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.