Which home would you buy?

I'm sure most of us would pass on both, but assuming you just had to buy a house which would you choose? These homes are about a block apart on the hill beside RCC MoVal Campus. This is in the best area of MoVal. Most of the homes, schools, roads and stores are new.



Home 1, 26240 CLYDESDALE LN is a 5/3, 2803 sq/ft home in Moreno Valley Ranch or soon to be known as the city of Rancho Bellago. The original owners paid $291k for this castle in 2003. They added a $1500 chandelier and a security system and seem to think this justifies the asking price of $580k. You would think after 220 days they might lower the price.

Nice pic, Mr. Realtor!

Home 2, 16437 HACKNEY CT is a 4/3, 3238 sq ft with a pool and spa. The bank took this one back and has it listed for $399,900. So you get a bigger home with a pool for $180K less. Ther is another listing for another home of this model a few doors down also for $399k. So you get two to pick from, both $180k less than home 1.

I know $180K may not seem like much these days. After all, we have gotten brain washed into thinking $6ook is a cheap home. But think about what you could do with that $180K difference.
These crazy priced homes are just too easy to find these days. They have no chance of selling and I have a hard time understanding why realtors waste their time and clog up the MLS with these overpriced homes. They must know there is no chance they will sell. Even the lower priced homes I am showing here have little chance of selling in today's market.

If you're gonna dream, dream BIG!

Many parts of the IE are full retreat but some areas have yet to see the approaching apocalypse . Moreno Valley is one of these areas. You would think MoVal would be leading the collapse but looking around I find that most sellers are still unaware there homes have dropped in value. Of course nothing is selling. In August just over 50 homes sold, with something like 2000 on the market there is roughly a 4 year supply. Even the new tracts are resisting the urge to make the drastic reductions I've seen in other areas.

Would you pay $620k to live in a tract home in MoVal? this one is not even in the nicer planned community areas.



13597 SESAME RD is a 4 bed 3283 sq ft tract home in rather unremarkable condition. I don't see any upgrades from the pics. It looks like a builder basic model and these dreamers are asking $620k. They seem to think that $100k should be their reward for living in MoVal for a year. By the way look at the pic, do you think they have enough crap in that house. I guess they don't watch those HGTV shows like Sell this House. One word "declutter" (is that one word?)



Thier neighbor with the same model at 13588 BALSAWOOD LN is asking about 100K less and this home looks much better with at least a few upgrades. Even living on Balsawood Ln is not going to help this flipper keep his head above water. This home was purchased new in 2005 for $390K. Our poor flipper bought it this year in Jan for $508k, and is now trying to escape by selling it at $525K.


This short sale 26567 QUARTZ RD in the same tract is 60K under the original builder sales price of $390k. This home is slightly smaller than homes 1 and 2 but at nearly 1/2 the price of home #1 it's got to be a wake up call for those guys. This is listed at $329K or $110 sq/ft. Not a bad price for a nearly 3000 sq/ft home if the bank approves it.


There is also an REO listed for $379k at 26600 SAFFRON, the same model as the one above. This has granite in the kitchen and what appears to be a guest house or some such. This one is also priced below original builder sales price of $391k and way below the $520 it went for in 2006.

All these homes are in the same tract and there are loads more of them. All the newer tracts seem to be suffering the same disease, rash of for sale signs. We can see the sellers here are delusional but the banks seem to be coming to their senses. At $110 a sq/ft is home #3 a good deal? Will the bank let it go that cheap? Only time will tell.