Wednesday, February 18, 2009

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
Asking Price: $264,000
Bedrooms:3 Baths: 2 Sq. feet:1825
Last Listing Date: 2009-02-14

Listing History:
Down 16.2% from $315,000 On 2009-01-24

True days on market: 25
# of Times Listed: 1

Previous Sales:

MLS# 90006564 Google Maps
Assessed Value Property Tax Bill



5105 Ocean Ln
Elk Grove, CA 95757
Asking Price: $259,000
Bedrooms:3 Baths: 2 Sq. feet:1825
Last Listing Date: 2009-02-14

Listing History:
Down 17.1% from $312,500 On 2009-01-24

True days on market: 25
# of Times Listed: 1

Previous Sales:

MLS# 90006299 Google Maps
Assessed Value Property Tax Bill



5020 Ocean Ln
Elk Grove, CA 95757
Asking Price: $247,000
Bedrooms:3 Baths: 2 Sq. feet:1711
Last Listing Date: 2009-02-14

Listing History:
Down 9.2% from $272,000 On 2009-01-24

True days on market: 25
# of Times Listed: 1

Previous Sales:

MLS# 90006569 Google Maps
Assessed Value Property Tax Bill



5213 Ocean Ln
Elk Grove, CA 95757
Asking Price: $224,000
Bedrooms:3 Baths: 2 Sq. feet:1425
Last Listing Date: 2009-02-14

Listing History:
Down 18.2% from $274,000 On 2009-01-24

True days on market: 25
# of Times Listed: 1

Previous Sales:

MLS# 90006307 Google Maps
Assessed Value Property Tax Bill



4912 Ocean Ln
Elk Grove, CA 95757
Total Loss: $166,500Percent Loss: 46.8%
Asking Price: $189,000
Bedrooms:3 Baths: 2 Sq. feet:1638
Last Listing Date: 2009-02-14

Listing History:
Down 16.3% from $225,900 On 2009-01-10

True days on market: 39
# of Times Listed: 1

Previous Sales:
Sold on 2007-05-30 for $355,500

MLS# 90001584 Google Maps
Assessed Value Property Tax Bill



5200 Ocean Ln
Elk Grove, CA 95757
Asking Price: $299,000
Bedrooms:4 Baths: 2 Sq. feet:2119
Last Listing Date: 2009-02-07

Listing History:
Down 12.6% from $342,000 On 2009-01-24

True days on market: 25
# of Times Listed: 1

Previous Sales:

MLS# 90006558 Google Maps
Assessed Value Property Tax Bill


3 comments :

Max said...

I'll have more on those data comparisons soon. Very interesting so far... :)

Deflationary Jane said...

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.

Anonymous said...

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