Saturday, March 15, 2008

Delusional seller of the week

I was beginning to think that the sellers were getting a little less delusional about pricing their homes. It's been a while since I ran across one than made me spit beer all over my keyboard and monitor. Well, I was wrong again...oh so wrong.

This week's award winner lives in the Victoria Groves tract in the southern part of the city of Riverside. It's a nice area, nearly all the homes are new, having been built in the last 10 years. Of course, this makes it a prime foreclosure area. There have been a multitude of foreclosures in the Victoria Groves tract. In addition, there's a whole bunch of short sale properties listed. There's still a lot of overpriced homes listed in the tract, but most of these are in the $500k area, or about $150 to $170 a square foot. The lower priced homes, the price leaders are the REO properties. Many of these are down in the mid 300s. There are currently 7 of them in this range with an average price per square foot of about $125.

What does our delusion seller think his 2003 vintage Riverside tract home is worth?

(That's $287 per square foot)

Ok, ok, now clean off your keyboard, I did warn you. Once again I find myself wondering what kind of agent takes a listing like this. It's not like this is some palace built amongst the normal tract homes. There is no pool, no tennis court, no 15 car garage. It's a nice enough looking house, but it's still just an average looking tract home. Even at the peak they would have had a hard time getting $850k for this place.

So, here it is, 17590 E Robusta Dr. It's a 5 bedroom, 3 bath home, 2961 sq/ft in size, sitting on a rather average 8300 sq/ft lot. Your's for the amazing price of $850k. Here is the listing description. "DON'T MISS THIS COZY HOME, LOTS OF UPGRADES IN A GATED COMMUNITY IN A VERY QUIET ELITe NEIGHBORHOOD IN RIVERSIDE. CUSTOM MADE HOME OFFICE FOR PROFESSIONALS WHO WORKS A LOT AT HOME. WAS VALUED AT 1,000,000. SELLERS ARE MOTIVATED MAKE AN OFFER." Wow, it was valued at a million dollars. By whom? the tooth fairy. Anyone want to offer $150k just to make them shoot beer out there nose (with anger and not laughter though).

Or you could have this home a couple of streets over at 17889 Orangewood. This is a 4 bedroom/3 bath home, 2642 sq/ft. It's and REO listed for $333k. You can do a lot with the extra $520k you would save. For instance you can buy this house at 17797 Cedarwood for $349k.

That still leaves you $170k to spend. That's more than enough to buy you and the wife/hubby a new 7 Series BMW each (or a couple of Hummers with spinning rims if that floats yur boat).


Buttermonkey said...

X, where is Victoria Grove? What are the cross streets? Is it in the Poly district?

Tyrone said...

OMG, is that a MEW grill, and MEW fire pit, and MEW granite! Hmmmmm... where's the stainless? Ok, I'll offer $875K; don't wanna be priced out. BWAHAHAHA

Buttermonkey said...

Oh never mind. I just zoomed out using redfin...duh!

Lake Matthews? Yeah, I know a guy who lives up there and he says that it smells bad constantly. I don't know if that is true or not, but he sure complains about it.

golfer_X said...

I've never noticed any smell when looking at houses in the area. There are some large properties with horses up in the area. He might be getting some perfume from one of those.

Anonymous said...

This home is in Loma Linda not Riverside victoria
To me its worth even less, but "Bravo Realty" may have some MD's lined up for some cash back scheme, some nurses from that area participated in the scam down in Murrieta.

Anonymous said...

FYI, Doctors like the cash back to pay off the 200k student loan(cannot bkcy)and they love the lease option neg rent, to off-set the 200k income........I know a couple of dudes I went to school with who pulled that number......

golfer_X said...

No. it's in Riverside, even though the address on the listing indicates the city is Loma Linda.

It's a nice area, I have a buddy that lives in the tract on Bougainvillea. I'd never buy a house in there though. It's another housing development sitting right below an earthen dam holding back a huge lake. Call me a chicken if you want but there are just way too many houses in areas that are not likely to be washed away due to a dam break.

snob from morgan hill said...

I need a Non-Documentation Loan for $850K please!

Anonymous said...

OK, first of all it's Victoria Grove... not Groves... not sure why peoples start addings s's to everythings.
The smell, it's a neighboring chicken farm that increased the chicken population from 75K to 240K. The residents are fighting the chicken farm owners because of code violations, illegal processing of the manure on-site, and various others matters. Meeting with the county supervisors on 3/25 to decide if they can appeal the supervisors decision to deny a CUP and zoning change.
As for the lake - it's been there since 1930... and since Riverside is built on a lot of rock (as opposed to Malibu and Laguna which is just mud), I keeping my fingers crossed that this will keep everyone safe.
Oh yeah, besides Victoria Grove being below that lake... So is Lake Hills, The Orchards, The newer KB Homes, and about 2000 more homes that are along La Sierra... not to mention all the debris that will be pushed onto the 91 FWY... that lake going down will have an impact on much more than a few stinky homes.
Oh yeah, and the Loma Linda reference, you can probably blame the realtor for not double checking their typing... so sad because if someone really wants to look for this house in Riverside, they'll never find it... so sad :(