Anyone remember the delusional seller in Riverside that listed his "professionally decorated" home for 1.4 million when the comps were around $500k? That thread was memorable because the seller or friends of them found it and posted.
Tonight I checked that tract again. It's a nice gated tract off Victoria Ave just below Lake hills. My wife has a doctor friend that lives in there. It's a nice area, but how are the prices holding up. Well, they're not. There are currently 6 homes in the tract listed on Redfin and 5 of those are under $400k! The lowest, and it's an REO is $324k or $89 sq/ft. Unless the house is gutted, that's probably a decent price.
It looks like the dellusional seller asking $1.4 million (he later reduced it to 1 million) is really in a world of hurt now.
The price leader in the tract is 17027 First Light Ln. It is a 3655 sq/ft home with 4 bedrooms and 2.5 baths. It was built in 2003 and last sold in Sept 2006 for $750K. It's currently listed for $324k and has been on the market for 117 days with 3 weeks of that at the current price. At $324k this sure seems like a pretty good deal. If they get asking price that's a loss of 57% or $425k from the last sale.
The next lowest price is 16398 Hidden Pk. This home is larger at just under 4000 sq/ft and has 4 bedrooms and 3.5 baths (same floor plan as Mr. 1.4 mil). This one is also an REO. It last sold in May of 2007 for $715k. Wow and it's already an REO! It's been listed for a month and has already had 1 price reduction. It's currently listed for $398K or $102 sq/ft. Also not a bad deal in my opinion (currently). If it sells at asking the loss on this one is "only" 45% or 317K.
Another one is 17243 Bluff Vista Dr. This is the same floorplan as the first house. It sold last in Aug 2005 for $668k. It's now listed as an REO for $385k or $105 sq/ft. Again, this is a decent price currently for this home. This one has only been on the market 2 weeks.