16340 Highgate DR in Riverside is a 5 bedroom, 4.4 bath home that is 3904 sq/ft. I've actually featured this house before but it went off the market late last year. I actually figured it had gone back to the bank. It listed again today and beleive it or not it's $100K MORE than it was listed for last year! This MORON is asking 1.4 Million dollars for a tract home off La Sierra in Riverside. I'm sure he thinks it's worth every penny. After all it has custom dyed carpets (so does my living room thanks to cherry kool-aid) and tons of decorator upgrades. Now it may have some very nice decorator touches but not everyone is going to like those mauve walls or the titty pink kids room. None of that matchy-matchy furniture comes with the deal so all those decorator touches won't mean squat when I plop my old worn sofa down in that fancy family room. I don't care if Martha Stewart herself is going to help arrange the buyers furniture, no one is going to pay anywhere near asking, not even 50% of asking in fact you will be lucky to get 1/3 of the asking price.
It does have a nice pool and it is a very nice house but come on people ONE Point FOUR million?? The seller should be bitch slapped and the realtor should have a CAT-scan, she obviously has brain damage.
There is a model match comp in the same tract at 16398 Hidden Peak, in fact it was also in the Nov post. It's been on the market now for a whopping 175 days. After 7 price reductions this home is now asking $525K. That's a staggering $875k less than the doofus above.
And heck if that's not enough of a clue about the price then maybe they should look at 17066 Noble View. It's also the same model home and it's REO and also listed for $525k. This one has also been on the market for a couple of months.
How do you price a model match home in a newer tract at nearly 3 times the price of other homes for sale. What kind of idiot does that??
24 comments:
I'm not defending the price of your featured home and I also don't know squat about this portion of the market as it is way outside my target.
I will say that the feature home vs. the two comps you posted are apples and oranges comparison. Look at he lot/location, they are not even close. Again, I don't know this end of the market but looking at the map showing proximity to the comps they are not comparable.
However, a 1.4m tract home in Riverside is crazy as a fox.
All three homes are in the same small gated tract. While the 1.4M home is on a slightly larger lot it's not that much better. I have a friend that lives in that tract. The one on Hidden peak is actually a larger lot but much of it is a hill. Much of that 1.4 mil lot is a hillside too. (Everything behind the pool). They are all the same model homes so they are apples to apples. The only difference is the lot and the upgrades. What is the lot premium for the featured home worth? When they sold new it was worth about $40k. With the exception of the patio and pool all the other stuff is non value added.
The pictures look much different.
No biggie a 1.4 m tract home is crazy by any measure.
I just got home from the REDC auction at the Rside Convention center. Tonight was Hemet, San Jacinto, Perris and MoValley.
I was pretty suprised to see the prices people paid. The room was at the peak half or maybe just over half full and the Hemet/SJ area stuff didn't seem to go very well. But when they hit the Perris/MoValley inventory things seemed to pick up just a hair. More then a few people paid more for an auction home they what a good agent could have got them right out of the MLS.
Good Times.
I've noticed that happening at most of the auctions. There are a lot of people that don't do any homework. I'm surprised it was not a full house though. I thought that auction would be packed.
wow!! it seams like you are a very jelous person that could only dream of having a house, but the apartment you live in does not supprise me that it has coolaid spiled all over the carpet. and futher more you should do a comparision on the other homes not in the track. lets compair, new the house sold for $560,000 + $350,000 in the back yard and $70,000 in front and side and well over $200,000 on the inside i know you are a engineer but in my book that equales $1,180,000 oh ya you ass if you read the commits it does come with the furinture. ps please note i know them and they sold there last house for well over the area comps due to how nice it is and unlike people like you there are many more that can afford and appreciate homes like this. and one more thing you can not compare a repo to owner occupied home but of course you no that with all of your knowledge
Don't be a tool, I own a house and any time you want to compare pay stubs or bank accounts let me know! I can buy any house in that tract and I sure as hell aint buying YOURS at that price!
Who gives a crap what was spent on it. I could spent $500k building a replica of the Taj Mahal in my back yard. That does not mean the value of my house goes up one cent. A pool does not add much if any value to a house (3 out of 4 people don't want pool). Custom dyed carpet adds no value nor does much of that other fluff. Add a room, that will add value. I agree that the featured house is worth more than the other 2 but to think it's worth almost 3 times the price is completely looney. Add $100k over the comps and you might have a chance but then they are not selling so what does that tell you. For that asking price I can by a bitchin custom estate on an acre in the best areas of Riverside (Hell I can buy a nice house in Coto or Newport for that price). Like these for instance,
MLS#: I08034745
MLS#: P617517
MLS#: K08042847
MLS#: I08015548
Or if you want to go the other direction, in Corona.
