Monday, January 14, 2008

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.



4 comments:

someone said...

thanks for the post. love reading the numbers rolling back. man I wish those prices exist in san diego.

Anonymous said...

Thanks for the Orangecrest update. Love it! Looking forward to Spring.

ButterMonkey said...

FAB-U-LOUS!

Anonymous said...

Of all the neighborhoods in the IE, Orangecrest seems to me to be the best barometer of the IE's fall...I think Riverside's Orangecrest represents the "average" IE tract neighborhood that have been overbuilt in the last 10 years.

Keep up your great work, Golfer X!! I'll be checking back to see your follow up on Orangecrest.