February 18th, 2009 8:56 PM

 

The property has been on market since 12/06/07 which may be a little misleading. It is common for builders to place a property on market prior to breaking ground. The listing started out at $315,540. In addition to this neighborhood, the builder has several other communities. When I showed a property in another of his neighborhoods last fall, there was an air of desperation about the site agent.

 

I like the quality and features that this builder provides but think that he is over extended and one could probably negotiate very hard.

 

The neighborhood is still too new to show up on maps but the link below is to the location of the development pre-construction. The green area to the right of the dirt area is Redstone Arsenal.

 

I may have already mentioned that I like this neighborhood for long term growth. There were a number of retail construction projects and a road project scheduled for the immediate area that were delayed when the economy slowed.

 

The link below is to recent MLS activity in the neighborhood. HPH is the only builder in the neighborhood.

 

The subject property is listed at $101 psf. The average sold price was $106 psf with a range of $89 to $123 psf. The average days on market were quite high at 386 days and a range of 0 to 665 days. There are 8 active listings in this relatively small neighborhood. The properties have been on market since 12/06/07, 12/06/07,1/4/08, 12/6/07, 12/06/07, 12,06,07,2/5/09 and 12/6/07 respectively.

 

The data reinforces my belief that one can negotiate quite hard in this neighborhood. There was one sale at $89 psf 01/01/09 so we might expect to have an offer in that range accepted. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719163114

 

I believe that we have already addressed the schools that serve the house.

 

The link below is to the neighborhood website.

 

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http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=4719163126.

 

The link below is to a Google image of the location preconstruction with a recent street level image. If you pan the view 180 degrees and look between the houses. You can see the back of an upscale multifamily building. The multifamily property does have a little  buffer space between it and the neighborhood. I don't think this will be a major factor but should still be considered.

 

This house is a resale. It was built by HPH, the builder of the Crimson Cloud property above. The current owners purchased the house 12/03/07 for $272,030 with seller paying zero closing costs. It is unusual that purchaser didn't negotiate for substantial closing costs.

 

Assuming no seller paid closing costs, the break-even point on a sale for seller will be in the $289,000 range. The house is empty but has only been on market for about 70 days. The listing has the earmarks of one where seller would be open to negotiation but until negotiations start, it's hard to know for sure.

 

The property is just north of the Lake Forrest development and has the same schools.

 

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The link below is to a pre-construction image of the property location. There is now a large shopping center to the right of the development at the red marker.

 

The house has been on market since 10/20/08 and is owned by a relocation company. It was originally listed at 285,900.

 

The link below is to MLS activity in the neighborhood since 01/01/08. Note that we included smaller and ranch style homes which will tend to sell at a higher per square foot price than larger two-story homes.

 

The average sold price was $114 psf with a range of $107 to $152 psf. The average days on market were 95 with a range of 1 to 403 days.

 

There are five active listings averaging $116 psf. with a range of $101 to $129 psf. The listings have been on market since 2/15/09, 7/3/08, 10,21,08, 1/25/09, 2/12/09 and 12/9/08 respectivly.

 

There were five listings that didn't sell and the listings expired . There is one contingent sale that was listed at $102 psf. We can assume that the sale price was something lower.

 

I get a sence of a slow but not dead market in the neighborhood, not as slow as Lake Forrest and Windridge above. Being a relocation company, the ownere will be more cumbersom to deal with than an indivigual but again one never knows until negoiations start. I have been surprised before.

 

I do have a call into the clients I mentioned that purchased in the neighborhood two years ago. I wanted some current first hand feedback on the neighborhood including any negatives that may exist.

 

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