With the market collapsing faster than Milli-Vanilli's singing career why would anyone think they can make 220% on a home purchased in 2002? How much magic kool aid must one drink to think they can ask $850k for a home they paid $385 for only 6 years ago in today's market? Should we assume this person lives in a cave, on a remote island in the North Atlantic, to be so out of touch with today's market. No, this person is a REALTOR! Another realtor that is completely out of touch with reality. Another realtor that has watched his income fall farther than New Century's stock. Another realtor about to lose his home. To be asking this much, it's obvious he drank heavily from the Heloc kegerator.
Let's take a look at his castle,
7380 Marquis Pl, rancho Cucamonga this is a large home, 3766 sq/ft and it has 5 bedrooms and 4 baths. It's agood looking home on a decent sized lot and has a nice back yard with a pool. It was purchased new in Jan 2002 for $385k. Current asking price is $850k. Our realtor/owner is looking to make $465k in 6 years. These homes were selling in the mid to high 800's in mid 2006. But 2006 has come and gone unfortunately our realtor/owner is not willing to accept that.
Unfortunately for him the banks are under no such illusion. They are in the here and now and they own several near-by homes. Nearly right behind the realtor is 12830 Golden Leaf. This 3808 sq/ft home is an REO and it is listed for $625k. That's $225k less than realtor boy.
Nearly right across the street is 12855 Golden Leaf. Same model home, and another REO. This one is also listed for $625k.
And one block over thereis 12772 Wine Seller Ct. This is also the same model home, also an REO and this one is priced at $620. Nice looking kitchen in this one too!
There's also an even bigger home priced at $599k, 12846 Crestfield Ct although I think this one is a short sale.
The banks have set their price 28% below realtor boy. The buyers have set the price even lower because the REO homes are all just sitting on the market growing roots. They have been listed for a couple of months with no sales. Realtor boy listed his today...go figure. With 3 basically identical homes priced $225k lower he must be hoping for a miracle. He better get one of those St Joseph statues and bury it in the yard!