Power Ranch is a nice master-planned community on the far east side of Gilbert, AZ. The largest homes in Power Ranch were built by Toll Brothers in "The Enclave", the largest model being "The Terraza." Not everyone in the Enclave has been happy with their home, but it’s a very nice neighborhood. The market slowed as Toll was finishing this neighborhood, and I believe it was late 2006 when Mr. Twist and I spoke with the agent who had listed Toll’s last inventory home. It was a Terraza with an unfinished pool and carpet on every square inch of floor- including kitchen and bathrooms.
The agent told us that the list price [$850K, or very close to it] was Toll’s lowest number. He admitted that the house had been sold three times and all had fallen through, but they were staying firm on the price. This was quite a jump in price from the 2004 price for the same model. Here’s Toll’s descriptions of Enclave homes from November 2004, and the Terraza’s base price was given as $500,975. I didn’t follow through to see what this Terraza closed at, but M and I have watched prices in this neighborhood for some time.
Here’s another Terraza- now currently in the hands of the bank. According to the Arizona Republic’s website, this Terraza sold for $400,980 in 2002, then for $825,000 in 2005- then M got this in his email this past week:
The last Terraza without a basement sold in the Enclave for $879,900 in March 2006. If the house associated with above ad closes at it’s list price of $479,900, it will sell for 45% less than that. There are currently three other Terraza’s for sale that do not have basements-two of them are bank owned. One is listed for $474,900- that bank apparently dropped their price in response to this listing. Another one is listed for $602,700 and is also lender-owned. The listing for $769,000 is a reseller. Let me rephrase that. The listing for $769,000 is a NON-SELLER.
[Thanks M for the help!]
UK House Bubble
Ohio Fraudclosure
Bubble Meter
Mish's Global Economic Analysis
Northern Virginia Housing Bubble Fallout
Breaking News Relevant Articles© Copyright 2012 Housing Doom | Copyright© 2011, AuthentiCraft, Inc.
This is a lot of house to cool!! If I wanted a house that large (I do not), I would offer them quite a bit less.
Hasn’t anybody learned anything in the last 18 months?
These scam artists (mortgage brokers,et el) are still touting 100% financing.
Get real. I’d offer about $230,000 with 25% down MAX!
It looked a little expensive at first, but that $250 at close of escrow might push me over the top. Get the keys baby, we’re driving to Gilbert!!
Normally, I love “desert-y” looking homes but, ICK, this house is hideous. It looks like a boxy marshmallow peep with a rye-crisp roof. I think I’m hungry.
Oh, I love how they claim that there’s “plenty of room” for a pool but don’t show a pic of the backyard. That would be one really crammed-in pool, I’d bet. Every time you jump in you water your neighbor’s back lawn.
Sandman-
I just got an email from M- the house went under contract this afternoon. He said, “I think you are due a commission.”
I wonder how I’d collect? : )
Zazzu-
In the interest of professionalism, I’ve been referring to the model as the “Terraza”, as dubbed by Toll. Ordinarily I refer to this model as “The Turret” though, as the facade looks a bit like a castle to me- not my favorite look.