Sunday, January 6, 2008

Another one nearly 50% off

I found another tract that is imploding. This one is called The Boulders and it's up near Lake Mathews. Technically this tract is in Perris but it's a lot closer to the Woodcrest area of Riverside than it is to Perris. This is another horse property type tract of large homes on large lots. Most of the lots are 1/2 acre but there are a few that are an acre or more.

My 50% off home is on one of the biggest lots at 1.33 acres in size. The home is a large single story home, 3370 sq/ft with 5 bedrooms and 3 baths. Not exactly the most attractive home from the front. In fact it looks more like a manufactured home. Our current owners bought this from the builder in April of 2006 for a whopping $728k. There must have been home helluva lot premium. They did add some upgrades, from the few pics I can see upgraded cabinets and granite counters. They are now trying to unload this turkey for $375k. That is a whopping 48.3% decline.

This tract currently has 10 homes for sale under $400k. Most of them are smaller than our turkey and they are on smaller lots. So the price declines are not as impressive. Most of them sold new in the high 400s to high 500s so the price declines are running closer to 30%.


Anonymous said...

The price needs to be cut in half again at least.

mackdriver said...

I looked at this development 2 years ago. The lots are big and I needed somewhere to park my trucks, which is why I looked at them. The homes were alright but nothing fancy. You were basically paying for the big lots. I decided to pass on the area since it's too close to Mead Valley, the meth capital of Riverside. That is scary area over there. I doubt these will go down much maybee around 300k but not much more. There are too many guys like me that would like a place that big to keep our trucks or equipment. The regular developments get a little tweeked when you park a rig out front for the weekend;-)