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Friday, 15 June 2018 18:13

Bear Creek, Murrieta Appraisal, Economic Obsolescence

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The Bear Creek neighborhood was made up of mostly good to excellent quality SFRs. The neighborhood was located in the guard gated community of Bear Creek which is situated around the Jack Nicholas golf course. Association amenities include guard gate entry; pool; spa; tennis; gym; meeting room. Living areas for sales over the past 2 years range from apx. 1,500 to 11,255 SF, average was apx. 4,391 SF. Lot areas were from 3,049 to 1,165,230 SF, average was apx. 220,176 SF. Days on the market was from 0 to 1364 and the average was 160 days. Sale/List price ratio was 95%.

There were 27 active listings in the Bear Creek development at the time of the appraisal and only 2 of those were pending sales. This represents an over supply of inventory in this market, however, values appear to be mostly stable and marketing times are reasonable to long. The current market conditions has adversely affected new building as the cost to build is greater than market value (Economic obsolescence). Of the 90 sales, listings, expired's and canceled listings over the past 2 years, the most recent year built was one house built in 2013 with the balance built prior to 2008. It appears that this market has not recovered from the recession of 2008.

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