Eastvale listings, new lows

The listing prices of REO properties in the Eastvale area of Corona is continuing to drop. Even as the number of REO properties decrease. Today I found a couple hitting the market at around $90 s/ft. There's a short sale that just listed at $81 s/f (although I don't use short sales as an indication of anything).

7207 Midnight Rose Cir, This home is 4203 sq/ft and has 5 beds and 5 baths. Its the most expensive listing uner $100 s/f to hit the market this week. It's listd at $98 s/f or $410K. This home sold new in Feb 2007 for $688K. They didn't even manage to keep the home 2 years. In fact they barely made a year as they lost this thing way back in March. It took the bank 7 months to get this home on the market! I wonder how many payments they actaully made?



6457 Daffodil Ct is home of 3683 sq/ft and it has 5 bedrooms and 3 baths. This home is listed for $330K or $90 s/f! There is no sales data in Refin for this home so I don't know the history. It would appear that the original owner from 1999 lost this home. That would probably indicate they lost it due to equity withdrawal.



6522 Gold Dust St, This one is 4236 s/f and has 5 bedrooms and 3.5 baths. It hit the market $384k or $91 s/f. This home last sold in August of 2005 for $725k. It went back to the lender in August. They tried to get $405k on the courthouse steps but there were no takers. Think anyone will jump on it at $384k? Yea, me too (assuming it's not thrashed inside).


But if you want to dream big you can go after this Short Sale that listed at $74 s/f. 12782 Thornbury Ln is a big 4038 sq/ft monster with 5 berdrooms and 3.5 baths. The current owners are so far underwater they will need Alvin to rescue them. They bought this home new in Jan 2007 for $669k (probably thought they got a deal too!). Now it's listed as a short sale at $299k! Good luck with that one...... (That's probbly what this home will be worth in 2011 though).

$89 sq/ft REO in Eastvale

Before you jump all over my butt, I know this will probably sell for more. But, the mere fact that it has listed for $89 sq/ft as an REO will encourage more and more listings to go low.

12492 Feather Dr. This home is actually on the East side of Hamner ave putting it in Mira Loma but it is still in the Eastvale area. It's a big one at 4220 sq/ft and it has 5 bedrooms and 4 baths. It has just listed as an REO for $375k or $89 sq/ft. There's also another REO that listed today at $93 sq/ft in the same tract (12245 Ashcroft). It says that ones a fixer so it may have some damage inside.

Over in the Corona side of Eastvale we have one hitting the market today at $98 sq/ft. 13840 Peach grove is the adress if anyone wants to run over. This one is listed nearly 50% off it's previous sale of $750K. Also an REO.

Hearthside Lane in Corona in default

Potential buyers beware

One of the new communities in Eastvale is in trouble. Irvine builder California Coastal Communities is in default on a loan that is secured by several properties. One of those is Hearthside Lane in Corona. They are currently negotiating with the lender to turn over these properties to them. So it you are currently looking at a Hearthside home you might want to hold off. There's no telling what will happen once the lender takes the project.

Here's part of the press release

Impairment charges of $29.1 million recorded during the third quarter of 2008 primarily reflect fair value write-downs for the Hearthside Lane project in Corona and Las Colinas project in Lancaster of $24.1 million and $1.5 million, respectively, and a $3.4 million charge related to our Woodhaven project in Beaumont. Subsidiaries of Hearthside Homes, Inc. are currently in default on the loans secured by the Hearthside Lane and Las Colinas projects and they are attempting to negotiate a consensual resolution of the loans which is likely to involve turnover of the properties securing these loans to the lender. Therefore, under GAAP the Company was required to reduce the carrying value of the Hearthside Lane and Las Colinas projects to their estimated fair values during the quarter ended September 30, 2008. After these impairment charges, the related debt exceeds the carrying value of these assets by approximately $18.5 million. If the Hearthside Lane property is transferred to the lender in full settlement of that loan, the Company will recognize a substantial gain as a result of debt cancellation. If the gain is equal to the amount that the recorded debt exceeds the carrying value of the assets, the $18.5 million pretax gain would result in a gain of $10.9 million after tax, or $1.00 per share. Both of these loans are guaranteed by Hearthside Homes, Inc.; however, they are not guaranteed by and do not otherwise constitute obligations of California Coastal Communities, Inc. There can be no assurance that the lender will agree to a consensual resolution of these loans.

They're duking it out in Eastvale

The banks are getting pretty aggressive this week with their REO's in Eastvale. 3 have listed in the last couple of days under $300k. I haven't seen very many under $300k so seeing 3 hit the market in the last few days is unusual.

The first and from the pics, the nicest is 6727 Black Hawk. This house is 3086 s/f with 5 bedrooms and 3 baths. It looks to have a nice kitchen and has some decent landscaping in the front. Purchased in late 06 for $590k it is now owned by the bank and listed for $299,900. Once all the fees are factored in this will easily be a 50% loss, even if it sells slightly above list.


Home 2 is 12849 Pattison St. This house is 2371 s/f and has 4 bedrooms and 2.5 baths. It was purchased in Oct 04 for $444k. The bank is the owner now and they want $292K.


