Wednesday, December 19, 2007

How's Norco holding up?

Last month I posted the sales by zip code. I was surprised to see Norco post a 12% increase in median over last year. The only explanation I can come up with is that the mix of homes selling was skewing the median. After looking around at the homes for sale it's very obvious that they are suffering the same decline as the rest of the IE.

Here's a couple of perfect examples.

3230 Crestview DR Norco, CA 92860. This is a 5 bed, 3 bath, 3500/sf house on a half acre lot (small by Norco standards). It's a newer home, built in 2005 and selling new for $914k. Now you can pick it up for a fraction of that. Still a large fraction though. But $669k is the current asking price. That's a loss of $245K or 27%

Just around the corner is 3197 Dapplegray LN, this home is 4 beds, 3 baths and 3082/sf. Also built in 2005 it sits on 3/4 acres. This one sold new for $660k then 19 months later it sells for $945k. Now the bank owns this and you can pick it up for "only" $599k. That's a loss of $346K or 37% from the last sale.

Yup, it looks like Norco different......


Anonymous said...

Check out this Realtard trying to sell this home for way over the going market rate.

golfer_X said...

Yup, that listing is about $300k higher than a lot of the other listings up there. And it's about $350k higher than the home is probably worth. No chance it will sell for anything near $820k. That's just pure fantasy. The listing is slick though, but not worth the extra $350k.

This home is one of the price leaders in the area. About the same size and age as the $820k home but for $530k (3372 Clearing LN, MLS K0715313)
or this one for $544k,
(970 W Orange Heights LN I07107319)

snob from Morgan hill said...

Which one has less IQ? The Selltard for trying to recoup losses or the Realtard for agreeing to the WTF list price.

Golfer_x said...

I think the realtard has the lower IQ. The seller might still be unaware of the current market conditions. Let's face it, most people don't read the paper or listen to the news. The Realtor however, has access to the facts and should know that there are similar properties listed for $300k less within spitting distance of that house. If the homeowner still wants to list at a ridiculous freakin price the Realtor should decline the listing. It cost him money/time to list a home. He has to get pictures, plant a sign, run open houses, list it on all the websites, etc. Why in the world would a Realtor do all that on a home that has less chance of selling than I have of winning the US Open.

I'm not a fan of Realtors. But they are the ones that can do the most to turn this mess around quickly. If they dropped all the hopeless listings and told the people "I'll list it at a price that has a chance of selling", the market would correct itself much faster. Instead they just can't accept the fact their commission check will be lower so they perpetuate the fantasy of the seller and take the listings.