Saturday, November 17, 2007

Homes for under $200K

I saw a post on Dr Housing Bubble about a shack in Riverside that was close to $200k. It got me thinking, are there any decent homes for under $200K in the IE. I was actually a little shocked at what I found. There's friggin plenty of them! Some you could actually buy and probably rent with positive cash flow.

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.


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.




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.

7 comments:

Angela said...

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

Anonymous said...

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...

golfer_X said...

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.

Paul Hiller said...

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]

golfer_X said...

Paul, I tried that address and got rejected. You can reach me at tflgee@yahoo.com

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sd vulture said...

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.