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.

11 comments:

dirtfarmer said...

These were emailed to me as changed listings in the past week. pricing looks ok, but never forget the taxes and hoa's. lots are small.
youre practically in lake elsinore, and where does one go for services?
I wouldnt want to live there evan at those prices, or less.

golfer_X said...

The lack of nearby services has been talked about many times in regards to this tract. High taxes and HOA fees are nearly universal on So Corona homes though. It's hard to find a tract without them. There are a few, but not many. The lots in SC are smaller than some but not my much. The Larkspur home is on a 9000 sq/ft lot which is a little larger than average. The average lot in the IE runs about 7200 sq/ft, so these ones are not too far off that. Some of the SC homes are on tiny 4500 sq/ft lots though. I'm with you though, don't want to live there!

Marsupial said...

To anyone who wants to live in one of these monsters, even at $65/SF: Just wait until August and that 111 degree Sycamore Canyon heat forces you to crank both A/C units nearly 24/7. Believe me, it is no fun getting your first $750 MONTHLY bill from Edison!!

Oh, and, the usual... the neighborhood is a ghost town, it's (now) full of vagrants and meth, and the houses are constructed out of what appears to be styrofoam and old screen doors.

Marsupial said...

Of course, looking at the listing, this house (the Cliffrose house) still appears to have most of its appliances intact. That's got to be worth something. On the other hand, that house has been vacant for as long as I can remember, so... maybe some other 'things' have taken up residence in there.

jennalee ryan said...

WELL I GUESS THAT PRICE WAS A TYPO CUS THEY RAISED IT TO 345K NOW

Oldtimer said...

Any idea who the targeted buyers were for this type of home? Were these built for extended family buyers?

I could see this type of home doing well in Salt Lake City targeting higher-income Mormon families, but I don't understand who these were built for in South Corona?

golfer_X said...

I doubt it was a typo. I think they see a lot of hits on the listing and they jack up the price.

As far as the targeted buyer goes. They were not targeting buyers. They were maximizing profits. Building bigger homes on the same size lot means more profit for the builder. As long as the buyers will buy the big homes the builders will build them. Many buyers bought the biggest homes because that also meant the most profit for them when they sold it. It was not about fitting a home to a family. It was all about $$$

FairEconomist said...

Oldtimer, like golfer_X said, they weren't built for a particular market; they were built for the all-knowing all-wise market which was bidding them up even more crazily than other real estate. One of the biggest headaches dealing with the bubble will be trying to figure out what to do with all these oversized remote houses. Theoretically with all the construction we should be able to solve the affordable housing and homeless problems, but it's not going to be easy to use 4500 sq. ft. houses in BFE for that.

The listing claims the only HOA for *this* particular unit is a very reasonable $70 - is there something they're omitting?

golfer_X said...

is there something they're omitting?

Yup! The $4k per year Mello Roos!

OSA said...

i am looking at corona in general. i live in san jacinto but can't do the drive to oc every day. golfer_x can you point me in a direction (developments) that are not too far off the beaten path. thank you

golfer_X said...

Compared to San Jacinto the whole of Corona is on the beaten path! Personally I think the best areas of Corona are on the south side of the 91 up near the hills. Sierra Del Oro, Heritage Hills, Eagle Glen etc.