Value: $1,750,000
Projection: Depreciating
San Ramon is a desirable part of the East Bay that is located conveniently close to business centers and Pleasanton and Walnut Creek. In recent years, it has attracted Silicon Valley executives looking for bigger homes that they could not afford or are not available in the San Jose area. The subject is specifically located in one of the more desirable locations within San Ramon.
The subject is a large home located in a high end Toll Brothers (TOL) development, where most houses exhibit a high pride of ownership. Area property values are declining, due to the overall decline in the local economy and the lack of available credit. There are two equivalent properties listed within 0.5 miles for less than $1.9 million, which would represent the maximum value for the house.
There are 7 properties listed in the subject's development, with only 2 sales in the past 6 months. The lack of comparable sales in the development suggests a lack of qualified and willing buyers in the area.
Due to the large amount of supply and few sales in the area, even though the property is one the nicer homes in the development, it will still have a hard time selling. We value it at $1,750,000, the lower bound of recent listings, although higher than recent sales, which are all of inferior quality.
Click on the image below for the CLEAR for this property.
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