Friday, May 23, 2008
$850K in 2007, now $369k
3005 Briarhaven in Corona just hit the market as an REO property at 57% off the last sale price in July 2007. The home is 3195 sq/ft and has 4 bedrooms and 3 baths. The lot is kinda small and there is some kind of goofy waterfall/pond thing taking up most of the tiny back yard. The house looks nice though. The previous sale price was $850k last July. The speed at which this property reverted back to the lender would certainly indicate an early payment (if not first payment) default. For a second I thought the $850k sale was probably a cash back, fraud type sale. But after checking a few of the other properties in the tract that price is actually about right for that time frame. To think that people were paying that much for those homes is just looney!
The lender obviously wants to get rid of this one in a hurry and have priced it accordingly at $369k. I expect this will attract a bunch-o-offers and sell in a hurry. If it sells around asking that would be a $481k loss in under 1 year (57%!!). This one will probably seel over asking as it is the lowest pricd home in the tract by quite a bit. There is one other one priced at $395k but it is a little smaller.