In my favorite tract we have another member of the $500k club. What does one have to do to be a member of this club. Well in past years entry into the club was almost impossible, like LA country Club or Augusta National. But now days the membership is skyrocketing. To join this exclusive club all you need to do is lose more than $500k on a home.
Today's new member is in Bretton Gait in Norco Hills. 209 Oldenburg is a large 6 bedroom/7 bath home that is 4160 sq/ft sitting on nearly a 1/2 acre lot. It appears this home was built in early 2004 and it sold new for $750k. In May 2007 some numbscull bought this place for $1,150,000. I guess they did not read the paper or possibly this is another case of fraud. Either way this must be a first payment default since this place has already gone back to the lender. The bank got her back in mid Jan for $890k. I will assume there was a second for the remaining $260k which was wiped out entirely. The home listed today for $650K. That is a 1/2 Million dollar loss in SEVEN MONTHS! Maybe the agent is hoping to set off a bidding war with his low price. I doubt that will work, there are 3 other foreclosures within 100 yards of this house.
179 Oldenburg is listed for $684k and has been on the market for 120 days. I've looked at this house and it's nothing special. It has no upgrades that I could see. The cabinets are basic, the carpet is cheap so is the tile in the kitchen and bathrooms. The tile counters in the bathrooms are falling apart. For what these sold for initially this house looks poorly put together.
229 Oldenburg is listed for $627k. Nice house but smaller. It has been listed for 80 days at that price. I did look at one of these but I don't remember if it was this house or another one of the same floorplan. It's was a nice one story home that I'de be happy to give them $400k for.
220 Oldenburg is listed for $620k. It has been on the market for 60 days at that price. It is a little smaller but has a better, bigger lot with a great view. This house is all skrewed up inside. The last owners tried to get all artsy fartsy with tile and stone. There are a lot of half finished projects inside this house. It's not wrecked but unless you are into weird decor this one aint for you.