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McMansions sell for just over $80 per square foot

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McMansions sell for just over $80 per square foot

750 Jackolyn Drive

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POSTED January 30, 2009 1:16 a.m.
What does the median priced home in Manteca cost and look like this week?

With 49 homes slowing escrow in Manteca so far in 2009 as of Monday, the median selling price is $175,000.

One home has closed escrow for that exact amount – 750 Jackolyn Drive in the Beck Home built Walnut Place neighborhood at Oak and Alameda streets.

It has 1,818 square feet of living space with four bedrooms and three bathrooms. It closed escrow Jan. 14.

The median selling price of homes in 2008 in Manteca was $225,000 with 1,165 closing escrow.

It would be dangerous to assume prices are still dropping. Here’s why.

The median selling price kept dropping into October and was always higher than the pending sale prices. That started changing two months ago. The pending sale price currently is $189,900 for the 201 homes available on the resale market. The 374 listings as of Monday had a median pending asking price of $196,533.
The reason for the big gap between last year’s median selling price and so far this year is two-fold. The best example is a home that sold in Chadwick Square for $301,900 in February compared to the same model and similar square footage that closed in October for $245,000.

THE LOWEST PRICED HOME THAT SOLD: Of the 45 completed deals so far in 2008, the lowest priced home to sell was 137 S. Willow for $54,000. It is a straight flat-top located north of Southside Park near downtown. It has three bedrooms, one bathroom and 1,372 square feet of living space.

THE HIGHEST PRICED HOME THAT SOLD: At the other rend of the spectrum is 1068 Heartland Drive that sold for $322,500. It has five bedrooms, three bathrooms and 3,141 square feet. It located on the newest part of Heartland Drive that is east of Woodard Park and just a few doors west of Pillsbury Road. It is just several years old.

THE BEST COMPLETED McMANSION DEAL: The biggest house sold so far at 3,518 square feet was bought for $32,500 less than the most expensive home. It is located at 565 Gregory Place in the Heritage Ranch by Seeno Homes neighborhood that is sandwiched between Joshua Cowell School and East Highway 120. It has five bedrooms and three baths and closed escrow for $290,000. That’s just over $80 a square foot compared to just under $100 a square foot for the Heartland home.
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