In MoVal a decent 3 bedroom home rents for around $1300/mo to $1500/mo. Can you purchase a home for less than that? Amazingly enough in MoVal you can!
Here's a few in a decent area of the city. There are plenty of them in the scary areas of MoVal but these are in areas of the city that are fairly safe.
26463 Dracaea, Moreno Valley, CA 92555, this is a typical late 80s tract home 1322 sq/ft and 3 bedrooms, 2 baths. It's a nice looking home and is listed for $189K. a 30 year fixed at 7% with 10% down will get you into this home for about $1100 a mo. Add another $150/mo for property tax and you can probably rent this and make a few bucks.
13186 Pocono, Moreno Valley, CA 92555, Another late 80's tract home in the same area. This is another 3/2 about the same size for $180K. Again this looks like you could actually buy it and rent it without losing money.
I'm certainly not recommending that anyone go on a buying spree just yet. I think in a year the choices will be far better in this price range.
25256 Sweetgrass, Moreno Valley, CA 92553, One more of the same but only 2 bedrooms on this one. It's listed for $169K. I think you could actually buy this with 10% down and have a payment UNDER $1000/mo! Of course 2 berooms only rent for around $1200/mo so as a rental you are on the edge with this one.
1075 Alderwood Perris, CA 92571, this is a newer home in Perris and is a 1663sq/ft 3 bed 3 bath. Listed as a short sale for $180K (108 sq/ft). If this home were to sell at this price that would be a 54% drop from the last sale in Jan 2006.
7 comments:
When we first sold our home in June 06 and started looking at what homes in Riverside where in our price target of 300k, there were only 7 (this is for all of Riverside). There are now 561 of them, including 24 under 200k. What a difference a year makes!
Keep up the good work,
Angela
This is the asking prices, so you could actually ask for less.
But regarding Moreno Valley, are you sure there a non-scary part of the town? I thought the whole town all scary...and please don't talk about Perris...
My wifes faminly has lived in Moval for 20+ years. So I've spent a fair amount of time in MoVal. It's no where near as bad as it's reputation. Most of the city is no different than most other places. In some respects its better. The city has a very aggressive anti graffiti squad so there is practically no graffiti. The police dept is also quite aggressive. They can be a real pain sometimes when they start cracking down on traffic violations.
golfer x
I was looking for an e-mail address in your profile. Our interests overlap in several areas. If you have a moment mine is philler57@google.com [it's a throw away if I get spammed too much]
Paul, I tried that address and got rejected. You can reach me at tflgee@yahoo.com
Fantastic site & complements! If all the writers were making Coin$ like they write, YEEEEHAAAA your bloggers! I made a ton of Coin in Inland Empire, Millions to be truthful! This is the bottom of the market as per 5 indicators I have used to bottom FISH:
1=Foreclosure count peaks!
2=Bankruptcies per capital peaks!
3=Crime rate per zip code peaks!
4=Divorces per zip code peaks!
5=Suicide rate per zip code peaks!
Based on my feelings, 2012-2016 may be the bottom. I read about 100+ books + 20,000 web pages a year, so this is my "feelings". As for track record, sold 196 properties in the 1999 to 2007 boom, average hold 2 years, average gross profit 1200%! Yes, almost 50% a month. Wait till 2012-2016 to buy. By then it may be a depression time! Someone said: Buy into fear, sell into greed! I say: buy when the streets are full of blood & sell when everyone is drunk with Greed! Happy Holidays! wwwjohnjasonchuncom
Love the blog - your posts about prices in Riverside, MoVal, and San Jacinto have given me a new hobby...I filter the Redfin listings for houses over 2500 sf and under $300k asking prices, and watch the listings creep south toward San Diego. We're hopeful first time home buyers, waiting for prices to drop some more. We don't have the massive over-building that you folks have had (ours happened in the 80's), but I expect the prices have already started to slump here too, and are bound to go lower.
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