21790 The Trails CRK Murrieta, CA 92562, This is up "kinda -sorta" in the La Cresta/Santa Rosa area of Murrieta. This area is uppity, big custom homes on big lots. This home is no different although it is a smidge small for this area. Our feature presentation is a 4 bed/3.5 bath home, 3943 sq/ft in size. The best part of this property is the FIVE car garage. It has an attached 3 car and a stand alone 2 car. I think I'm in love! The other cool thing about this home is it's on 7.45 acres! The only bad thing I can see from the pics is the kitchen looks kinda lame for a home in this area. It might be just the pic but it sure looks small and plain.
The home was built in 2002 and it looks like it sold for $645k. One year later it sells for $849k. In march of last year it sells for 1.325 million. This must be a first payment default because the bank got it back only 9 months later. The primary lender was into it for $809K, I will assume the 2nd lost everything (over $500k). It is currently listed by the bank for....drumroll...... $749K!. That is a loss of $576k in less than a year. I think they will sell this, heck they might even get over asking. If I had the money and the wife would live down there I might fire off an offer on this one.
The home was built in 2002 and it looks like it sold for $645k. One year later it sells for $849k. In march of last year it sells for 1.325 million. This must be a first payment default because the bank got it back only 9 months later. The primary lender was into it for $809K, I will assume the 2nd lost everything (over $500k). It is currently listed by the bank for....drumroll...... $749K!. That is a loss of $576k in less than a year. I think they will sell this, heck they might even get over asking. If I had the money and the wife would live down there I might fire off an offer on this one.
14 comments:
The house is nice. However, it is too far from LA, about 90 miles. Unless you can make living by trading some volatile stocks, how can you go to work? That’s the problem with living in IE, where is too far from work. I know it can take 3 hours from west LA to Anaheim on Friday afternoon. I wonder what people, who live in IE, do to make their living.
Well, there are plenty people who live AND work in the IE. Not everyone commutes to LA, OC or SD. Both me and my wife work in the IE. Many LA and OC jobs pay more that comparable IE jobs but not all. I would not spend 3 hours a day commuting.
I live in Eastvale and work in Ontario. It's ten miles and 20 minutes, and I still think it's too far! :-) That's the biggest thing holding me back from moving to Palm Springs (renting or buying). I don't know if I could stand the commute.
This may come as a shock, but it is possible to find employment outside of Los Angeles. The ability to develop software, manufacture and sell merchandise, manage logistics, consult, and provide products and services does not, in fact, cease upon crossing the LA County line. Crazy, I know.
I once heard a rumor that such activities happen in places that aren't even remotely close to Los Angeles, or any large cities for that matter.
I agree one can find job in IE. The matter is how difficult it is.
I searched careerbuilder.com and found that 90% of the job, I searched, are located in LA, Santa Monica, West Hollywood and Orange county vs. 10% of them in IE. It may take someone much more effort to find a nice paid job in IE.
Half of my family members (extended) work for the government in Riverside (county, city, or teachers.) I too work for the county. The county must employ 10's of 1000's of people (my department employs over 1000) There are also 4 colleges/universities in the city of Riverside alone. Many small business owners (Two in my family.) My point is, there are plenty of jobs here. Maybe not as many high paying jobs as LA or OC, but out of all the people I know that live in Riverside, I only know 2 commuters and 1 is my wife.
Funny how people have tunnel vision and can only see thier little part of the world. There are in fact, thousands if not millions of jobs in the IE. Some are even high paying jobs. I work in the OC and commute but my wife works in Riverside and only drives a few miles. My commute is average, just over an hour each way unless there is a malfunction on the 91. My hope is to get a little closer on my next move without making the wifes commute any longer. I think I can get about 15 miles closer to work which would make my commute about 20 minutes less. Most of the people living in those high end homes work out here. Those are owned by doctors, dentists, lawyers, business owners etc. The average joe super commuter lives in a normal tract home not one of these things.
