Saturday, August 8, 2009
Dellusion sellers.... they still exist
Here's one of those listings that just makes you scratch your head and wonder of you read it right.
688 Sun Cup Circle is a 3400 s/f home on a 7000 s/f lot in McSweeney Farms, Hemet. It's way out on the South Eastern side of the city, behind Diamond Valley Lake. It was built as an Equestrian community with many of the lots being 1 acre (this home is on a small 7000 s/f lot). The community is fairly nice with a big clubhouse and horse trails. It was built right as the market started to tank. I haven't been out there in over a year so I don't even know if they built it out or not. If I had to guess I'de guess they didn't.
This particular house was bought new in Feb 07 for $383k. It went on the market in Dec 08 for $350k. Of course by then there was no hope of getting that in Hemet. Months went by and the price went down...down....down, finally getting to $205,777 (777 must be lucky). It stayed there for a while. Then I guess the owner started reading about the "green shoots" and the price started going up. First to $285,777 in March and now to $350, 777. It's now listed higher than it was in Dec 08.
So what's it really worth? Well it's hard to say since there's been so few sales in this tract. There was one on the same street that sold back in Feb for $179k. It was a little smaller though. There are 3 nearby homes listed, one REO model match listed at $174k. It has been on the market since Aug 08! The other 2 are short sales listed for $150k and $179k. So going by the model match comp you have to assume the value is $180k tops. Since that home hasn't sold at that price it's probably less.
Now if you did want to spend $300k to live in this area you might rather look at 650 Newport. It's a large single story on a 1 acre lot. This home is beautiful inside. The kitchen is awesome. It sold new for $630k and is now listed as an REO for $304K. That's probably still a little high. It's been listed since May with no takers. More than 50% off and they still can't sell it. $250K ought to get it done for this house. I don't think they'll get over $300k for it with no landscaping.