Wednesday, June 24, 2009
From $1.2M to $250K
This might be a record price drop, but then again there's little doubt that the $1.2M sales price of this gem in late 2006 was fraud. 3370 Orange St in downtown Riverside is just a block over from the Mission Inn. It was built over 100 years ago in 1904. It's a little craftsman house with 4 bedrooms and 1.5 baths. Decent looking but certainly nothing special. The location is also not great. It's right across the street from the convention center.
The sales prices of this home are all over the map. It sold in late 2004 for $445k. 2 years later is sells for $1.2 million. Yea, that sale just screams fraud. Less than a year later a $425k sale is listed. That could very well be the bank getting it back, since it was listed for sale again almost immediately. It languished on the market for nearly a year and finally sells again in Sept 2008 for $374k. Someone thinking they were gonna fix and flip possibly?? They listed it again only a month after closing. The price has been dropping ever since. It's currently listed for $248,500. That's $125k less than the sale last year. I really think this was a flip attempt. If so, they are taking a bath on it.
If anyone is doing the math, the current listing price is 80.2% off peak price. And it's 33% less than it was bought for in late 2008.