Monday, November 17, 2008

The WTF award of the week



Most agents have long ago come to the realization that Perris has tanked. It's pretty rare these days to come across a listing in Perris over $300K, hell most should be under $200k. I'm fairly sure the median of Perris is now under $200k. So it was a surprise to run across this listing today.

922 Hereford Way, Perris. This home is over in/near the Villages of Avalon, below the dam at Lake Perris. This is a large ranch style home that's just over 3000 sq/ft on a 1/2 acre lot. It has 3 bedrooms and 2.5 baths. This home sold in Oct 2006 for $635K!! Yes, you read that right $635K in freakin Perris. It looks like the bank too it back in July for $345k. It's now listed for $399K or $133 a sq/ft. That is an insane price for the area. The average listing in that area is about $80 s/f with many down in the $60s. It might be worth a little more because of the large lot but WTF is the listing agent thinking pricing this turd at $400k.

Now check out the picture. You'd think the agent could have cropped the picture in order to not show the Graffitti on the garage door. Is the other door missing? Probably the listing does say it's a fixer. A $400k fixer in Perris..........

3 comments:

Martin Burtin said...

OK, let's go with $80/sq ft for that area, for turnkey condition, and we're factoring in the large lot. Should be about $240K. Now we have to ask for some cash to do repairs. Probably $40K, give or take. Plus I want a concession on price because of the high property taxes. I'd want enough off the price to offset 5-10 yrs of taxes (only the amount that exceeds the prop 13 amount). So that would be between $20 and $40K. Oh, and I also would need some cash to pay for flood insurance; did you see where this tract is? Knock off another $20K or so for insurance and risky location. Basicly, I might think it was fairly priced at $150K, but I still wouldn't put my family in that location. If that dam were to burst as a result of an earthquake, you would regret purchasing that house for even one dollar.

alex said...

I don't think your $40k for repairs includes re-piping the house now that all the copper is gone. Do you think they stripped the wiring too? appliances? cabinets?

FreedomCM

korie said...
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