Another fire sale in Watercolor

[fisher]

Lot 9 Pinehurst area of Watercolor is pending for $240k . In 2005, a nearby lot of similar size was sold to a local builder for $679k.

Downward pressure on prices continues regardless of a recent uptick in buying. Still way too much inventory on the market and sellers desperately looking to get out. Most of the buying is occurring at these prices that are receding back to 2004 levels, and in some cases like this one, back to 2003 price levels.

 

[John R]

where is Pinehurst? i know of Pine Crest or Pine Ridge.

 

[2bfabian]

You know what is said "A fool and his possessions is soon separated".

 

[Miss Kitty]

Looks like a good buy for someone!

 

[fisher]

where is Pinehurst? i know of Pine Crest or Pine Ridge.

Sorry, I think it was Pine Crest. The street name is Running Oak Circle.

 

[Joe Complete]

Yes that would be Pinecrest. The seller originally paid $206,500 in '04.

 

[GVM]

Not to nitpick...well, yes, to nitpick...the 'pending' price must be word 'on the street'...as it's not customarily a matter of public information prior to closing?

 

[JoshMclean]

Correct. Pending is not the final sales price.

 

[Smiling JOe]

I don't remember which one, but there was one, in that same hood, entered into the MLS yesterday or the day before as pending, and the list price was $260K.

edit: after a quick search, I see this is the same lot. List price is confirmed at $260K.

 

[fisher]

I don't remember which one, but there was one, in that same hood, entered into the MLS yesterday or the day before as pending, and the list price was $260K.

edit: after a quick search, I see this is the same lot. List price is confirmed at $260K.

Yes, but if you read the fine print on the MLS listing, it states that the price is reduced to $240k. I understand we won't know the final price until closing, but I assume that it won't be HIGHER than the list price.