First a look at another couple of big losers in Lake Hills Reserve. This is one of the more overpriced developments in Riverside. Homes at the peak were from the low 600's to over a million. A year later and prices are starting to plummet.
17093 Rocky Bend, Riverside, CA 92503. This poor fella bought his estate at the top of the hill for a song. A song to the tune of 1.043 Million dollars only 11 short months ago (WTF was he thinking?). In addition to the purchase price it looks like he's dropped another few dollars landscaping the back yard. He's got a fire-pit, BBQ, waterfall and a lot of fancy concrete work. He's easily dropped another $50k on the yard. I dunno what happened but his monster 5074 sq/ft 5/4 is now on the market for $850 as a short sale. That's an astonishing loss of over $200k (plus fees) if he can unload it. Let's face it, he's got a better chance of hitting the lotto and catching up on his payments.
18730 Lakepointe, Riverside, CA 92503. Another Lake Point loser. This poor fella bought his dreamflip last December. After a few months of ownership he does the normal thing and places his dreamflip on the market for $100k more than he paid. That's normal operating procedure in SoCal, right? Well, unfortunately he was about a year too late and after 142 days with no bites he's now down to $580k and "very motivated" according to the listing. I bet, because there is still not much chance of selling his house even at $140k less than he paid
16517 Cheltenham, Riverside, CA 92504. This one is not in Lake hills but over in Woodcrest. This is another monster, 5426 sq/ft sitting on an acre. Our flipper bought this thing for 1.058 Million just over a year ago. He's grown tired of it already and you can buy it today for the bargain price of $850K. That's another loss of over $200K plus fees in just over a year. I doubt he will have much luck though as the builder (KB) is selling these for $699K. Ouch, that's gotta sting!
8 comments:
This is a stupid question, so let me preface it by saying that I just moved to the IE from West Texas last June. I know the IE has been developed like crazy in the last few years. My question is, do the people who moved to Riverside mostly commute to San Diego or to LA? I ask because I take my cat to a vet in Riverside and the traffic between here (Mira Loma/Eastvale) is HORRIBLE during rush hour. I couldn't imagine having to do that every day. Maybe it's not so bad between Riverside and San Diego?
A very large percentage of the people that live in the IE commute to either LA or OC. Most of the higher paying jobs (aerospace/defence, financial etc) are in LA or OC. Most of the IE jobs are lower paying manufacturing, warehouse or construction (which is dying with the housing crash).
Who the hell need 5000 sq.ft. house? just the utility alone during the peak of summer would be about $800.00/month. You must be insane to buy these properties, good luck trying to sell....Suckers
I have a friend who owns a big old 4000 square foot two story home. His electricity bill in the summer is over 1200 per month.
I live and own in Elsinore and had no idea there were million dollar TRACT homes in Riverside. I thought that sort of thing only happened in South OC.
Utilities on a 5000 sqft home will EASILY run $1500/mo in the summer (gas, electric and water). And if you install a pool and fancy lanscaping that could easily top $2000 a month. My puny 1800 sqft house runs about $600/mo - $800/mo in the summer months for gas, electric and water. Add in maintenance for that beast, a gardner and a maid to clean it (cause I gar-on-tee my wife ain't cleaning a 5000 sqft house) and your monthly expenses before mortgage are going to be mind blowing.
There are plenty of million dollar tract homes in the IE. Get this, there is actually a development that just started in MoVal that is planning on building million dollar "executive homes". In Friggin MoVal?? It's right across from the new Riverside General Hospital on Cactus. They've been grading the area for about a year now. I'm willing to bet my house that they never put up a stick. There is no way anyone is gonna plonk down a million bucks to live in MoVal. They will probably change the plan and build 5000 tiny crackerbox homes on 4500 sqft lots for $150k a piece.
Anonymous, thanks! I didn't realize OC was actually an employment destination. Thought it was just a bedroom community for LA. Shows you how much I know about my new state. Now, Maryland I can talk about with some knowledge, but California is all new to me.
Made my first trip to OC over the holidays. Maybe I missed the good parts but other than the ocean itself, it didn't look too different from out here. The mountainous coast surprised me. I kept waiting for the land to level out like it does back east when getting close to the ocean, and then...bam!...there was the water and there was no leveling out.
briar,
For many of the people who live in Riverside county, it's a trade-off between bigger-newer houses vs. smaller-older houses in the coastal counties.
People who live in southern Riverside county (Temecula, Murieta) commute to San Diego for work.
Those who live in northern Riverside county commute to OC & LA.
I like in Riverside and work in the OC. A whole bunch of guys I work with live in Temecula/Murietta. My commute time is about 3 hours each day (100 miles total). I carpool with 3 other guys so it's not too bad. traffic does indeed SUCK but then again I used to live in the south bay and worked only 11 miles from where I lived and the commute was still 45 minutes each way. That commute was harder than my current one.
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