Tuesday, September 25, 2007

Hitting the house lotto in Corona


Some buyers were lucky enough to make big scores in the Eagle Glen Community in Corona. They bought, held for 2 years, sold and doubled their money. Personally I think there was some fraud on a couple of sales that just sent the comps into orbit. Even in the bubblicious IE it's hard to imagine a $500k house selling for over a million only 2 years after purchasing it.

Here's a few examples of what I'm talking about.

1572 Vandagriff Way Corona CA 92883
3 beds, 3.75 baths, 3,695 sq ft;

Sold new in 2003 or 2004 for approx $400k (2004 tax based on $408,653)
Sold on 05/21/2004: $829,000

How does a $400k tract home in Corona appreciate approx $430k in less than 2 years?


1544 Vandagriff Way Corona CA 92883
5 beds, 4.5 baths, 4,531 sq ft

Sold new in 2003 or 2004 for approx $600k (2004 tax based on $603k)
It sells on 06/27/2005 for $1,175,000
Then again on 05/23/2007 for $1,200,000

This $600k tract home in Corona appreciate approx $575k in less than 2 years? Owner number 1 hits the house lottery!



1537 Vandagriff Way Corona CA 92883
Same plan as above, 5 beds, 4.5 baths, 4,531 sq ft

Sold new in 2003 or 2004 for approx $540k (2004 tax based on $540k)
It sells on 07/07/2005 for $1,065,000
Then again on 06/29/2007 for $1,135,000

This lottery winner collects over $600k in less than 2 years?


1553 Vandagriff Way Corona CA 92883
4 beds, 4.0 baths, 3,829 sq ft;

Sold new in 2003 or 2004 for approx $550k (2004 tax based on $555k)

07/29/ 2005: $975,000
08/17/2006: $1,010,000

This original owner wins the lottery and collects over $400k in less than 2 years?
Buyer #2 holds for a year and probably sells at a loss after fees.

2 comments:

Erin said...

hmmm...am I missing something? Is Corona that nice of an area to demand that high of a price for those homes? It will be interesting to see what those homes sell for now.

golfer_X said...

These homes are in a nice community but they are still in Corona and not Irvine. These are also large homes so they are going to have a large price tag. But to believe that they are worth more than double what they sold for only 3 years ago is insane. This area could be used as the "poster child" for the recent bubble.

There are several of these golf course communities down in South Corona. There's Dos Lagos, Trilogy, The Retreat and this one at Eagle Glen. They are all nice new communities with well manacured streets, some are gated or have gated tracts. They are even still building homes on some of them. The newer homes are coming down in price. Canyon Oaks by KB (near Trilogy) is starting in the High $400s. Can it be worth an extra $500k for a similar tract home a couple of miles away in Eagle Glen or The Retreat?