I get quite a few emails asking "are we at the bottom", "is it a good time to buy" and so forth. Those are impossible questions to answer with any certainty. We can make educated guesses but my estimation may be no better than the NAR's forecasts (although I think it is). Heck anything could happen in this market. Nothing surprises me anymore. But overall I think we are close to the bottom in the nicer areas and probably there at most of the other areas in the IE. The OC and LA have miles to go.
Personally I feel there are some pretty good deals out there. I'm even seeing great deals in some of the better areas. There have been some closed sales that I look at and kick myself for not making an offer on them. I'm seeing some houses close for $50k under listing price. So the deals are there. Not everyone is getting them. I also still see houses close for prices that make me go HUH??? what the hell were those idiots thinking.
It looks to me like most of Riverside is now very close to the bottom. There are a few tracts that are holding up but for the most part I think Riverside is a buy. Corona on the other hand still seems a little high with the exception of a few areas like Sycamore Creek which is probably close to as low as it will go. But there are still some good deals in Corona as you will see bleow.
The problem for most buyers right now is lack of inventory. The prices are decent but there's not much to buy.
Here's a few of examples of homes that I would probably have bought at the closing prices.
How about this house in Norco Hills. 1456 Morab Way. This monster closed for $97 s/f. Let me tell you that is a SMOKIN" deal. Yes it needed some appliances but for a 4600+ s/f house on a 1/2 acre lot on a hill with a drop dead gorgeous view, $450k is a steal.
290 Wild Horse Ln, also in Norco Hills. I actually almost put an offer in on this one. The only reason I didn't is it's a littls smaller than I'm looking for. But this 2800 s/f one story with nice landscaping on a 1/2 acre and a great looking pool closed for $428k. The price per sq/ft is a little high at $149 but that's primarily because it's a smaller home.
How about this monster up in Woodcrest. 17564 Seven Springs. This 4000+ s/f house on over an acre and a half has a back yard like a resort. It has a totally bitchin pool and some pretty nice landscaping and hardscaping. This thing sold as a short sale for $450k. I would have bought this house in a heart beat. There is no Mello Roos in this tract either!
People are getting some good deals out there.