Monday, August 16, 2010

delusion isn't dead


It's nice to see that delusional sellers are still out there. Check out this guy that bought a new home from a builder just a few months ago. It looks to me he hasn't done anything and now puts the home on the market for $145k more that he paid in March. The letters WTF come to mind! The freaking builder tried for two years to dump this thing before he found this sucker. Now a few months after buying this dog the guy thinks he can make $145K. Oh my.....

Here's the home, 16773 Ponderosa. It's a big home in Woodcrest but the area is kinda funky. It's surrounded by small older homes and a whole bunch of empty lots that the builder (Gallery Homes) has given up on for now. These houses didn't even come with fences and from the pics the buyer still has not put one in. The house is nice enough, I actually looked at it when it was for sale from the builder, but the area isn't and the fact there are no fences makes it really strange. At his $158 s/f asking price he is about $50 s/f higher than the nearby comps.

I'm actually seeing quite a lot of these recent buys hitting the market again. I don't think these are flip attempts just buyers that are trying to get out without losing any cash (which means selling for about 10% more than they paid). Good luck on that!

7 comments:

Razor said...

here's another one.. this one is in Eastvale. $530,000??? Puhleeeze...

http://www.redfin.com/CA/Corona/14244-Sunny-Brook-Ln-92880/home/21950422

What are they thinking?

FairEconomist said...

"Just a buyer trying to get out"? Do you think the buyer has actually been living there and now wants to give up? That happens, I'm sure - there are many good reasons to give up on the McMansion dream (commute, job problems, upkeep, realization of real costs, etc), but I suspect most of these offers are flips gone bad, i.e. the flipper realized they won't make money but still delude themselves that they won't lose any.

golfer_X said...

Some are surely flips but this guy paid way too much to be a flipper. He'd have to be the worlds dumbest fliptard.

Could be he just got in over his head or job loss or whatever. But I'm seeing a lot of these. I'v seen more that a few homes I was interested in last year already hitting the market again. One I actually put an offer on came back up for sale. That guy actaully managed to get $30k more than he paid (he got a smokin deal on it last year though).

Allison said...

That neighborhood is very weird. I had kind of been waiting for them to list those Gallery homes though to see how low they would go - I thought 400s. I think the first price he paid was way too much. The price it is listed at now is just ridiculous. No way I am paying $699 for a track home in a weird area of Riverside.

golfer_X said...

I thought you already bought a house?

Those homes are in a funky area. The other tract of land they have farther down Krameria is a much better area. I would be fine with that location. But the lots they built this phase on are surrounded by semi-ghetto homes and bad streets. $400k to $500k might be right for these homes, I think they would get more for the ones on the lots off Krameria.

Has anyone stopped at the new Standard Pacific homes they started building near Miller Middle School? I wonder what those are going for. I should stop in, hell my daughter goes to Miller.

alan said...

I would wonder how he's going to get it apraised at nearly $700,000 when the comps are all closer to $500,000 even if he did find a sucker to take it off his hands.

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