Back in the heady days of housing in 2005, Oakwood Shores was rolled out as the premier South County gated community with the region’s largest self-contained lake.
Lake front homes with then unique stone floors and second floor master bedroom suites overlooking the water were selling for $975,000.
Then the foreclosure crisis pulled the rug out from under new housing developments. Oakwood Shores — which had to go back and redo its lake design to meet stringent state water quality control standards — was trying to take off at the same time housing prices were starting to come down.
What followed was the biggest residential property foreclosure in San and Joaquin County. Making matters worse over a dozen lenders had a piece of the action making the efforts to get the project on track again complicated and time consuming.
Today, in terms of prices, Oakwood Shores — built on the site of the iconic Manteca waterslides — is the undisputed king of the hill when it comes to Manteca tract developments.
A lakeside home built in 2013 on Chiavari Way with five bedrooms and 3.5 bathrooms with 3,628 square feet on an 8,750-suare-foot lakefront lot has gone pending for $1,125,000. That’s more than double what it sold for new in 2013 for $537,500.
Perhaps more significant the home sold in May 2020 for $715,000. That’s more than a 55 percent jump in value 15 months.
The $1,125,000 home comes complete with a swimming pool and hot tub overlooking the water.
It is the highest priced tract home resale ever in the Manteca area.
It won’t last for long if the owner of a slightly smaller home on nearby Como Drive gets what they are asking for a four bedroom and 2.5 bathroom home — $1,175,000. The home built in 2007 last sold in 2010 for $522,500.
Lafferty Homes — the developer of the 480-home gated community — has several lakefront home sites available in their current release that start at $846,000.
Homes not on the water reflect prices more in line with the overall Manteca resale prices with closed escrows so far ranging from $570,000 to $725,000.
Meanwhile within the City of Manteca a 4 bedroom 3 bathroom former model home loaded with interior upgrades in the 1400 block of Veteran Street in southeast Manteca is in escrow for $999,000.
And while the extras plus furnishings likely juiced up the price that is not the case for a five bedroom and 5 bathroom 4,164-square-foot home on a 9,910-square-foot lot just west of Woodward Park.
The home built in 2005 has a pending offer of $899,900. It originally sold for $631,000. In 2013 as the Manteca housing market was starting to recover it sold for $437,000.
And 18 months ago in February 2019 it sold for $690,000.
There are two other tract homes also in the Woodward Park area that have accepted offers of $750,000 or more.
To contact Dennis Wyatt, e-mail firstname.lastname@example.org