Here's another story of a poor fella that waited just a little to long to sell his pleasure palace. Even though the market has clearly fallen from it's drug induced highs there are still plenty of late sellers that either didn't get the memo or don't believe it.
The owner at 3944 Bennet Ave in Corona is one such person. His disbelief of the current market conditions is evident by his asking price. No doubt about it, this is a first class pad. The inside looks awesome as does the outside. But it's still a tract home in Corona. The home is 3615 sq/ft and has 4 bedrooms and 3 baths. It also has a bitchin back yard with a cool rock pool, fireplace and built in BBQ. I'm sure they spent some serious cash on that back yard. However as most of us know, A pool is a terrible investment. You get very little of that money back as it scares away 3 out of 4 buyers. I'm sure the other upgrades add some value to the home but nothing close to what the owner obviously thinks.
It looks like the owners picked this home up new in 2002 for $378k. Judging by the backyard they have HELOC'd or refi'd the hell out of this thing and probably owe a fortune. The asking price is $850K. 2 years ago they would have gotten it but today they have some serious competition.
The first and most similar is a model match at 4020 Old Waverly. Same home also with a pool and spa. No pics though except for the front view. It looks nice from the front but it's hard to compare without pictures. None the less this home is listed for $620k. It also has no hope of selling at that price. (107 days on Market so far).
There is also a REO property of the same model at 1929 Crystal Downs. This one doesn't compare to the first one in upgrades (it has none) but the home is identical in floor plan. It is currently listed for $445K. Not quite HALF the price of the first home and it hasn't sold at that price either. It's been listed for 60 days. This home was last purchased in May 2005 for $740K (amazing no?). It went back to the bank for $422k in May. That means nobody bid on this home in May when it was auctioned for $422k! Total loss, assuming it sells at $445K would be $295K (from the 2005 sales price).
How much extra are those upgrades worth on home one? I know they aren't worth $400k. The Crystal Downs house hasn't sold in 2 months at the $445k asking price. I think if they get that one down under $400k they will get some action on it and get it sold. What does a $400k comp do when it comes time for an appraisal on the first home? Even if they were to find a willing buyer is there any way they could get financing. I doubt it. It's just more waisted listing cluttering up the MLS.
