Let's do the Time Warp again

Let's do the Time Warp again in Chino Hills. It looks like Chino has warped back to 2004. How long before 2003 prices start to show up again?

5880 Cedar Spring CT Chino Hills, CA 91709

Purchased 8/2004 for $432k
For sale 12/2007 for $449K

15927 Windswept RD Chino Hills, CA 91709

Purchased 5/2005 for $440k
For sale 10/2007 for $449K

2937 Crape Myrtle CRK, Chino Hills, CA 91709
This one requires a little extrapolation (guess at 2004 price)

Purchased 4/2003 for $310K
For Sale 2/2007, now at $399K ( He started at $509K)

Of course by the time these actually sell they might be at 2003 prices.....or 2002....or.....

Chino Hills Dreamin'

Pricing madness and magic fruit punch are both flowing in Chino Hills. Sellers still seem to think they can add $100k per year to purchase prices even if they only bought in 2005.


4991 GLENVIEW ST, Chino Hills, CA 91709, this is a 5 bed/5 bath home of 3616 sq/ft in Sycamore Heights. It was built in 2004. I believe these sold new in the high 700s to low 800s. I can't find what this home sold last for but our seller thinks it's worth $1.15 million (reduced from 1.19 million). So he's looking to make $300-$400k for sitting in a house for 2 years. He has added a pool and some landscaping but does that add $300k+ to the value, I think not. besides the pool looks like it takes up the whole tiny back yard. The realtor does not seem to think interior shots are important. Only 4 pics and all are the outside.

So does he have a hope of selling? Well no especially since 2 of his nieghbors are priced way below him.



5088 GLENVIEW ST, is the same model, but without the pool. The realtor also does not think the interior is important as he also only has 4 pics of the outside. This home is listed at $825k, making it a whopping $325k less than home #1! From the tax it looks like this person is the original owner and paid around $750. If he manages to find a buyer at his price he will escape (after fees) without losing anything other than his carrying costs.

4999 GLENVIEW ST, is a slightly smaller home, 5 bed/3bath at 3424 sq/ft. This one is also undercutting our 1st dreamer by a mile. This home looks nice and the realtor at least took a few pics. The home is empty but it does not look like an REO (yet). At $785k this home is $365k less than #1.

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