Prices in Rancho Cucamonga have been holding up a little better than "the other side of the tracks" Fontana. But you don't have to look very hard to find big losers.
7438 Bungalow Rancho Cucamonga, CA 91739, this 3536 sq/ft home of 4 bedrooms and 3 baths went back to the bank in MARCH. Ever since they have been dropping the price.
Price Reduced: 07/23/07 -- $699,000 to $669,000
Price Reduced: 09/10/07 -- $669,000 to $639,900
Price Reduced: 10/11/07 -- $639,900 to $609,900
Price Reduced: 11/14/07 -- $609,900 to $574,900
Price Reduced: 12/11/07 -- $574,900 to $549,000
The home was sold to the previous buyers for $845k in April 2006. So, they managed to hold the home for less than a year before the bank took it back. If that's not a first payment default it has to be close. The bank got it back for $721k so there must have been a second that has lost everything (I can't imagine they made a down payment because of how quick they lost the house). So if the bank gets it's asking price they will lose $172K. The 2nd mortgage holder probably loses the whole 2nd, which would have been at least $124k. This home is listed at 35% off the 2006 sales price for a total loss of nearly $300k (more after fees and taxes are paid).
Price Reduced: 07/23/07 -- $699,000 to $669,000
Price Reduced: 09/10/07 -- $669,000 to $639,900
Price Reduced: 10/11/07 -- $639,900 to $609,900
Price Reduced: 11/14/07 -- $609,900 to $574,900
Price Reduced: 12/11/07 -- $574,900 to $549,000
The home was sold to the previous buyers for $845k in April 2006. So, they managed to hold the home for less than a year before the bank took it back. If that's not a first payment default it has to be close. The bank got it back for $721k so there must have been a second that has lost everything (I can't imagine they made a down payment because of how quick they lost the house). So if the bank gets it's asking price they will lose $172K. The 2nd mortgage holder probably loses the whole 2nd, which would have been at least $124k. This home is listed at 35% off the 2006 sales price for a total loss of nearly $300k (more after fees and taxes are paid).
| 03/29/2007 (Bank buyback) | $721,122 | |
| 04/03/2006 | $845,000 | |
| 09/15/2005 | $767,000 |
7 comments:
I am glad to see that you have a write-up on Rancho Cucamonga. Prices have been falling precipitously here. My favorite is this gem:
http://redfin.com/stingray/do/printable-listing?listing-id=1334371
This recently listed home is 2862 sqft and is located on a 9800 sqft lot in a pretty nice part of Rancho, if you like new developments. Having recently driven though the neighborhood, there are many foreclosures. Instead of playing games, this guy listed the house at $500,000. Tough break for the poor prick down the street who recently paid $685,000 for the same model. No telling whether the $685K home was a buy-back. Nevertheless, it gives me some hope that I will be able to buy within the next 12 months.
I wonder what's your take on Chino Hills? People were asking $300/sf to $400/sf couple weeks ago and now so many comps starting around $250-$275..
Chino Hills is still expensive but there are lots and lots of homes listed way under what the current owners paid. I've done a few posts on chino hills. You can look at some of the olders posts on that area.
I lived in RC until recently; I'm surprised it's prices have held up this long.
File one of these from RC under the title "What's he Smoking?"... two houses on the same street, same square footage and model the cheaper is $100/sqft less than the other. The expensive one is throwing in all his junk which of course justifies the extra $240K he's asking...NOT!
http://www.redfin.com/stingray/do/printable-listing?listing-id=955380
http://www.redfin.com/stingray/do/printable-listing?listing-id=1201651
You'd think with all the crazy prices that Crack must actually be legal and the drug of choice in Realtor World.
One more important point, they purchased the home in 1996 for 275K
A PROFIT OF 1,975,000 for the seller, for a home that the MLS states that all additions have not been permitted......a top agent at coldwell banker.......
Its puzzle me that some Moron still claim that some area is so special its not affected by the price decline. These mostly the people that bought in the last 3 years, they claimed all the renter are looser and they bought an overpriced house because they need to lay down root. WTF!? If I need to lay down a root, I will be a tree......
Sometimes, when you find yourself in a place you don't want to be (like upside down by $200K) it's easier to close your eyes, click your ruby red slippers together and pretend it's not happening. They are just trying to convince themselves it can't happen to them. The rest of us know that everywhere will eventually "correct". I get a kick out of my friends in the South Bay. Yup, Torrance is different.
Post a Comment