When upgrades go too far

In the heady days of the real estate boom the fastest way to maximize your profit was to upgrade. High end appliances, travertine, granite, and fancy landscaping were all used to maximize profits. But how much is too much? Well here's your answer:

Marble tile on the garage floor is TOO MUCH!

And layed at a 45 too! with a fancy beveled edge to boot. What the hell was this guy thinking. How many people want a marble floor in the garage?

This home is near Lake Mathews up near woodcrest/Orangecrest but unfortunately the address is in Perris. This takes the value of this home down about $150K or more. Homes over in the 90504 zip of Riverside sell for a lot more than this home will even though it's only a mile away.

This home was bought in 2005 for $631k. It's a 5 bedroom, 3 bath home, 3725 sq/ft sitting on just over an acre of well manicured land. Gawd knows how much this guys spend on upgrades. Some of the stuff is awesome. The kitchen counters are beautiful the cabinets look low end, in the pics but I'm sure there not though). The bathroom looks like a suite at the Ballagio. They even put marble tile on the stairs. It's over the top gawdy in some respects. Actually in most respects. It makes me want to speculate that a realtor owns it!

Anyway if you want this marble palace it's offered as a short sale for $450K. The price is not that bad considering the home. Some of it would need to be toned down a bit for those of us not used to living in a marble palace. Unfortunately I think the zip code is gonna hurt him. That and the fact its a short sale.....

Something for Everyone

This one for $925k??

"Something for everyone" according to the realtard of the week. If "something" is a price about 3 times what it should be then yes I suppose it is something for everyone.

19471 Killdeer Ct in Perris is a large home on a large lot in "The Boulders" development up near Lake Mathews. This home is a large single story, 3370 sq.ft, sitting on an acre and a half. The home is nothing special. The cabinets look builder grade, if my eyes don't decieve me, that looks like lino in the kitchen. The bathroom.......well, it has CARPET, need I say more? It does have grass in the back and a small patio but other than that the lanscaping is rather weak. The owner bought this place in jan, 2006 for $634k and after a couple of years he thinks it has increase nearly $300k in value??? WTF dude, have ya read a paper lately, turned on the TV or cruised the net? He just listed for $925k. Man. what a desperate tool the realtor must be to take this listing.

For comparison the nearest comp (identical home) is 18915 Malkoha st. This home at least has a few upgrades. Tile in the bathroom, tile in the kitchen and the appliances look better too. So what, there is no grass in the yard, but it's $537k CHEAPER! This home also sold new in Jan 2006, but it sold for $709k. Must have been the upgrades, this house does look nicer in the pictures. It's an REO now and the asking price for this model match hoome $388k. In addition to this REO there is a short sale at 18774 Malkoha that is the same model home as these two and it is listed for $380k.

Or this for $388K

Another one nearly 50% off

I found another tract that is imploding. This one is called The Boulders and it's up near Lake Mathews. Technically this tract is in Perris but it's a lot closer to the Woodcrest area of Riverside than it is to Perris. This is another horse property type tract of large homes on large lots. Most of the lots are 1/2 acre but there are a few that are an acre or more.

18573 Malkoha ST, Perris, CA 92570

My 50% off home is on one of the biggest lots at 1.33 acres in size. The home is a large single story home, 3370 sq/ft with 5 bedrooms and 3 baths. Not exactly the most attractive home from the front. In fact it looks more like a manufactured home. Our current owners bought this from the builder in April of 2006 for a whopping $728k. There must have been home helluva lot premium. They did add some upgrades, from the few pics I can see upgraded cabinets and granite counters. They are now trying to unload this turkey for $375k. That is a whopping 48.3% decline.



This tract currently has 10 homes for sale under $400k. Most of them are smaller than our turkey and they are on smaller lots. So the price declines are not as impressive. Most of them sold new in the high 400s to high 500s so the price declines are running closer to 30%.