MLS#: K08052893
MLS#: Z07110693
MLS#: K07134937
I just re-read the listing. It states no where the furniture is included. It may be in the hidden realtor remarks but not in the public comments.
This is obviously your house, a friends or relatives, or your the agent. Sorry but ain't no way you're getting that price. Snap out of fantasy land for a few seconds and take a look around. It does not matter what you think your house is worth or what you owe on it. The market is the market and no amount of clicking your ruby red slippers together is going to change it.
You know...you dont have to be so rude and nasty to these people. Yes, the real estate industry is going through an adjustment for sure, but the rude and cruel comments and digs are very unnecessary. I see you are an engineer, not a realtor. Maybe you should stop acting like you know everything and stick to what you are educated in. No One can predict what is going to happen next. You obviously are not to happy of a married man being that you have so much time on your hands. Is your home going to be the next one into a short sale or repo situation because obviously you are not doing your engineering thing are ya??? You really need to get a life and start acting your age. Maybe you should get a CAT scan. Someone like you I feel sorry for. You are obviously VERY insecure to have to attack these people like you do. Shame on you.
Oh my, looks like we are witnessing a pre-foreclosure tantrum! Did you pay too much for your cookie cutter tract home? Did you re-fi and put money into "improvements" that you were certain other people would value as much as you?
My advise: Obtain a large bottle of something strong and drink way too much of it. Mail your house keys back to the bank, and your car keys back to the dealer. Then ride a bus and fill out your application at Wendys.
Wow!!! Lot more ass's in this world than I ever imagined. No, sorry buddy, Im not loosing my home. I guess if I was part of this correction you would find it humerous. You are just another SICK ONE!!! Only trying to defend innocent people from assholes like you and this golfer x idiot. May God bless you. :)
WOW! I wondered what would happen when the homeowner showed up. The thing I am most surprised about is the fact that someone is delusional enough to think that someone will pay 1.4 mil for a chance to be a part of the worst schools in one of the worst districts around. And sure there is one nice new shopping area nearby, but the rest of LaSierra is gross. If I wanted to spend 1.4 million, I sure as hell wouldn't do it in La Sierra.
Plus, everyone knows, at least I thought they did, that it does not matter how much you put into the house, the market is crap, and most people will not get out what they put in. Right now, people would rather buy the stripped down version for 1/3 the price and do the upgrades themselves....but then again, those aren't selling either..are they?
oh wait....they just lowered their price to a "much more reasonable" price of 1.2 million!
I enjoy this blog because it has solid data (I check golfer's data) along with a dash of dark humor and sarcasm. So keep up the good work golfer. If I wanted to be peppered with bullshit I'll call my realtard. And as for pkripper, I know a good financial planner who can really help you with your math in regards to depreciation of hard assets and soft assets, and I'm not talking about tits and ass either.
now back to the regular stuff...so golfer what do you think about this whole tunnel thing they are planning to put through the Cleveland national forest and how that would impact the housing prospects around Dos Lago and the general 92883?
Wow, it never get's old... golfer_x your gonna ruin your swing if you get worked up over self-entitled sheople.
Stick to your guns and bitter facts.
I guarantee you will find more award candidates in the near future. Some drunks get nasty when the party is over.
Back to facts.
The tunnel won't see the light of day, just another pipedream based on on inflated traffic demands of boom time expectations.
The collapse of asset values will shrink the entire so. cal. economy to the 90's. The IE will have a reduction in population and traffic.
No NFL football stadium will be built either.
Shazam a owner, and a couple friends shows up and they turn to child like insults. Funny how life is. They say the truth is either funny or it hurts. I don't hear the owner laughing.....
On an upside, I the buyers loan on one of my inventory just funded so next week will be a nice little paycheck.
Total investment including ALL acquisition, repair, holding, Agent commission, title, escrow etc. added up to 117k and I'll net 23k in 98 days. I will have that same money re-deployed within two weeks and turn it around in another 100 days. I should deploy the same 120k three times this year with an average 20k per pop return. I love big annualized returns and real estate.
Also, I had a PK Ripper growing up. What a great BMX bike.
