Sunday, January 4, 2009

The price is wrong B'tch!

How long does it take a bank to realize the "price is WRONG B'tch". I give you an REO, that's been on the market Two Hundred and Fourteen fa-reeking days. And the listing still says "hurry before it's too late". hahahahaha

16418 Village Meadow Dr. in the Lake Hills development in Riverside. This big ole Mcmansion sits on a hill and overlooks the elementary school below ( I hope you like the sound of screaming kids). It's a 5 bedroom, 4.5 bath home. It's very nice inside but the yard is just rocks (and I do mean rocks). The lot is big at .8 acres but .6 of that is hillside, on all 4 sides. It has a good size yard but at least 1/2 of that .8 acre is not useable. The home sold new from the builder in Dec 2006 for a peakish price of $855k. Those peak prices are really starting to look stupid now, aren't they? It went back to the lenders in May. This home has actually been listed since April 07! After the lenders got it they listed it for $540K. They did have one whopping $7k price reduction (1.5% come on people). It's been listed for $533k since Sept. As the market crumbles around them they just sit and wait for a miricle. The price is obviously wrong b'tch! Yes, I said "the price is WRONG". Price it at $429K and you might have a chance. But do it quick before the next wave of REO's hit.


Angela said...

There are a lot of those around here. Check this one out near my house. Been almost a year. No price reductions:

Or this one, over 2 years now:

Or this one with only one 8 1/2% price change since March:

Or these:

Sorry. Just get a little frustrated because some of the homes we really like are not coming down in price.


golfer_X said...

Only one of those is an REO and it's a private lender and not a bank. The featured listing is a freaking bank owned home.

There are lots of delusional sellers out there. But usually the banks are a little more motivated to get their homes sold.

Angela said...

Yeah, you are right. Only the one on Orangecrest is private REO. Your listing is a dilusional bank.

We put in an offer on an REO a few weeks ago on a house that has been on the market for over a year (relisted several times):

We offered under asking because it is really outdated and is missing all of the plumbing, appliances and pool filter/pump. Will need a rehab loan or cash. They came back with a full price counter offer. We politly declined. They have since reduced it by $15k. This is how it has been since we started putting in offers. We'll just keep looking until we find another we like.

Thanks for all the time you put into this site. It's great to read.


dirtfarmer said...

The wife and I have been looking/spectating a house in crown ranch/floppers paradise for over a year so far, 945 white ranch circle

the property came on the market as an reo probably the first one for crown ranch in 07 at a delusional price of 1.2 million. The bank was very slow to learn that the larger homes were priced much lower, but did they adjust the price
only in the last few weeks did the price get adjusted to a palatable 679k. I still wont bite though. at a million two i told my realtor friends i wouldnt pay a penny over 750k that was over a year and a half ago, now i'd say i wouldnt pay over 550k
What do you guys think ??

golfer_X said...

A million dollar house with 4" white tile counter tops???

Even $550k is a lot on money for a house on a dirt lot. Sure the Crown Ranch label adds a few dollars. But really how much extra is it worth to be behind a gate. A gate that you are paying for that $200/mo HOA fee.
$550k might be a good price in todays market. But in a couple of years is that house going to be worth that. I suppose it might if you spend $100k on landscaping and some countertops.

FairEconomist said...

We offered under asking because it is really outdated and is missing all of the plumbing, appliances and pool filter/pump.

Which the listing describes as "needs a little tlc". Oy vey. That does seem to merit much more than a $4/sq ft discount from the zip code median, especially given than the median is probably lagging the real price.

vipertom1970 said...


Hey, I looked at same house couple months ago. It a nice single story house with a nice back and side yard. The association and special assesment taxes is very high in that tract.

who me? said...

And let me add, the gates rarely work properly, so if you are thinking that they provide some kind of security, think again.

Renee' said...

LOL - I mean - the fatcs are out there - the numbers and stats are in and these banks are STILL trying to list their homes for way more than they are worth.Look - there were allot of stupid people out there who got themselves into these outragously priced homes - but no more are stupid people even ALLOWED to get into these freaky where do the banks think they are going to find morons to purchase these homes they have decided to over priced...AGAIN....seriously - these banks need to be b'tchd slapped.