Friday, January 18, 2008

A home priced about right??

769 Pescadero CRK, Corona, CA 92879. This home is in the Corona Ranch area (on the North East corner of the 91/15 fwys). It's a nice area built in the late 90's. The homes are a little tightly packed for my taste but it's a well kept area and should be fairly stable since most folks in here bought in the pre-bubble years. This home is a 5 bedroom/3 bath home, 2376 sq.ft The home was purchased in 1995 for $182K. It sold again in 2001 for $239K. That gives it an annual rate of appreciation of 4.5%. It's currently listed for $326k (short sale). That also works out to an annual rate of appreciation of 4.5%. The average (normal) annual rate of appreciation is closer to $3.5% so this home is running a bit ahead of that.

It did not start out so well priced though. Our owner did try to get top dollar at first. It listed in October 07 for $520K and by last week he was still trying to get $399k. But his last price drop to $326k brings him back into the normal range one would expect this home to be selling for. Since he only paid $239k for this home, he has obviously squeezed some equity out of it. If the bank is willing to take that price I think this guy has a chance. He is currently one of the lowest priced homes in the area.


Anonymous said...
This is in Fontana at Sierra Lakes. Looks like the bank took it back at 496k, then was sold three months later for 290k and now back up at 360K. This flipper it looks like could possibly make some money as it is still one of the lowest priced properties. My point is though, somebody took a 200k+ loss on this property. (How does that work out to -88% appreciation? I'm not so good with math)

It seems most of the properties for sale in this community are reo or close to it. Maybe its worth some attention in a write-up? Just a suggestion.

BTW ever played Sierra Lakes? For how inexpensive it is, its a pretty nice course I think. Nice work on the blog too, daily reader here.

golfer_X said...

If a home sells in less than a year it throws their calculations off. If it went up 20% in 3 months, they figure it would go up 80% in one year, so that's the number they post on redfin.

Anonymous said...

Take another 100k off and it'd be about right.

Anonymous said...

I could not find
769 Pescadero CRK
Corona, CA 92879

on Google Maps.

Is the address right ?