Thursday, June 12, 2008

delusion seller of the month

This one actually made me laugh out loud. As most of you know by now, The Retreat is South Corona is a favorite whipping post of mine. It perfectly illustrates the heights that the great bubble attained. It's also a perfect illustration of how bad the crash is going to be. To think that tract homes in the IE were selling for nearly 1.5 million bucks is just ludicrous and to think that one purchased in 2006 has actually gone up $400k in value is beyond comprehension.

The owner of this house has got be be on medication. The tract in which he lives is imploding. There are more brown lawns than green ones in The Retreat. Yet this bozo thinks his house is worth 3X what most of the others are listed for. It's a beautiful house to be sure but the reality of the situation is that it's probably worth 1/2 what the guy paid (or less).

Ready for a laugh?

22260 Rosemary Canyon Ct,
this 5 bedroom, 5.5 bath Mcmansion was purchased new in May of 2006 for $1.4 million bucks. The lord of the manor then spend another few shillings adding some bling to his new digs. Fast forward 2 years, the market is falling apart all around him yet he thinks his chateau has actually increase in value by nearly $400k! He is asking an unbelievable $1.795 MILLION. Oh my gawd,it still cracks me up...

There are at least 6 homes of similar size near in The Retreat that are curretnly listed. Most are between $700k and $800k. More than 50% less than king boofoo above is asking. A few of these homes are also very nice looking and one is spactakular. 8128 Tender Way is the same floor plan as Boofoo's. But this house has a back yard that is to die for and the inside easily looks as nice as the other house too. This one is listed for $750K. About 1/2 of what the poor sap paid and that's not counting the large chunk of moola he obviously spent on the killer back yard. So this house is listed for over a MILLION dollars less than boofoo's place!

There are several other exact model matches that are listed for far less too.
22302 Appleberry Ct for $785K
8170 Tender Way for $818K
8010 Sanctuary Dr for $799K
As you can see all are listed for far less than the doofus above. Anypne want to offer him $500k just to make steam come out of his ears? Again I have to scratch my head in disbelieve that a realtard actually took this listing.....WTF???


Chicago said...

Hey X, You are right about the delusional sellers... think the summer sun in affecting their rational thinking. I am in the process of relocated for my job & was wondering what you thought of the Mira Loma area? Also looking in Norco but too many short sales that haven't gone back to the bank, yet. Love your insights, keep them coming.

golfer_X said...

If you are planning on joining a latino gang Mira Loma is da bomb! Norco is ok but most of Mira Loma is pretty bad. West of the 15fwy is the better part of Mira Loma. That puts you basically in Eastvale.

ButterMonkey said...

WHAT? No Barney purple in the bedrooms? That's always fun to laugh at.

BerthaJean said...

Did you see the front page article about the retreat in the Press Enterprise today? If not, check it out at this link.

This guy isn't the only delusional one. Gotta love quotes like this referring to how their lost equity will soon return:

"In four years, everything should be different."

golfer_X said...

I saw that article. I especially liked the guy that thought his 1.3 mil house would be worth 5 mil in 10 years. What a tool!

I do agree with the lady "everything WILL be different in 4 years". Just not the way she is hoping!

FM71 said...

Wow X, The part that caught my eye in the article was the Nicklaus course that opened to the public on April 25th. I'm calling in the morning to find out some info and set up a tee time for next week. The link to the course on the SCGA website sends you to some bunk website. It's just a matter of time before this course becomes a muni. Suuweeeet! Time to whip out the Mizuno's.

Terry said...

By "Mira Loma" do you mean Eastvale? My mailing address is Mira Loma but I'm actually located in the unincoporated area called Eastvale. It's where all those under-foreclosure McMansions and deserted commercial developments are located.
It's nice enough. I do think it's a bit crazy that they're actually trying to incorporate. Just what southern California needs is another suburban "town" to provide another layer of taxation and government bureaucracy.
I'm sure the smell and flies will get better once the last of the dairy farmers leaves.

