Monday, May 12, 2008

Another peek into Dos Lagos

Dos Lagos is another one of those trendy gated golf course communities so popular in South Corona. It was one of those tracts that was just inundated with flippers trying to make that big score. Some managed to pull it off and quickly flipped homes, some making nearly $500k in a matter of months. But those that did not get out quickly are creating a wave of REO properties that are taking prices down faster keg at a frat party.

For example there is 3041 Andana, which is a 4 bed, 3 bath home, 3414 sqft in size. The original selling price was not listed but these sold for between $800k and $900k depending on lot premium and upgrades (some were quickly flipped for up to 1.4 million). This home went back to the lender and they have listed it for $511,900 ( that's just an odd price...). There are several other similar homes and some slightly larger for sale in this tract and most are lender owned. Without knowing the original selling price it's hard to speculate on the loss. The tax value is $860k so the selling price must have been close to that. That puts the loss around 40% in two years.

There are smaller homes in the Dos Lagos tract too, but they are fairing no better. 4371 Altivo ln is a smaller home. It's only 2206 sq/ft and has 4 beds and 3 baths. This home sold new in late 2006 for $640k. The lender took this one back in early Feb and has it listed for $399k. A loss of $240k or 38%. But there is little chance of them getting it. Just a couple of streets over the same model home is for sale at 2939 Wild Springs for $287K. It says it needs a few repairs but you can do way more than a few repairs for the $112k price difference.

This for $399k?

Or this for $287K??

1 comment:

i before e said...

Got you a price on that one... $845.5K... don't ask me how I know, but give it a few days and you'll be able to see for yourself on your source.