Monterey Village Price Drops
As reported here earlier, a group of speculators has purchased the unfinished development abandoned during the Dunmore Homes bankruptcy, and are now probably trying to fund the completion of the unfinished units using proceeds from the sales of the complete ones. Looks like they're discovering reality, as they've lowered the asking price on their units by about 17% with only 3 weeks on the market. That's still 30% more than an REO on the same street, so I bet they drop their prices a bit more before they sell:
![]() 5204 Ocean Ln Elk Grove, CA 95757 |
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![]() 5105 Ocean Ln Elk Grove, CA 95757 |
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![]() 5020 Ocean Ln Elk Grove, CA 95757 |
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![]() 5213 Ocean Ln Elk Grove, CA 95757 |
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![]() 4912 Ocean Ln Elk Grove, CA 95757 |
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![]() 5200 Ocean Ln Elk Grove, CA 95757 |
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3 comments :
I'll have more on those data comparisons soon. Very interesting so far... :)
Just to give them an idea of the competition:
friends of mine just rented a 3600 sqft 5/3.5 for 1700. It's drop dead gorgeous. Built in 05, sold for 500k as a spec and maybe lived in for 6 months. The place never hit the mls after it went back to the bank. It stayed on the lenders rolls- listed for 355, sold for 270k and I think this spectulator overpaid (MR and HOA will make your eyes bleed).
Crazy isn't it? Forget the MLS, it has become meaningless.
Gee I hope they fixed the entry sign and did a little landscaping - or is that a part of the "bargain feel"?
Max, Looked at the areal photos last time and some of those REOs were in the "cluster" section of Ocean, backing to the main drag, lots less than 1/2 the size of the other end of Ocean where these new homes are. The cluster homes look like slightly detached condos - I think they were called "pull-apart-homes" at one time? Can't really compare them to the others by square footage.
DJ - I just rented out a place for $900, 900 sf 2/1. Its all location! Funny in that I offered it for less if someone would paint it (I'd credit $$) no takers until I painted it and raised rent.
Sippn
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