Take a look at this condo complex in Corona. This is on the corner of Mckinley and Parkview, just North of the McKinley shopping center. Holy smokes, it looks like every other Condo is in trouble. Talk about a foreclosure cluster!
My wife and myself plan to buy a single family home in Riverside. We read your blog and that has certainly been a factor is us not jumping the gun. We keep an eye on the foreclosures meeting our preferences. Over the last year prices have continued to decline. Do you believe they will settle or level off any time this year? We rent now and are have a preapproval in hand waiting for a chance to own a home for the first time.
Are you following me?? Seriously -- how come you write about every place I live?! First it was the Sycamore Creek fiasco, now this. This is, of course, the infamous Triana complex. We moved in here a while back, just as renters after our Sycamore Creek rental went into foreclosure. We live with a friend who bought a place here near the top of the market. They snookered everyone here. They took old apartments, re-faced the cabinetry, put in some pergraniteel, and sold 2+2s for $350,000+! Now, half of these places are vacant, or soon to be, there are squatters in some units, and nearly everyone is in some state of foreclosure (if anything, I think your map is GENEROUS -- it seems worse). Prices are down about 70%, no one is paying their HOA dues, the HOA is going nuts, towing cars off at night to try to bully people into paying their dues -- it's a real circus. On the positive side, most people here acknowledge that this is a sinking ship, and we're all just watching it go down. (Right now I'm watching outside as the kids upstairs throw stuff off the balcony -- no one cares...) Maybe some people will be washing their dogs in the pool tonight...
Sorry Marsupial, maybe you should let the wife pick the next place ;-)
ojedalive, I doubt prices will settle this year unless you are buying in Hemet, Perris or those areas where prices have already tanked 60% or more. Most of Riverside and Corona still have a way to go in my opinion. With unemployment fast approaching 15% in the IE I don't see how prices can level off. It will level off when it reaches levels that investors can make money. Right now it's still pretty hard to buy a place and rent it for enough to cover the monthly nut in Riv/Corona. I think there's another 20% still to go around here.
I agree with Golfer X, with primary sector job losses in the inland empire coming in this strong we are going to be in the pits for some time.
Watch the data quick price per square foot by city when it levels off buy, if you need it month to month instead of year to year send me an e-mail for the cities you want to live in and I will forward it to you.
"Watch the data quick price per square foot by city when it levels off buy, if you need it month to month instead of year to year send me an e-mail for the cities you want to live in and I will forward it to you."
...could you send my wife and I the month to month for Riverside zip codes? My email is chrisojeda@yahoo.com.
You also want to see it level off for a few months. Right now we are in the selling season and prices tend to go up this time of year. Since the price declines are slowing down (as expected) it would not be unexpected to see a leveling off or even a small increase this time of year. It's easy to be fooled by short term blips.
11 comments:
My wife and myself plan to buy a single family home in Riverside. We read your blog and that has certainly been a factor is us not jumping the gun. We keep an eye on the foreclosures meeting our preferences. Over the last year prices have continued to decline. Do you believe they will settle or level off any time this year? We rent now and are have a preapproval in hand waiting for a chance to own a home for the first time.
Ojeda Family
Are you following me?? Seriously -- how come you write about every place I live?! First it was the Sycamore Creek fiasco, now this. This is, of course, the infamous Triana complex. We moved in here a while back, just as renters after our Sycamore Creek rental went into foreclosure. We live with a friend who bought a place here near the top of the market. They snookered everyone here. They took old apartments, re-faced the cabinetry, put in some pergraniteel, and sold 2+2s for $350,000+! Now, half of these places are vacant, or soon to be, there are squatters in some units, and nearly everyone is in some state of foreclosure (if anything, I think your map is GENEROUS -- it seems worse). Prices are down about 70%, no one is paying their HOA dues, the HOA is going nuts, towing cars off at night to try to bully people into paying their dues -- it's a real circus. On the positive side, most people here acknowledge that this is a sinking ship, and we're all just watching it go down. (Right now I'm watching outside as the kids upstairs throw stuff off the balcony -- no one cares...) Maybe some people will be washing their dogs in the pool tonight...
Sorry Marsupial, maybe you should let the wife pick the next place ;-)
ojedalive, I doubt prices will settle this year unless you are buying in Hemet, Perris or those areas where prices have already tanked 60% or more. Most of Riverside and Corona still have a way to go in my opinion. With unemployment fast approaching 15% in the IE I don't see how prices can level off. It will level off when it reaches levels that investors can make money. Right now it's still pretty hard to buy a place and rent it for enough to cover the monthly nut in Riv/Corona. I think there's another 20% still to go around here.
I agree with Golfer X, with primary sector job losses in the inland empire coming in this strong we are going to be in the pits for some time.
Watch the data quick price per square foot by city when it levels off buy, if you need it month to month instead of year to year send me an e-mail for the cities you want to live in and I will forward it to you.
Yippee, I love this shit!
Take care!
RJH
That's one ugly picture. SO many people are calling a bottom now, I guess they don't know how to look at RealtyTrac (RT)?
What foreclosure search program is that picture from? I'm familiar with RT and HotPads, but have not seen that one.
Hey RJH,
In response to...
"Watch the data quick price per square foot by city when it levels off buy, if you need it month to month instead of year to year send me an e-mail for the cities you want to live in and I will forward it to you."
...could you send my wife and I the month to month for Riverside zip codes? My email is chrisojeda@yahoo.com.
Thanks!
~ Chris ~
You also want to see it level off for a few months. Right now we are in the selling season and prices tend to go up this time of year. Since the price declines are slowing down (as expected) it would not be unexpected to see a leveling off or even a small increase this time of year. It's easy to be fooled by short term blips.
Is that picture from Data Quick?
Little help?
The company is called realquest
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