The whole area will fall another 10-20% in 2008, right now there is huge disparity between the repos and the resales. I have posted some model matches on other threads for half off a neighbors exact house. Don’t pay in the 400’s for Crowne hill, get on redfin, it’s crawling with price drops and because it was built 2003-2005 it will get hit hard by the repos.
Hemingway has tandem garages but they have a great location so low 400’s is a fair price there but they are selling so slow and they have standing inventory and as Paramount pointed out, they haven’t really lowered the prices in line with the competition. They will get to the 300’s or they will fold, in a year they’ve built about 20 houses, probably sold 15, at this rate it will take them a decade to build out. They haven’t even dropped their prices 100k, around here that is considered out of touch with reality.
I disagree with paramount about the redhawk building codes, they have always been near the top echelon for design and qualilty, what you see that is below par is actually not Redhawk, don’t be fooled by realtors improperly representing a property in redhawk or using the phrase “redhawk area”. The areas that are sub par for the most part are in bridlevale, vail ranch and some other fill in tracts that are not part of the redhawk hoa. I was here when the area incorporated into the city and there is no change, in fact some of the pre-city developments were the best with a couple of exceptions (mostly things built by centex). Here’s an example of one of the dozens of redhawk/golf course view properties that have fallen below the 400 mark. These have true three car garages, not tandem.
This will continue into 2008 and properties like the one above will hit 300, while 400 will get you anything you want.
Morgan is already gone below 400k, here’s a 350k short but it’s a weird floorplan, 2300 sq ft 2 br, that has limited marketability, however if you don’t have kids it might be perfect.
Heres a nice one for 402k, very upgraded, if it wasnt the extreme east of Redhawk I’d throw a 300 or 350 offer at it. It’s not a short, it a true bank owned
If you look around you will find that 200k off is the norm, with half off being the goal, even with the drops they are not selling, so there’s another 100k to go.
