Sticking with Norco for a moment I wanted to see how many homes were pending in the Norco Hills area (Zip 92860). I searched the MLS (through Catalysthomes.com) for 4+ bedroom and bigger than 2000 sq/ft. It found 192 homes for sale matching that criteria and ONLY 3 pending.
I also found another sub $500k home in this tract. It's only sub by $1k but it is under. This one is owned by a realtor. He bought it new in 2004 for $585k and it's now listed for $499k. No mention if it's a short sale. I suppose it's possible he made a down payment...nah. Now I'm not going to beat up this guy too much because the listing isn't bad by realtor standards but you'd think that after 186 days on market he could find time to fix all the spelling errors in the description. I counted 7. He has whacked the price 200k so far from his original asking. And with all the money realtors have been raking in the last few years it's hard to fathom why in the world he could not drop a few bucks and at least put some grass in the back yard. 3.5 years of ownership and it's still dirt?
And in other Norco news....
Just over the Hill in Bretton Gait there are now 2 homes that have broken the $600k barrier!
1460 Morab Way is now listed for $595k. This one is probably a short sale. They've been dropping the price about $50k per week for the last month.
1453 Paso Fino is an REO that has been on the market forrrrrever. It started out at $950 in July and is now down to $575k. This is a nice house but very ugly from the street.