Monday, September 29, 2008
Some of them deserved what they got
8895 Gentile Wind is one of the KB homes in The Retreat in South Corona. This home is a recent REO (like every other house in The Retreat). It sold new from the builder in 2005 for $743k. The buyers put in a little landscaping (and I do mean "a little", a 6' patio slab and a brick planter looks to be about it). The they manage to off load this thing in Nov 07 for 1.3 million??? WTF, that is months after the market imploded. In Late 07 there were already enough foreclosures in this tract to fill a cruise ship. In late 07 there were already homes on this same street listed under $700k yet this home sells for $1.3M. That sale is obviously fraudulent. It has a big red rotating sign on it that says "I screwed the lender". Gawd I wish they would hunt these people down and make them listed to Hanna Montana records nonstop for a few years. Oh wait, that might be cruel and unusual punishment. Eh, who cares.
Obviously the bank got screwed and this house is now listed for $430k. That makes this the cheapest house in The Retreat currently. Not my much mind you, there are several in the mid $400s. This house has fallen 43% from what it sold for new in 2005. Or if you want to go for the shocking (but obviously fraudulent) number, it has fallen 67% from the previous sale for a loss of $870K.
At the current price this house seems like a good deal. But once you factor in the HOA and the taxes this place becomes quite a bit more expensive. Still at this price, I think this will go pretty quick. Assuming there are any buyers left after this week.