REO of the Week, 672 Casella Way, Petaluma 94954
2006 prices … at a 40% discount!
The Dirt -
Address: 627 Casella Way
Bedrooms: 3
Bathrooms: 2.5
Interior SqFt: 1538
Garage: 2-Car
Year Built: 2006
Asking Price: $350,000
672 Casella Way … the “like new” “cosmetic fixer”!
This townhome (attached on one side) is part of the Chelsea Square complex completed in 2006 by Delco Builders. I can still remember the lines the morning of the auction…buyer’s names were literally drawn out of a hat to place offers on the units. There weren’t any overbids, oddly enough, but they were going like hot-cakes … $550,000+ hot-cakes to be specific. Conveniently enough for the builder, just after selling the last units at prices nearing $600,000, the first wave of NODs (notice of defaults) began to show up on the the public notice section of the Press Democrat.
Walnut cabinets with white-tile countertops … sorry, no appliances.
“Short Sale, what is this, the stock market?” Few had even heard the term before, and even fewer knew what it meant for our market. Yet like a fringe, doomsday prediction come true, the prices started to fall…and fall, and fall! First the overbids stopped, then prices stayed stagnant, and then, WHAM, it hit us … the market is falling through the floor! Just two short years later a home that sold in the construction phase for close to $600,000 now sits 50 days on the market with no offers at $350,000 – roughly a 40% drop in value, that’s $9,375 in lost equity PER MONTH!
636 Casella – a virtually identical, beautified unit in the same complex @ $485,000 in 2007.
“Are we at the bottom”? If I’ve learned anything, it’s to hold my tongue when asked to make Real Estate predictions. What I do know, however, is that with today’s 30-year fixed rates approaching 4.5% at only 1 point, with a modest sum of cash to put down on this unit you’d possibly be paying less by purchasing than renting!
These units have HUGE master suites with 2 closets & dual vanity sinks in the bathroom. (636 Casella)
However, if you’d like a different sort of prediction, try this … if you don’t see this property within the next week or so, it will probably be gone!
Cows as seen along the walking paths by Chelsea Square.
Give me ring if this property looks interesting to you. If 2006’s prices were a bit steep, take 40% and see how you feel – we’ll make that your starting budget and go from there!
