Orangcrest under $100s/f

It's been a while since I took a peak in Orangecrest. I thought I would see what was listed under $100 s/f. The last time I checked there wasn't much under $100 s/f but there was a lot around there. Now I see some of the larger homes are actually under $90 s/f (REOs). Big homes were BIG cash cows for builders. Which is why they built so many of them. But now that the banks own them, big homes are BIG liabilities and to get rid of them the prices need to right.

9543 Newbridge is a newer Centex home with 4194 sq/ft. It has 5 bedrooms and 4.5 baths. These were nice looking homes, I remember looking at them when they were selling in early 06. This house sold new in May 06 for $710k. It's now offered for $343K or $82 sq/ft. In case your math skills aren't up to snuff, that's about 52% off the original selling price.


A fluke? well, not really. There are 3 others in this same tract selling around the same price per sq/ft. 9528 Los Coches is a new listing and another REO. This one is even bigger at 4479 s/f. It has 6 bedrooms and 4.5 baths. This one sold new in Jan 06 for $732k. It's now listed for $375k or $84 s/f.


Too big for ya? OK, here's something a touch smaller. 19506 Lurin Ave, just barely qualifies as a McMansion in my book (over 3500 s/f). It squeeks in at 3685 s/f, with 6 bedrooms and 4.5 baths. This one was purchased new in Dec 05 for $622k and now it's offered for $315k or $85 s/f. It say's it needs some TLC whatever that means. So it might be missing some stuff or maybe it just needs carpet and paint.


What, still too big? Ok lets drop down to closer to 3000 s/f. I can still find some nice choices here but most of them are short sales. There are a few REO's to choose from though. 9406 Darby Ct is a 2870 s/f home with 4 bedrooms and 2.5 baths. This was a Fox and Jacobs home, which is the low end Centex brand name. These homes were outfitted with "builder grade" amenities. In other words, all the stuff inside was cheap. Cheap cabinets, cheap carpet, tile, fixtures etc. Don't expect to see Viking appliances in one of these homes. Never the less they still sold at ridiculous prices. It doesn't say what this gem went for new but you can bet it was north of $500k. It's now listed (REO) for $270k or $94 s/f. Too much in my opinion given the low quality of these homes.



I'm going to end this here. I could go on for a long time because there's really quite a lot of them now. As you can see, the sub $100 s/f wave is steadily making it's way West. The sub $80 s/f ripple should be hitting those big homes soon enough. How low will it go? Well, that's the million dollar question, isn't it? As long as the economy and employment are heading south prices will too.