Tuesday, December 04, 2007

True Panorama Joy

MLS #70095369
4400 SF on 2.99 acres

Comments from MLS:

"The Tucson is the most popular plan in the Ranch subdivision& this is the best price on a premium ($80K extra!)lot as well!Back views of the Sierras& the Rancho Seco towers w/lots of open space!Desired orientation w/morning light in Master/living/family rooms. Patio is shaded late afternoon=true panorama joy" *(punctuation/spacing is straight from the MLS listing)*

Here's some history on this:

4/4/06 - Purchased by what appears to be an investor (has Muir Beach address) for $1,124,500

7/19/06 - Listed for $1,350,000
8/26/06 - Reduced to $1,325,000
9/21/06 - Reduced to $1,299,000
11/3/06 - Expired

3/15/07 - Listed for $1,099,000
5/9/07 - Reduced to $895,000
6/8/07 - Reduced to $849,500
9/6/07 - Expired

9/6/07 - Listed for $849,500
9/14/07 - Reduced to $799,000
10/22/07 - Pending Sale
12/3/07 - Fell out of escrow, reduced to $699,900

This does not bode well for the competition. Consider the following active listings at the Ranch:

12901 Rimfire Dr - 2900 SF - $699,000
9600 Livery Ct - 2544 SF - $699,000
9460 Crossrail Dr - 3600 SF - $799,000
12800 Rimfire Dr - 4400 SF - $1,178,329
12791 Furlong Dr - 4400 SF - $1,250,000


... said...

Bla, bla, bla - when you set up your real estate to look like a repo (see pictures) its going to get priced like one.

Great price!

Put some carpet in it, mow the lawn, raise the price $100K.

smf said...

In this mania, houses were compared to similar houses in way better locations.

For example, 95819 and 95864 are way better locations than EDH. But the prices in EDH rose up to meet the prices in these locations.

Now that the mania is gone, finally some realize that putting up a mansion in Podunk does not mean that you can charge city prices for them.

smf said...


Those lights that they put in the bathrooms are THE cheapest types of lights that are used in residential building. And these are for million dollar homes?!

What were they thinking?

And those lights are typically used only on apartments.

That is just cheap construction, looks like typical apartment grade.

... said...

SMF - thank you for the observation. Too many buyers get caught up in the "price per foot" game.

Well, the bean counters are going to win every time.

You want it for $10 less? They'll remove $10.50 worth of stuff.

You want a bigger home? (I'll blow more air into the balloon)

You want a deal, see if they have any models to get rid of.. . hundreds of thousands of dollars in upgrades in those.

patient renter said...

Wow, good find. Leaves me wondering where/when/why/how 4400 sq. ft. is the most "popular" model? Crazy.

smf said...


I have seen plenty of examples were an bigger/better home was nothing but crap.

Looked once at a $740K 3600 sq.ft. home that had the same $250 dishwasher I had installed in my started home 13 years prior.

Those homes above are similar. If I see a house that has those types of lights in the bathroom I would never buy. Those are literally lights that I would place in an cheap apartment bathroom. And some idiots bought it for $1,000,000?!

You want a deal, see if they have any models to get rid of.. . hundreds of thousands of dollars in upgrades in those.

Tell that to some of the builders in Anatolia, 95742. Some of those models were very nice. But the prices...

AgentBubble said...

Yeah, we rented out there for about 6 months in a smaller model. Everything about the house was cheap. I honestly had to question if there was padding under the carpet!

Anonymous said...

Rancho Seco towers??? Um, am I the only one who does not think a view of the defunct nuclear power plant towers is desirable?

AgentBubble said...

Yeah, I was laughing when I read that part.

patient renter said...

Some folks will think just about anything is desirable if they're told it is.

Josh said...

And who is the builder? None other than JTS:

Ranch Equestrian Estates

ratlab said...

I know some friends that actually had a reason to look out there, probably even looked at that specific house. They owned horses and would save on boarding, and thought it would be any sort of deal until the 4400 sq ft. houses out there could be had for the low $600s. Gettin' close!

smf said...

Answer this:

Wilton is in BFE.

Maybe 5000 population.

Does not even look to have a supermarket close.

But MLS shows 90 houses for sale?!

Wadin' In said...

Max says: "...And who is the builder? None other than JTS..."

It appears JTS created more FB's in this housing market than any other builder on a pro rata basis. They must have the P.T. Barnum direct supply line for suckers.

Agent Bubble: You observed the following on Oct 12th. Is this the same house?

"4) Came across what I'm going to call a bargain in real estate the other day in MLS. A 4400 sf home in Wilton at the Ranch was listed at $589,900 ($134/sf). The home was an REO and was purchased for $1.25M in June of 2006. 100% financing too. Bank took it back on 8/28/07 for $1,057,729. Not a bad day's work. It went pending within 6 hours of being listed too. Can't wait to see the sales price."

Go here to see the thread: http://sacrealstats.blogspot.com/2007/10/real-estate-tidbits.html

AgentBubble said...

Wadin' In said...

Agent Bubble: You observed the following on Oct 12th. Is this the same house?

Nope, different house! That one sold for $568K.

wrong moves said...

I had to see the lights after the comments on here. Surprise, there is no picture of any bathroom, but there is an amazing photo of a folding chair in the middle of a room without carpet/tile.

Do you think the agent reads this blog too?