Storm clouds hanging over the housing market has slowed sales somewhat in Manteca.

But due to market dynamics — completely different than those leading up to the housing crash in 2008— the prospect of homes going “underwater” by values being lower than mortgage balances is not a concern this time around.

And the fact that the highest valued neighborhood — Oakwood Shores — as well as other new neighborhoods where homes are still selling for $800,000 plus are in an area that has shaky protection from 100-year floods isn’t creating a great concern that they could literally underwater either.

That’s because work on the 200-year flood protection for  southwest Manteca, Lathrop on the east side of the San Joaquin River and the Weston Ranch area in Stockton is on target to be in place or underway by 2030.

And when that happens, the areas within the city that are at the mercy of levees to the south that have a history of failing, will have much more muscular protection against 100-year flood events such as what happened in 1997.

Homes still selling

for $1.1 million plus

Oakwood Shores — a gated community with manmade lakes that is located where the Manteca Waterslides and Oakwood Resort once stood — are still selling for more than $1.1 million on the resale market.

 One of those homes in the 3800 block of Castellina Way is in escrow for $1,140,000 after being on the market for 54 days.

It is on the water and has 4 bedrooms and 3.5 bathrooms in a 3,130-square-foot layout on a 7,501-sqiare-foot lot.

It last sold for $614,500 in 2018.

In the 3700 block of Castellina Way, a 2,732 square foot home with four bedrooms and 3.5 bathrooms on an 8,387-square-foot lot has a pending offer of $950,000.

It was on the market for 43 days and last sold in 2012 for $323,246.

New homes in Oakwood Shores are fetching north of $800,000 as well.

There is a new home in the 1600 block of Como Drive in escrow for $839,990.

It has four bedrooms and 3.5 bathrooms with a 3,061-square-foot floorplan. The lot has 7,922 square feet.

Just to the east on Woodward Avenue in Manteca on the southside of the street between McKinley Avenue and Airport Way a new home has sold for $768,224 in the 2800 block of Ski Beach Street after 175 days on the market.

It has five bedrooms with 3.5 bathrooms and 3,043 square feet. It is on a 6,382 square foot lot.

Another new home that had been on the market for 106 days in the 2100 block of Day Lily Avenue is pending for $779,950.

That home has four bedrooms, three bathrooms, and 3,020 square feet. It features a 6,000-square-foot lot.

A second home in the same block of Day Lily is in escrow for $799,950 after being on the market for 54 days.

It has five bedrooms, four bathrooms, and 3,031 square feet on a 9,005-square-foot lot.

A third new home has sold for $804,318 in the 3000 block of Russos Drive.

It was on the market for 126 days.

It has five bedrooms, 3.5 bathrooms, 3,247 square feet of living space and a 6,000 square foot lot.

None of the homes that are mentioned have less than a 20 percent down payment. Some have a higher buy in than that.

That contrasts sharply to 2008 when there were a number of homes that had zero to 5 percent down.

To contact Dennis Wyatt, email dwyatt@mantecabulletin.com