You people are all amazing. Childish comments from me?? Call me whatever you want, dont care. Im very secure with who I am. I dont have to ridecule others to make myself feel better or stand out. It happens quite naturally. You guys are LOOSERS!!! Obviously you failed to read why I actually stooped way down to your level and responded. You people are all very arrogant and dont care about saying mean and hurtful things. You all deserve eachother on this site. Ive never heard of this site before it just happened to be stumbled upon by someone WITH class unlike all of you and this person could not believe what they read. I will not continue to submit myself to all of YOUR CHILDISH IMMATURE ANTICS. You all need to grow up and get a life and some class. Didnt your mama teach you how to treat others???? YOU PEOPLE ALL OBVIOUSLY DONT WORK AS YOU HAVE WAY TOO MUCH TIME ON YOUR HANDS. Oh except for the arrogant realtor who feels the need to tell everyone what he makes. I think if you are good at what you do, it shows. No need to advertise it. I FEEL SORRY FOR ALL OF YA. Getting your jollies at the expense of someones feelings?? Ive already spent too much of my valuable time reading this garbage.
omg! Hysterical. Guess you probably meant "losers" not "loosers" but I am definitely in danger of letting something loose if I keep laughing this much!
himantc, can't you put yourself in the shoes of those who have been shut out from the housing market for years because of price inflation? Try to depersonalize the situation and imagine it from the other side.
golfer x--you are performing a valuable service to the community--educated information and outright humor. I check in daily. Thanks for the laughs!
X,
Keep up the good work, and please don't ever change the commentary!!!
For those of you that want to justify them crazy prices, put down the crack pipe.
Golfer_X:
Please don't get upset with the personal attacks, just ignore them. You provide a wonderful service to the community, and your blog is always a delighful reading. Keep up the good work.
YOU PEOPLE ALL OBVIOUSLY DONT WORK
you are right. i don't. i don't have to actually. so i enjoy following the market. i'm sorry, but if people do not want to end up on this site as a delusional seller, then one must price appropriately. when one goes to list their house, and they have 2 model matches listed in the 5's.....even listing their house in the 7's would be a stretch. your house is nice. but most buyers will want to rip up the carpet and paint the walls, and who wants a million+ dollar fixer upper. for 1.2 million, i better be able to just move in, and there better be neutral hard wood floors and neutral paint throughout. and i probably wouldn't want it to be in Riverside, but that is a completely different kind of problem.
my guess is that if there are ANY homes selling in the millions in Riverside, they are in a gated section of whitegate...not la sierra.
if your house is so nice, i suggest you try to stay there and enjoy it.i just don't see it selling for this much. if it does, please come back and tell us, and i'll apologize....
Man, I go play golf for one day and all hell breaks loose.
Pointing out the greedy sellers and the inept realtors is all fun and games until we point at YOU, huh! I'm sorry you feel we are being mean and rude. But you and your kind have nearly destroyed the US economy. The dollar is worth squat, gas is $ 4 a gallon, food prices are going through the roof. Are you proud of yourself? I truly feel sorry for every person that bought a house to live in it and raise their families and are now losing it. But, the people that bought thinking they would live in it 2 or 3 years and make a quick $100k or $500k. I hope the choke on it, and it they committed fraud by lying on the loan docs I hope they spend some time in jail too. It's unfortunate that the FBI does not have the time to check all those loan docs.
I'm not bothered by the childish personal attacks. It's kinda funny how they seem to assume the people that report on the excesses of the decade past somehow have to be poor unemployed homeless schleps. Sorry people but there are actually more people that did not partake in the magic Kool-Aid party than did. There are a lot more fiscally responsible people out here that can afford their mortgages and their car payments.
As for working, I suppose I could retire if I wanted. My wife make more than enough for us to live very comfortably. I could play golf all day, maybe get my game back in shape. Hell, I only have 5 more years until I'm eligible for the senior PGA tour. Thank's himantc, I'll keep that idea in the back of my head just in case this whole "engineering thing" does not work out. I'm sure at some point the US Navy will stop needing ships.
Golfer x i've always loved your site and wished you updated more frequently, I've gotten at least 50 of my friends to check it out and most all of them are fans now, keep up the great work and the hillarious comments,
To himantc remember that Warren Buffet quote " when the tide goes out we'll know whos been swimming naked.."
JUst fess up you're such a TOOL but probably still dont get it.
You are what put this economy where it is today
golfer X the people with common sense are behind you all the way. These morons and their con artist realtards should be in jail. 99% sure these morons could not afford the house in the first place and the realtard,loan broker and bankers knew it and put them in the house anyway. All they could see was the 2 years away payday of tax free gains. No thought of "hey I might have to pay this loan after the 2 year teaser rate resets"
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