Friday, January 18, 2008

Victoria Grove Goes Sub-$350


This is the first sub $350k home I've found in Victoria Grove. There are a few in the High 300s in addition to this home.

17797 Cedarwood DR Riverside, CA 92503. It's a 6 bedroom, 3 bath, 2854 sq/ft. This is a nice enough looking home. It does not appear to be a bank owned home and it does not mention it as being a short sale. The current owner picked this home up Feb 07 for $560k (can you say knife catcher!). It's currently listed for $349. A loss of $211k in 11 months.

Being the lowest priced home in the development this probably has a fair chance of finding a buyer. At $122 sq/ft it's also one of the lowest priced homes in the area on a $/per square foot basis.



5 comments:

califrothnia said...

Boy, is that priced right! 29864 square feet for 349K? That's $12.05 per square foot! Gimme two!! ;)

golfer_X said...

I'm suffering from thumblexia this evening, it might be the scotch.

Anonymous said...

It definitely is a short sale... public records show a purchase on 2/2007 for $560K with a loan to match from ... let me see... oh yeah, New Century.
Anyway, I wish them luck, but actually, I hope it starts a bidding war because this community can't afford to reach $300K since everyone bought at that range before the frenzy started. (like me)

VG Resident...

Jacktheripper said...

I remember looking at those and they were priced from the low 200s to the high 200s back in 2001. A friend of mine bought in there on Boxwood. He sold in 2005 for something like $560k. He paid $260k in 01 but did put a pool in and spent some money in the kitchen. He still banked over $200k on the home in 4 years. Unfortunately. He took that $200k and used it to buy a big home at the top of Lake Hills. He's totally screwed now. He paid $880 (I think) and now he says similar homes are for sale for $560. His $200k went "poof" and he will not be able to make his $4500 interest only payments for long.

I think those VG homes will be right around $300k when all this settles out. There are a half dozen listed under $400k now and they are just sitting there.

golfer_X said...

I have a buddy that lives in that tract. I beleive he told me he paid around $280 for his house (it's a big one too). I think the Groves will go down into the low 300s. That area is competing with So Corona and the prices in So Corona are already getting into the low 300s for newer homes than the groves homes. They are also NOT built right below a dam. The way prices are tanking I'm begining to think we might see 1999 prices.