|
|
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.
Comment Notification
Subscribe to this post's comments using
|
|
|