$55 a s/f in South Corona

Here's a listing that should get some action.

11135 Larkspur Ct, Corona This house is in Sycamore Creek. It has 5 bedrooms and 3.5 baths with 4158 sq/ft. Its a mini mansion! This baby sold for nearly $700k back in March 2006. it looks like the bank tried to get $265k at the court house steps, but there were no takers. It's hit the market with an almost ridiculously low asking price Of $227,500. Now I realize things are a bit slow right now, especially in South Corona but is $55 a s/f what its going to take? One things for sure, this should get a pile of offers at that price. This home is listed at 68% off the original selling price in 2006.

Anyone else think the price is a typo? I did until I checked what else was for sale in this tract. There's a bunch of stuff in around $100 s/f with quite a few in the $90s. There are two other model matches for this big-ass house and they are both listed in the $70s (one's a short and the other is a REO).

$100 s/f in So Corona

25073 Pacific Crest St in South Corona is the first legit $100 s/f listing I've seen in So. Corona. There have been a few short sales listed for $100 s/f but this is the first REO listing at this price I've run across.

The house is 3200 s/f and it is a 3 bedroom, 2.5 bath home. It's sitting on a smallish lot of just under 5700 s/f. It looks like the home was purchased new in March 2006 for $605k. It's listed as and REO property for $320k. That's a loss of $285k or 47% in 2 years (less fees).

Most people look at the price and home and are less concerned about price per sq/ft. Us blogheads use the number because it's another way to gauge the decline other than the overused median price. Because most people/buyers are less concerned about the $ s/f they may not think this home is such a good deal. There are currently 14 homes priced under $350k in that tract so this home actually does have competition in it's price range.



Ok, now for some comic relief! Just up the road from the $100 s/f house there is a MOBILE HOME for sale (well technically it's a manufactured home...same thing). 10304 Dusty Lane is a 1440 s/ft 3 bedroom 20 year old "trailer". Yours for $285k! Yup only $35K less than a 2 year old 3200 s/f house. That's a seller with a sense of humor! Actually there are a few of them in that trailer park.

$106 sq/ft in South Corona

South Corona seems to be taking a price beating compared to the rest of the city. I'm more than a little confused by this. South Corona is one of the nicest areas of the whole city. Some may argue but everything in So Corona is new. New school, new homes, new stores and new golf courses. It's not all roses though. The 15 fwy is damn near a parking lot night and day making commuting from there a bit of a nightmare and there's not a lot to do other than shop, golf or go to the movies. But still it's way better than North Corona (Eastvale) or Central Corona. What's killing the prices though is the fact that everything is new and many of the homes were bought at peak prices. This ultimately is leading to a tidal wave of foreclosures and short sales. Some of these are now getting tantalizingly close to $100 sq/ft.

Two more showed up today on Redfin.

25137 Coral Canyon Rd. A 5 bedroom 2.5 bath home of 3484 sq/ft. This home is only 2 years old having been sold new in Jan 06 for $551k. This home is now owned by the bank and is listed for $370k or $106 sq/ft ( it was $158 sq ft new). That's a loss of $181k or 33%.
That's probably still a little too high for this home. There's no way it pencils out as a rental yet and even to buy this as a "home" you are looking at a very large payment and the monthly utilities on this thing will kill you.



23396 Toronja Corte is another big one. This one is located near the Trilogy development. It's a 4 bedroom, 4 bath home of 4075 sq/ft. This was purchased in Sept 2005 for $743k. Now it's listed for $479k ($118 sq/ft). That makes this loss $264k or 36% from the Sept 05 price. On the same street there is a model match to this one with an even bigger loss. 23438 Toronja Corte was purchased last in March 06 for $830k. Now it's a bank owned and it's listed for $510k. That is a loss of $320k or 39% from last sale. And these have not sold yet, the final numbers might (I mean, will probably) be even worse. Check out the price cuts on the 23438 house. Talk about chasing the market down, 7 price cuts since last June and now there is a model match $30k less on the same street. It just brings a big smile to your face, doesn't it?