A price reduction reported on today’s Hotsheet on a 3-bed, 2-bath, 1,360-square-feet single-family home in Rafter J is a microcosm of how far values in this neighborhood have fallen.
Now listed at $459,000, this home last sold in August 2007 for $600,000, which was $32,500 above the list price, after 67 days on market. In May 2008 it was relisted at $795,000, but did not sell after 371 days on market and price reductions to $566,000. Not surprisingly, this is now a short sale.
Like Melody Ranch, Indian Trails and East Jackson, this neighborhood has lost as much as 35 percent of its value since high-mark sales in late 2007 and early 2008. A look at the current active, pending and sold listings since March 2007 in Rafter J offers the following highlights:
- A Northeast Forty unit with 2 beds, 2 baths, and 1,040 square feet is now listed for $375,000. A similar unit sold in September 2009 for $375,000 as a short sale. At the height of the market, a similar unit sold for $620,000 in February 2008.
- There are 11 single-family homes in Rafter J on the market, listed between $564,900 and $867,000.
- The only Rafter J home that is currently under contract is a 3-bed, 1-bath, 1,032-square-foot home listed for $460,000.
- There have been two closed sales in Rafter J this year, both remarkably similar. Each is a 3-bed, 2-bath, approximately 1,575-square-foot home that sold for $550,000. That’s about $349 per square foot.
But wait, there’s more … contact me for deeper analysis on this very active neighborhood.