Tuesday, April 8, 2008

A look at the Villages of Avalon

The Villages of Avalon is the development below the Dam at Lake Perris. I've posted several blurbs on homes in this development selling at "rental" prices. Just for giggles I searched for homes under $200k. In this one development I got 50 hits with many of them being well under $200k. In fact 21 of them were under $175k, and 2 of them were under $150k.

1240 Lilac Rd is one of the 2 houses priced at $149k. This is a perfect small starter home or rental property. It is 1200 s/f and has 3 bedrooms and 2 baths. The last sale on this house was $310k in Sept 05 (at least a year before the peak). Now you can pick it up for $149k or there abouts, depending on the offers. The loss is over 50% on this house from the last sale and if it had sold during the summer of 06 the loss would probably be closer to 60%.


Rob Dawg said...

Still too many digits in the price. ;-)

BrianH said...

Love the first line of the description.

Sits in the up and coming area of Perris.

Another thing about this area are the effective property tax rates. This particular property looks to be about 1.35%, probably that low because it was built in 1994. The new homes in the same area are all much higher with some being 1.8%.

golfer_X said...

1.8% is almost normal for anything built in the last few years. I looked at just about every new tract between Banning and Chino Hills in the last couple of years. 1.6% to 1.9% was the norm for the tax rate. Many had HOA's on top of that. That's a HUGE tax hit when you consider the selling prices of the homes over the last few years. Most of those families that bought one of those $500k homes have annual property tax bills that could easily buy a nice car. And with the more expensive homes you could probably buy a new car with what they are paying each year on property tax. Is it any wonder why so many people are delinquent on their taxes.

REOagent said...

Good luck getting these for those prices. Can you say "short sale?" These prices are pulled right from the listing agents hinney-no bank approval. My clients have lost out on 4 properties so far where there are multiple bids over asking within the first 2 weeks on market. Buyer love is in the air au Perris.

golfer_X said...

Some of those 50 are short sales but most are REO's. For instance 1235 Autumnwood, it's and REO for $165K. It's been on the market for 165 days and has been that price since Feb 6th.
Yes, sometimes the low priced ones are getting multiple bids, but they are still not selling for much over asking. I saw one a couple of months back that had over a dozen bids but still only sold for $15k over asking. From what I've seen and heard from agents many buyers are still offering below asking even on the homes that have low asking prices. The mind set now is lowball, lowball, lowball. Which makes sense because 95% of the listings are still priced too high. But offering a lowball on the 5% that are priced well is not likely to get you the house.

BrianH said...


I might be wrong however I believe your "handle" is very misleading.

A REO agent is one who lists bank owned homes, yet you use the phrase; My clients have missed out..... That hints you are a buyers agent.

Which is it?

REOagent said...