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Two listings went pending in March, 8742 (2,338sf) was listed at $679,990 (originally $718,000) and is slated to close on 1st May, and 9637 (2,106sf) was listed at $399,990 (originally $575,000) and should close on 5th June. Both were substantially reduced as you can see and found buyers; they are about and looking for bargains. There were three new listings in March; 9449 (1,698sf) at $449,000, 9748 (1,915sf) also at $449,000 and 9944 (1,485sf) at $389,900. There were no sales recorded in March; so far there have only been two this year, and remember there were no closings in the second half of 2023. Prices continue to be cut and I suspect this trend will continue softly while the financials at Vivante remain subject to litigation against Citizens. Trying to discount a future potential assessment, a number that we know is unknown (a Rumsfeld conundrum perhaps!), is somewhere between guesswork and impossible. The valuation question is – have prices been cut enough already, some by over $100,000? There is an upside to all this though; what do you think might happen to the current low prices if the litigation results in even a partial settlement? As last month, the US economy remains buoyant and looks likely to remain so for a while – enough to encourage the FOMC to forecast three interest rate reductions this year.
