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%.