Sycamore creek post a new low

Here's the first decent listing I've seen under $80 sq/ft in Corona. 25285 Noble Canyon, this 5 bedroom, 3.5 bath home is 4158 sq/ft in size. From the pics it looks nicely upgraded and in very good shape. This one sold new, Feb 2006 for $716k. The bank now owns it and thinks that a listing price of $327,500 aught to git-r-done. That is about 54% off the new price, or a loss of about $388k. All in all this one looks like a reasonable deal. I'll give this one a green light if you can get it at that price.


If 4000 sq/ft is a bit much for you, you might want to look at 25215 Coral Canyon. It's just around the corner and at 3268 it a little more "cozy". Actually its still quite large but this one is listed as an REO for $285k. That puts it at $87 sq/ft.

Sycamore creek, $65 sq/ft

If you measure the value of a home using the $ sq/ft yardstick then this one should rate high on your meter.

25095 Cliffrose St is a big home in Sycamore Creek, South Corona. It's 4519 sq/ft with 5 bedrooms and 3 baths. Built in 2004, it sold new for $555k. Listed now for $295k or $65 sq/ft. It's not quite $50% off but then again it was bought 2 years before the peak. Peak price for this thing would probably have been around $800k. (using 25122 Cliffrose as a comp).

Think it's a one of a kind deal? How about $55 sq/ft? 11135 Larkspur shows up on Redfin as a bank-listed foreclosure. This home is 4158 sq/ft. It's also a 5 bedroom and 3 bath home. It's listed though for $227,500 or $55 sq/ft! This one sold new for a few latte's under $700K in 2006.

This tract has many listings under $100 sq/ft and quite a few under $90 sq/ft. Then there's the two above under $70 sq/ft. Listing prices like these have been creeping inward towards the better areas for over a year now. How much longer before they hit central Corona and the better areas of Riverside? Do you think they will stop short? Once upon a time I did. I'm not sure that they will anymore. I still don't think "normal" sized homes will see $65 sq/ft in central Corona but they big obnoxious monsters might get close.

$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).

Ass-Clown of the month award

I thought maybe, possibly, hopefully, I had seen the last of the delusional seller listings. But no, that was wishful thinking. This months assclown lives in Sycamore Creek. The biggest financial black hole in Corona. Most homes in this tract are currently listed for about 1/2 what they sold for new. That puts the average asking price in the low to mid 300's. Then there is this guy!

11439 Tesota Loop. The house is 3603 s/f with 5 bedrooms and 3 baths. The house looks nice but it's not high end. The kitchen counters appear to be tile, I don't see any hardwood flooring and the appliances are low end. The house was purchased new in April 2005 for $556k. It listed this week for a gut busting, soda spitting price of $830K!!



Is this another "fake" listing in order to get the bank to agree to a loan modification? "Sure, Mr Bank, I had it listed for 6 months and couldn't sell it...." I hope it is. Because to think that this far into the biggest real estate meldown in recent history, there are sellers and agents that think people will pay more than peak prices is disturbing. The agent should be strung up by the gonads just for taking this listing.

Checking Redfin to see what homes are selling for shows that about a dozen near him have sold in the last 3 months. The price range was $275k to $380k for those homes. In addition the three houses to his right are all for sale (4 in a row) , 2 are slightly smaller and one is the same floorplan. They are all listed under $400k and 2 of those 3 have been listed for over 4 months now. So, obviously they are asking too much.

$830K for an average tract home Sycamore Creek......What is this guy thinking. I bet we don't see those prices again until 2050.

Getting there.

How's that prediction of Corona homes under $100 s/f working out? Pretty good actually. Here's a fine example today from South Corona.

If you like em BIG, then 25111 Cliffrose St in So Corona may suit you. This home is 4187 s/f and has 5 bedrooms and 4.5 baths. It features all the trendy niceties like Granite, tile floor, crown molding etc. This REO property was purchased new in late 2004 for $625,500 (that was a lot in 2004!). It's gone back to the bank and now it's offered for $369,900. That works out to $88 s/f. That is a 41% loss from a 2004 purchase price! That is easily 2 years before the peak and it's still losing 41%.



Also in Sycamore Creek there is 25205 Noble Canyon. This home is 4158 s/f and has 5 bedrooms and 3.5 baths. This one was purchased new in April 06 for 706K. It's now bank owned and is listed for $380K ($91 sq/ft). That is a loss of 46% assuming it sells at listing. They have already dropped the price once so it may sell for even less.



