Friday, June 20, 2008

Median prices by city

More numbers from DQ. These are for resale and New SFR's and condos.

City....................closed sales ..median . 07 median.. %change

Riverside County 3,281 $287,250 $407,500 -29.51%
AGUANGA 2 $316,000 $385,000 -17.92%
BANNING 19 $210,000 $285,000 -26.32%
BEAUMONT 95 $293,500 $368,000 -20.24%
BLYTHE 4 $187,000 $229,000 -18.34%
CABAZON 4 $125,000 $218,000 -42.66%
CALIMESA 7 $215,000 $361,000 -40.44%
CATHEDRAL CITY 63 $226,000 $350,000 -35.43%
COACHELLA 51 $215,500 $360,000 -40.14%
CORONA 417 $375,000 $565,000 -33.63%
DESERT HOT SPRINGS 70 $150,000 $269,500 -44.34%
HEMET 161 $200,000 $299,000 -33.11%
IDYLLWILD 7 $370,000 $312,500 18.40%
INDIAN WELLS 19 $684,000 $850,000 -19.53%
INDIO 158 $272,750 $360,000 -24.24%
LA QUINTA 140 $485,000 $532,500 -8.92%
LAKE ELSINORE 101 $260,000 $405,000 -35.80%
MENIFEE 86 $274,750 $414,000 -33.64%
MIRA LOMA 26 $385,000 $470,000 -18.09%
MORENO VALLEY 243 $218,000 $375,000 -41.87%
MURRIETA 273 $305,000 $411,000 -25.79%
NORCO 18 $469,250 $594,000 -21.00%
NUEVO 5 $227,500 $410,000 -44.51%
PALM DESERT 145 $382,500 $400,000 -4.38%
PALM SPRINGS 123 $295,000 $375,500 -21.44%
PERRIS 147 $210,000 $360,000 -41.67%
RANCHO MIRAGE 63 $525,000 $617,500 -14.98%
RIVERSIDE 322 $284,250 $394,500 -27.95%
SAN JACINTO 66 $199,863 $337,000 -40.69%
SUN CITY 111 $258,500 $340,000 -23.97%
TEMECULA 205 $320,000 $445,500 -28.17%
THOUSAND PALMS 3 $200,000 $305,000 -34.43%
WHITE WATER 4 $190,000 n/a n/a
WILDOMAR 49 $295,000 $480,250 -38.57%
WINCHESTER 70 $310,000 $451,250 -31.30%


bigdog76 said...

I check this house out this weekend with my agent real nice floor plan.

The only thing they really screw up was the previous owners or someone went room to room and bleached the carpets all over bad. So it needs new carpet. Area is nice lot is ok overall clean house.

What do you think a fair offer is?

bigdog76 said...

Sorry that is the complete link

The Secret said...

Not to go totally OT here, but... before this weekend, I thought we might be on the verge of a societal collapse. Now I am almost sure of it.

We had our big moving sale this weekend. (We're renters, and our LL got foreclosed on and the bank is taking the house, etc., so we're out this week.) Talking to the people at the sale, and some people who we have sold things to on Craigslist, I have met nearly a dozen people (or families) that have had their rental units foreclosed out from under them on short notice. I haven't seen any numbers regarding the percentage of REOs that were income property, but it has to be huge. It's one thing to lose your home that you live in, but it's easier to let go of a place that you're renting out for a price that doesn't cover the mortgage. That makes for a lot of people displaced without doing anything wrong.

As Devo said Everything is f***ed-up, it's all coming down.

Martin Burtin said...

bigdog, those are nice homes, if they are John Lange homes of the Steeple Chase development, and I believe they are. The good thing is the homes nicely laid out, except for the big 3 story one. That one is a turkey, imho. But the hone you are interested in would probably make a very comfortable home.

Keep in mind that house is close to high power lines, and that may cause some buyers to shy away if you ever try to sell. Also, the open pasture lies just beyond that on two sides, and the wind often blows across them and into that development, and that situation probably won't change anytime soon. I have not heard of anyone reporting respiratory problems yet, but if someone in your family has asthma or allergies, it may be a consideration.

On the issue of price, I notice it is only 3 days on the market. If that is true, and that price was achieved one or more BPO's (broker price opinions) then the bank will not look seriously at your offer unless you come very close to the BPO. That situation changes the longer the home remains unsold and without offers. The first 30 days however, the bank will usually stand firm, looking for the best offer at or over the BPO.

So, what may be a "fair offer" in your or my mind, means squat to the bank during the first 30 days on the market. Also, it is worth noting that banks consider the strength of various offers, and sometimes choose a strong offer (such as more cash down) over one that is weaker, even if the weaker offer is for a higher sale price.

Another thing to be aware of that I have recently learned is that you can be banned if you make lowball offers all the time. It costs the bank to process paperwork and after seeing a couple low offers from an individual, the bank may inform their agent or broker not to bother them anymore with offers from that person.

Hope the info helps, good luck on that house if you decide to go for it. Oh and for what it's worth, I think $360K is still a little high... but it's getting close. I'd feel good about a price nearer $100 sq ft, but that's just me, and my crystal ball subscription was cancelled on friday, so I'm a little fuzzy on my prediction of future prices going lower, but they should if you can hold out.

bigdog76 said...

I believe you were right about Steeple Chase home. I appreciate all the advise Martin Burtin. I passed on this home once I found out it has special assessment taxes. I know it is hard to find houses with out special assessment but what I have found is you can find special assessments on some homes and then 3-4 blocks over there is no special assessment at all

Why is that?

Martin Burtin said...

Sometimes the special assessments (CFD's, Mello Roos and chit and a half)are paid by the developer up front and you simply pay them off by paying a higher home price and higher Mtg amount. That sorta hides the tax from you unless you ask or are aware.

Another way is that one home is in a City boundary and the other is outside in an unincorporated area.

And the last way I know of is to buy an older home, one that was built before Mello Roos was passed or became popular.