Last month I took a peak at the SCPGA golf community in Beaumont. This master planned community was tanking BAD. If you remember I listed homes under $300k, $300-350k and 350-400k.
Last month there were 7 under $300k, the price leader was $259k.
This month there are 20 at $300k or below. The price leader is ,
11014 Picard PL Beaumont, CA 92223, a 3 bed, 2.5 bath home 1958 sq ft. Purchased 9/2005 for $361. Currently listed for$233k. Not a short sale, this one is a bank owned. 36% loss on this one.
In the 300k to 350 there were 13 last month
This month we have 10, I suspect a few of them dropped into the under 300 category.
In the 350-400 range we had 17 last month
This month that number is down to 12.
So, we can see the total number of homes under $400k is close. There are 5 more homes total this month that are priced under $400k. But the obvious change is that the homes are falling into lower price ranges. The ranges above 300k both lost homes but the under 300k range increased by 275% in a month.
In the 300k to 350 there were 13 last month
This month we have 10, I suspect a few of them dropped into the under 300 category.
In the 350-400 range we had 17 last month
This month that number is down to 12.
So, we can see the total number of homes under $400k is close. There are 5 more homes total this month that are priced under $400k. But the obvious change is that the homes are falling into lower price ranges. The ranges above 300k both lost homes but the under 300k range increased by 275% in a month.
6 comments:
And though this may sarcastic it's not meant to be. I really do not know.
So, who lives in these homes? Are there jobs in the area or are these commuters and if the latter, commuting to where?
To me, this seem really out in the middle of nowhere. It doesn't surprise me that these houses were built just that they ever bubbled up.
Ice, this place is only 41 miles away from my job placed. However to get there I will need to go by street roads. Beaumont probably okay if you commute to Palm Spring...It is in the middle of nowhere, amazing to see 450-500K mcmansion in Beaumont during the peak.
Beaumont is just down the 10fwy from San Berdu. Most people living there are either retired or work in San Berdu somewhere. There are several retirement (55+) communities out there around the golf courses (Oak Valley etc). There is a huge medical center in Loma Linda as well as a medical school. People seem to have a sense that these places are 100 miles from any jobs. That's just not the case. There are millions of jobs spread around the IE. Some of them actually pay quite well. Beaumont is only about 10 miles from Loma Linda, 15 miles from downtown San Berdu and San Berdu international Airport which is now starting to get some shipping/air cargo operations going. You can also take the 60 into Riverside from there and it's only about 20 miles. I can't imagine commuting to LA or OC from there (but I'm sure a few idiots do it).
'There are millions of jobs spread around the IE. Some of them actually pay quite well.'
Unfortunatley most of them were tied into the housing sector in one way or another. I have to disagree and say there not enough 'well paying' jobs in the IE to sustain those home prices we had. IE is a blue collar area. Not many making OC salary to afford the 400k home. Hence the wave of foreclosures. Too many 40k buying 400k homes on IO or ARM loans.
I agree too that there are not enough high paying jobs to justify home prices. That's why prices will fall back. To be fair snob#2 never said there were a enough high paying jobs to buy all those over priced homes.
But there are certainly enough jobs out here that make enough for people to buy a $200k-$250k home. And that's where the Beaumont homes seem to be heading.
To Anon12:39,
You meant that we cannot buy a house 10x our annual salary??? (sarcasm)
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