Huntsville real estate

You are correct about 147 RAINBOW GLEN CIRCLE, I've sold a couple of homes in this neighborhood over the past several years. My impression of the neighborhood was quite good. The neighbors seem to be very friendly and there is a sense of community among neighbors. The neighborhood seems to be child friendly, almost every time I have been in the neighborhood I saw children outside playing, riding bikes or going to the pool.   The link below is to the listing.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513493
The link below is to the Google satellite image of the house. I don't think Google has gone down the street yet as there is not a street view.   http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=147+RAINBOW+GLEN+CIRCLE,+MADISON,+AL+35758&sll=37.0625,-95.677068&sspn=23.265075,68.466797&ie=UTF8&hq=&hnear=147+Rainbow+Glen+Cir,+Madison,+Alabama+35758&ll=34.753015,-86.726552&spn=0.000983,0.002588&t=h&z=19   The builder put the house on the market on 09/24/07 for $724,900. We can't tell from the listing if the house went on market at the beginning of construction, during construction or after construction was finished. Tax records give a construction year of 2007. On 07/21/08 the price was reduced to $694,900. On 08/12/09 the listing was withdrawn. On 11/02/10 it was relisted at the current $549,900 / $110 psf.   The link below is to a summary of all MLS activity in the neighborhood since 01/01/09. Of the seven sales the average sold price was $119 psf with a range of $106 to almost $125 psf. The average days on market were high at 186 days. There are a total of ten active listings in teh neighborhood.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513511   At $110 psf the house appears to be aggressively priced.   There are two points we will need to consider on this house. Rainbow Mountain has a high incidence of elevated radon levels. Given this house has a basement, radon testing will be imperative. The other point is that the house is on a sloped lot. My recollection during the construction of this and adjacent houses is that soil was removed  to form a level spot to build and the removed soil was used to provide a more level, back yard with retaining walls. I believe that the houses were not built on backfill so the likelihood of settling is less. Proper drainage and backfill on the upslope side of the basement is critical. Saturated soil can press in on basement walls causing leaks, cracks and even failure. If there is adequate drainage and a porous backfill used the likelihood of problems minimal. Gutters, downspouts and drains must be maintained and cleared of debris to keep water pressure from the basement walls.   24 ELM RIDGE BOULEVARD  in Lake Forest is located near the end of a cul-de-sac and backs up to the Wheeler Wildlife Refuge. It appears to be a bit elevated. I checked the FEMA flood maps and while none of the homes on the street are shown in a flood zone, however the area behind the house is flood zone. The listing indicates a "Mosquitonix System ".  Since the house backs up to the refuge, a creek and flood zone, there is probably a need for the Mosquitonix System.   The link below is to the Google image. There is no street view provided.   http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=24+ELM+RIDGE+BOULEVARD,+HUNTSVILLE,+AL+35824&sll=34.752954,-86.726281&sspn=0.000983,0.002588&ie=UTF8&hq=&hnear=24+Elm+Ridge+Blvd+SW,+Huntsville,+Madison,+Alabama+35824&ll=34.642344,-86.738906&spn=0.003937,0.010353&t=h&z=17   The link below is to the listing. The house is priced at $115 psf.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513517   The house was originally listed on 06/15/09 for $649,900. There were a series of price reductions to the current $549,900 on 10/13/10.   Searching for comparable sales in Lake Forest requires some selectivity. Each section of Lake Forest is unique.  The link below is to a summary of all MLS activity in this section since 01/01/09.  Of the six sold houses the average sold price was $115 psf with a range of $92 to $142 psf. The house is currently priced at the average sold price of $115 psf.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513529   While I like Lake Forest and the surrounding area for long term growth, this particular house is not exceptionally priced. It is occupied so seller is probably not making mortgage and tax payments on an empty house and maintaining another household. Seller is less likely to be negotiable. The potential for mosquito problems also concerns me. While mosquito born illness is rare in our area there have been incidences of West Nile Virus in nearby counties.   