Wednesday, December 26, 2007

Lender owned.....for a year, and counting

I've often heard "banks aren't in the business of of owning homes". Hmm, if that were true you'd think they would have sold this off in less that a year.

11234 Evergreen LOOP, Corona, CA 92883, This 3 bed, 3 bath home of 2899/sf was taken back by the bank last year (2006). It was listed on 12/20/2006 for $589k. Check out this classic case of chasing the market down. Keep in mind that until the spring of 2007 homes were actually still selling fairly well in the IE. Had they priced this a little stronger in the spring they could have probably sold it as similar home were still selling as late as August in the mid 500s. It looks as though they have realized that they missed the boat. The last price cut brings this home into a price range where I think it will have a good chance if selling.

Price Reduced: 01/19/07 -- $586,900 to $560,000
Price Reduced: 02/17/07 -- $560,000 to $549,900
Price Reduced: 04/03/07 -- $549,900 to $535,900
Price Reduced: 05/04/07 -- $535,900 to $522,900
Price Reduced: 06/09/07 -- $522,900 to $506,900
Price Reduced: 07/04/07 -- $506,900 to $500,000
Price Reduced: 08/14/07 -- $500,000 to $490,000
Price Reduced: 12/18/07 -- $476,000 to $450,000
Price Reduced: 12/26/07 -- $450,000 to $370,000

Personally, I think this home is worth $300k tops and that's if the back yard was nice (which this ones is not). The area is just a little too far down the 15fwy to be practical. There are no stores, gas stations or anything else close to there. The tract is also getting pummeled by foreclosures and it has a high tax rate. It's certainly not on my list of places I would buy a home.


Stever said...

"It's certainly not on my lost of places I would buy a home."

Your "Lost" of places? ! Great Pun!

Rob Dawg said...

High taxes eh? You mean Mello-Roos and HOAs? How much and what would this rent for? $1750?

Fred said...

One point that is clearly missing in this post is that the property is now down to 370K which is a good sign. In about a year or so, the IE will be affordable again.

toothlesselsinorewhore said...

Cambell Ranch and Horsetheif Canyon have been dead as all hell for a couple years now. I stopped paying attention to that area in early 06.

Anonymous said...

Let me know when it's under 225k.