Prices dropping faster than subprime lenders.

Trying to keep up with the price adjustments on some of the previously covered homes is becoming a job in itself. I have two of them today, so I'm going to hit them both in one post.

The first home is 4517 Earhart Ave. in Santa Rosa. The neighbors house that was listed at a higher price of 469K (vs. 465K for this one) appears to have an offer. Who knows if it will stick, but this seller must be wondering what's up. I think the 469K house was in better shape based on the pictures, so that may be the determining factor. To the point, the price for this home has been dropped to 455K, which is right there where I suggested you make an offer (blatant self promotion...sorry). In fact I suggested you offer 445-455K and feel pretty confident you could get away with 440-445K at this point. If you're the homeowner, you may want to stage this house and take some new pictures. I'm making a broad assumption here, but the current pictures make it look like it's a rental, which does not help your position, in my opinion.

The other place is the townhome at 1406 Marylyn Circle in Petaluma. I thought it was already a good deal at $434K, but the price was just reduced to 419K (265.00 per sq. ft.). At Nearly 1600 square feet with 3 bedrooms, 2.5 baths and a 2 car garage, this seems like a good deal to me. I've driven this neighborhood and it seems fine. The HOA is a bit high in my opinion at 255.00 per month, but at least you get a pool and tennis courts for you money. There is another townhome right across the street for sale as well, but they are asking 459K (UPDATE: Price has been reduced to 425K). If there is something wrong with this one (which is not mentioned in the listing),the price difference of 40K could buy you some nice improvements.

2559 Edgewater Dr, Santa Rosa - Reduced

If you're not familiar with the Northpoint community in Southwest Santa Rosa, you should take some time to drive over and take a look. This is a newer development that was built by Pacific Mountain Partners which included single-family homes and townhomes. This particular home is the largest townhome floorplan which features 3 bedrooms and 2.5 baths. There are pluses and a few minuses here, but overall, it's a pretty good value and these homes were well built and included nice standard features.

One of the big upsides for the townhomes is the HUGE garages. This is a 3-story unit and the entire first floor is a garage. It's tandem, but widens out once you get past the door for a really nice area. This homeowner turned part of the garage into a bar/rec room. A small back yard is also part of the deal, but it is only accessible through the garage. This particular plan has all 3 bedrooms on the 3rd floor, which is nice if you have children and want everyone on the same floor together. Other features include a separate living room and family room, dining room and nice size kitchen with a substantial island.

This townhome was originally listed at 499K, but the price was recently reduced to 485K. If a single-family home is more your style, take a drive around the neighborhood as there are four or five of these for sale right now as well. For only 30K more than the townhome, 2743 Desert Rose Ln just came on the market for 515K.

1406 Marylyn Circle, Petaluma - Good Price

This townhome was just reduced significantly and seems to be a pretty good bargain. Nearly 1600 square feet, 3 bedrooms, 2.5 baths, 2 car garage for $434,900. That comes out to around $274.00 a square foot. The house has been on the market for quite some time and apparently the owners are getting a bit anxious to sell. The first set of pics that were posted showed an empty house. They have since taken the time to stage it and it looks pretty nice. The home also includes a wood burning fireplace (always a plus for me) and the community has a pool and tennis court. At 255.00 per month, the HOA dues seems a bit steep, so keep that in mind if considering this home.

Woodbridge Classics – Big Bang for the Buck

And now for some good news…If you're looking for a new place up in the Northeast Santa Rosa area, take some time and visit Woodbridge Classics by Rivendale. These townhomes are built in pairs -- not huge, long buildings of multiple units. Because of this, you only share one wall with your neighbor. Most of the units consist of one Plan 4 and one Plan 5. The Plan 4 homes are low income units and include 4 bedrooms and 2 bathrooms. The Plan 5 has 4 bedrooms and 3 full baths.

I am particularly excited about the Plan 5 as it clocks in at just over 1900 square feet and the prices are around 490K right now. That’s only 257.00 per square foot for a brand new home. I also really like the floorplan for this home, but I know everyone has different needs. It features one bedroom and a full bath downstairs, which can be used for a guest bedroom, office, or whatever your needs might be. I was very impressed with the kitchen in this home as it has a huge island and tons of cabinet space. The flow of the kitchen, dining and family rooms is very nice in my opinion and creates a great space for entertaining and everyday living. There is also a nice big storage space under the stairwell that could also be a great fort for your kids.

Moving upstairs in the Plan 5, there are 3 decent sized bedrooms and they space seems quite usable and comfortable. One of the secondary bedrooms is a bit smaller than the other, but it doesn’t fall into the “that’s a joke” category. The laundry room also lives upstairs and there are plenty of windows throughout to make the house feel open and light. The master bedroom is not huge, but the size seemed fine to me. The master closet is large and includes some basic shelving to help you with organization.

So what are the downsides? That depends on what you’re looking for in a home. The homes do include a back yard (positive points), but they are pretty small. Definitely better than nothing and pretty much what you would expect when buying an attached home. You also get a garage, but it’s a very narrow tandem number that will make your mini-van feel huge. Garage is good, not great actually, but I’m not a big fan of the long, narrow tandem design. Again, better than street parking and provides great storage possibilities for any other pack rats like myself.

Regarding the location, I’m not so sure. There is quite a bit of building going on in this area. Rivendale is also building Woodbridge Traditions (Single-Family detached) in the same neighborhood and another community called Montage just around the corner. Another builder is starting work on a development next to Woodbridge, but I have not seen any info on it yet. They look like small, detached homes – possibly in the 1100-1300 square foot range. There is a school right next to these communities and quite a bit of open space surrounding. It seems like it could be a nice neighborhood when things get built out, but you never know really. There is a farmhouse just to the south and I have heard roosters ever time I have visited this community. This land could probably be sold in the future, so it’s unclear if there will be more homes or something else to the south of the community.

I visited last week and they are about halfway through their construction and sales process. If you’re looking for a brand new home, want a good sized place and also a good deal, check out Woodbridge Classics, you might be pleasantly surprised.