We know that area because we owned basically an identical condo to that linked above, and we dumped it at peak pricing. I’ve been watching condos pricing in that area now for over five years, because we’re looking to buy back again at the bottom to pick up a rental unit.
That’s a 1243 sqr ft 3BR/3BTH unit, sold recently for $240,000. So you have those Summmit condos falling BELOW the $200 per sq ft level.
So personally I would NOT buy the condo you mentioned for $225K, because you are at $211 PPSF.
Yes, I acknowledge that condo comp sits in the much older summit complex that is five minutes walk away.
Yet we lived in that area and we felt the older Summit properties were comparable to those newer 4S Ranch condos. In fact, some of the big Summit condos (such as unit 2214) sit right next to the mountain with nice views, and good morning sun exposure. Some are on the 2nd floor with vaulted ceilings. I would rather buy there than buy in a newer condo in 4S Ranch that has worse views, but is priced 20% higher.
Now the other alternative spin (which could be right) is that possibly the Summit Complex condos dropped this low because buyers consider the 4S Ranch to be more desirable and Summit pricing suffered as a result. You should ask a Realtor about that.
