McKinney TX Real Estate

Saturday, January 31, 2009

McKinney, TX Neighborhood Real Estate Report - Eldorado Heights 2008

Eldorado Heights is a large master-planned subdivision in the heart of McKinney, TX. Builders such as Lennar, Legacy, Drees, Buescher, DR Horton and Mercedes Homes built this sought-after community in the late 90's. In 2008 124 homes sold in Eldorado Heights, according to MLS statistics.

The low price went for $124,000 and the high price was $242,900, with sellers receiving 98% of list price on average. The average price per square foot was $74.22.

Of the 124 sales, 22 were either foreclosures or short sales (17%). This figure is an important one when determining value of the homes in the neighborhood. Foreclosures and short sales can drive down values, given that the motivation for selling the home is different than a normal sale.

Another interesting facts, yet a fact that is hardly ever revealed but SHOULD be, is the fact that 62 of 144 sellers contributed towards buyer's closing costs! 43%! Why is this so important? Let's say a home sells for $100,000. The sellers did not pay for any of the buyer's closing costs. Let's say their neighbors with the EXACT same floorplan and condition sells for $100,000, BUT also paid for $5,000 of the buyer's closing costs. Are these 2 offers equal? NO. The neighbor could have also sold the house for $95,000 and NO closing costs and the offer would have been equal. Closing costs need to be factored into comparables.

Below are how the 124 sales broke down, month by month:

January - 6 sales

February - 12 sales

March -8 Sales

April - 6 sales

May - 14 sales

June - 12 sales

July - 12 sales

August - 15 sales

September - 12 sales

October - 11 sales

November - 9 sales

December - 7 sale

If you're looking for a McKinney Realtor that KNOWS Eldorado Heights Real Estate, then give us a call!

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