Fontana, hows it doing?

It's been a while since I checked anything north of the 10 fwy. I was bored, so while sipping a nice 18 year old single malt I started checking out the listings in Fontana. Like every where else in the IE the carnage continues. One thing I did notice that stuck out is the amount of short sales in this area. It seems like 50% (or more) of the listings are shorts. If all these shorts turn into REOs (and they probably will) this area is really gonna be in the toilet.



This home is 50% off and still hasn't sold. 5917 Pine Valley Dr, Fontana. This home is in the Sierra Lakes development. It is a 4 bed, 3 bath home that is 2581 sq/ft in size. The last sale price for this home (before the bank bought it) was $580k in June 06. It has been listed for 63 days at $294K and still has not sold. That is nearly 50% off the bubble price. The listing is amusing. It says "reduced". Big woop, it went from $295k to $294k! A one freeking thousand dollar reduction, 0.3%. What a tool....



The part of Fontana south of the 10 fwy is doing even worse. Sub $100 sq/ft listing here are easy to find, like this one listed for $89 sq/ft. 17026 Via De Anza. This home is a 4 bed, 2.5 bath of 3099 sq/ft. It was last purchased in April 05 (At least a year before the peak) for $469k. It's currently listed as an REO for $275k. This one has been listed for 75 days. If the picture looks cropped a bit too tightly there's a good reason for it. There is a giant high power transmission line right behind this house. I bet that sounds cool on those foggy mornings.

REO Fun in Fontucky 57% off!

Like many other parts of the IE Fontana (lovingly referred to as Fontuky by every one that doesn't live there) is tanking hard.

Here's a few REO properties in the Sierra Lakes development that are putting some serious hurt on the poor FB's that are trying to sell their houses.

16498 Medinah St is a 4 bedroom, 2.5 bath home, 2462 sq/ft on a smallish 5000 s/f lot. This home was last purchased in Aug 2005 for a whopping $570k. The bank now owns this Medinah cottage and has just listed it for $318k. Thats a loss of $252k plus fees, if they get asking (that's a 45% drop from the 05 sale price)



6229 Eaglemont is not quite as an impressive loss as the last home but it's still got a chance to fall further. The home is the same floorplan as the medinah house. It was last purchased in Aug 2005 also but this one "only" cost $490k. It's listed by the bank for $336K. It's been listed for a few months now ans has already had 3 price reductions. It looks like it's gonna need a few more!



Now for the Price Leader, 5751 Ventana Dr, is just a wee bit smaller than the first two. It's a 4 bed, 2.5 bath home that is 2325 sq/ft but this one is on a larger 7100 sq/ft lot. This one has sold an amazing 4 times since being built in 2001, 5 times if you count the bank (the latest owner). The last real sale was very near the peak in Feb 2007 when it fetched an astonishing $640k. That's $275 sq/ft for a tract home in Fontana....Hello....it's Fontana! Well now the bank has it and wants to unload this thing before people actually realize "it's in FONTANA". They have it listed for $279,900.

That is a loss of FIFTY SEVEN PERCENT in one year!
A loss of $360k!!

Cryin' "the must sell blues"

I run acros so many listings with the phrase "Must sell, Buyers will consider all offers". I'm tempted to dust off the lowball cannon and fire a $100 offer at them just to twist their knickers. Why not just price the house correctly?

Here's a perfect example.

Here is the Realtard description,
HOME IS 2268 SQ. FOUR BEDROOMS, 3 BATHROOMS, FAMILY ROOM, AND BIG BONES ROOM, FLOOR HAS JUST BEEN UPGRADED, HOME IS IN MOVE IN CONDITION. SELLER NEEDS TO SELL , AND WILL CONSIDER OFFERS.

What the hell is a Big Bones Room? By the way this is the only picture listed. If after 100 days your realtor can only manage to post one picture of your house DUMP HIM!

11691 Blue Jay LN, Fontana, CA 92337. This home is a 2268 sq/ft, 4 bedroom, 3 bath home, located in "beautiful" south Fontana. The Mustsellers bought this thing in May of 07 for $430k. Can you say HAHAHAHAHAHA, May 07 and these fools pay $430K for a crackerbox in freakin Fontana. Yup, they did their homework alright! So eventually the light bulb goes on (I guess) and they see the error in their ways. They plop this turd on the market in October for $465K or just enough to cover the mortgage and fees.

What kind of offers can they expect? Well, judging by the competition LOW ones. 15756 Flamingo DR is just around the corner and is the same model home (2268 sq/ft). It is currently listed for $309K. This house sold for $450k in Feb of 06 (Probably made the Mustsellers think they were getting a helluva deal a year later and $20K cheaper).

Unfortunately for the Mustsellers the news gets worse. 11640 ROBIN DR is also for sale just around the corner. It's also the same model home. It was purchased Dec 06 for $437k but it's for sale now for $280k. That is 40% less than the poor Mustsellers are asking.

Judging by the competition the poor Mustsellers can expect offers in the mid to high $200s. That's gonna make them cry in their Cheerios.