Lathrop is inching closer in joining Tracy and Mountain House where it is becoming the norm for larger tract homes — new and resales — to sell for $1 million plus.
River Islands at Lathrop has three sales of homes in the 3,300 to 3,700 square foot range that have accepted offers between $899,999 and $959,990.
The most expensive in the 2700 block of Enslen Way with five bedrooms previously sold for $701,405 in July of 2020. The accepted offer of $959,900 represents a stunning $248,585 jump in value in just 14 months.
The home in the 1800 block of Klamath Court with a $959,000 pending offer sold for $642,500 in August of 2017. That reflects a $316,500 jump in price in four years.
A five bedroom home in the 1900 block of Water Lilly Drive is in escrow for $899,999. The house last sold in July 2018 for $655,599. Its value has gone up $234,499 in 15 months.
The resale market north of the San Joaquin River is strong but not as strong as the new housing sales.
Two new homes are in escrow for almost $900,000 each near Lathrop High.
One is a five bedroom, 4.5 bath home with 2,807 square feet in escrow for $849,999 in the 1800 block of Cornwall Court. The other is a three bedroom, 2.5 bath home with 2,564 square feet in the 500 block of Albany Street that has an accepted offer of $878,988.
Manteca home in escrow
gains $483,500 in 32 months
Even though the overall median price of resales are lower in Manteca due primarily to robust turnover of older housing stock that is significantly larger than in Lathrop, the resale of Manteca tract homes opposed to those in the amenity-laden River Islands community is holding their own or doing better.
One home just south of Woodward Avenue between Pillsbury Road and Atherton Drive has closed escrow at $999,000.
Another home in the same Richmond American neighborhood is now in escrow for $999,999. It is in the 1400 block of Veteran Street with five bedrooms, 3, baths and 3,601 square feet.
There is a five bedroom, three bathroom home with 3,105 square feet on a 0.25 acre lot in the 100 block of Indianapolis Court that is in in escrow for $990,000. It is in Manteca’s southernmost neighborhood just east of South Main Street/Manteca Road across from where work is now underway on the first homes in the planned 1,401-home Griffin Park neighborhood.
The home sold for $515,000 in February 2019. The owners tried to sell it for $1,150,000 but got no bites until they lowered it to $990,000. Even so if it closes escrow the home will have gained $483,500 in 32 months.
Altogether there are currently five homes in escrow in Manteca between $929,000 and $990,000.
The highest priced listing without an accepted offer as of Friday was a five bedroom, 4.5 bath home with 3,789 square feet in the 2300 block of Stephen Robert Lane in the same neighborhood of the Indianapolis Court home. The home was purchased in July 2017 for $529,000.
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
