Update, Norco Hills Comp Killer

Norco Comp Killer, this thread from a couple of months ago looked a an REO in the middle of a neighborhood of high end horse properties.


1453 PASO FINO , The bank took it back in July for $648k. They were looking to make a few bucks on this one and had it listed for $745k when the original post was written. (This home is a 4/3 and it's 3087 sq/ft.)

Here's the price movement on this one.

Price Reduced: 08/07/07 -- $950,000 to $825,000
Price Reduced: 08/27/07 -- $825,000 to $799,000
Price Reduced: 09/16/07 -- $799,000 to $790,000
Price Reduced: 10/05/07 -- $790,000 to $745,000

next....


Well, next is now and it's been reduced another $85K. Our Comp killer is now listed for $660.

The price is getting closer to what these sold new for in 2003 but it's still not there. One or two reductions like that last one and this home will be a candidate for me to look at. The bank had a chance to get out of this house without losing any money. They took this home back in July. Actually they finished the paperwork in July, they probably got the home 2 or three months before that. Had they priced this home correctly 4 months ago they probably would have sold it. They are only into this home for $650k. They probably could have gotten that easily in July. But they tried to make $300k by listing the home at $950k.

There is one home that is going to make this one even harder to sell. 1626 Red Rock Norco, CA 92860

this 4 bed home is 3144 sq/ft and sits on a lot just over 1/2 acre. It has a pool, basketball court and a golf putting green. It's in a nicer area and it's priced $20k less. This home appears a far superior buy at a cheaper price. the home is bigger, the lot is bigger, and it has a pool.