Price leaders in Orangecrest

The Orangecrest area of Riverside is starting to see the same declines that happened in MoVal 3 or 4 months ago. In Sept the lowest priced homes in MoVal were in the $130 sq/ft range. In October a few short sales and REO's popped up in the $110 sq/ft range and now there are dozens of homes under $100 sq/ft. The price declines are spreading slowly westward. Now we are starting to see the prices in Orangecrest creeping down into the low $120s sq/ft and in some cases under $120. If the same time line holds, by Spring we may start to see $100 sq/ft in Orangecrest.

Here are some of the low price leaders,

7940 La Crosse WAY, Riverside, CA 92508. A 4 bedroom, 3 bath home, 3000 sq/ft. Lat sale was to the bank back in June for $531k. The bank owns in now and wants $352k, or $117 sq/ft

7932 Devon CT, Riverside, CA 92508, this home is a 5 bedroom 3 bath and it's 3390 sq/ft. It last sold for $425k in Dec 2004. It's listed for $410k or $121 sq/ft.

8387 Attica DR, Riverside, CA 92508. This home is a 4 bed, 2.5 bath and is 3096 sq/ft. Sold last 8/2005 for $540k. Currently listed for $384k or $124 sq/ft.

19956 Lonestar LN, Riverside, CA 92508. This is a 5 bed, 4 bath home, 3691 sq/ft. It sold last in July 2006 for $715k. It's listed for $421k or $114 sq/ft


These homes would probably rent in the $2000/mo to $2500/mo range. That puts there "value" in the $240k to $300k range using a rent multiplier of 120. These are not the only homes in the $120 sq/ft range. I found over a dozen using a search for homes over 2500 sq/ft that were under $425k. There are probably many more of them that did not fall into my search criteria. I will take another look in a few months to see if we can't find some under that magic $100 sq/ft barrier.