The listing for 12390 ELMHURST DRIVE didn't map the location. The link below is to the Google map. It looks like the house backs up to Mooresville Road. While there is not a large volume of traffic on Mooresville Road now, as the area grows traffic will increase. The back yard is fenced and there will probably little traffic noise on the inside, there may be some traffic noise outside.   http://maps.google.com/maps?f=q&source=s_q&hl=en&q=Elmhurst+Dr,+Athens,+Limestone,+Alabama+35613&sll=34.642318,-86.735011&sspn=0.003937,0.010353&ie=UTF8&geocode=FYQTEgIdEljS-g&split=0&hq=&hnear=Elmhurst+Dr,+Athens,+Limestone,+Alabama+35613&t=h&z=16   Google estimates a 35 min. commute to Redstone Arsenal but there are some alternate routes that may be a little shorter.   The link below is to the listing. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513536
The current owner bought the house for $550,000 on 09/10/2007.  He put the house on the market 11/18/09 at $629,900. There have been a series of price reductions to the current $537,500 / $152 psf. The current listing indicates 3,546 sf. The previous listing indicated 3,850 sf.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513534   The link below is to a summary of MLS activity in the neighborhood since 01/01/09. Of the three sold properties the average sold price was $109 psf with a  range of $97 to $115 psf.  At $152 psf the property appears to be listed well above the market range. Using the higher 3,850 sf. on the old listing the house is still priced well above the market range at $140 psf. My impression is that the owner purchased at the peak of Huntsville's real estate market and that this neighborhood's market values have suffered more than most.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513538   The listing indicates the house is still occupied so as before, seller may be less motivated to negotiate. Huntsville real estate  The links below are to data on the schools that serve the neighborhood. While the data is lackluster, I have heard good things about the schools.   http://www.schooldigger.com/go/AL/schools/0210001454/school.aspx   http://www.schooldigger.com/go/AL/schools/0210000800/school.aspx   Overall my impression on this house is that even with seller willing to take a substantial loss from his purchase price, it is still substantially overpriced. Even if someone were willing to pay list price, the lender would not be able to find supporting comparable sales for a loan approval.   I have watched 7099 PALE DAWN PLACE  as it was being built. While the house itself is attractive, the lot was a very poor choice on the part of the builder. It was one of if not the last lot to be built on in the development. It is quite steep and rocky. On the listing below click on the address for a map then on terrain at the top of the map to see how steep the lot is.   http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7113513544
The link below is to the Google map. Drag the human icon to the street location to see a street view. The image shows earthmoving equipment starting to prepare the site for construction.   http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=7099+PALE+DAWN+PLACE,+OWENS+CROSS+ROADS,+AL+35763&sll=37.0625,-95.677068&sspn=31.095668,84.814453&ie=UTF8&hq=&hnear=7099+SE+Pale+Dawn+Pl,+Owens+Cross+Roads,+Madison,+Alabama+35763&ll=34.638352,-86.494495&spn=0.000984,0.002588&t=h&z=19   The builder didn't finish the house and the listing indicates the price is for a finished house.   Because of the lot, my advice is to pass on this house. Even if you didn't have children, the lack of a useable lawn, the inherent danger of a steep slope and the potential of foundation problems will make an eventual resale of this house very difficult.  As I saw progress in it's construction I was surprised that the lot was being used. The house is very unattractive from the street. If we were in our 2007 market this house might have made sense but in today's market it's a white elephant.   I will be happy to preview and photograph all of the houses above but suspect you are only interested in the 147 RAINBOW GLEN CIRCLE and possibly 24 ELM RIDGE BOULEVARD  in Lake Forest. Please let me know and I should be able to get photos tomorrow afternoon.   Best Regards,   Philip Winburn
256.797.4570
philipwinburn@mchsi.com
www.HuntsvilleRealty.Net
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