Saturday, October 25, 2008

Fontana, hows it doing?

It's been a while since I checked anything north of the 10 fwy. I was bored, so while sipping a nice 18 year old single malt I started checking out the listings in Fontana. Like every where else in the IE the carnage continues. One thing I did notice that stuck out is the amount of short sales in this area. It seems like 50% (or more) of the listings are shorts. If all these shorts turn into REOs (and they probably will) this area is really gonna be in the toilet.

This home is 50% off and still hasn't sold. 5917 Pine Valley Dr, Fontana. This home is in the Sierra Lakes development. It is a 4 bed, 3 bath home that is 2581 sq/ft in size. The last sale price for this home (before the bank bought it) was $580k in June 06. It has been listed for 63 days at $294K and still has not sold. That is nearly 50% off the bubble price. The listing is amusing. It says "reduced". Big woop, it went from $295k to $294k! A one freeking thousand dollar reduction, 0.3%. What a tool....

The part of Fontana south of the 10 fwy is doing even worse. Sub $100 sq/ft listing here are easy to find, like this one listed for $89 sq/ft. 17026 Via De Anza. This home is a 4 bed, 2.5 bath of 3099 sq/ft. It was last purchased in April 05 (At least a year before the peak) for $469k. It's currently listed as an REO for $275k. This one has been listed for 75 days. If the picture looks cropped a bit too tightly there's a good reason for it. There is a giant high power transmission line right behind this house. I bet that sounds cool on those foggy mornings.


Martin Burtin said...

Well, dang, probably can't listen to AM radio there either. Break out the tin-foil hats, and Faraday shielding!

Ernest M said...

I drove last Sunday all though that area and saw many forclosed homes. Also money are for sale and for rent as well. Many of the homess that are still ocupied have cars parked in the drives and on the street, making me believe there are at least 2 to 3 families living in the to make the payments.