[quote=AN]bearishgurl, one big difference I see is the kitchen between the old vs new. Another would be the layout. Most people don’t want to remodel. They want move in ready homes.[/quote]
AN, the layout of the large Stonebridge homes seemed a little broken up to me in the photos, but I have not actually toured them.
I don’t really see anything wrong with the layout of either of my two active comps. As far as older appls v. new (Orchard Bend listing), are those worth $45K+ more in asking price + the remaining cost of the MR in the Stonebridge listings (RB had new appls)? Both my RB and Poway listings were very well landscaped (mature landscaping) and both had new countertops (granite/corian). Both listings had beautiful private pools and the RB listing also had a raised attached jacuzzi overlooking the golf course. Yes, the RB lot was a little smaller (inside a gated assn).
My biggest question is, what is wrong w/ the Orchard Bend house that’s causing it to not sell at its current price while its direct comps sold for around $1.32-$1.47M? Considering the Orchard Bend house is much bigger and sit on a bigger lot as well.[/quote]
This is a custom area, AN. Whatever the problem is (some work was done that may have been unpermitted, perhaps?), will it cost $361K to $516K to fix?? That is the difference between the asking price of my Orchard Bend active and the recent nearby solds you furnished. Not to mention it’s zoned for horses as well.
IMO, after about 3500 sf or so of living space, I don’t think the ppsf matters as much. Above 4500 sf, I believe the ppsf should be about half of that of a 1500 sf property in the same area. Due to economies of scale, it costs the same amount to re-roof a 2000 sf one-story house with a 3 car garage as it does a 5000 sf two-story house with the garage under part of the living space. This theory applies to ALL building materials.
What I’m saying here, is ppsf isn’t everything. When comparing properties in the same area, the WHOLE PKG has to be looked at such as, “How long will it take these stick trees to reach 40 feet high and shade this patio?” ETC . . .
