Monday, August 25, 2008

Getting there.

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.


Marsupial said...

THAT'S IT!! THAT'S THE HOUSE I WAS RENTING! All of those comments I've made in previous posts were about 25111 Cliffrose!! We rented that place for nearly two years. The owners started skimming our rent last November, and we ended up in a legal battle, etc., etc. Since we moved out in June of this year, and since then, the 'owners' took out both air conditioners, all of the kitchen appliances, and just about everything else of value -- although according to the newest pictures I've seen, they laid sod in the front yard, so its basically a gigantic shell with sod. The marble floors? Messed up and cracked. The hardwood floors? Cracked and splintered to pieces, with huge gaps, and mold underneath. The wood staircase? Infested with ants!

Honestly, this house is too much at $50/sf. Believe it or not, it is a knockdown, located in a crime-infested ghost town. We're temporarily living in a 400sf hotel room right now and we are happier than we were there!

We're so excited -- we feel like we're famous!! ;-)

Marsupial said...

OMG! I just saw the new listing on Redfin -- they took EVERYTHING! They took the curtains, they took out the plantation shutters, the ceiling fans... WOW! It's all gone!! That house is literally walls and rotting wood.

I was wrong about the sod, they didn't do anything. I guess they just used an old picture on the old listing. The funny thing is, the REO listing is $20,000 higher than they their price!

golfer_X said...

Did they gut it after those pics were taken? It looks fine in the pictures.

Laurence said...

Unless I'm reading Redfin wrong, it looks like that Eastvale house on Rick Ln has already gone off the market. I see a listing for "Jul 16, 2008 $324,025". Is that the actual sales price or just what it went back to the bank for? That's $60k less than what you mentioned the asking price was and would be only $78/sq ft!

Marsupial said...

No, you can see (or rather, CAN'T see) what they gutted in the pics. In the photos, the windows are bare. They used to have 3" wood plantation shutters covered by heavy (and ornate) gold and red curtains, which were part of the original listing. In the den (where the fireplace is) there was a ceiling fan, so I assume that the other two, upstairs, disappeared as well.

Notice how the photo looking into the kitchen (photo #6) only shows one edge of it. The photo looks in from 'butler's pantry'. If the photo showed the rest of the kitchen, you would see that the dishwasher, double oven, and sink fixtures are gone. Also, in the same pic, there is a little whitish/gray area in the middle of the counter. That is where the stovetop used to be, along with a hood above it.

I drove by the place a couple of weeks ago and noticed that they had removed the two air conditioning compressors from the back yard. I'm guessing that is why there are so few pics of the rest of the house, and NONE of the upstairs. It must be gutted.

One of the disputes we had with the owner (while we were renting) was that the wood flooring upstairs was improperly installed as was breaking and separating (we had to wear shoes at all times upstairs to avoid being cut). No pics of that, either!

I'm going to put some of our "before" & "after" pics up at our blog at if anyone is interested is seeing what a home-debtor facing an REO can do to a place.