Thursday, June 5, 2008

$84 s/f in South Corona

Sub $100 s/f are becoming the norm in areas like Perris, MoVal, Lake Elsinore but up until now they didn't exist in areas close to the OC. I've seen one or two short sales and the occasional REO that was just under $100 s/f but today is the first time I've seen a listing substantially under $100 s/f in Corona.



25119 Cliffrose St
is in the Sycamore Creek development in South Corona. This home is 3983 s/f and has 5 bedrooms and 3 baths. It's a newish home and the inside looks nice with granite and tile but the outside does look a little like a New England boarding house. The last sale of this thing was in Dec 2005 and that was for $775K. It went back to the lender last month and they have just listed if for $334k. That is $84 s/f! That also makes this home over 50% off, to be exact it's 57% off of the last sale, for a loss of $441k


This is not todays biggest loser though. Another house that hit the market today dwarfs that loss. 2937 Verdino Cr in Dos Lagos (also South Corona) is another big home that went back to the bank recently. This home is 3413 s/f and is 3 beds and 3 baths. It was last sold for $1.2 Million in May of 2007. It's now for sale for $569K. That is a loss of $631K or 53% in one year. That's a loss of over $12k per week! But even after a loss of $53% this house is still priced at $167 s/f. I just don't see this house fetching that kind of price and if it does the poor knife catcher that buys it is probably going to loose another 30% over the next few years.



6 comments:

Bigdog said...

When are theses prices going to hit North Fontana??????

Bigdog said...

Or North Corona????

Sellin @ Da Drop said...

They already have. I saw a home in the Sierra Lakes area that sold for 550k in 2005 going for 350k. bank owned. Keep searching.

The Secret said...

Hey -- I recognize that! The Cliffrose house is EXTREMELY close to me. Like -- I can see it from my window! And, may I say, this neighborhood is shot to hell, literally. (There is one house on this street that has been shot up with bullet holes, two doors down from this one, and the one next door to it has been trashed by vandals.) We were talking to the REO agent today (or whatever you call them), and we were talking about whether this area would be more useful as orange groves. Maybe they should just bulldoze the entire Sycamore Creek development.

golfer_X said...

Orange groves, good idea. Maybe plant some corn instead and make ethanol. At the rate gas is going up that would probably be a better use of the land.

The Secret said...

There has been a pretty good amount of traffic coming to that house today. The six-percenters are telling everyone that there are LOADS of bids on it, and they had better put in a high bid WAY over the asking price. Somehow I doubt there have been that many bids today. Still, the house next door to it has never been occupied (vacant for 3+ years), the house on the other side is in FC, and there are 14 other FCs on the street. I think I'm going to start playing "Ghost Town" by the Specials out our window.