Tuesday, January 11, 2011

Time to break out the Ass-Clown award




There's a new bread of Ass-Clowns popping up. These are the delusional flippers or the people that recently purchased a home and for whatever reason want to sell it now. Today's home is the latter. The buyer picked up 4507 Birdie Dr in June of 09 for $570k. The house is a 4 bed, 3.5 bath home and nearly 3900 sq/ft. He paid top dollar for it but it is a pretty nice house. However the kitchen cabinets and appliances are low end as is the bathroom. The primary upgrades are outside where it has a nice pool. This home has no view to speak of either. Now, a little over a year later in a market that has dropped off considerably from mid 09 he thinks he can make $100k on this house! Good luck with that fella. If he's lucky he can get out for what he paid.

Just to drive the point home there is 4545 Edgewater Cir. just around the corner from his place. This one is an REO but it's in great shape and has a great view of the Eagle Glen golf course. Even if that view starts with the parking lot. This home is quite a bit larger than ass-clowns place. It's a 5 bedroom, 4.5 bath home of 4136 sq/ft. The kitchen looks nicer, the bathrooms look comparable but this house has a much better view. The listing agent for this one had high hopes for it too. Initially it listed for $580k but it's down to a more reasonable $499k. At this price there's a good chance this home will sell fairly quickly.

7 comments:

Oldtimer said...

Looks like Corona home prices have backed off enough that they'll again attract buyers from OC. The commute can be brutal, but you'll get wayyy more house for the money.

Neudi said...

Sorry, still isn't worth leaving OC.

golfer_X said...

What part of the OC? Lot's of the OC isn't exactly paradise. I'll take Corona or Temecula over Anaheim or Santa Ana, actually pretty much all of the OC except the south coast areas.

Some people will move, some won't and that will always be the case. Younger families will be more inclined to move in order to get a nicer home in a nicer area as compared to what they can afford in the OC. Single folks or older folks will probabaly choose to stay and continue to rent if they can't afford to buy in a decent area in the OC.

ButterMonkey said...

X, here's an interesting read, but I'm sure it's old news to you: http://www.nytimes.com/2011/01/09/business/09foreclosure.html?src=busln

golfer_X said...

That news IS old and for the most part banks have actually started ramping up foreclosures again.

Long time no hear, did you get a house in VW yet?

jomie said...

I agree with what you've said golfer_x. thanks for this post.

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Neudi said...

Golfer, we moved awhile back down to Irvine near Shady Canyon. Still keeping an eye on parts of Corona. Prices sure look like they have backed off. I swear I've seen the same homes on and off the market for almost a year.

I do agree there are parts of OC that could be burnt to the ground. I'd add Garden Grove, Westminster and parts of Lake Forest to the list.