What are you paying for postage stamps?

In Chino you can pick up a postage stamp for $345K. Included in the purchase price is a 2103 sq/ft, 3 bedroom, 2.5 bath home. This home and it's teenie weenie lot (3102 sq/ft) were purchased Sept 2005 for $504k. The bank is trying to unload this now for $345k. A rather unimpressive (by this blogs standards) 32% fall in 2.5 years. Of course peak prices were a year later so this thing was probably worth $650k around the summer of 06.



By the way, another fine composition by the photographer. Way to make the mail box stick out like a sore thumb! Just a suggestion, next time take the shot from the other direction and leave out the mailbox.

I guess a 3000 sq/ft lot is great if you hate yard work.

The preserves are starting to rot

The preserve in Chino is an attempt to turn former dairy farms into a master planned community.

The Preserve at Chino will become a master planned community encompassing over 1,000 acres as the plan unfolds throughout the next decade. Guided by thoughtful design ideas and proven planning strategies, the community will mature graciously, with tree-lined streets and parks close to home, walkable neighborhoods, and outstanding public and private amenities.

So far only a few tracts have been built. Most of the roads into the area are small or under construction. There are only a couple of main streets out of the area, and when built out the traffic could very well become a nightmare. On the few occasions I've been over there it's already bad. Most of that though is due to the road construction.

The few tracts that have been built were on the spendy side, $700k and up when I last checked. That was probably almost a year ago. The REO's and shorts are already hitting the market and they should begin to drag those prices down.
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The current leader per sq/ft (that I could find) is this property at 7906 Garden Park St.
This home is a monster, 4146 sq/ft with 5 bedrooms and 4.5 baths. The lot is a little small at just under 7000 sq/ft. It was purchased in Feb 06 for $741k. It's currently listed for $525k or $127 sq/ft. That's a loss of $216k, plus fees, plus 2 years of holding costs. OUCH!



Just down the block is 8093 Garden Park. This is a smaller home "only" 2569 sq/ft with 3 bedrooms and 2.5 baths (what did they do with the rest of the space?). You sure as heck don't need 2600 sq/ft for 3 beds and 2 baths. This home was purchased new in June 05 for $530k, now it's listed for $449k. The loss is not that impressive but at the peak (late 06) this home would have gone for nearly $700k. The actual loss is only $80k plus fees and 2.5 years of holding costs



7922 Spring Hill St is another big home. 3790 sq/ft with 6 bedrooms and 4 baths. From the pics this house looks like it's 12 feet wide. The lot is TINY at just 5000 sq/ft. Your neighbor can wipe your butt after you take a dump they are so close. This sardine can was purchased in Jan 06 for $769k. Think about that, over 3/4 of a million for a tract home on a postage stamp built on a former dairy farm in a hot, smoggy, hard to get to valley. WTF?? Now this thing has gone back to the bank and they have it listed for $543.5k. That is a loss of $225.5k in 2 years (plus fees and holding costs).

Chino by request.....

By request I took a quick look at Chino/Chino Hills. I did not see the panic in Chino Hills yet that has taken hold in other areas of the IE. For the most part prices seem more level. I did not find many areas with huge variations in price. However, I did notice most listings were gathering dust, they have been listed for months and many of them have multiple reductions in price. It’s easier to find price big cuts in down in the flat areas of Chino.

Here's a nice example of a newer home in Chino that the buyer is obviously in full panic mode.

7922 SPRING HILL ST, 3790 sq/ft 6 bed 4 bath

Purchased 01/2006 for $769K
Listed for $575K or $151 sq/ft

If he can sell it that would be a loss of $194k plus $34k in fees plus 20K in property taxes. For a grand total loss of $248k in under two years!

15700 WILLOW RUN DR, Chino Hills, CA 91709 is a 4/4 2663 sq/ft home on a postage stamp sized lot. Original owners paid $327,500 in 2000 for it. They should be able to sell this for a handy profit assuming they did not use it as an ATM machine. So far they have whacked off $80k from the original asking price. An example of the “chase the market down plan”

Originally listed 05/06/07 for 728,888 (888? must be a fung shui thing)

Price Reduced: 07/07/07 -- $728,888 to $699,888
Price Reduced: 08/07/07 -- $699,888 to $669,888
Price Reduced: 09/20/07 -- $669,888 to $649,999

How about this baffoon…. At 1454 RANCHO HILLS DR he is also the original owner and bought this 4/3 2857 sq ft home in 1996 for $252k. He currently is asking $699,950 and it’s been on the market for 115 days. Now, why do I think this person is a buffoon. Well in addition to asking 3x what he paid for it, check out his price cuts, especially the last one. YUP you read it right, that my friends is a FIFTY dollar drop on a $700k home! Yea, I’m sure that will make all the difference, a buyer will appear shortly!

Price Reduced: 07/27/07 -- $758,800 to $739,900
Price Reduced: 08/04/07 -- $739,900 to $728,800
Price Reduced: 09/17/07 -- $728,800 to $719,900
Price Reduced: 09/28/07 -- $719,900 to $700,000
Price Reduced: 10/01/07 -- $700,000 to $699,950