But... the foreclosure plague is slowing!http://money.cnn.com/2009/12/10/real_estate/Novermber_foreclosure_report/index.htm[I hope you all "hear" the sarcasm in my comment]
I posted about this house before. Despite what it says on Redfin, it's been listed for a LONG time and previously for over $1mil. It's in a horrible location, and from what others here have said, someone bought a modest house (next to a warehouse) and turned it into some totally-out-of-place mansion. The current Redfin listings show it started out at $1mil in April and finally the seller is getting a dose of reality and the price is dropping like a stone. It's now 40% off what it was in April. http://www.redfin.com/CA/Upland/322-E-19th-St-91784/home/3994539
That house on 19th is sweet! It is one of the few Persian Palaces available in all of Upland. It is like new and twice as big as the other 40 year old crap in Upland people want the same or more money for. This is a good thing!
And yet he is still over $100k higher than all three of the appraisal sites say it's worth..... Looks like he needs another shot from the reality bottle. That house looks to be on a main street in addition to being next door to some huge business. Plus the fact that it's only 5 houses from the 210 fwy. that has got to make this thing hard to sell. In the bubble years locations like this one could have been overlooked. But not today. Buyers are far more fussy, especially in the price range of this house.
Here you go:http://www.redfin.com/CA/Upland/1936-N-3rd-Ave-91784/home/3994428at 535K, smaller, more freeway close, and not as nice as the house on 19th. (Also, the bling back yard does not increase the value of the house.) What it really comes down to is that folks in upland are still smoking the real estate crack pipe for all it is worth. The whole town needs a price drop. By the way, that warehouse on 19th is not that bad. It is a flower warehouse. And the freeway, well Upland is freeway city USA with the 215, 10, and old route 66 going right through. The vehicle noise is everywhere.
The huge underwater numbers suggest Upland (and the rest of the IE) is even more delusional that these comp comparisons indicate. Most of those underwater houses will end up foreclosed over the next 10 years as life forces people to move on. That's a really boggling supply overhang.
Count me as being suspicious of these numbers, especially in long established communities such as Upland, Claremont, etc.
The numbers are not goping to be the same in every community. For every old community where the numbers will be 20% or less there is a new community where the numbers will be 95%. My tract is 25 years old, at least 50% of the homes have sold in the last 10 years. Most of those resales are upside down and several of them have already been foreclosed on. Also this is only the homes with a mortgage. Those that are paid off don't factor in.
Post a Comment