Gaudy is understating it. I highly doubt these people are the ones moving to RSF.
There are actually 5 total Saratogas that are/were up for sale There's a FSBO on the Heather Ridge cul de sac as well. That's 5 of 66 Saratogas up for resale in just 2 years. Plus only one Bridle Ridge sold in 2 months according to another thread.
It's a good thing divorce rates are down but that can't last forever either in this economy.
Yawn….Insomnia keeping me up.
I also forgot to add in cost of property tax paid each year. On a 1million home, that's approximately $10k/year. So for the above person's cost was closer to $170k .
Ok, as a fun exercise. Let's see the other candidates who recently sold or are recently selling because they "are moving to RSF".
$25k loss + 2.5 years of interest payment (which at a 30year fixed would be conservatively around $60-$70k) + $25k in prop taxes + 2-3% RE fee ($25k) + whatever cost to add upgrades/landscaping (because none of the saratoga except model had landscape)…Hum, I guess this other "rich" family didn't mind shelling out $100k+ this much to keep a house for only 2.5 years.
2. 10687 Heather Ridge Dr
Purchase History:
2/15/2006: $901k
Current Asking Price $949-999k,56 days
Let's follow this one. This one doesn't look too upgraded, bare-bone landscaping (note, I bet the owner is chinese, judging by the outdoor and indoor pictures and the listing agent: will confirm when SD assessor's website is back up).
If sold at the low end $950k, the person will take a loss after RE commision property taxes, and any mortgage interests (I'll say landscaping/upgrade cost was $0, because it looks like crap). At $999k, the person would almost break even…I have hutch this house is going to sit on the market for a little bit. It doesn't have enough curb appeal right now. Imho, I don't think they'll get $950k, since a loaded model home went for about this price if I recall. But time will tell.
Current List price $1,399,000 (Buuuutttt, it comes with $200k in upgrades with a pool!!!! Someone forgot to tell the person that the full cost of an "upgrade" doesn't always carry over to the next buyer). If an agent is able to pull off selling this home anywhere near this asking price, I want to know that agent so that I can find a buyer for my bridge.
4) 10704 HEATHER RIDGE DR is pending, so it will be interesting to see what that closes at. List price is 1,075,876. Purchase history is
8/8/2006 $909k. Lol.. another $175k in "upgrades"
5281 FOXBOROUGH PT, 5274 FOXBOROUGH PT are equally pending above $150k in "upgrades"
LOL. Good golly, I hope the prospect buyer doesn't actually stumbles across this posting on and backs out.
I can say this with pretty much confidence. Even if those properties go for that price, they will be on the markets very shortly. Whoever is buying there either (1) isn't in tune with the other comps and probably ain't that in turn with their personal finances to sustain this or (2) doing this irrationally to take care of some personal needs (like saving a marriage). I saw folks like this buy on my own street, overpaying $100k+ above what an average home sold for on my street, outbidding other buyers even when the markets were cooling In all 3 cases, they purchased irrationally to "save a marriage"….Except only 6-8 months later the problem was with the marriage, and adding a home to the problem resulted in more stress. Same pattern. They overpaid for a home by $100k. They spent another $50k+ in upgrades once moved in, i guess to appease the spouse. The remodelling/stress must have gotten the better of them, because eventually they all ended up in divorces anyway, and the homes were put back on the market 6-8 months later. Thereafter, it took another couple months before they sold $100k below their purchase price.
(Side note: I don't understand why some couples that already having marriage problem think buying a home is going to solve the problems from the relationship. If it all, it just adds to the stress of an already strained relationship. And on top of that, if things inevitability ends up in a divorce, that is one more headache to deal with. )
Patience grasshoppers, if it's not these set of sellers that end up flooring pricing now, it will be the next set sellers (current buyers) that overpaid and wake up with that big hangover.
Saratoga "holding value" my ass. More like a FB irrationale buyer/1-2 year bad hangover seller magnet.
