Here's the first decent listing I've seen under $80 sq/ft in Corona. 25285 Noble Canyon, this 5 bedroom, 3.5 bath home is 4158 sq/ft in size. From the pics it looks nicely upgraded and in very good shape. This one sold new, Feb 2006 for $716k. The bank now owns it and thinks that a listing price of $327,500 aught to git-r-done. That is about 54% off the new price, or a loss of about $388k. All in all this one looks like a reasonable deal. I'll give this one a green light if you can get it at that price.
If 4000 sq/ft is a bit much for you, you might want to look at 25215 Coral Canyon. It's just around the corner and at 3268 it a little more "cozy". Actually its still quite large but this one is listed as an REO for $285k. That puts it at $87 sq/ft.
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this is a way down th 15. are there any shops etc. down there. i know cajalco road but am not familiar with the area south of there. thanks
Nope there's nothing down there. It's only a few miles south of Cajalco (3 exits). That is one of the biggest drawbacks to this tract of homes. There was a plan to build a shopping center down there but who knows if that will ever happen. The other big drawback, this is another tract saddled with very high Mello-Roos and HOA fees.
thanks golfer_x. i am assuming that most of the newer neighborhoods in corona have highish mello roos. do you think these types of prices will sneak up the 15 towards cajalco?
I think most of Corona has long way still to fall (another 20 to 30%). Most of the newer developments in the IE have high Mello Roos. In Corona they call them CFD taxes. Depending on the CFD area they can run upwards of $5k per year. And it is NOT deductible like the regular property tax is. Another thing about Mello Roos or CFDs is that if they sell less homes in an area than they were planning on selling the current homeowners can get stuck with the additional mello roos taxes for the homes that were not built. So they builder might say the tax will be 3K per house. But if he only builds 1/2 the houses that can jump to $6k.
Actually, they finally did open the strip mall down there right off the 15 @ Indian Truck Trail. Really not much there, though. When we lived there, we used to joke that our nearest grocery store was Tom's Farms. Our nearest restaurant was also Tom's Farms.
I will say this again, but in a less hysterical was than previously: the houses in Sycamore Creek that have been sitting vacant (and even some that haven't) have some pretty big defects that you really can't see in pics. Separating walls, cracking and separating wood flooring, gaps opening around the windows, etc. These are all McMansions, and they were thrown-up (so to speak) very quickly, and it is showing now that we are a few years down the line.
golfer-x,
we moved in to the retreat and over the past few months, there has been less for sale signs and a lot of newly bought homes are being landscaped, and new residents are moving in... what are your thoughts on this area; stability or more falling in the forseeable future - i think at most 5-10% in the next year.. and hopefully a turn around
i guess now with the new government plan, prices will stay highly inflated. isn't this wahat got us into trouble in the first place. man i should have been reckless and the government would have helped me out
Jack the last time I looked there were still a crap load of homes in the retreat that had NODs filed. At one point late last year it was around 100 homes that had either NODs, NOTs or tax liens. I've noticed quite a few homes listing at better prices in there lately. Two this week even caught my eye. There's a one story beazer at $409k and a bigger one off the 10th tee for $449k (102 sq/ft).
With sycamore hitting into the $80s a sq/ft it will be hard for the retreat to not to follow. I don't think it will go as low of course because the homes and neighborhood are way better. But what will the premium be? 20% maybe. So $100 s/f. How far it falls depends on how far the rest of the area falls. No tract is an island. They are all affected by what happens around them.
What is going to happen with the CFD tax and HOA now that KB is pulling out leaving a bunch of empty lots?
Let me tell you - all that's available anymore is these gia-normus homes!
I haven't posted in awhile - I have been working like a dog and have been putting in offers on homes left and right...only to be out-ran, out-bid and lost in the dust.
If anyone is looking to buy a decent home in Corona/Riverisde under $300k - you better make sure you are the first one to the bank and have all your cross-quals done with the banks that own these homes - otherwise - FORGET IT!
What we have not discussed on this blog (not sure if anyone else has come across this) is the fact that you might have your funding ready to go on a purchase - but if you purchase any REO - you better be prepared to have a cross-qual with the bank that ownes the property.
Found a great home in Riverside - it no sooner hit the MLS and my realtor and I were on it- totally re-done home - beautiful original hardwood floors - listed at $199k -I put in a bid of $30k more than listing price - fair price for this great home. But in order to even SUBIT an offer - I had to pre-qual with CW - those BASTARDS never called me back nor my lender or my raeltor....same thing happened on another home that I put an offer on.....
My realtor says this is so common -you have to get into the banks "system" - so that's what I have been doing now for two weeks - Wells - Chase - CW (though CW is hard - they have a back-log)....be prepared ladies and gentlemen - it has become a bidder war - no lie - I have been doing this now for 3 weeks and I am about ready to take a few cardboard boxes and call it freakin home.
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