A request was made to look at Redlands and Yucaipa. Redlands is one of those cities that is kinda different. Most of the homes are older historic types and they don't turnover much. When they do it's hard to say if they went up or down because many get full or partial remodels or restorations. There are a few new tracts but many of those are high end homes. All those doctors from Loma Linda have to live somewhere... Yucaipa is another story, it's more of a workin' class town and has several newer developments. Like most of the other areas these are where you can find price drops. I must say, I was a little surprised that the prices are not dropping as much as I would have thought. But if you look at the days on market of many of the homes they are up there in the hundreds of days. Even so it was not hard to find homes with $100k price drops.
Lets start with 35983 Willow Crest, is a 3300 sq/ft 5/3 sitting on a huge lot. It has a nice rock pool and landscaping. Our seller picked up his estate in Aug 2005 for $690k. He listed it TEN months ago for $750. Hoping to make a quick $50k he was.... After waiting for 5 months he got serious and whacked the price $140k, down to $609k. Still no bites so in Sept he cut another $15K off his asking price. He's asking $595 now. If he gets it he is going to lose $95k plus another $35k in fees. IF he is very LUCKY he will only lose $130K (in just over 2 years).
Back in town we have 11459 Warm Springs, this is a 2615 sq/ft 4/2.5 home near the golf course. It was sold but the deal fell through so it's back on the market as a short sale. This has also been on the market an eternity, nearly 200 days. It started out at $435k and after 3 price cuts he is now asking $388. Our desperate seller bought this in Dec 2005 for $470k. So if he manages to get his asking he is looking at a loss of about $103k.
Another home in the same area is 34610 Yale St, this is a 2462 sq/ft 4/3 home. It was purchased in Aug 2005 for $480. It's now listed for $380k. Another $100k loss plus another $23k in fees.
Yet another 100k loser at 33545 Pembrook, this one is a bank owned and needs work. Dead lawn and an empty pool. Our ex-homeowner paid $570k for this house in August 2005. The bank is trying to unload it for $464k. They will need to drop this at least another $100k before anyone even looks at it. The two homes above are bigger and in better shape and are prices over $100k less. What the hell is the bank thinking. The neighbor up the street at 33532 with the same floorplan is even under-cutting the bank by $15k.
I'm not sure if anything is actually selling in Yucaipa. Even these homes which are the lowest priced in their tracts are not selling, and some of these have been on the market for nearly a year.