[quote=AN]
If my math is wrong, please disprove it. Saying it’s a different league compare to Avaron doesn’t help, especially when I just proved that Avaron does have a premium over Palomino Valley. Which is 5% based on 2007 sold price. Even giving it a generous 10% premium, it would still only put it around $660k 2000 price. Which is much closer to my $670k 2000 price estimate using 9446 Tea Tree Ln and 17235 Tallow Tree Ln as data points.
BTW, Avaron as a whole is better than the area Palomino Valley is in. HOWEVER, 15595 S Rising River Pl is right next to the gate and backs to Camino del Sur, which is very busy (i.e. loud). Palomino Valley house does not have the same issue. That might explain the small premium I calculated based on past sale prices.[/quote]
there are several problems bringing in Palomino Valley for comparison. #1: Palomino Valley is aimed at a different clientele, #2: average lot size for Palomino Valley is 8500 to 9500, vs 12000 to 30,000 sqft for Avaron, #3: the quality of the homes are night and day. Avaron is luxury based where as Palomino Valley is oversized tract home with typical tract home amenities. #4: you took a resale home fully landscaped and fully upgraded to compare to a new home without the above.
still not convinced that you were comparing apples and oranges?
In 2007 some of the best homes in the Palomino tract overlooking trails and open space went as high as $1.18 million. In 2007 some of the best homes in Avaron went for $1.77 million. But even looking at typical lots, we are looking at $1.4 to $1.5 million average. And remember these are again brand new homes compared to homes fully done. 5% premium would mean average Avaron homes would have been in the 1.2 million range. I just don’t see it.
The Tea Tree and Silver Gum homes are more comparable because they were brand new homes back in 2000. They were build as luxury homes much like Avaron. Some of the lot sizes in Avaron are smaller, but mostly Avaron lots can be comparable to them.
Going back to 15595 S Rising River Pl. The pool, the spa, the hardscape, the flooring, the shutters, we are looking at basically $170k in upgrades. $880k minus $170k gets you $710k. But you are on the hook for $20k of appliances so let’s add that to $710k for final value of $730k. You figure most of the Tea Tree/Silver Gum will have a lot primium to 15595 given the larger lot size. So you add $100k to the $730k and you get into the $800k range. So how is this NOT at 2000 pricing?