With the cost of gas now I have no idea how people make that commute every day. I carpool which makes it worthwhile. If I didn't there would be no reason to commute to the OC. I could take a lower paying job in the IE and probably net the same.
The higher paying jobs in the IE are different from the higher paying job in the OC or LA. LA and OC have more financial, Technical, defense and computer related jobs. The IE is more of a blue collar area. The higher paying jobs out here are medical, education, management etc. Most of the jobs out here are in Manufacturing, Transportation and warehousing and unfortunately construction.
I worked most of my IT career in OC but recently found a small firm out here for employment. The fact is there are very few places out here that will be in the white collar sector and that pay at the level of OC jobs. Historically the IE has and is mostly blue collar community, very few with higher education. Even worse now, over 50% of them tied into the housing industry. Hence the foreclosures. SO yes, you can find a job out here that pays somewhat OC salary but is it worth it? Yes my commute is cut down to 15 minutes but there are a dozen foreclosures around me. I came here because I could not afford OC prices. I planned on 1 day selling and moving to the OC. Iam stuck here for a very long time now. Thanks God I bought pre-bubble and make OC salary in the IE though.
Nice weeds. Actually, the landscaping is very "water tolerant" I would imagine.
And, as G_X said, all high paying aren't in LA and OC but a lot of them are. That's one hurdle for this home.
Second hurdle, and here's where I might take small issue with G_X's sentiments about the home. Let's say you buy it today for $740K. What's it worth in January of 2009? Betting it will increase seems like a sucker bet to me. Maybe someday, maybe. But how long and how much. To me, given all the particulars of this property this is, at best, a very risky purchase.
I'm interested in a part of San Diego County that's not all that different from Murietta in some ways. At least in the respect that's it's grossly overbuilt in large, expensive homes relative to the incomes one can make in the area. To me, that says volatility. Maybe they go because they're big homes (and in this case, a big lot), maybe they don't.
I don't think this house will be worth more next year or even in 3 or 4 years. But I also don't think it will be worth much less if any. All the homes around this are twice the price, It's on over 7 acres and this price is not that much more than what is sold for in 02. Nothing is a sure bet but this home sure looks better than 99% of the stuff currently on the market. It's still out of my price range by $100k and if I were to fire off an offer it would be straight from the Lowball cannon and probably be around $650. I still think this will sell fast.
I live in this area. These homes were developed by Curtis devlopment, this is a semi/custom tract of 22 homes on 5 acre min. lots. The homes sold from 555k to 729k on 5/02 and range from 3300 to 4100 sq ft. Construction quality is average with the location over-looking the Santa Rosa preserve area.
This actual home has a interesting past. It was purchased from the builder for 629k and resold to a flipper in 05 for 849K. They could not sale until they found cash back fraudsters for 95% financing at 1.325 mill on 3/07......I assume they split the aprox $476k profit among buyer and Realtor( a known fraudster in town)The buyer never made one single payment and the home went back to EMC(a lender owned by Bear Stearns).
I have always advocated that since the FBI is too busy to got after small fraud of only 500K, that they at least have the bank report this on a credit report as "First Payment Foreclosure" at least everybody would know to look out for the fraudsters.
Nice to see a blog on the IE, put you crash helmets on, because from my view point up here in La Cresta most of the people work in the Real Estate, Construction, small business owners, etc, and aprox 35% have Hybrid arms or option arms,so when you drive past us on the 15 fwy below, slow down and look up... there is a housing slide avalanche coming down, or you might here someone yell out "fore" from bear creek......and its not a golf ball my friends.
This actual home has a interesting past. It was purchased from the builder for 629k and resold to a flipper in 05 for 849K. They could not sale until they found cash back fraudsters for 95% financing at 1.325 mill on 3/07......I assume they split the aprox $476k profit among buyer and Realtor( a known fraudster in town)The buyer never made one single payment and the home went back to EMC(a lender owned by Bear Stearns).
Make Sense. I thought the same way as you. Thank you for the explanation. We see lots of deals like that today.
To HomeBuster: Great research...I will say the place should be a good buy at $600K, still $200K over my budget...
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