South Corona seems to be taking a price beating compared to the rest of the city. I'm more than a little confused by this. South Corona is one of the nicest areas of the whole city. Some may argue but everything in So Corona is new. New school, new homes, new stores and new golf courses. It's not all roses though. The 15 fwy is damn near a parking lot night and day making commuting from there a bit of a nightmare and there's not a lot to do other than shop, golf or go to the movies. But still it's way better than North Corona (Eastvale) or Central Corona. What's killing the prices though is the fact that everything is new and many of the homes were bought at peak prices. This ultimately is leading to a tidal wave of foreclosures and short sales. Some of these are now getting tantalizingly close to $100 sq/ft.
Two more showed up today on Redfin.
25137 Coral Canyon Rd. A 5 bedroom 2.5 bath home of 3484 sq/ft. This home is only 2 years old having been sold new in Jan 06 for $551k. This home is now owned by the bank and is listed for $370k or $106 sq/ft ( it was $158 sq ft new). That's a loss of $181k or 33%.
That's probably still a little too high for this home. There's no way it pencils out as a rental yet and even to buy this as a "home" you are looking at a very large payment and the monthly utilities on this thing will kill you.
23396 Toronja Corte is another big one. This one is located near the Trilogy development. It's a 4 bedroom, 4 bath home of 4075 sq/ft. This was purchased in Sept 2005 for $743k. Now it's listed for $479k ($118 sq/ft). That makes this loss $264k or 36% from the Sept 05 price. On the same street there is a model match to this one with an even bigger loss. 23438 Toronja Corte was purchased last in March 06 for $830k. Now it's a bank owned and it's listed for $510k. That is a loss of $320k or 39% from last sale. And these have not sold yet, the final numbers might (I mean, will probably) be even worse. Check out the price cuts on the 23438 house. Talk about chasing the market down, 7 price cuts since last June and now there is a model match $30k less on the same street. It just brings a big smile to your face, doesn't it?