Dueling Neighbors in a race to the bottom

Tonights feature is a tale of two neighbors. Surely friends once but now locked in a bitter price war.

3342 Clearing, Corona, CA 92882 is a 3498 sq/ft home on a 1/4 acre lot up against the hills in Corona. Our current owner picked up this home in June 2006 for $746K. After only a year and 4 months of ownership it goes on the market. Hoping to escape without losing his shirt the poor fella lists his place for $739k. He must be some what aware of the market because he has been whacking the price on a regular basis.

Price Reduced: 10/18/07 -- $739,000 to $699,000
Price Reduced: 10/24/07 -- $699,000 to $675,000
Price Reduced: 11/14/07 -- $675,000 to $640,000

And one more gets him down to $599K. That's would be a loss of $147K or just over 20% (plus fees) (As far as this blog goes that is hardly newsworthy).



Now for the neighbor only 6 houses away.

3372 Clearing, Corona, CA 92882. This is the same model and was also purchased in June 2006. This one was listed roughly about the same time as 3342 for $716K. He also tried to escape without losing his bollocks by listing at $735k. After seeing what his buddy down the block did to the price he lopped $155k off his asking price and is now the leader in the race to the bottom with an asking price of $580k.

I wish them the best of luck and may the best man win.