Monday, October 13, 2008

When upgrades go too far




In the heady days of the real estate boom the fastest way to maximize your profit was to upgrade. High end appliances, travertine, granite, and fancy landscaping were all used to maximize profits. But how much is too much? Well here's your answer:

Marble tile on the garage floor is TOO MUCH!

And layed at a 45 too! with a fancy beveled edge to boot. What the hell was this guy thinking. How many people want a marble floor in the garage?

This home is near Lake Mathews up near woodcrest/Orangecrest but unfortunately the address is in Perris. This takes the value of this home down about $150K or more. Homes over in the 90504 zip of Riverside sell for a lot more than this home will even though it's only a mile away.

This home was bought in 2005 for $631k
. It's a 5 bedroom, 3 bath home, 3725 sq/ft sitting on just over an acre of well manicured land. Gawd knows how much this guys spend on upgrades. Some of the stuff is awesome. The kitchen counters are beautiful the cabinets look low end, in the pics but I'm sure there not though). The bathroom looks like a suite at the Ballagio. They even put marble tile on the stairs. It's over the top gawdy in some respects. Actually in most respects. It makes me want to speculate that a realtor owns it!

Anyway if you want this marble palace it's offered as a short sale for $450K. The price is not that bad considering the home. Some of it would need to be toned down a bit for those of us not used to living in a marble palace. Unfortunately I think the zip code is gonna hurt him. That and the fact its a short sale.....

15 comments:

Jeremy Miner said...

Based on that garage photo, it looks like he missed an opportunity for the most important upgrade of all:

Marble Columns

Martin Burtin said...

Maybe that garage also needs a mirror ball, and a buyer who wants to be on dancing with the stars. Would be a crime to drip transmission oil on that polished marble. I would give about $20 extra for that upgrade, unless I was dance teacher and wanted a place for home biz.

Terry said...

Where the hell's the pool???
All that land and no pool?

The thing I look for most after a pool is no carpet. Cat owners know what I mean.

If the place had a pool I'd be interested!

Alex said...

LMAO, gawdy is an under statement. He could've saved a few $$ if he went with epoxy floors.

jennalee ryan said...

actually, it over 100 grand overpriced. the larger model with a pool sold for $352,000.00 and that model is going for about $320 as you know some upgraded tile wont appreciate it that much

jennalee ryan said...

my bad...it was the same model that sold with a pool for 352..it was the builders model on c street

Laurence said...

I actually think that is somewhat cool in a weird gawdy way. I would never have put marble in my own garage but if a house already came like that I'd take it. It would be an abomination to leak oil on it though and you'd have to have a Maserati or Lotus too...

What I don't get is it looks like all the kitchen/living room tile is laid flat (versus 45 degrees) and the laundry room is linoleum. I would have thought if you were going to upgrade the hell out of everything else those should have been higher priorities.

Huge lot and good upgrades but horrible location. I could never live that far East into the IE. Also agree this lot is begging for a pool.

FairEconomist said...

Somebody had a real marble fetish. I don't think I've ever seen edging as complicated as the one on the kitchen countertops in any modern house. And the marble garage - does that even work? Could you drive an SUV in and out everyday without damaging it?

golfer_X said...

His price is quite a bit higher than the comps but if you've looked at those other homes you will have to admit this place is far nicer than those other sales. I dunno about $100k nicer in this market but this house is the best I've seen in that tract by far. Even though I would personally have to rip out some of that marble. The marble on the stairs would have to go and I'm not sure I could deal with it in the master bath either. But the rest of the house looks good. The kitchen counters are very cool. I think I would even leave the garage for conversation purposes.

Tyrone said...

I think the owners were the couple from the commercial, "Suzanne Researched this".

Did you see the size of that garage?!

California Girl said...

Nice touch til you drop a torque wrench.

Rafael said...

The owner had a tile and stone business and had access to labor and materials at extremely low prices. The pool thing: the first couple of years, most owners spent money on either the front or the back yard - too expensive to do both - he chose to do the front, hence no pool. The location thing: the curse of Perris - it's on the border of Perris and Riverside. The drawback is Mead Valley is close, and it's part of the Perris school district. There was promising development to happen by 2008 like the shopping center at the corner of Wood and Cajalco, a Park and Boulder Springs Elementary. All fell thru: the school bond money was misappropriated (all $14.5 million), the builder didn't build the park and the shopping center lot is for sale. 10 miles away in Riverside, a new library was built last year and a new elementary is almost complete. The only hope for this sub-division is to be annexed by Riversde, which is being talked about. The owners that managed to stay and the new ones buying at half price are making improvements at a much slower pace but there's improvement. There's a sense of community and collaboration between homeowners growing with every year. This area will always be valued less than Briddle Creek, but you'll also pay less in purchase price, property taxes and no HOA. I think, especially right now, at $350k it's a good investment and place to live if you can send your kids to private or Riverside schools.

golfer_X said...

The curse of Perris pretty much sums this tract up. It's unfortunate that the Zip is in Perris. The proximity to Mead is another big negative. That is the meth capitol of the IE. They should just build a BIG high wall around the whole tract. I think you're right Rafael, $350k is probably a decent deal. I don't think I would go so far as to call it an investment though.

jennalee ryan said...

the 4200 square foot model just sold at auction...very upgraded for $319,000.00 OUCH

golfer_X said...

I wouldn't say ouch unless you were the bank. $319k is probably about right in that area for those homes. I looked at similar new homes near there but in a better zip code (92504) in 2001/2002 and they were in the high $300s. Perris zips are a good 20% to 30% below the Riverside zips. So if those homes were there in 2001/2 they probably would have been priced in the high $200s to low $300s.