Magnolia Estates recent sales ??? (square foot, foreclosures, price, property)

[NovaS]

I want to buy a house in this neighborhood "Magnolia Estates"

And it really worries me that the recent sales show quite a change in the price per sq. Can someone please shed some light on what might be happening in the neighborhood?

1403 Carpenter Town Lane, Cary NC - Trulia (one of the houses that recently sold)

1421 Carpenter Town Lane, Cary NC - Trulia (another one)

The house in the second link was sold at $111 per sq. ft ($616000 with 5527 sq.ft) when similar houses were sold for $715+ in 2008.

Thank you,
nova

[sls76]

Don't know anything specific about the neighborhood, but trying to sell a home over $500k in Cary is very tough in this market. There aren't a lot of buyers (jumbo is expensive, 20% down is virtually required, buyers have less equity because the homes they're selling are worth less, high unemployment, lack of job security, etc.) and there's a lot of supply. Those trying to sell in this price range have to price aggressively and / or have a unique product. BTW, if you're getting the sq. foot data from Wake County, it's notoriously inaccurate so price per square foot comparisons are difficult.

ETA: I think what I wrote might be confusing. My point was that at this price point, I wouldn't be surprised if most homes in Cary have declined in value close to 10% in the past year so it may not be anything specific to this neighborhood.

[Silverfall]

Are you working with an agent? They can look up to see if those were short sales or foreclosures. I'm sure you realize that most areas have lost some value since 2008.