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Market Conditions in 94534 : Real Estate Advice

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Sun Jun 7, 2015
Scott Loney Alicia Worley answered:
I held the original office open in Eastridge when the development started in early 1990's. Mark Leclare, Wayne Greer, Debene Group, Jackson Homes, and then Loren Kelly(Premier Design Homes) and the Hoffemann Group started building Custom Spec homes. The Lots on the inside of Springridge and inside of Eastridge were selling to these builders for the Low $100,000.'s and the Outside Lots with views of Green Valley went for the high $180,000+ depending on the view and size of the lot. Prices gradually increased from 1992 all the way through to the 2007 peak. In the early 2000's a decade later the next phase of Eastridge opened up and much bigger homes on even bigger parcels and those lots starting selling in the mid $250,000.00 Dollar range just for the Land. Premier Homes built several homes that were $1.3 Million dollars and up. I know this because I sold these homes back in 2002,2004,2006 and I even sold one of those custom homes for over $2 Million Dollars. Eastridge suffered price depreciation just like the rest of the Country did from the calamity of poorly written Loans, 5 year ARMs in 2003 and then the lenders preached that they had even a better product in 2005 called the 3 year ARM. It was inevitable that the market was going to suffer some repercussions from these poorly written Loan products. A large majority of buyers from 2003 to 2006 purchased homes with this loan product. When 2008 came around all of those buyers or borrowers were told that the banks would not refinance them into a different product as there interest Rates started to increase. We have have come full circle in this Market and my Partner and I Alicia Maginnis have recently placed a home in Contract for very close to the $1.5 Million dollar price range. I think that it is fair to say that the Market has made a come back and we are nearly back to the Peak prices of 7 to 8 years ago. With interest Rates at an all time low and people buying with fixed rates and not Adjustable Rate Mortgages the Market in Eastridge should stay very stable for the next several years to come. ... more
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