Maranello at Positano Races to Complete First Phase
Maranello at Positano, a new home community in Dublin, CA, has managed to sell well in an otherwise challenging new home market. With more than 50 prospective homebuyers on the interest list, this project has just over 10 lots remaining in the current phase.
Maranello’s developer, Braddock & Logan, has recently rolled out the ECO+ (Energy Conscious Owner+) program to attract homebuyers looking for sustainability features. Responding to market demand, Braddock & Logan has made low-e dual-pane windows, drought-tolerant landscaping, low-use water system, extensive use of recycled materials, and ENERGY STAR appliances all part of the standard features of the Maranello community. The ECO+ program will help position Maranello against Lennar’s environmentally-friendly Sonata community in Dublin Ranch.
Braddock & Logan is offering four home plans, each with three distinctive elevations. The “empty-nester” floor plan costs about $650K and offers 3 bedrooms and 2 bathrooms spread over roughly 2,000 sq. ft. On the other end of the spectrum is Maranello’s magnificent 3,343 sq. ft. floor plan that goes for about $760K and includes at least 4 bedrooms and 4 bathrooms.
On a related note, the parcel of land sandwiched between the Maranello community and the Dublin Ranch golf course is called “Fiorano” and is owned by D.R. Horton. While D.R. Horton will have a separate project, the design of their homes must conform to the specifications of the Maranello community unless granted a variance by the City of Dublin.
2:55 PM on January 14th, 2010
Can you please clarify how the “empty nester” floorplan is set up? Is it a one-story? It seems that one story homes are a rarity around here. I understand the builder typically builds two-story homes because they can put more house on a small lot.
5:23 PM on January 14th, 2010
Hi Sabine,
Thank you for your question. Yes, the “empty-nester” floorplan, or Plan 2003, is single-story. This 2003-square-foot model has 3 bedrooms and 2 bathrooms. Please refer to Maranello at Positano’s Styles & Floorplans page for more information. Thank you again.
11:08 PM on January 24th, 2010
I would love to see if Tyler Moxley or someone else from the Around Dublin team would be willing to common on the housing stats from the Moxley Team page, here: http://www.moxleyteam.com/selling-a-home/housing-stats/
What is going on with Dublin versus other tri-valley communities? We would like to purchase an existing home in Dublin within the next 6 months but there is literally nothing for sale in our price range. I’d bet other readers would like some insight from experts too… thanks.
12:16 AM on January 25th, 2010
I think what you are seeing there is an artifact of Median price charts. Here’s the problem…Median is not an average, but is just the middle of the pack. For example if 100 homes sold from $300,000 up to $2,000,000 the median price is what ever house #50 sold for. I see these blips when a large group of homes sell in a particular price range. When East Dublin new homes started selling years back the median jumped up.
I did a post tonight on my web site about the very low inventory in Dublin and the entire East Bay. The number of homes available is very low all around the Bay Area
Dublin, San Ramon, Walnut Creek, Danville, Livermore all are the same.
Let me know if you have any other questions.
Eric Haggin – Keller Williams Realty
925 388-6462
http://www.EastBayPlus.com
3:49 PM on January 25th, 2010
Eric, I appreciate the explanation. I believe the reason for the low inventory is that these greedy banks are not unloading their shadow inventory of foreclosed homes. The banks stand to make more if they slowly release one house after another so that people bid the price up.
The banks aren’t stupid because they are trying to recoup as much as possible on their loss. If they were to unload all of those foreclosures at once, the market would be flooded with properties for sale and people would end up bidding much less and the market would collapse further.
I check Realty Trac and there are a lot of notice of defaults and bank owned properties in Dublin. I think that for some people, it makes sense to walk away or stop paying their mortgage even if they can afford it because of being so upside down. Some people purchased at the peak of the market hoping to sell within 5 years or so and are now stuck with a property that is very negative in equity. If they walked away, yes, their credit would be damaged, but in the years it would take for their equity to go back up, the people that walk away can reestablish their credit, save a ton of money, and then purchase something at a more reasonable price.