Wednesday, April 30, 2008

The newest members of the 600k and 700k clubs

I thought ya'll might be getting tired of all the "news" posts. So let's take a step back and let the hilarity resume.

For your amusement, I present 1180 Cleveland Wy, Corona Ca. This a a large one story home up in the Amberhill area of Corona. The home has 6 bedrooms, 4.5 baths and is 3808 s/f on a .65 acre lot. It has a few whistles and bells such as a pool and fancy outdoor BBQ/kitchen. It looks like a nice house but with 6 bedrooms in 3808 s/f it might be a little crowded and I expect those bedrooms are on the tiny side.

The home appears to have been built in 2003 and it does not indicate what the original selling price was. It sold Jan 2006 for 1.4 million. That might have been the original price as it states this was a former model home. If my math is correct that's a whopping $367 a sq/ft. The big spender was not able to keep up the payments and the bank now finds itself as the owner of this property (The foreclosure amount is also not listed). It just hit the market for $787,500. That is a 44% drop from the last sale or a loss of $612,500 (plus fees). Making this home the newest member of the $600k club!

The Newest $700k club member is in the same area as the last home. 1015 Lowrey Ranch rd is in the Crown Ranch estate. This home qualifies as a mansion with 5 bedrooms and 6 baths in just over 5400 sq/ft. It sits on a .8 acre lot. Other than the zillow aerial shot there are no pics so it's hard to say what condition it's in but homes like this are not usually trashed. This one was also a previous model according to the short and useless description. This home is a short sale and as such may or may not actually be approved at this price. The home is listed for 1.12 million and it sold last in May 2006 for 1.83 million. If the bank were to go for this price the loss is $710k plus fees.


monkeyking79 said...

i noticed that there are two housed today in redfin which are not short sale. listed for less than $100/sqft.
my question is do you think this is the trend that more and more will be in this range? in which case, we suppose to purchase.

golfer_X said...

Yes, as the crash progresses more and more homes will be under $100 s/f. It was only a few short months ago that the first sub $100 s/f homes started to show up in the IE. The first ones were in Hemet, San Jacinto and Murrieta. Revently I've been seeing homes under $80 s/f in those areas.

I think the really large homes will go down to around $80 s/f in Corona . I'm not so sure the smaller homes will go that low. For now the prices will keep declining. There are just way too many things putting downward pressure on the prices.

I was actually thinking the price declines would slow a little since this is the busiest time of the year but so far they have not. I still think the fall/winter is when the prices will really start to drop. There's still a lot of banks and home owners hoping for the spring bounce. So far it's not panning out. Credit is getting even tighter and foreclosures are still getting worse. There's just no where to go but down.

sportbiker said...

Hey Mr golfer_x. This is the house you wanted someone to buy you for Christmas. I'M so impressed with your blog, that if thses prices continue to fall at this rate, I might have this baby wrapped up and under your tree in a couple of Chritmases. These prices are tempting me to move back to the Inland Empire. I moved to Seattle five years ago and I've been wet ever sence. Thanks for what you do!

golfer_X said...

Yea, unfortunately all I got was a new 3 wood..... I'm going to go beat on it some more tomorrow.

monkeyking79 said...

$80 dollar? that is so exciting. i am waiting now.
if you have enough cash, what will you do--buy two smaller house, stay in one, rent one. or buy a bigger one wait until the price raise up again?

Bigdog said...

This house is already off the market. Not bad must have sold.

ButterMonkey said...

Hey X, have you been by the Van Daele developments lately?

I was just unloading some crap out of my kitchen today and found an old brochure I picked up from them and thought I'd ask if they've brought their prices down any or maybe closed up shop?

house said...

i stopped by the van daele canyon crest homes last weekend. they had one left. it was the lot that overlooks an old lot with bars on the looks scary. the lot is kinda small, and they wanted 510....but would "entertain offers up to 70k off." and don't forget the hoa that pays for the "common areas." i would not pay 440 for this house, but someone might seeing that they have recently in the last 2 months sold the other 3 similarly priced identical models.

golfer_X said...

I was not impressed with the Canyon Crest Van Daele homes. I did like one of the Victoria Groves models. The last time I stopped in was probably 3 or 4 months ago. So I dunno what they are selling for these days. They were just about built out on the VG tract as well back then.