Here's a small taste of what is we are likely to see a lot of in the future. Up until very recently the banks have been slow to price their properties aggressively. Here's a couple that buck that trend and hopefully we will see many more of these soon.
14317 Ashton Lane in Riverside. This 3090 sq/ft 4 bedroom home is in one of Riversides best areas. This is snob hill, this is where you want to live if you have to live in Riverside. These homes were built in 1999 and this one sold new for $410k in 99. As you can see, this was a pricey home, $410k was a lot on money in 99. It sold last in 2005 for $775k (there is a $400 sale listed too, I dunno what that is though). They lost it to the bank a few days ago for $677k. Even though the bank was owed $677k they have listed the home for $450K making the loss $325k from the 2005 selling price. That is only slightly more than this home sold for new in 1999! At $450k this home should sell. would not at all be surprised to see it go for above asking. This listing is going to make the next door neighbor faint. He has had his home listed for 215 days. He started off asking $899k and is down to $639k. Both houses are identical although the more expensive one is landscaped better. The REO is listed for exactly 1/2 of the original asking price of the neighbor. I have been watching the neighbors house, I actually like that house. Hopefully I will get over to look at the repo this weekend. At that price I might be tempted if this house is decent inside.
18828 Malkoha St is in the development called "The Boulders". It's near Woodcrest, but it's actually in the city of Perris. These are big homes on big lots that at one time had big price tags. I've posted about this development before since some of the price declines are epic. This one is no different. Well it is actually a little different, it's MORE epic. The home is 3725 sq/ft home and it sits on a one acre lot. The home sold new in early 2006 for $787k. It just posted as a bank owned property for $371k! That is a loss of $416K or 53% in 2 years.