Tuesday, August 19, 2008
A cold hard dose of reality
You may remember a post from back in January about the "WTF award of the decade". This optimist listed his house for 1.25 Million when nearby model matches were listed in the high 500s. Well, low and behold I ran across it today relisting as a short sale for.......... $470K! Hmm checking my math that is a price cut of $780K. Of course his original price was about $700k too high at the time. And looking at the competition, his current price might be about $30K too high still. There are currently 2 other similar homes on the same street listed under $450K and one of those is an REO. Even as a short sale this guy still lists too high.
Here's the current pic. As you can see the lawn has died and the weeds are waist high. I guess we can assume the owner has bailed out already.
The home is at 8763 Gentile Wind Dr, Corona. It was purchased in May 07 for $720K. At the time this was cheap for this area. The market had already ground to a halt but back then the prices were still sky high in this tract. This guy may have thought he was getting a steal. But as it turns out he was in the first wave of knife catchers and this guy caught a Samurai sword. Probably losing both hands in the process. Unfortunately for him, his short sale price appears to be set too high. With nearby model match homes priced $30K less and still not selling he has no chance. His realtor should price it at $400k, generate some interest and some offers and pray the banks play ball.