Wednesday, December 12, 2007

$80/sf in MoVal

I ran across this house tonight and I thought there must have been a mistake.

15645 Lucia Moreno Valley, CA 92551. This is a 3732 sq/ft home with 6 bedrooms and 4 baths. It's located down in the Moreno Valley Ranch area. This home sold new in 2000 for $218k and again in late 2005 for $510k. Now it's offered at $299K. This is probably a short sale although the add does not say that it is. $80/sf!

That's one ugly house btw. Curb appeal is not this homes strong point.

Here's another $80/sf home in MoVal.

13432 Athletics DR, Moreno Valley, CA 92555. This is not a bad deal. This is a nice looking one story home that is 2432 s/f and has 5 bedrooms and 3 baths. This home is only 3 years old. Pricing info is not availible but if I remember right these homes sold for just under $300k when new. This one is now listed for $195k! There is another home that is the same model as this one in this tract that is asking $432k! Wow, to be undercut by $237K has got to sting. But wait if you give a full price offer they will help with closing costs....oh, that should make all the difference.


toothlesselsinorewhore said...

At the Hudson and Marshal auctions a short while back a handful homes in Temecula/Murrieta sold for under 100 per square foot.

These were nice, newer homes in nice areas of Temecula.

Anonymous said...

Wow, $200K for that second house looks like a good deal. I did not think they would go that low even in Moreno Valley for homes like that. Could you rent that house for enough to cover a $200k loan?

Anonymous said...

The second home for $195 has 16 offers on it. The Broker is no longer accepting any new offers. Just goes to show, price a house correctly and it will sell.

golfer_X said...

That is a smoking deal. It does not surprise me that there are several offers on it. I'de peg the "value" of that home at around $250.

FairEconomist said...

The realtor is trying to set up a bidding war with a lowball "offer", knowing it will sell for more. They're probably counting on the "boy loses girl" effect (Robert Ringer) where once you think you're going to get something, you'll pay more to keep it than you would have paid to get it in the first place. Sounds like it worked. They'll probably end up getting 10 or 20K more than they could have with a "fair" offer (like golfer x's very reasonable 250K), plus they will sell fasters.

Anonymous said...

You couldn't pay me to live in MoVal.