Sunday, January 11, 2009
Sycamore creek, $65 sq/ft
If you measure the value of a home using the $ sq/ft yardstick then this one should rate high on your meter.
25095 Cliffrose St is a big home in Sycamore Creek, South Corona. It's 4519 sq/ft with 5 bedrooms and 3 baths. Built in 2004, it sold new for $555k. Listed now for $295k or $65 sq/ft. It's not quite $50% off but then again it was bought 2 years before the peak. Peak price for this thing would probably have been around $800k. (using 25122 Cliffrose as a comp).
Think it's a one of a kind deal? How about $55 sq/ft? 11135 Larkspur shows up on Redfin as a bank-listed foreclosure. This home is 4158 sq/ft. It's also a 5 bedroom and 3 bath home. It's listed though for $227,500 or $55 sq/ft! This one sold new for a few latte's under $700K in 2006.
This tract has many listings under $100 sq/ft and quite a few under $90 sq/ft. Then there's the two above under $70 sq/ft. Listing prices like these have been creeping inward towards the better areas for over a year now. How much longer before they hit central Corona and the better areas of Riverside? Do you think they will stop short? Once upon a time I did. I'm not sure that they will anymore. I still don't think "normal" sized homes will see $65 sq/ft in central Corona but they big obnoxious monsters might get close.