49% OFF in MoVal

15635 Turnberry ST Moreno Valley, CA 92555 is a 2819 sq/ft 3 bedroom/3 bath home that sits on the 6th hole of the Lake 9 at Moreno Valley Ranch. I looked at these homes back in the mid 90's and nearly bought one in this tract. These were very nice homes with good floor plans. This home was sold last in November 2006 for $540K. Today it's offered by the bank for $276k. That is soooo close to 50% off I can taste it. Technically it's 48.9999999 % off the last sale price on 13 short months ago. This home should sell, at that price you should be able to rent that home and make a few dollars. It would not surprise me to see this get a few offers.

Corona Hills goes KABOOM

Up in the hills of Corona, when it's real quiet, if you close your eyes and listen very carefully you can hear the sounds of people crying. One such person lives at,

3311 Quartz CRK, Corona, CA 92882. He purchased his dream home in November of 2005 for $869k. He quickly tired of the home or a more likely scenario is that his reset was approaching. He lists it for $895k back in May, hoping to escape without losing too much. It was not to be however, and after a few price cuts he is down to $815k. Poor fella, what's making him cry though?



Well, it could be 3350 Cashel LN, Corona, CA 92882. This home is just around the corner and it's now listed as an REO for....drumroll please........$530k! This home sold in late 2006 for $890k, the bank got it back a short 11 months later for $760k. I'm guessing 1st payment default on this one. This home, if it sells at $530 will have dropped $360K in just over a year. That's 41% in one year!



As if that was not enough there is another home of similar specs in the same tract up for sale.

1160 Athlone LN, Corona, CA 92882. If this one is not a REO it will be soon. The listing wreaks of desperation. This one is listed at $579k, that puts him $235k less than home #1. This one's not as nice looking as the REO for $530 so he is also going to have to drop the price some more. (nice pics btw Mr. Realtor)

Now to be fair home #1 is a nicer house inside and it does have a pool. But how much is some fancy tile counters and a pool worth? Certainly not $300K! Besides, you have to knock off some money for the freakin barbie pink bedroom. This guy paid $870k in late 2005 and today the comps are listed in the mid 500s. OUCH! These homes sold in the High 600s when new in 2004. I think we can safely assume these are back to 2003 values.

First cracks in "the Retreat"

The Retreat is another development in South Corona. Here's what the developers propaganda says about it.

A thousand-acre master planned community. An 18-hole Nicklaus Design private championship golf course. A private country club. A huge, exclusive, comfortable Clubhouse.

A private, gated, country club community. More than 500 Executive Home sites from five honored homebuilders. The traditional architecture of Southern California and the integration of indoor and outdoor living. With a deep appreciation and respect for the environment, nature, natural beauty, wildlife, health, wellness, and the good life.

The homes in this development were pricey. The low end started around $800k and they went up to over 1 million. The prices in The Retreat have been sticky, well up until recently anyway.
Cracks started to show a couple of months ago. A few REO's started to show up and then KB dropped the price of the new homes by over $100K. The REO's have been dropping the prices and there are now two under $700K, one of those is $625k.

8856 Gentle Wind Corona, CA 92883. This REO is the price leader as far as the bank owned homes go. This home is 3333 Sq Ft. 3 bed 2.5 on a 1/4 acre. The previous owner purchased this in April of 2006 for $975 and lost it to the bank one year later. The Bank has been trying to Unload this thing since April. Just take a look at these price reductions.

Price Reduced: 06/01/07 -- $849,900 to $834,900
Price Reduced: 06/15/07 -- $834,900 to $824,900
Price Reduced: 07/14/07 -- $824,900 to $809,900
Price Reduced: 09/13/07 -- $809,900 to $789,900
Price Reduced: 10/12/07 -- $789,900 to $624,900

So far the bank is $350k or 36% off the last sale!

The we have this desperate seller at 7772 Sanctuary, the listing says " Pre-foreclosure! VERY, VERY, VERY, VERY motivated." This 4150 sq/ft home was purchased new for $925 in Nov 2005. It's now listed as a short sale for $599k. This is also 36% off. Anyone think the bank will go for this? After looking at the first home they should but I doubt somehow that they will.

here's the price movement of the listing.
Price Reduced: 11/26/07 -- $799,000 to $699,000
Price Reduced: 11/27/07 -- $699,000 to $599,000

There are builders STILL trying to sell new homes in this development for upwards of a million dollars. Yet, here we have 2 properties selling for 36% off the last sale. With these listing it has got to be obvious that 40% off is the going rate for The Retreat!