Monday, June 23, 2008

A $400K postage stamp

I had no idea that there were so many postage stamp developments in Riverside. The reason I have not been seeing them is my search parameters are set to only look at 2500 sq/ft homes or larger. Tonight I did a search for all home sizes and started to find a few new developments with teeny weenie homes on teeny weenie lots that are imploding.

Can you imagine spending nearly $400k for a 1300 sq/ft home on a 2600 sq/ft lot in Riverside? Apparently quite a few people thought that was a great deal. I found several of these developments in Riverside. I guess if you are not into yard work these are the way to go!

Take a look at this stupidity. This house is a short sale, for $30k more than they paid in March 2006. Now short sales are normally priced to sell (or that's the idea anyway). This guy prices his about $200k higher than the REOs in his tract are selling for.

4420 Leonard Ct in Riverside is a 3 bedroom 2.5 bath home that is 1384 sq ft. Not a bad sized starter home bu the lot is only 2600 sq/ft. This home was purchased new in 2006 for $396k and like I said the owner is trying a short sale at $420k. Ya gotta scratch your head at that price. It's a whopping $303 sq/ft!!

Just around the corner at 4438 Kristin Ct is the same model home but this REO is priced at $240k. That is still a whopping $173 sq/ft, but nearly 1/2 the price of shorty above. At $173 sq/ft this home is still way overpriced. I'm sure some poor knife catcher will buy it though. There are larger homes in this tract and there are plenty of REO's on those too. Many of the bigger homes are priced nearer $100 sq/ft. I'm not sure why they are pricing these little ones so high.

I find it amazing that anyone would buy homes in the IE on lots that tiny. With all the tracts and all the space out here there is just no reason to pack homes together like that. And lets not get into how bad the area is where this tract is located.

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