Wednesday, October 22, 2008

How low will they go?

How low will they go? What's your guess this month. Last year I would never have guessed that nice, newer homes would be listing under $60 a sq/ft. But here were are, and if you look, there are some very nice houses listed that low. Yup, they are in the boonies but so what, that price is darn low.

I know, I know, it seems like it's taking forever for the prices in the desirable areas to fall. But, they are desirable for reasons and those reasons will slow the price declines in those areas. It won't stop them, it wont make the fall any less it will just make it take longer.

Check out what you can get it you don't mind living in the sticks. Can these go lower?? I keep looking for one under $50 sq/ft but no luck so far.

3030 Cat Tail Ct, Hemet is a 3335 sq/ft home with 5 bedrooms and 3 baths. Built in 2005 this home sold new for nearly $450K! IN HEMET...nope no bubble here..... The bank is trying to unload this house for $190K. That's about 57% off the new price. And this is a nice looking house. Even the inside looks good (in the two pics). It has nice hardwood floors and the kitchen looks very nice. At that price this house works out at $57 a sq/ft! This house is down in the newer end of town near Diamond Valley lake.

Think that listing is a fluke? Nope, here's another one even cheaper. 1819 Overland court is in the same area as the first house. This one is a 5 bedroom 4.5 bath home with 3511 sq/ft. This one also built new in 2005 sold for $485k. It's a bank owned and it's listed for $189,900. That's $54 a sq/ft for a newish home with tile floor in the kitchen and granite counters. It even has a landscaped back yard and a small patio. FIFTY FOUR bucks a square!

Here's another, 204 Kirby St, San Jacinto $55 sq/ft

378 Overleaf, San Jacinto (REO) $51 sq/ft

1242 Enchanted, San Jacinto, (REO) $53 sq/ft


aa said...

What do these properties rent for? Craigslist is showing $1500 for 5 bedrooms in the area.

golfer_X said...

That's about right, $1500 is all your gonna get for a 4 or 5 bedroom in Hemet or San Jacinto. These would not make good rentals though. They are far too large. The maintenance would kill you. Replacing carpets and painting between renters would eat any profits you might make. Good rental properties are 1000 sq/ft to 1500 sq/ft.

OSA said...

golfer_x. Why do you always show the low side of San Jacinto? Why not take a look at Trulia.
605 Wamblee (3127 sq feet) - $110 sq/ft
496 Peregrine (3127 sq feet) - $103 sq/ft.
Why don't you show what is really happening

golfer_X said...

What I show is the ONLY side in San Jacinto or Hemet or Perris etc.
I guess these are just figments of my imagination.....

Here's what "really happend" to your examples.

605 Wamblee, ($345,095) That sale was the bank taking it back. It will be listed real cheap real soon.

And you other example is currently listed for $189K, or $61 a sq/ft.
MLS#: H738443

The sale you reference at $103 sq/ft was also the bank taking the property back (for $324,068).

How's that? real enough for you!