Just was through this tract and remembered this thread from last Summer. When we last left prices were in the mid 500’s and ocrenter said “So in the next few months there’s going to be 3 homes going thru foreclosure in that tract alone. I can’t imagine prices continuing to hold up following that.” I have to admit that I thought this neighborhood would struggle mightily also and that prices would be down around $500K by now.
Lets see what happened in nearly 1 year in this less than prime cookie cutter tract neighborhood. Since the first of this year there was 1 sale under $500K but it was for the smallest plan which we didnt even see on the market last Spring. The homes that were selling for $550K to $575K last Summer are well…selling for $550K to $575K. In fact, four have closed in 2007. There are also 2 more in escrow and 1 on the market. Kinda shocking to me as I expected an area like this to struggle far more than it has. The impact of the distressed properties/foreclosures has been nil.
