It is for all practical purposes Manteca’s first “million dollar baby” when it comes to tract home resales.
A full-price offer of $999,000 was made last week on the two-story home with four bedrooms and three bathrooms with a 3,201-square-foot floorplan in the Fox Chase neighborhood south of Woodward Avenue between Adora Drive and Atherton Drive.
Those who have seen it call if a “stunner” with a seamless model home quality interior throughout every room.
At the end of the day, though, the shell is still that of a tract home. It is solid built with architectural façade touches much like that of neighboring homes in the 1400 block of Veteran Street and those of hundreds, if not thousands, of homes south of the 120 Bypass.
The real “stunner”, however, may not be the price that it is fetching — $1,000 short of a cool million.
It is the fact it closed escrow two months earlier on April 16 for $751,000. The former Richmond American model home had been listed at $847,490 on Dec. 1, 2020. The price was dropped 10 percent eight days later and then removed from the market. It went back on the market several months later and sold for 0.9 percent below the asking price.
The house, based on its pending sales price, will have a $1,041 monthly tax bill.
The pending sale of $999,000 represents an increase in value of 33 percent in two months.
While that is clearly an abnormality, the price — and the buyer’s willingness to pay it — reflects:
*$200,000 in options and upgrades including the model home furnishings
*more well-heeled buyers with comfortable six-figure Bay Area salaries and/or significant home equity are making their way to Manteca.
*steady overall home price increases since 2012 in the Manteca market including 5.27 percent in the past year according to the California Association of Realtors.
*the fact South San Joaquin County has positioned itself as “the” Silicon Valley-Bay Area tech bedroom community with more new home construction than in any other Greater Bay Area sub-region between Tracy, Mountain House, Ripon and Lathrop that were five of the 10 fastest growing communities in California in 2020.
The median price of existing home sales in Manteca during May was $569,000. That is he point at which half of homes sold earned prices below $569,000 and the other half above. Average prices are skewed by high end sales such as the Veterans Street home.
Right behind the Veterans Street home in terms of high priced pending sales is a home in the 1800 block of Azure Court off Pestana Street in East Manteca that has gone pending for $998,000. It is a 5,445-square-foot home with seven bedrooms and seven bathrooms.
Home in Sierra High
up 180% in 21 years
The next highest tract home within the city limits that has gone pending is in the 1700 block of Gary Owens Street. The five bedroom, 4.5 bathroom home with 3,386 square feet in the neighborhood south of Woodward Avenue and west of Oleander Avenue has an accepted $809,900 offer.
It was built in 2015 when it was sold for $450,000. That reflects an increase in equity of more than 70 percent in six years.
For an idea of how home values have changed over an even longer period, a home built in 2000 at 1100 Silver Brook Place in the neighborhood bordering Daniels Street between Fishback Road and Winters Street in an area to the south of the Sierra High campus has just gone pending.
The five bedroom, three bathroom home with 2,700 square feet sold for $285,000 in 2000. The original owner accepted an $800,000 offer last week. That is an increase in value in excess of 180 percent in 21 years.
Single family home listings on the lower end of the market are also performing well.
*A three bedroom, three bathroom home with 1,330 square feet on a 1,742-square-foot lot in the 400 block of Golf Circle by the municipal golf course has gone pending at $269,300. It originally sold for $214,000 in 1994.
*A two bedroom, one bathroom home with 884 square feet on a 6,499-sqquare-foot lot in the 800 block of Virginia Street south of East Yosemite Avenue and west of Locust Avenue has gone pending for $285,000 as is with the buyer aware of needed repairs. It was built in 1920. It last sold in 1980 for $25,000.
*A three bedroom, one bathroom home with 912 square feet on a 3,999-square-foot lot in the 100 block of South Willow south of downtown has gone pending for $295,000. It was built in1912. The home last sold in 1998 for $94,000.
A quick recap of May sales from the California Association of Realtors shows median escrow closings in Manteca at $569,000, in Lathrop at $595,000, in Ripon at $610,000, in Tracy at $680,000, in Mountain House at $1 million, in Livermore at $1.1 million, in Pleasanton at $1.6 million, and in San Jose at $1.3 million.
Nationally the median sale price was $350,000.
To contact Dennis Wyatt, email email@example.com