Friday, February 29, 2008
$106, it's the new black
Yet another home in South Corona hits the market at $106 s/f
25087Cliffrose is a 5 bed/3bath home of 3893 sq/ft in Sycamore Creek. This one looks to be an REO that we back to the bank in Jan for $580k. This home sold new in Dec 2004 for $578k. It sold again in Nov of 2006 for $775k (if they could have stretch the sale out another month they would not have had to pay capital gains on the nearly 200k they made). The last owners only manage to keep it a year so this baby was definitely and early payment default. It's currently listed for $414k. Making this a loss of $361k in ONE YEAR. (A 47% loss).
Then there is the delusional neighbor one block over at 25285 Noble Canyon. This doofus lists his home at $700k. It's only a couple hundred feet larger than the last house. This one was purchased Feb 06 for $716k. Anyone sense a 2 year reset in this sellers future? I don't think you need to break out the crystal ball to foretell the fate of this home. Any bets on when we see it as and REO?
One last big loser. 1345 Elysia is in central Corona, high up near the Cleveland National Forrest. This one is a 5 bedroom/4 bath home of 3572 sq/ft. Nice looking home in a much more central area. This one was purchased new in Dec 2004 for $750k (seems kind high for late 2004). It went back to the bank recently for $432k. They either had a helluva 2nd or actually made a big down payment. Loosing this house for $432k just seems stupid unless there were 2nds or HELOCs. The bank has it listed for $453k. Is the bank trying to make a few bucks on this one?
If it sells at asking the loss will be $297k or 40%.