The third house is 13936 Clearwater. This house is 2568 s/f and has 3 beds and 3 baths. It was purchased in july 05 for $500k. The current owner is a bank and they feel $298K will get the buyers off the fence (probably right too).


In addition to these 3 sub $300k homes there were a whole bunch hit the market in the very low $300s. So, is it a good time to buy? I'd still say no, it still appears that the prices are falling. All the data, whether from HousingTracker, Dataquick or even the NAR shows prices are still falling. Lehman came out last week and said they think California is only 1/2 way to the bottom. And we are still not down to the normal ratios of price to rent or price to income. We are getting close though. The IE has fallen farther and faster than much of the rest of California. I still think we have another 20% or so to go in the IE.

$280k inEastvale

In one of the early posts on the blog I stated the I thought thought the smaller homes in Eastvale would end up selling around $250k. Of course there were some doubters. I was confident in my prediction at the time and I'm still confident, although I'm begining to think I should have been less generous with my numbers. The speed of the price drops are taking me a little by surprise (still too slow for some folks though). I've seen a few listings in Eastvale under $300k but most were auctions, homes that were stripped or short sales.

This week there are a couple more. 7547 Walnut Grove is one of them. It does not indicate that this is a short sale or a REO. It looks like this is the original owner from 2001 that is selling. So there is actually a chance this guy will still make money on this house (or at least not lose his ass). It's a 3 bedroom, 3 bath home, 2462 sq/ft on a quaint 6000 s/f lot. The home is listed for $280K or $114 s/f. Currently this is the best priced home in the area so it should fetch a few offers and it will be interesting to see what it sells for. Let's hope this one sets a new trend and we see lot's more listed under $300k.

Eastvale on life support

I thought I'd check and see how our old friend Eastvale was doing. A quick and dirty check using redfin found right around 500 homes for sale in the area. It looks like every home out there is for sale if you zoom out too far. Just for giggles I queried the homes under $400k and found that around 25% of the listings are under that, 44 were under $375k, 16 were under $350k and only 3 were under $325k. The lowest price per sq/ft I was able to find was $95 (short sale thought).

The best price for a REO property was 13383 Jimson Ct. This home is a 3 bedroom, 2.5 bath and it's 2983 sq/ft. It sits on a nice lot at the end of a cul de sac. The last real purchase was in Jan 2007 for $699k. This house went back to the lender fairly quickly in Jan 08 for $423k. It recently listed for $310k. That is a $380k Loss in 15 months, or 56%. Since this is the lowest priced home in the area, I think it is safe to assume this will sell in a hurry. It will probably even fetch over asking. We'll have to wait and see what the final sales price is but rest assured it will be a whole lot less than that last sale.

$247K in Eastvale?

The Fb's at 14153 Parkwood have been trying to unload their place for 172 days and counting. They started off with high hopes, listing last Oct for $599k. That was just a little late though. The market had already gone into full meltdown mode by then. Try as they might they were unable to get a bite and played the "let's chase the market down game" Having paid nearly $550k for the place in 2005 they did not have much room to maneuver and they have been trying to sell it as a short sale.

Even after all these price cuts, no luck

Oct 09, 2007	$599,900
Oct 11, 2007	$529,000
Oct 30, 2007	$524,900
Oct 31, 2007	$490,900
Nov 28, 2007	$424,000
Jan 29, 2008	$227,500
Feb 04, 2008	$424,000
Feb 07, 2008	$399,000
Mar 17, 2008	$389,000
Mar 26, 2008	$247,500

The last one reeks of desperation, so what are they up to? Well it looks to be one of these goofy auctions that will probably flop when the bank laughs at the bid price.

here is the listing description.
---------Approved------Short----Ready to close----Will be Sold to Highest Bidder this Sunday March 30th open this weekend for inspection Call for info Beautiful home in Corona features 5 Bedrooms 3 Full Bathrooms. Large spacious kitchen, inside laundry, tile and hardwood throughout, direct garage access. Best Value in all of East Valle. One Bedroom Down stairs bonus room Hard wood floors Hard scape and Island for BBQ in Back Yard needs Paint inside and ready to Move in. .. large lot

Wow, the inside of the BBQ needs paint??

I don't see any way the bank will go for this price. Obviously they are hoping it gets bid up to the point where the bank will approve the sale which is probably around the $389k asking price. Who's gonna go and place a bid? How bout Briar girl?

Not worth the effort

Here's a listing that a realtard took and he knows it has no chance of selling. So instead of refusing the listing he takes it and then puts as little effort into it as possible.

13754 Apple Moss Ct, Corona. The realtard could not even muster up enough enthusiasm to write a few sentences of remarks. Nope this is all you get, " This one is just like new. 5 bedrooms, 4 bathrooms with over 3,300 square feet of living area." That info is already in the listing, there is really no need to repeat it. The rest of the listing is just as light on info.

