Those that bought Manteca’s version of McMansions in the middle of the last decade have hit the real estate jackpot.
There are a growing number of homes being sold that have increased 100 percent or more in value over the last four to six years as reflected in selling prices. The list includes one home that sold in August of last year that gained 30 percent in value allowing the seller to pocket $250,000.
The latest record breaker is a 3,284-square-foot home built in 2016 in the 3800 block of Castellina Way in the Oakwood Shores neighborhood in southwest Manteca where no less than four more subdivisions are now breaking ground.
The owners that bought the four bedroom and 3.5-bathroom home on a 7,501-square-foot lot in 2016 for $586,000 have received a record offer of $1,249,000. That reflects a 112 percent gain in “value” in 6 years.
Not only does the selling price shatter the previous high-water mark for a Manteca tract home resale of $999,900 set in late November for a 17-year-old Woodward Park home on the Iris Place cul-de-sac with 3,105 square feet in living space, but is appears to be the quickest rise in value in Manteca housing history.
The home grew more than $100,000 in value on an annual basis when spread across six years. To put that in perspective, 30 years ago the median priced home in Manteca was selling for $124,500.
Almost all tract homes that are fetching $1 million or more from cash-laden buyers fleeing the Bay Area and leveraging what are still historically low interest rates are larger two-story homes built between 2014 and 2019 with several exceptions that go back 15 to 17 years ago.
All of the $1 million plus sales are homes in excess of 2,800 square feet on larger lots that are loaded with upgrades. They are all south of the 120 Bypass in well-established neighborhoods.
There are three other $1 million homes in escrow.
*A five bedroom and 5-bathroom home with 4,196 square feet on a 9,910-square-foot lot in the 1900 block of Arlington Court built in 2005 that sold for $1,150,000. The home sold originally in 2005 for $531,000. It then sold in 2013 for $437,000. It sold again in 2019 for $690,00. The current sellers bought it for $900,000 in August 2021 for $900,000. Seven months later it sold for $250,000 more than they paid for it.
*A six bedroom 4.5-bedroom home with 4,098 square feet on a 9,047-square-foot lot in the 2300 block of Stephen Robert Lane built in 2017 that sold for $1.1 million. The sellers bought it for $568,000 five years ago and came close to doubling the 2017 selling price.
*A four bedroom, 3.5-bathroom home with 2,858 square feet on a third of an acre in the 2500 block of Gianna Marie Avenue built in 2018 that sold for $1,050,00. The sellers bought it for $531,000 four years ago and almost received double the 2018 selling price.
There are currently two other tract homes in South Manteca listed for prices in excess of $1 million.
Another six tract homes have entered escrow with offers between $900,000 and $999,999. Another four are available in that price range.
Only one of the six homes between $900,000 and $999,999 that has gone pending is not south of the 120 Bypass.
That home is in the 1300 block of Crom Street north of the Manteca Golf Course. It features four bedrooms and three bathrooms with 3,818 square feet built in 1986 on a 0.46-acre lot.
The 1986 sales price wasn’t available. The home resold in 2007 for $267,994 then sold again in 2017 for $675,000. The current sellers are enjoying a $314,950 value gain in less than five years.
The lowest priced home now available in Manteca that is not a mobile home or an attached house is listed for $350,000. It is a one bedroom, one bathroom home on a 5,502-square-foot lot in the 400 block of Sutter Street. It last sold in 2019 for $212,900.
Based on various real estate sites tracking home sales in Manteca, homes that sold in February in Manteca were up 21.1 percent compared to February 2021 closed escrows for a median price of $608,000.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
