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.