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!