Larry "Fly" Young Brentwood Real Estate

Welcome to Larry "Fly" Young Brentwood Real Estate Sign in | Help

Larry "Fly" Young

What was this Property Worth – Does it Matter?

Without fail, while showing clients properties or hosting open houses in Brentwood or nearby cities, I get asked “What did this property sell for at the peak?”  The response I want to give is “Why does it  matter?  The market determines value, and with current prices and financing, more people can purchase a home in Brentwood than during the peak”

Instead, not to offend these potential home buyers and satisfy their curiosity, I explain that Brentwood and Contra Costa home prices have slid over the past 3 years by on an average of 60% from their peak prices. Admittedly, when you look at today’s Brentwood home prices versus their previous highs, it’s difficult not to be astounded. Below are some samples taken from today’s MLS:

Brentwoood Neighborhood

Home Description

Peak Price

Current MLS Price

% Decline

Coppergate

3/2, 1400 sf, TwnHm

$451,000

$169,900

62.3%

Deer Ridge

4/3, 2444 sf, Views

$782,065

$334,900

57.2%

Downtown Brentwood

3/1, 1280 sf, SFR

$386,000

$158,900

58.8%

Garin Ranch

3/3, 2485 sf, SFR

$646,000

$299,900

53.6%

Havenwood

3/2, 1297b sf, SFR

$400,000

$154,413

61.4%

Pulte Park

4/2.5, 1962 sf Pool

$599,000

$295,000

50.8%

Los Ranchos

5/4.5, 4, 4294sf, Pool

$1,093,552

$474,900

56.6%

Rose Garden

5/3.5, 3125 sf,SFR

$783,000

$379,900

51.5%

Rural Brentwood

3/3, 3578 sf, 5 Acres

$1,240,000

$599,000

51.7%

Shadow Lakes

5/4, 3503 sf

$1,050,000

$432,000

58.9%

Summerset 4

2/2.5 , 2571 sf

$790,000

$405,840

48.7%

Here’s what really matters. Prices of many Brentwood area homes are nearing $100 per square foot, lower than the cost to build. In addition, the monthly payment for the purchase of many Brentwood properties is less than rent, a great opportunity for first time home buyers in Brentwood.  We may not have reached bottom, and bottom is hard to predict, but it is a great time to buy and own a home in Brentwood.

 

Published Wednesday, February 04, 2009 12:13 PM by Larry Young

Comment Notification

Subscribe to this post's comments using RSS

Comments

No Comments

Leave a Comment

(required)
(optional)
(required)
Submit