Tuesday, February 26, 2008

High end starting to go down. $300,000 plus price reductions.






This home, at 19480 PADRON CT, Bakersfield, CA 93314, has been reduced $305,000 since it was listed in July 2007.


Price Reduced: 08/29/07 -- $1,300,000 to $1,000,900
Price Increased: 09/14/07 -- $1,000,900 to $1,900,000
Price Reduced: 09/16/07 -- $1,900,000 to $1,095,000
Price Reduced: 02/14/08 -- $1,095,000 to $995,000




This home at, 3006 SPRINGBANK CT, Bakersfield, CA 93311, has been reduced $301,000 since it was listed February 19, 2007.
Price Reduced: 06/20/07 -- $1,250,000 to $1,225,000
Price Reduced: 08/08/07 -- $1,225,000 to $1,199,000
Price Reduced: 02/04/08 -- $1,199,000 to $949,000

14 comments:

WaitingToBuy said...

I love the $800,000 price increase for two days...that's awesome. Someone got fired.

Realestateslasher said...

Hey C/C Homes ?

Bakersfield Bubble said...

I dont think so. These were the biggest reductions I could find.

OtherSideofBellCurve said...

There are quite a few more that have had similar reductions. The bakersfield house of design in Taledega was listed at 1.55 and sold for 1.2. Still too much in my opinion, my friend lives in the house across the street and he said a couple of Indian doctors bought it and are moving two huge families in.

Also, a monster 6,000 square foot house built by Cline was listed at 1.6 originally and recently sold for 1.2. In fact, almost every home originally priced over 1 mill in Taledega has come down significantly.

That raises a good question. We talk about what the price per foot should come down to on an average tract home all the time(around 100/foot imo). But, high end custom homes are always more. All amenities being equal (custom cabinets, 2x6 construction, bigger lot, high end flooring and all the other goodies) what should the high end custom home square foot end up at?

Bakersfield Bubble said...

Good question.

Your example shows those prices near $200 sq foot. At the peak some of these homes were going for $350-$400 sq foot - insanity!

Pre-bubble, many of the homes on the course at Seven Oaks were in the $140-170 range. Homes in Haggin Oaks area were in the $130-150 range. I think we could get back to those levels.

Jon Vaughn said...

We're pretty much there.

Since January, the average price per foot runs about $175 in Seven Oaks. We've seen as low as $133 to as high as $237. Proof that people loving paying top dollar to get whacked by a golf ball.

You better have good reason on why you'd pay more than that... which in some cases there is.

Price per foot has almost everything to do with the land it sits on and it's value.

The footage of a home is just basic math.

On the other hand, tract homes, where as every home pretty much mirrors itself, including the lot size... and there's 5 billion of them.... I wouldn't be surprised to see those dip, heavily.

Bakersfield Bubble said...

Jon-

Can you give us (the one to two-thousand people who visit here everyday, I have no idea why, but thanks) some examples?

Jon Vaughn said...

Sure, no problem. I tell the same thing to my 3000-4000 listeners each day on my radio show. Real Estate Today - 8am on KGEO AM 1230. But your visitors would be more inclined to visit jonvaughn.com and listen online.

11517 Marazion Hill
2469 feet - 7840 foot lot
$330,000 SP or $133.66/ft
COE 2/25/08
Pool? Yes.


12304 Harrington
3290 feet - 9147 foot lot
$498,000 SP or $151.37/ft
COE 2/20/08
Pool? No.


12709 Thornwood
2966 feet - 17,424 foot lot
$525,000 SP or $177.01/ft
COE 1/29/08
Pool? No.


What drives our median and average prices down? We do. As you know, the bottom is not going to present itself... you have to go find it.

By the way Bub, I'd love to have you on the radio show as a guest. Maybe you'd rather type than talk but I promise to keep you anonymous... it would be an honor.

Ichabod said...

Hey Jon, love the "subtle" plug there. ;)

Ichabod said...

Hey bakersfield bubble:

You think these reductions are extreme, wait until you see Crisp's FORMER Seven Oaks Mansion for sale! Apparently it is in the process to be listed as a big fat REO property! Remember, Ty was trying to sell it for $2.2 million...

That will be a beautiful day when THAT house is listed as an REO.

Jon Vaughn said...

I'm a salesman. Would you expect any less?

Bakersfield Bubble said...

Thanks for the information guys.

Feel free to post your best deals here.

I will have to pass on the invite, someone might recognize my voice.

:)

Jon Vaughn said...

Boo!

hankmeister said...

out of curiosity... How are houses in Stockdale, BCC & Rio Bravo doing relative to 7 Oaks and Haggin Oaks $$$ per foot?
From what I can tell BCC didn't climb nearly as high in the bubble.