We went out this afternoon looking at a few more homes in the Norco Hills area. We stopped in at a few open houses and looked at some of the REO properties. 2 of the 4 REO properties we looked at had the knobs removed from all the cabinets. We noticed the same thing last week. What is the freaking fascination with cabinet hardware. If you are going to go through the trouble of removing the door knobs why would you leave the dishwasher, stove, microwave etc? I just don't get whey anyone would take cabinet hardware.
A couple of the homes we looked at actually priced well for the area. Still too much in my cheap-assed opinion though. One of the homes was priced at $525k. It was purchased in March 2006 for $898k. That is a 42% drop in value in less than 2 years. For the mathematically challenged that's a $373k loss (plus fees). The house is 3142 Vandermolen in Norco Hills. It's a 3 bedroom, 3 bath. The listing says it's a 4 bedroom but it's not. One bedroom is actually an office and is open to the main living area. Dirt yard, faux finish on the ceiling, walls and everywhere else. No knobs! Still at $525k this one has to have the neighbors just fuming. There are about 8 homes for sale on this one street. Most of them are listed near a million with a few well over that mark.
One thing I have noticed the last few times I've been out at open houses is the demeanor of the realtors. They seem like shell-shocked soldiers. The excited, happy over the top exuberance that they used to spew is gone. Replaced by a look of broken desperation like the defendants in the Nuremberg war crime trials. The more overpriced the home the worse the look is. This was certainly the case with 2 today trying to peddle a $709k home just down the hill from the $525k REO (and the REO was nicer). Anothers semi-cheery attitude changed when I asked "hasn't this house been on the market for ever?". Of course I knew the house had been listed as an REO since last July.
Amazingly enough there were actually quite a few people looking at these better priced homes. There is obviously interest when a lower priced home hits the market or a price falls enough to get some attention.
But then there was this article in the Press Enterprise about the Norco Hills. This is not going to help sell those homes!
Norco is sharing in the nationwide problem of home foreclosures, with about 9 percent of homes in one development there believed to be abandoned.
An informal survey by Norco Fire Chief Jack Frye found that 53 of the 588 homes in Norco Ridge Ranch, a newer development, appeared to be vacant, City Manager Jeff Allred said. Norco Ridge Ranch is on the city's east side, north of Hidden Valley Golf Club.
But abandoned homes can be an annoyance because it is hard to find out who owns them and should be taking care of them, Allred said....