Monday, August 25, 2008
How's that prediction of Corona homes under $100 s/f working out? Pretty good actually. Here's a fine example today from South Corona.
If you like em BIG, then 25111 Cliffrose St in So Corona may suit you. This home is 4187 s/f and has 5 bedrooms and 4.5 baths. It features all the trendy niceties like Granite, tile floor, crown molding etc. This REO property was purchased new in late 2004 for $625,500 (that was a lot in 2004!). It's gone back to the bank and now it's offered for $369,900. That works out to $88 s/f. That is a 41% loss from a 2004 purchase price! That is easily 2 years before the peak and it's still losing 41%.
Also in Sycamore Creek there is 25205 Noble Canyon. This home is 4158 s/f and has 5 bedrooms and 3.5 baths. This one was purchased new in April 06 for 706K. It's now bank owned and is listed for $380K ($91 sq/ft). That is a loss of 46% assuming it sells at listing. They have already dropped the price once so it may sell for even less.
Not felling the love for South Corona? Well there is 14715 Rick Ln in Eastvale. This home is another big-un. It is 4148 sq/ft and also has 5 beds and 4.5 baths. This one is still in diapers at just over one year old. It was bought in Feb 2007 for $660k and it's already gone back to the bank. It's currently listed for $385k. Now don't get too excited the previous owners did take a few of the kitchen cabinets. Doesn't look that bad though, probably $5k to replace the missing cabinets.
There are plenty more like these and theres also a load of short sales listed sub $100 s/f.