Nandina back on the market

A couple of years back I wrote about a small development that went belly up after building most of the homes. They came on the market in Late 2007 right when it was coming apart at the seams. They were trying to get right around a million for these homes back then. I laughed out loud at the sales lady when I saw the price sheet. They stuck it out for about a year after finding only one sucker to buy a house. The whole tract went into foreclosure and sat empty for a few years. Well recently they have started selling again. The prices now are about 1/2 the original price. Not a bargain but these are pretty nice homes with high end kitchens and lots of nice built-ins. I really liked the floor plan on a couple of the models. The good thing about this little tract is there is no Mello Roos nor any HOA to deal with. On the bad side you are paying top dollar since it's a new home and you still have to spend a healthy chunk of cash putting in some landscaping and fencing.

Here is one of the homes they have listed.
http://www.redfin.com/CA/Riverside/17624-Fairbreeze-Ct-92504/home/17330776

OMG check out the pics

Here's a "classic" realtard listing. 17551 Dry Run Ct in Woodcrest. This home was purchased for $350k as a shorty in March 2010. I guess the buyer didn't like the country living or maybe it was picked up as a flip (doubtful). But in any case it hit the market last weekend listed for $499k! This guys thinks he can make $150k in a year in this market. I can't tell if this guy put the pool in or if it was in before. The previous listing did not mention a pool. I kinda think he added the pool and is trying to recoup the cost of that AND his other costs.

So what makes this listing "classic"? Well, 10 of the 12 pictures are UPSIDE DOWN! (just like 40% of the homeowners in the IE). Oh and the all caps and spelling errors. In addition the statement that the lot will make a great vineyard or DRIVING RANGE? Really a driving range, have you ever played golf? Most of this lot is pretty unusable. It's basically a gulley with the only flat spot being where the home is.

What are this guys chances? Basically zero at this price. A much nicer, larger home just sold down the street (with a way nicer pool) for $420k. Most of the nicer homes in Bridle Creek are selling for about $125 s/ft. So this guys price should be close to what he paid at $365k. The listing does not quite qualify for the ass clown award but it's pretty damn delusional none the less.

The big drop and some MLS hanky panky

Here's a perfect bubble poster child and possibly some MLS hanky panky. It's nothing criminal but it looks like this guy as no intention of selling this house.

17939 Timberview up in Bridle Creek was purchased right at the peak and actually closed just as the crash was starting. The home was built in 2006 but didn't close until Jan 2007. This poor fella dropped a cool $1,000,000 on this house. That's right a million dollars. Alright technically he probably dropped nothing other than his signature on some loan docs. Some idiot lender dropped $1M on this thing. He must have upgraded everything as this floorplan was "only" selling for around $800k. There's no landscaping to speak of but he poured enough concrete to build a runway.

Fast forward 3 years and he lists it in May as a short sale for $392k. So a 60% drop in value in 3 years. The price might seem like a good deal for a home in this tract, but for this floor plan with no landscaping that's actually pretty close. If it's highly upgraded inside he probably has it listed a little on the low side. The comps for that floor plan range from $375k to $450k. I actually put an offer in on the $45ok house. That one was spectacular though. All upgraded inside and out with a pool and Viking appliances.

But here's were this listing is questionable. It lists for a day and then goes on hold for a month. I'm not sure what's going on here but it seems like someone is playing games with a bank.

Jan 02, 2011	Relisted (Active)		--	--	CARETS #P738448
Dec 20, 2010	Delisted (Hold)		--	--	CARETS #P738448
Dec 20, 2010	Relisted (Active)		--	--	CARETS #P738448
Dec 07, 2010	Delisted (Hold)		--	--	CARETS #P738448
Dec 06, 2010	Relisted (Active)		--	--	CARETS #P738448
Nov 11, 2010	Delisted (Hold)		--	--	CARETS #P738448
Nov 10, 2010	Relisted (Active)		--	--	CARETS #P738448
Oct 05, 2010	Delisted (Hold)		--	--	CARETS #P738448
Oct 05, 2010	Relisted (Active)		--	--	CARETS #P738448
Sep 25, 2010	Delisted (Hold)		--	--	CARETS #P738448
Sep 25, 2010	Relisted (Active)		--	--	CARETS #P738448
Sep 01, 2010	Delisted (Hold)		--	--	CARETS #P738448
Sep 01, 2010	Relisted (Active)		--	--	CARETS #P738448
Aug 17, 2010	Delisted (Hold)		--	--	CARETS #P738448
Aug 15, 2010	Relisted (Active)		--	--	CARETS #P738448
Jul 26, 2010	Delisted (Hold)		--	--	CARETS #P738448
Jul 21, 2010	Relisted (Active)		--	--	CARETS #P738448
Jun 09, 2010	Delisted (Hold)		--	--	CARETS #P738448
Jun 08, 2010	Listed (Active)		$392,000	--	CARETS #P738448

And one more to start off the new year.

