After nearly two years since the last sale of a building site in Melody Ranch, a new listing today for a .33-acre lot in Melody Ranch for $399,000 turns back the clock to August 2005. It was during that month that eight building sites in this neighborhood sold for between $370,000 and $395,000.
By September 2005, the price for one of these lots – nearly all between .3 acres and .7 acres – had risen to $406,000. By the end of 2006, reported sales prices for choice lots on the north end of the “new” section of Melody Ranch reached $635,000. (Unfortunately, the developer chose not to report at least nine sales between November 2006 and September 2007, but list prices ranged between $465,000 and $650,000.)
While this post is focused on building sites, there is a clear correlation between the run-up on prices for raw land, the ensuing bubble in prices for existing homes in Melody Ranch and the current rash of short sales and foreclosures in this 11-year-old neighborhood. Please contact me or comment below to pursue this discussion.
A search of active, pending and sold building sites in Melody Ranch since March 2004 reveals the following highlights:
- There are four active listings including a .3-acre site for $495,000, a .52-acre site for $499,500, and a .5-acre site for $575,000.
- The highest sale price for a lot in Melody Ranch is $665,000 for a .5-acre site in May 2008. This is also the last recorded sale.
- Since March 2004, there have been 44 recorded sales of building sites with four in 2008, nine in 2007, nine in 2006, 16 in 2005 and six in 2004. There were no sales in 2009 and none so far in 2010.
- The lowest sales price during this time was $220,000 for a .32-acre site.
- Today’s new listing at $399,000, which is a short sale that will require bank approval, last sold for $570,000 in January 2008.
Contact me for more analysis of this data or to request a Neighborhood Focus on a different Teton County neighborhood.
