Thursday, January 3, 2008

49% OFF in MoVal


15635 Turnberry ST Moreno Valley, CA 92555 is a 2819 sq/ft 3 bedroom/3 bath home that sits on the 6th hole of the Lake 9 at Moreno Valley Ranch. I looked at these homes back in the mid 90's and nearly bought one in this tract. These were very nice homes with good floor plans. This home was sold last in November 2006 for $540K. Today it's offered by the bank for $276k. That is soooo close to 50% off I can taste it. Technically it's 48.9999999 % off the last sale price on 13 short months ago. This home should sell, at that price you should be able to rent that home and make a few dollars. It would not surprise me to see this get a few offers.


8 comments:

OrientalPearlsNet said...

Hi, Do you know if anybody track housing condition in East county of san diego, specifically city of Santee as you do? I surely wish you were interested in Santee area then I won't have to look everywhere but can't find much information on that tiny city. Do you have a good blog to recommend? I really enjoy reading yours. Please keep it up and happy new year to you.

golfer_X said...

http://piggington.com/

Piggington is a very good site for San Diego area info. It has a forum so you can ask questions about a particular area and usually get some good anwers

toothlesselsinorewhore said...

On this house at 279k still doesn't really pencil out as a rental.

It would probably rent for 1600-1800 easily to someone who will be there in the long run and take care of the home. So figure 1800 per month in rents so you really can't pay more then 200-205k for it to really work.

golfer_X said...

You are probably right. I was figuring the rent a little higher that 1800. Homes on the golf course in the ranch had been renting for over 2K. I had a buddy that rented a home on the 2nd fairway and was paying 2200/mo. With the sales prices falling the rental prices might be too. I haven't check over in that area lately.

toothlesselsinorewhore said...

I'm pretty conservative when estimating that kind of thing. Historicaly, rents come down with real estate prices and the IE is already experiencing a softening of rents. There was an article in the Press Enterprise a while back that had a property management company talking aboust just that.

Also, if you are willing to take a slightly below market rent you can be very choosy about who you pick and usually can wind up with a very high quality renter. That pays off much better in the long run than trying for max rents and cycling through tenants every year.

toothlesselsinorewhore said...

Please forgive the spelling errors, I hit Publish and forgot to correct the spelling.

Anonymous said...
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golfer_X said...

Anon, please keep the comments a little less trailer parkish!