There are currently a boat load (that's a lot!) of homes for sale in this development. Here's our current price leaders.
25138 Cliffrose Corona, CA 92883 this house looks like it's about 600 sq/ft from the front but the listing says it's 2655 sq/ft and 3 bedroom/2 bath. It looks like this was purchased Nov 2005, right at the peak of the market for $540k. After 2 years of home ownership bliss it's listed for $325K. That's a $215k loss (or 40%) in two years. That works out to a $8958 per month loss (plus the house payment and taxes). It easily cost this person $10K per month to live there. He could have rented a really really nice beach estate for that.
25035 Coral Canyon Corona, CA 92883, This home looks bigger than the last but it's actually smaller and it sits on a smaller lot too. This home is 2150 sq/ft 3 bed/ 3 bath. It was also purchased near the peak for $511k. This one also went up for sale after 2 years of ownership (see a trend? rate resets??). It's been listed for almost 6 months as the owner chases the market down. Here's a lesson on how to do it,
Price Reduced: 08/13/07 -- $549,000 to $534,900 (hope)
Price Reduced: 09/02/07 -- $534,900 to $524,990 ( still hoping)
Price Reduced: 09/22/07 -- $524,990 to $499,900 (oh no, we might lose a few $$)
Price Reduced: 10/17/07 -- $499,900 to $449,000 ( come on people, PLEASE)
Price Reduced: 10/23/07 -- $449,000 to $439,000 ( oh dear, there goes the credit)
Price Reduced: 10/27/07 -- $439,000 to $400,000 (WTF)
Price Reduced: 11/21/07 -- $400,000 to $350,000 ( I give up...)
Price Reduced: 08/13/07 -- $549,000 to $534,900 (hope)
Price Reduced: 09/02/07 -- $534,900 to $524,990 ( still hoping)
Price Reduced: 09/22/07 -- $524,990 to $499,900 (oh no, we might lose a few $$)
Price Reduced: 10/17/07 -- $499,900 to $449,000 ( come on people, PLEASE)
Price Reduced: 10/23/07 -- $449,000 to $439,000 ( oh dear, there goes the credit)
Price Reduced: 10/27/07 -- $439,000 to $400,000 (WTF)
Price Reduced: 11/21/07 -- $400,000 to $350,000 ( I give up...)
Last but not least is the local village idiot. He bought 24975 Cliffrose ST in Feb this year for $775! You read that right SEVEN SEVENTY FIVE! This has got to be one of those Ochoa cash back homes. I just cannot believe someone was clueless enough to pay almost 3/4 of a million for this home. It went on the market today as a short sale for $449K. That would be a loss of $326K in 9 months. That works out to $36,500 a month this home lost. It lost the equivalent of a brand new BMW 328i every month since Feb.
Could have had 9 of these!
5 comments:
I doubt he could have bought any beemers. I'm sure he financed that 100%, so he had zero money into the deal. He would not be so ready to lose $350k if any of it was his own money.
I drove through Sycamore Creek a few weeks ago. The official tree of Sycamore Creek is not the Sycamore, it's the "For Sale" sign. There are a lot of brown lawns. The style of the homes is just ugly too. It's like country cozy gone wrong.
I just love the smell of brown lawn in the morning.....its smell like victory (Implosion Now, 2008)
What's an ochoa cash back home?
There is no way the bank will ok that sale is there. I mean, I know the house is probably still overpriced but don;t you think the bank would like to try and get a little more of it's money back.
It's nice to see prices falling as fast as they are. Who knows maybe I will be able to buy a house after all.
I most enjoyed the carpeted kitchen in the first listing. That's an upgrade that will pay dividends.
What I like even more then the carpeted kitchen is the fact that you can take an interior picture of house A and see inside house B.
Gotta love modern neighborhoods.
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