The least expensive free-market home in Melody Ranch went under contract over the weekend after 448 days on the market. Originally listed at $1,075,000, this 4-bed, 2.5-bath, 2,137-square-foot home on .35 acres was listed for $835,000, a discount of at least 22.7 percent. For perspective, this home closed for $570,000 in September 2002.
This continues what has been a dramatic downturn in values during the last year in this 10-year-old South Park neighborhood. The most recent sale in Melody was a short sale on a 4-bed, 3,100-square-foot home for $890,000 that was originally listed for $1,399,000 after more than a year on the market.
And right on cue there is an intra-MLS e-mail announcing a $96,000 price reduction on a Melody Ranch home from $995,000 to $899,000, or 9 percent.
That leaves 17 active listings in Melody Ranch with the least expensive being a 2,602-square-foot home with an asking price of $849,000.