Sunday, September 23, 2007

Pricing mayhem in Corona

How do sellers and realtors come up with the prices on some of these homes. I'm beginning to think they spin a big wheel with numbers on it just like on "The Price is Right". Well folks, as Happy Gilmore said "the price is wrong"!

For fun, let's look at 2 similar homes on Sanctuary Dr. in Corona.

Home #1, 8113 Sanctuary Dr is a 3760 sq/ft 5 bed 5 1/2 bath home on an 11,330 sq/ft lot. Looks like a nice home although it's hard to tell from the photos. They look like they were taken with a cell phone. I kick the crap out of my realtor if I saw photos like that on my listing. This home is listed as a pre-foreclosure at $799k

Home #2, 8155 Sanctuary Dr is the same 3760 sq/ft home but this one is a 4 bed 5 bath version on a similar sized lot. The photo's are only slightly better than home #1s. This one is going to be a little hard to move at it's listed price of $1,044,000. That's $245k more than 8133 which has sat on the market since July. This realtor, in addition to pricing for the moon, cannot find the time to use the spell checker. What the hell is a "gulf course"?

Here's 3 more on Lady Banks Loop, and these are even more lopsided.

Home #1, 7225 Lady Banks is a 4 bed 5 bath, 4142 sq/ft home on a 9147 sq/ft lot. No pictures other than a street shot of the front. This home is listed for $830k and it looks like it just went on the market (18 days)

Home #2 is 1809 Lady Banks is the same model. Heck it looks like the same home from the street pictures. Something funny going on here. This thing has been on the market for 164 days and it;s no wonder considering it's listed at $1.35M. That's $520k more than Home #1.

But wait we have another wishful thinker on this block. Home #3, 7669 Lady Banks is the same model home. The realtor says it has too many features to list. And he apparently does not have any time to take a few pics of them either. One shot of the garage and two shots of the front are all you get. This one has taken root it's been on the market so long. You'de think after 180 days on the market they would get a clue that the price is wrong. This one is asking $1.389M which puts it $559k more than Home #1.

1 comment:

Aaron said...

Please send me an email at and I will send you over some pricing info I got from some new housing tracts in Riverside, MoVal and Menifee. Down over $100,000 in Menifee already.