Jeff and Mary Real Estate Team Your Area Experts

As all eyes are watching news on the economic crisis, the question we hear most as Realtors is “How has this affected our home value?”  The answer is that here in Thousand Oaks we have already been suffering from negative impacts by foreclosures, a major cause of current banking distress.

Approximately 1 in 10 homes active on market and sold this year in Thousand Oaks are noted foreclosures or short sales.  Two foreclosures sold in July, both at far below the 2008 neighborhood average price per square foot, which is $93. 

The GOOD NEWS is that lot prices are at a premium in Thousand Oaks, starting in the mid $40s.  With builders running out of affordable lots, there are fewer new homes to compete with, and chances are those that become available in the future will be sold at higher list prices.  This will mean less competition for sellers in the $200s and $300s as currently available new homes sell out. 

This trend has already been reflected in our average purchase price for the community, with an increase from $331,000 in 2007 to $353,000 in 2008.

For more TO real estate information, visit ThousandOaksMagnoliaTX.com.

Magnolia I.S.D. has released the proposed elementary zone changes that include their newest elementary school opening in fall 2008.  Subdivisions that will be attending Magnolia Parkway Elementary include Campwood Area, Canterbury Ranch, Churchill Downs, Country Forest West, Decker Hills, Falls of Wildwood, Green Tree Estates, Heritage Farms, Highland Estates, Jackson Retreat, Jackson Run, Lake Creek Ranchettes, Lynwood, Magnolia Hills, Mostyn Manor, Oak Wood Acres, Old Mill Lake, Pinehust Farms, Pleasant Valley Acres, Rolling Forest, Royal Oaks, Silverado Farms, Stillwater Estates, Tall Oaks, Thousand Oaks, Wildwood Estates, and Wildwood Trace.

To review all the proposed Elementary Zones, visit www.magnoliaisd.org.  Applications to be “grandfathered” to remain at a current elementary school are also available at this site.