084952      Google Maps

A Google search revealed that these are probably all foreclosure sales. Thinking this was similar to the Lincoln Crossing Massacre, I checked out the JTS site to see how many properties they said they had available:

AgentBubble was gracious enough to look up the Woodhaven transaction data, and sure enough, all the properties are now privately held:

The FITs are highlighted in yellow. Unfortunately, not all the sizes were available, but from the ones that were you can see that the prices varied substantially between units. Most interestingly is the fact that it’s the lowest priced units that are facing foreclosure.

Every person who bought on this street has lost money, some over $200,000. The massacre has only just begun…


Anonymous said...

Max, At the Estates at Lincoln Crossing there is now have a water truck circling through the neighborhood a couple of times a week. A big 5,000 gallon truck. The driver sprays water on all the yards where the Flippers have bailed on their utility payments. It is very surrealistic. 140 homes, about 100 have been vacant for almost a year and now a huge construction style water truck drives down the street spraying the landscaping so the lawns will not die. I guess it is cheaper than paying the back utility charges.

If the Flippers won't pay their utility bills, do you think they pay their mortgages? Foreclosures may be the standard out there in 2007 & 2008.

I believe there are steeper Flipper losses per square foot in the JTS subdivisions than on any other product in the Sacramento area. I am curious if anyone sees this kind of carnage in other subdivisions? Any nominations?

Max said...

Nice anecdote about the water truck. Some flippers bought next door to some friends of mine, and when things got rough the lawn was the first to go. Since the place was vacant, my friend was able to get the sprinklers on and keep the lawn semi-green.

When I flew into Sac over Elk Grove you could actually tell which houses were in trouble by the color of the front lawn. Didn't have my camera ready, though.

I've spent a little time going through the Saturday ads looking for other "massacres", and none of them stand out like JTS. I'm definitely willing to accept nominations for Part III.

Anonymous said...

According to the sales lady at my jobsite (she was laid off from JTS a couple months ago) the Lady at JTS LIncoln Crossings was told NOT TO SELL to flippers last year- but she did it anyways...

Anonymous said...

Developers selling less than resellers, same Valley story as 1990-1991. Buyers who bought pahse I homes wathced the prices drop 25-35 % and tried to sue. Some were successful, they sued because infrastructure, parks pools etc were not completed when pahses ii-iv were abandoned. So developers no include better legalese in the sales contract. And this was not as big a flipper market as now. It's going ot hit 50% and the develoeprs will get put first, they have to because they have bank financing not all equity in these deals. I love the fact peopldo not understand money. It creates opportunity. Can't affor it, don't borrow for it.