They are getting so easy to find I sort of lost interest in posting about big losers. $600k, $700K and more in losses are so easy to find in Corona that it's just not news any more. However $600k losses in Riverside are not nearly as common. They didn't built that many million dollar tract homes in Riverside. So the big losses are a little harder to find. Well they were....
This one is setting precedent that the neighbors are not going to be happy with. 7904 Horizon View is a 3444 s/f home with 3 bedrooms and 3.5 baths. It sits on 1.28 acres of dirt over in the high end area near Overlook and Crystal Ridge Estates. This is one of the best areas of Riverside if not thee best area in Riverside. But that does not mean the houses were ever really worth what they were selling for. This home has an interesting sales history. Built in early 05 it sold new for $732K, 8 months later is sells for $200k more, a month later for $10k more(dunno about that sale?) and then again 9 months later for another $250k more. All this appreciation without the owners pouring a patio slab or even planting a blade of grass! The house probably looks the same as it did the day the builder put the done stamp on it. Well except now the front lawn is dead.
|Apr 29, 2005||$732,500|
|Jan 26, 2006||$939,000|
|Feb 02, 2006||$945,000|
|Oct 02, 2006||$1,200,000|
|Jul 22, 2008||$563,941|
Obviously that last sale is the house going back to the lender. The lender now has it listed for $550k. Will it sell at that price? Probably considering the price of most of the other listings in the area. There are still quite a few clueless buyers floating around. It it does sell at asking price that is a loss of $650K from the last sale.
It's actually a nice looking house and if it were closer to $400k and had 4 bedrooms I might go look at it. (Although I'm not sure I like those stupid arches on the front. I would probably knock those out.)
Even at this huge price drop this home might not be that easy to sell. I said it would probably sell but there are a couple of homes that will make people think twice about the price. 7964 Kimberly Jean is the same floorplan and it's just around the corner. This one though is nice. It has beautiful landscaping and lots of poured stained concrete. It has a covered patio and the inside looks better than the other house. The listing price is better too. Alas this one is a short sale, so most buyers will not bother with it. Although they will take notice of the price and factor that into any negotiations on the other house.