Sellin @ Da Drop said...

Yeah Mira Loma by the Homecoming apartments is 'da bomb'. Right next to the trailer park with its own lake. Point is the the IE is and has always been a haven for the other side of the prime demographics. If we could, we would all be in Irvine right? 1M for homes in the IE. LMFAO! Signed.. long time IE resident.

I'm Not POTUS said...

For your next update of the Retreat.
Asking for 2x what he paidin 05.
I guess the homes are in retreat but an acre of retreat is worth 2x.
this one is still in the hands of the home builder. He just upped the price.
this one is messed up in Redfin. It is stuck with 3 other listings on a home that is not even for sale. It is actually one street north of the other two listings.

golfer_X said...

I went to see that night valley house two weeks ago. Nice house, but waaaay too big. It would cost a fortune to heat and cool that thing. It's nice inside but much of the tile on the floor is very cheap looking. Looks like ceramic rather than real stone. Bad choice for a so called "executive home". The back yard is also PUNY. The agent said the bank would consider offers between $850k and $950k, to which I replied "isn't the house across the street listed for $545k?" She got very quiet after that.....

082889 said...

It sounds like everyone is jealous because they cant afford to live in these homes.
Homeowners paid high prices for features that were considered to be rare in corona, such as the gated community and, what used to be, a private golf course. Having been a member since the clubhouse opened in August of 2007, I know of many who were very upset with this change, as they originally bought memberships with the idea that they would remain exclusive. Needless to say, the clubhouse is now much more crowded.
Professionals that lived in the area where willing to pay so-called "high prices." $1 million in Orange County could not buy you nearly as much at the same time, believe me, we looked.
As a resident of the Retreat since 2005, we always intended to live hear for a long time. Even as prices go down, it is still one of the nicer places to live in corona. Unfortunately, like the rest of the real estate market in corona the influx of speculators and flippers has resulted in many foreclosures. Many of the homes for sale in the cheaper 600-500 range have little or no upgrades and are more common in the cheaper "beezer" neighborhood within the Retreat. More often than not, at least 150K+ is additionally needed in upgrades to make the home presentable.

The house on Butterfly Court, NOT across the street from the Night Valley Court home, was a bank repo listed for 545$ but, with many offers, ended up selling in the high 600s in a matter of days. The Butterfly Bush home does not even compare with the Night Valley home as there are absolutely no upgrades whatsoever, it is a smaller home, has an unfinished backyard and no view. A home in that price range will most likely not come up in that particular neighborhood within the Retreat, "The Estate Collection," again.

As for the home on Thimbleberry listed for $1.9, "2x what the owner bought if for," although the price is high for this time, the owner easily put $600+ in upgrades so, no it is not selling for twice what he bought it.


Maybe it will take longer than 4 years and prices certainly may not reach 5 mill, but, with time, these homes will reagin their value plus some eventually as they still remain some of the nicest in Corona. Real estate is always a good investment as, on average, the price of a home doubles every ten years. And also, what prices sell for in the Retreat affect prices selling in other corona areas so, keep in mind that, technically, this problem is not just the Retreat's but the entire city of corona's. Many are feeling the real estate pinch throughout the nation and we are only one of many.

And also the "tile floor" at the Night Valley home is travertine stone, with a dramatic mosaic at the entrance, and not ceramic, a feature that would be considered an upgrade to many.

golfer_X said...

You can rationalize all you want, but the retreat, along with all the rest of the IE is going to fall 50% to 60% right back to where it would have been if there had been no bubble. I doubt we will see the values of the last few years again in our lifetimes (and I'm not that old). Many of the readers here probably can't afford the retreat. But then again MOST of the people that bought in there can't afford it either.

I don't think you'll get much sympathy or pity here (More likely to just get laughed at by most of the readers). I completely agree that a home should be purchased to live in. Unfortunately few people did that in the last 5 years. Most saw homes as an opportunity to get rich quick or as a way to live far beyond their means.