Saturday, March 22, 2008
Squeezing the juice out of Orangecrest
The price declines in Orangecrest are continuing at a fairly rapid pace. It's getting easier and easier to find houses priced near the $100 sq/ft mark. This REO just hit the market with an aggressive price.
19241 Dandelion Ct is a large home with 5 bedrooms and 3 baths. It sits on a 1/4 acre lot. This home was built in early 2002 and sold new in June of 02 for $325k. It sold again in Oct 2005 for $650k. The bank got it back in Jan for $562k. It listed a couple of days ago for $390k. That's an aggressive price for a house of this size, in this area and sitting on a large lot. I think this one has a chance of finding a buyer (unless it's thrashed inside).
If it sells at the asking price this will be a 40% loss form the Oct 05 sale price or a loss of $260k.