Not felling the love for South Corona? Well there is 14715 Rick Ln in Eastvale. This home is another big-un. It is 4148 sq/ft and also has 5 beds and 4.5 baths. This one is still in diapers at just over one year old. It was bought in Feb 2007 for $660k and it's already gone back to the bank. It's currently listed for $385k. Now don't get too excited the previous owners did take a few of the kitchen cabinets. Doesn't look that bad though, probably $5k to replace the missing cabinets.


There are plenty more like these and theres also a load of short sales listed sub $100 s/f.

$84 s/f in South Corona

Sub $100 s/f are becoming the norm in areas like Perris, MoVal, Lake Elsinore but up until now they didn't exist in areas close to the OC. I've seen one or two short sales and the occasional REO that was just under $100 s/f but today is the first time I've seen a listing substantially under $100 s/f in Corona.



25119 Cliffrose St is in the Sycamore Creek development in South Corona. This home is 3983 s/f and has 5 bedrooms and 3 baths. It's a newish home and the inside looks nice with granite and tile but the outside does look a little like a New England boarding house. The last sale of this thing was in Dec 2005 and that was for $775K. It went back to the lender last month and they have just listed if for $334k. That is $84 s/f! That also makes this home over 50% off, to be exact it's 57% off of the last sale, for a loss of $441k


This is not todays biggest loser though. Another house that hit the market today dwarfs that loss. 2937 Verdino Cr in Dos Lagos (also South Corona) is another big home that went back to the bank recently. This home is 3413 s/f and is 3 beds and 3 baths. It was last sold for $1.2 Million in May of 2007. It's now for sale for $569K. That is a loss of $631K or 53% in one year. That's a loss of over $12k per week! But even after a loss of $53% this house is still priced at $167 s/f. I just don't see this house fetching that kind of price and if it does the poor knife catcher that buys it is probably going to loose another 30% over the next few years.

$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.

Here it is!

The first sub $100 sq/ft home in Corona (that I've run across).

24983 Cliffrose St, Corona 92883. This is a big-un. It's a 5 bedroom/3 bath home, 4519 sq/ft on a minuscule 5661 sq/ft lot. It's a McMansion on a Mcpostage-stamp. This home was purchased new in March 2005 for $581k. It looks like it went to the bank in Jan for $472k. It just listed for $445k or $98 sq/ft. Even at that price this thing is way too much. The location is not very good. As mentioned in a multitude of previous posts, it's too far down the 15 fwy. The traffic blows, there is no gas stations or grocery stores nearby and the tract is overflowing with foreclosures. The lot size is big turn off for a lot of people. Those homes are nearly touching. Your neighbors snoring might keep you up an night. It's not the home for me at any price but will some other knife catcher buy it at this price??

$106, it's the new black

Yet another home in South Corona hits the market at $106 s/f

25087Cliffrose is a 5 bed/3bath home of 3893 sq/ft in Sycamore Creek. This one looks to be an REO that we back to the bank in Jan for $580k. This home sold new in Dec 2004 for $578k. It sold again in Nov of 2006 for $775k (if they could have stretch the sale out another month they would not have had to pay capital gains on the nearly 200k they made). The last owners only manage to keep it a year so this baby was definitely and early payment default. It's currently listed for $414k. Making this a loss of $361k in ONE YEAR. (A 47% loss).


Then there is the delusional neighbor one block over at 25285 Noble Canyon. This doofus lists his home at $700k. It's only a couple hundred feet larger than the last house. This one was purchased Feb 06 for $716k. Anyone sense a 2 year reset in this sellers future? I don't think you need to break out the crystal ball to foretell the fate of this home. Any bets on when we see it as and REO?



One last big loser. 1345 Elysia is in central Corona, high up near the Cleveland National Forrest. This one is a 5 bedroom/4 bath home of 3572 sq/ft. Nice looking home in a much more central area. This one was purchased new in Dec 2004 for $750k (seems kind high for late 2004). It went back to the bank recently for $432k. They either had a helluva 2nd or actually made a big down payment. Loosing this house for $432k just seems stupid unless there were 2nds or HELOCs. The bank has it listed for $453k. Is the bank trying to make a few bucks on this one?
If it sells at asking the loss will be $297k or 40%.