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McMansion of the day from 2500 max.
thank you,
Here we have our tract home McMansion of the day entry. Same MO, paid way too much and now it is listed on the MLS for 49% off.
ON MLS: as of 16 minutes ago on7/1/2009 asking $280K
Purchased: 7/2005 for $545K
http://www.bcpa.net/RecInfo.asp?URL_Folio=513923051850
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Lets see how this $280K asking price may impact the neighbors.
Purchased: 4/2004 for $450K
Purchased: 11/2008 for $460K
Oh My!
2500 sq ft Max.
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Here is our tract home McMansion of the day entry. This is a big one at > 4500 sq ft. Same MO, paid way too much and now Mr Bank owns it as of 6/26/2009. We will probably see this one on the MLS for 50% off.
http://www.bcpa.net/RecInfo.asp?URL_Folio=513936025560
Lets see how a 50% off $775K ($387K) MLS listing could affect the neighboring properties.
Purchased 1/2005 for $493K
Purchased 8/2005 for $625K
Ouch!
2500 sq ft Max.
We have read about delusional sellers of McMansions thinking the prices are "coming back"...well.
Here is one that just hit the MLS.
MLS: H863553 asking $1,100,000 that is correct $1.1 million in a development of tract homes. You may be thinking someone is trying to make a huge profit if they can get someone to pay $1.1 mil...actually it is a loss on this tract home McMansion. Yep, it is a loss!
Purchased brand new from the builder at the height of the bubble 5/2006 for...are you ready?....drum roll please...$1,305,000...thats correct $1.3 million for a tract home.
http://www.bcpa.net/RecInfo.asp?URL_Folio=513925053650
I will give credit to the fact that this monster tops out at an impressive 5279 sq ft. On the other side of the ledger this is not a plus in that most people will discount the price due to the massive carrying costs.
Lets look at what estimated value is.
Zillow: $661K
Corelogic: $720K
Cyberhomes: $463K looks like it uses foreclosures of which there are many here.
If this sells for close to the estimated values, how could this affect the homes next door.
Purchased: 7/2005 for $1,025,000
Purchased: 4/2007 for $939,500
If this sells close to the estimated values it may make the $700K loss club and hammer the comps for surrounding homes.
Oh my!
2500 sq ft Max.
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