Monday, March 10, 2008

Here it is!

The first sub $100 sq/ft home in Corona (that I've run across).

24983 Cliffrose St, Corona 92883. This is a big-un. It's a 5 bedroom/3 bath home, 4519 sq/ft on a minuscule 5661 sq/ft lot. It's a McMansion on a Mcpostage-stamp. This home was purchased new in March 2005 for $581k. It looks like it went to the bank in Jan for $472k. It just listed for $445k or $98 sq/ft. Even at that price this thing is way too much. The location is not very good. As mentioned in a multitude of previous posts, it's too far down the 15 fwy. The traffic blows, there is no gas stations or grocery stores nearby and the tract is overflowing with foreclosures. The lot size is big turn off for a lot of people. Those homes are nearly touching. Your neighbors snoring might keep you up an night. It's not the home for me at any price but will some other knife catcher buy it at this price??


Anonymous said...

You're getting old at this, X. I "first" spotted sub $100/sf. homes in Eastvale a little more than a month ago. It was also a 4000+ sf. Next stop, $90/sf!!

golfer_X said...

I saw one there too a few weeks ago, but it was a short sale. I don't like to count short sales. There was one right at $100 s/f back in Nov in Eastvale, but it was also a short sale.

I also noticed a house in The Retreat listed for $304k for a 3333 sq/ft house. That works out to $91 s/f. This home has been an REO for nearly a year. They started out trying to get $850 for it and finally had it down to about $600k. It looks like it will be part of the Auction next weekend in Pomona. It will be interesting to see what this goes for. There are a couple nearby homes listed in the mid 500's to high 500's. I'm thinking this will fetch around $450 to $500k at the auction.

Anonymous said...

Hey, Did you see the home here in Orangecrest that's 2380 sq ft and going for $215,000? It's on Golden Rain. Now that's the largest, lower-priced home I've seen here.

golfer_X said...

That's also an auction home from the Pomona action this weekend. That's just the min bid price, don't get too excited.

ice weasel said...

Here's what I don't get. What kind of insane bubble brained builder would put a 4+K square foot house on a 5K square foot lot?

Oh, I answered my own question, didn't I?

I see this stuff all the time in Escondido. mcmansions on stupid size lots surrounded by crappy neighborhoods. Gated community? Hell yes it is and it's the only thing between you and gun violence on any given night.

I really do wonder who will be living in these turds in three years. Even at ninety bucks a square foot, it's a hose job.

Anonymous said...

Those auctions are really getting on my nerves. Are people actually buying at them? I've seen a few go up for rent afterwards.

golfer_X said...

people are buying at these auctions and often times they pay more than they could have bought the house for on the open market. People get caught up in the frenzy and often bid way too much. Most of the auctions have schill bidders trying to inflate the prices. It's just a big scam.

The big houses on the tiny lots are everywhere. Some of the homes in Chino (the Preserve) are on ridiculous lots. Some of the lots are under 3000 s/f and the homes are nearly that big. You get a couple of feet on each side, 6 to 10 feet in the back and front. Crazy, must be like living in a cave.

Anonymous said...

'people are buying at these auctions and often times they pay more than they could have bought the house for on the open market. '

Here is the scoop on these auctions. When I listed a home last year a realt-whore tried to sell me on her auction services. What they do is charge you a ridiculous up front fee for advertising (7k or so). They then set an opening bid lower than market value. They then schedule 2 dyas for showings. On the day of the auction anyone who wnats to bid has to have a minimum 10G deposit. I didnt go for it because it was just too risky. Most people I know dont have 10k to toss around like that and with the market bad news..what if only 1 person shows up and bids $1 over. I have to legally sell him the home. Funk that! They showed me a sample video of an actual auction and yes there are psoer bidders and yes thepeople get caugth up bidding like the ebay phenomenon. The look on the guy who overbid and wone was priceless. Sort of like what the fuck have I just done. Before he even had a chance to think they rushed him inside to sign the docs. Yes a total scam.