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.

6 comments:

Jack said...

yes, we buyers are still here... we're about to open on one of the single story KB homes in the retreat (the 3760 model)... perfect time for a move ;)

golfer_X said...

Hopefully you got a smokin deal on it! I actually like that house but I wish it had 4 bedrooms and a 3 car garage. It seems you get one or the other. Have you checked the health of the HOA. I have a friend living in there and he is hearing rumors of a LARGE special assessment to make up for shortfalls in the HOA budget.

Jack said...

haven't checked the HOA, we know assessments are going to be high but we are 'ok' with it... its also interesting you bring up the 4 bedroom or 3 car garage... the one we're closing on has both; it is elevation C and actually has 4bed, 4.5bath, w/ the 3rd garage... no landscaping so we'll have to use our imagination

golfer_X said...

That's good, I have not seen any of the REOs that had both. Most have the office in the front with no closet. Which I guess might be ok for some guys but I have 3 daughters. No closet, is a no go! I'd find out about the health of the HOA. I know a lot of the residents are not paying the dues. The regular assessments are already high and you don't need another special assessment to make up short falls in the HOA.

I wish you the best. But you know my thoughts, I think those will be low to mid 400s next year.

Terry said...

i bet you said Hannah Montana instead of Barry Manilow out of respect for me, didn't you? :-)

OSA said...

what is the fraud scheme when someone says they sell the house for more than it's worth?