Sunday, December 16, 2007

I'm tempted


This is the first decent sub $500k property in one of the areas I'm looking to buy in. The home is in the size range I want, it has the right # of bedrooms and the lot is 1 acre, which is what I want. The only drawback I can see from the pics is that it's a 2 story home and I really would prefer a single story. If this were a decent one story I'd be tempted to throw a lowball at em.

18434 Pinecone LN, Riverside, CA 92504. The home is 3102 sq/ft and has 5 bedrooms and 3 baths. It was last purchased for $860K in Oct 2006. Just over one year later it is listed as a REO property for $499K. I don't know what the bank has into it but I would guess it's way more than $500K. At $499 this property has lost $360K in ONE year!. That's a 42% drop in value in a year.

I still think this property is overpriced, but it's getting closer to what i fell the prices should be in this area. I feel for the size of the home and the size of the lot it would be a decent deal around $400K (if the home is in good shape).

6 comments:

snob from Morgan Hill said...

Nooooooo!!!! The yard work is going to kill you, unless you are planning to buy a sit down lawn mover. On a second thought... a sit down lawn mover is fun

golfer_X said...

You obviously have not seen my current yard :-O

Most of the homes in that area have a small landscaped yard and a larger 'au naturale" yard. Dirt don't take much mowin'

Anonymous said...

I looked at this house today...it is DESTROYED..You better have $75K+ to fix it up.

golfer_X said...

Looks like it's gone from Redfin, I wonder if some one bought the wreck....

Anonymous said...

Last sale according to Zillow
Sold 09/06/2007: $695,714

Anonymous said...

There wasn't a sign in front when I looked. I just walked around the property, but damn it was F-ed up. This thing is in a sweet neighborhood though.