Nothing pisses me off more than the greed of some of today's sellers. I don't grudge a person a fair increase in the value of their property but to think they can ask double what they paid 2 or 3 years ago is just too much.
Here's a perfect example of greed gone mad.
159 FRIESIAN ST, Norco, CA 92860, This is a monster 5 beroom/4.5 bath 5659 sq/ft home near Hidden Valley GC. It sits on a big dirt lot. I know it's dirt because you can see this home from the 15th tee. The front back and sides are all dirt, jsut like the day the guy moved in. He has not spent a dime on the outside of this place yet he thinks worth $648k more than he paid for it in April 2004. Huh? Excuse me, are you freakin nuts dude? You want me to pay you $648k for keeping the weeds down for 3 years. This place is not worth what he paid for it and I'll be surprised if he can sell it for $750k.
He's not the only one either. His neighbor across the street at 170 FRIESIAN ST, Norco, CA 92860 with the same floorplan is asking $1.5M, or $100k more. He is looking to make $736K in 3 1/2 years. At least this guy added some landscaping and a pool. The amazing thing is, this guy started out at 1.7 million. No doubt this is a beautiful home and if it were in Irvine it might be worth 1.5M. But DUDE your house is in Norco and it's not worth 1.anything million.
He's not the only one either. His neighbor across the street at 170 FRIESIAN ST, Norco, CA 92860 with the same floorplan is asking $1.5M, or $100k more. He is looking to make $736K in 3 1/2 years. At least this guy added some landscaping and a pool. The amazing thing is, this guy started out at 1.7 million. No doubt this is a beautiful home and if it were in Irvine it might be worth 1.5M. But DUDE your house is in Norco and it's not worth 1.anything million.
5 comments:
I will buy his house for 1.5M if he buys mine for 1.5M;-)
Oh crap, I would have to pay like 25K or more a year in taxes! NEVER MIND.
You are right about one thing, nothing in Norco is worth a mil plus. Have you ever smelled Norco? Who's gonna pay a million bucks to smell horse shat all day.
I'm not sure I see the correlation between what the property sold for in 2004 and what it should be offered for today. Value has little to do with past sales history, especially in a cyclical market. For Inland Empire real estate related news and commentary, feel free to check out:
www.theinlandcompany.com
Your right what it sold for in 2004 has nothing to do with what it's worth today. It's probably only worth 1/2 of what the guy paid for it in 2004. I guess we will see if it sells and then we'll know what it's worth.
If you are going to offer a property for sale it should be offered at a price that has some hope of attracting a buyer. There are similar homes in the same tract and even on the same street for $500k less than these 2 are asking. These guys are either drunk or have turned off all TV, Radio, internet and canceled the newspaper if they think they can get those prices. There's a nice REO just down the street, slightly smaller but on a way bigger lot for $950. Another one is only 2 houses away from home #1, REO for $979. These two are not selling and have already been reduced in price. Once they sell our 2 delusional sellers will have some new comps to cry over.
Like I've said before, Sellers are still so out of whack with prices it's little wonder nothing is selling. The real problem is agents who don't have a clue, take these listings. "Yeah, I got a sign in the yard and maybe I'll do some open houses" These agents need to get a back bone and inform their sellers what the market is really doing, this isn't 3 years ago when the streets were lined with buyers, these days the streets are lined with over priced sellers. The only buyers out there are looking for great deals and those usually come in the form of Foreclosures; the overpriced seller who couldn't sell. I just posted a similar picture of Temeculas Foreclosures Map @ www.kathyneilsen.blogspot.com
Looks very similar to Norco.
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