22 Palma Valley
Ok, its not the $1.5mil on a single home which cdcrez got, but 2 homes I profiled recently had major price reductions this week so I thought we’d revisit them. First off, 8 Hickory Fork, yes… the loggia house. It dropped from $2,195,000 to $1,795,000… $400k (or 18%). Current Oak View listings include:
- 4 Tortoise Shell, $1,395,000, 89 days on market
- 18 Knotty Oak, $1,375,000, 458 days on market (in escrow)
- 6 Flat Iron, $1,595,000, 51 days on market
- 4 Flat Iron, $1,319,000, 20 days on market
- 110 Vela Ct, $1,495,000, 34 days on market (in escrow)
Sales in the last 6 months:
- 10 Bent Oak, $1,295,000
- 100 Vela Ct, $1,415,000
- 118 Vela Ct, $1,480,000
- 6 Wandering River, $1,435,000
Just looking at those numbers, it looks like the sweet spot for that tract is probably around $1.4mil…
Next up is 22 Palma Valley, aka the custom paint house. Since listing its dropped its price twice… first by $250k a month after listing, and then another $450k this past week. So initial listing was $3,200,000 and current asking is $2,500,000, or roughly 21% from its initial listing price.
This new price represents $100k less than it sold for in April of 2006 (but still $325k more than in sold for in April of 2004). In the $2.25 – $2.75mil range you’ve currently got 11 listings. At this price the house is $357/sqft which would be the lowest in that price range.
There have been 8 sales in the past 2 years in that price range (3 San Marino, 1 Oak Knoll, 2 Forest, 2 Weatherly) but none in the past 12 months. I haven’t seen it since its been relisted, but it looks slightly outdated, probably in line with the homes over on Via Roble (new listing, old listing), so I’d probably use them as comps. Might fetch a slight premium if you want a horse… but that stable might also limit your buyers.
My gut says low $2’s… Any guess from anyone as to where this one will sell at?
cdcrez
October 31st, 2009
I would guess that the owner has or will receive offers at $2,000,000.
I would further guess that realtors also know that it is a bad idea for the owners to be present at the open house. It makes the potential buyers uncomfortable and dissuades them from looking around and asking questions.
C Delroy Spuckler
October 31st, 2009
Most owners who are listing their own home might know that but do not practice it.
I completely hate agents who walk around the house with me, asking questions on everything and trying to sell me as I look.
Of course my least favorite is “so, are you going to offer?” Seriously, act like you’ve been there before.
(Note the above stories are not in relation to either of these homes… I haven’t seen either in person recently)
cdcrez
October 31st, 2009
Actually, the experience of the owners who are also agents and are listing their own home and attending their open house is completely relevant to the property featured in your post. As soon as I figure out that the agent at the open house is also the owner, I leave as soon as possible. As a potential buyer, my advice to owners/agents: get someone else to show your home.
C Delroy Spuckler
October 31st, 2009
And one further update to this article… 19 Havenhurst dropped $250k this week as well.
C Delroy Spuckler
October 31st, 2009
…and 8 Reflection just dropped $300k off their asking price.
cdcrez
October 31st, 2009
@C Delroy Spuckler
Is there a full moon?
Has there been a slew of margin calls?
Or is it just market forces coming home to roost?
C Delroy Spuckler
October 31st, 2009
@cdcrez
I think its market forces. In specific if I were to guess, I would say its 12 Atherton that might be influencing the market the most, as well as the newest listing on Via Roble… 2 nice homes with nice lots priced at $2mil.
The Havenhurst one I would suspect might be due to the 5 Winston listing as well.
Coto Girl
November 8th, 2009
The 22 Palma Vy house is a little outdated on the inside with lots of Oak and a country feel. The bad part is the little backyard which is supposed to have a over 10,000 square foot house built next to it on the vacant lot. There goes what little privacy that you had on that hill. I feel sorry for the seller because I think you will need a horse to appreciate the value of this property.
cdcrez
November 9th, 2009
All agreed. And if you want a pool, the only non cost prohibitive place is to build it is where the horse stables are now.