Saturday, May 2, 2009

Another delusional seller

There seems to be another wave of delusional sellers hitting the MLS again. Maybe it's because it's spring, maybe they are hearing about 50% increases in sales numbers and interpreting that as a 50% rise in price, maybe there's a carbon monoxide leak in their house. Who knows, I just know I'm starting to see more and more of these.

Here's the latest one in the areas I'm watching. 140 Trakenher Pl, Norco. This home is in Norco Hills. It has 6 bedrooms, 4.5 baths and is 4313 s/f in size. It's a nice looking house but the back yard is basically dirt. The home was purchased in 2006 for $878k. 3 years later, after one of the biggest real estate crashes in history this guy thinks he can still make a profit on it. The asking price is $1.15M. WTF?? Why are agents taking these ridiculous listings.

Check out the appraised values;

Zillow $427,980 $509,500 $580,830
Eppraisal $481,490 $566,459 $651,427 Cyberhomes $423,321 $470,357 $540,910

It looks like the average middle value is about $500k. And I actually think that's probably about right. Priced at $500k this home would sell.

This home for $1.3 million or (see below)

Here's delusional seller #2. Also in Norco Hills but on the Corona Side. 300 Cross Rail Ln. This is a bigger home, with 6 bedrooms, 5 baths and 5659 sq/ft. This home also looks very nice from the front. The realtor didn't put much effort into the listing. No pictures and no description. This home was purchased in late 2005 for just over #1.2M. He now has it listed for $1.3M.

What are the apprasials on this one? Well apparently the seller doesn't what you to see that! No surprise because they would probably be around $600k (or less). This house does have a couple of model matches and a couple that are just slightly smaller listed near by . All of them are between $500k and $600k

Or this one for $585k? And this isn't going to sell at that price. There were two model matches recently listed under $550k. They seem to have gone pending finally.


Chad said...

My favorite line in the description of the first Norco Hills property is "Almost 1/2 acre horse property."

Almost!?! Either it is or it isn't. If I have horses, I don't really care if it is almost horse property.

I looked tried to look up the listing agent. She doesn't have a website. Dept. of real estate shows her license was issued in '07. It probably has something to do with why she took the listing.

Allison said...

At a birthday party I told someone we are still waiting for prices to fall more before we buy and he looked at me like I am crazy and going to miss the boat. :) Of course, he lives in Moreno Valley where you can get a house under 100k so maybe out there it won't go much lower.

I've driven around now and started to watch the listings in Norco Hills - I like it. But too expensive for me, need some of those (less than 4000 sqft) houses to go into the 400s.