Sunday, January 27, 2008

The first sub-$300k listing in Eastvale

here it is, the first sub-$300K listing I have seen in one of the newer tracts in Eastvale.



6695 JASPER DR, Corona, CA 92880, This is a smaller two story home with 4 bedrooms and 2 baths. It's still a good sized home with 2452 sq/ft and is sits on a 6500 sq/ft lot. This home was built in 2003 and sold new for just over $300K. It sold again in March 2005 to the current owner for $470k. It's just listed for $299K. The listing does not say this is a Short Sale, nor does it say if it is a Bank Owned property. I would guess that this is a short sale. So the bank might not take a sale at this price (that, of course would be stupid). Just the fact that there is a $299k listing will have an effect on the other listings. I said six months ago that I expected this area to be selling in the $250s at the bottom. This is a big step in that direction. If more homes in this area start appearing under $300k this early in the "correction", then I'll be thinking that I may have been a little too optimistic in my prediction.

14 comments:

Anonymous said...

Good find!

How is the neighborhood in that area?

Starr said...

It's a short sale. . .

Anonymous said...

We'll see. I still think the banks are trying to hold off the foreclosures onslaught by their asking prices on some of their houses. We'll see.

Anonymous said...

It's a big time short sale, loan on the property is for $496,000. Good luck!

snob from Morgan Hill said...

Its this is the same area??

http://www.pe.com/localnews/corona/stories/PE_News_Local_D_eastvale27.295ebd3.html

snob from morgan hill said...

http://www.pe.com/localnews/corona/
stories/PE_News_Local_D_eastvale
27.295ebd3.html
Another try.

Anonymous said...

That's the place.
Welcome to Eastvale!

golfer_X said...

Dejavu, I seem to remember similar things happening in the mid 90s. New tract homes would get stripped if they sat empty. Guys would show up with a van looking like a worker, pull into the garage and strip out anything they could.

I feel a little sorry for that lady, losing all her stuff and all. But a feel way more sorry for her having paid $560k for a home that's probably worth $400k tops (today, next year who knows).

snob from morgan hill said...

Link for Eastvale Theft Story

I freshen my HTML skill a bit...my beef about this story besides what GX already mentioned about overpaying for the place, is she lives by herself and she needs a 3500 sqft. house!?! I know its a free country but come on.

Anonymous said...

Yea, 3500 s/f for a single grandma. WTF? And how does a nurse qualify for that? I know a lot of nurses and whilst they do make good money they sure as hell cannot afford a $560K house. The average nurse probably takes home $60k-$70k and that's no where near enough to buy that place. I guess that lady could have had an enormous down payment or even paid cash (doubtful).

Anonymous said...

Depends on what kind of nurse you are. If you see action in ER or surgeries, as the case with the mother of my friend back in high school, you can EASILY make 5 digits in income a year. The hours and call ins are as dramatic as the movies though...her phones were ALWAYS available.

Anonymous said...

The property taxes on that are insane. How in the world did the citizens let it get that bad?

Anonymous said...

She probably thought she'd flip it.

papasmurf said...

Property taxes insane? Have you been living in a snow cave near the polar caps? That's the going rate these days on most new developments. Once they factor in Mello Roos the total tax load comes out between 1.6% and 2%. Nearly all of the newer developments will have MR tax. In addition many of the newer tracts also "feature" a HOA that will run you another $50/mo to $200/mo. They get ya coming, going and all point in between!

PS
I also know several nurses and none of them are making over $70k. Starting pay for noobs in the IE is mid $20s/hr. Shift dif/OT and specialty will make more of course. My buddy has been a nurse for 20+ years and makes about $65k. No single nurse can swing a $560k home unless he/she paid 50% down