Then there is the ONE picture. It's a beaut too! Who is going to buy this place with the gazillion megawatt power lines running right behind it. Maybe a tighter shot would have been called for in this instance or possible a little photoshop job. At $650k I guess he knows there is a better chance of Bush winning a 3rd term so he chose not to expend any more effort than he needed to. It's about $200k more than most of the other listings in the area, like this one.

I'm sure the owner said "we are just hoping some one will fall in love with the house like we did, and the buzz from the power lines really does help you sleep."

The first sub-$300k listing in Eastvale

here it is, the first sub-$300K listing I have seen in one of the newer tracts in Eastvale.

6695 JASPER DR, Corona, CA 92880, This is a smaller two story home with 4 bedrooms and 2 baths. It's still a good sized home with 2452 sq/ft and is sits on a 6500 sq/ft lot. This home was built in 2003 and sold new for just over $300K. It sold again in March 2005 to the current owner for $470k. It's just listed for $299K. The listing does not say this is a Short Sale, nor does it say if it is a Bank Owned property. I would guess that this is a short sale. So the bank might not take a sale at this price (that, of course would be stupid). Just the fact that there is a $299k listing will have an effect on the other listings. I said six months ago that I expected this area to be selling in the $250s at the bottom. This is a big step in that direction. If more homes in this area start appearing under $300k this early in the "correction", then I'll be thinking that I may have been a little too optimistic in my prediction.

Another spin through Eastvale

Eastvale, love it or hate it you have to put it near the top in the IE as far as the Kaboom goes. Bringing up that area on redfin nearly causes my pc to seize up due to all the homes that are for sale. The toxic kool-aid is still being chugged. I'd estimate at least 75% of the listing have no hope of selling. The other 25% range from the fringes of "no hope" all the way to "they might have a chance".

I did a search by price to see what was available for under $400k. Surprisingly enough I found over 60 homes priced under $400k. I then searched under $375k and found that 7 of those were under $375k. I tried $350, but I struck out at that price. It seems our price leaders are in the high 300's.

The lowest price per sq/ft that I was able to find was $116 sq/ft. I found another 3 under $120 sq/ft. Most of the lower priced units were in the $130s to $140s sq/ft.

Here's a couple of the sq/ft leaders in Eastvale.

7441 Spindlewood DR, Corona, CA 92880
3782 sq/ft
4 bed/3bath
Purchase Price $560k in 2/05
Asking price $449k m($116 sq/ft)
Total loss $110k plus fees and holding costs for 2 years.

14485 English Setter ST Corona, CA 92880
3813 sq/ft
5 bed/5 bath
Purchase price Approx $620k (mid 06)
Asking price $450K ($118 sq/ft)
Total loss $170k plus fees and holding costs
You get two to choose from as 14335 is also for sale. Same home, same price.

Those builder closeouts can hurt ya'

Back to Eastvale again! There's a sad sad seller at;

6880 Edinburgh Corona, CA 92880, his 4133 sq/ft castle is up for sale. Our sad seller purchased his Edinburgh Castle in Nov last year for $670k from the builder. After 1 year he is ready to sell and has his castle listed for $698k. After fees he's looking at a loss 10K assuming that there was a hope in hell of selling at that price.

His competition is the builder who is trying to unload a similar home at,

6935 Lancelot Corona, CA 92880, for $490k. The builder is $180k under last years sale price. Ouch, that's gotta sting. But even this home has been on the market for 2 months with no action. Even though it is $119 sq/ft! Not too shabby for Corona (if you can stand the smell).

Just to rub it in the builder is also offering

6949 Lancelot Corona, CA 92880, for $499. Same model, slightly larger lot.

BTW, I've been to Edinburgh Castle, it's a super cool place, don't miss it if you are ever in Scotland.

More Eastvale Madness....

Madness, madness, they call it madness....

5642 ANNANDALE PL, Corona, CA 92880, This is 5 bedroom, 4 bath, 3452 sq/ft home. Near as I can tell these were built in 2001 and sold for around $280K. This home appears to be a rather basic model. I can't see any real upgrades from the pics. We have your basic white tile counters, cultured marble vanities etc. He has painted a few rooms and the landscaping is very nice but over all this home is nothing special. But listen to what the realtard has to say "No Expense Was Spared On This Lavishly Decorated Home!" well if "no expense" is a gallon of paint, I agree, otherwise shut the hell up, how is a white tile counter expensive. If your looking for a 5 year old builder basic home for $709k, look no farther, Mr Dreambig has the place for you.

However, if you would like a few upgrades then you may want to look just down the street at

5712 ANNANDALE PL. This home is the same model but this one looks to have a few upgrades. The counters look like Corian and it has fancy tile backsplashes, new carpet and new paint. This home however, is owned by Mr. Bank and he's willing to deal. Mr. Bank gave a loan to Mr Houseflopper for his $605k purchase in Jan of 05. How ever Mr. Houseflopper was unable to pay Mr. Bank and he took the house back in August of 2006 for the balance of $530K. Mr. bank has been trying to unload this "load" ever since. Mr. bank has finally started reducing the price and currently he is asking $479K. So Mr. Bank's is priced $230k less than Mr. Dreambigs place. I wonder which will sell first. Actually I wonder it any of them will sell.....