Here's a tale of two foreclosures. Unfortunately it's on the same house. As the crow flies this house is probably about a mile from the Bridle Creek house. That mile and a different zip code makes this house worth about $100k less though. 19159 Eldorado is over in "the boulders" off Cajalco and Wood streets. This is technically Perris although it's actually no where near Perris. It's Perris in zip code only. Like most of the homes in this area this tract has large homes on large lots. Horsey properties or folks with lotsa toys buy these. This house was built in 2005 and sold for $523k. In July of 2008 the bank too the home back and it was sold a few months later for $310k. These people probably didn't put much money into this deal as it was foreclosed on again in May 2010. They could not have made very many payments to end up foreclosed on only 20 months after purchasing. The amount the lender was seeking at the trustee sale was actually $25k more than the purchase price. I guess they were actually trying to recoup those late fees and back payments. Now it's for sale again. You can pick this baby up for the bargain price of $280k. That's not too shabby for a newer 3000 s/f, 5 bedroom home on a 1/2 acre lot.

Happy New Year
X

fliptard alert

The fliptards are still at it. Most price the stuff reasonable close to comps. But not all of them.

18771 Oak Park Dr. Nice big house in Woodcrest picked up on the courthouse steps for $473K back in April. It must have needed some serious work for it to take this long to get back on the market. But the listing price of $749k is about $150k higher than this thing has a hope of selling for. There have been a couple of really nice similar sized homes in this tract sell for under $500k. Those both had nice pools but slightly less "fluff". That leads me to think the market price of this will be in the $550k range and if the inside is really nice maybe up to $600k. $749k however is completely delusional.

Now lets rag on the realtard! Ok, first of all why the price? Getting past that what the hell is up with the all caps? Then we have all the normal misspellings, punctuations or lack there of and a few misplaced words, like the use of "state" instead of Estate. At first I thought it was a spelling error but she used it twice and spelled it the same way both times.

And where the heck are the pics of the inside?

Big Homes, they're so last year.....

During the boom builder and buyers started gravitating to larger and larger homes. Builders did it because it maximized the profit. A 5000 s/f home generated a lot more profit than a 3000 s/f home on the same lot. Buyers looking to make the most profit or suffering from MTV Cribs envy were snapping up these monsters. After all, with homes doubling in value every 3 or 4 years why not go for the big payday. At the peak these large tract homes were selling for up to $1.5M! Think about that, a tract home in the IE selling for $1.5M. It's mind boggling.

Now take away the prospect of making $100% on your home in 3 years (or 5 or 10), and there's not many people looking to buy these monsters. The only hope for a sale these days comes from multi-generational families. These really large tract homes are dinosaurs. A product of a housing market run amok. As a result the prices of the big ones are really tanking in most areas. They are very hard to sell. People are not seeing a big payday, they're seeing a big electric bill, a maintenance nightmare, and a whole lot of house to keep clean.

Here's an example of the big isn't better anymore theory.
16622 Catalonia Dr in Riverside. This home sold for nearly $1.4m right at the peak of the market in late 2006 (by late 2006 anyone with 1/2 a brain should have seen what was coming). This house is typical of the Mcmansions they were throwing up all over the IE. It has 5426 s/f, there are 5 bedrooms and 5.5 baths. Lot's of wasted space in these homes. Large foyer, spiral staircases, grand entryways to the master, master bathrooms the size of a bedroom etc. Lot's of fluff! This particular tract was built by KB homes and is basically the same homes they put into their tract at The Retreat in So Corona. The small single story in this tract is quite nice but the other two models are just too big. There are currently 4 of these big ones for sale in this tract. All are priced between $500k and $575k. One of those 4 is the final home the builder put up on the site of the old sales office. They've been trying to sell it for about 6 months or more, it's currently listed for $569k. The current asking price of 16622 Calalonia is $499k. That is a loss of just under $900k, or 64% (assuming they can get $499k for it).

Beautiful house, bad location

Here's a perfect example of the old "location, location, location" saying. 16701 Krameria is a large custom home that just hit the market as an REO. The home looks beautiful and if it were a block or two west of it's current location it would probably sell. I remember seeing these homes when they were built and wondering "what is this builder thinking". There were two homes built. Both large and both high end. Problem is that the houses surrounding them are small and old. There's also a school nearly right across the street from this house.

The house is fabulous. It's all high end, with marble, granite, stainless steel and the all the whistles and bells. It's 4251 s/f with 4 bedrooms and 3.5 baths. It sold new for 1.35 million in late 06 (right at the peak). The bank took it back for 1.14 million in Sept of 08. It's listed for $565K. At $133 s/f this is still on the high end but if this house were a few blocks west I think it would probably sell. The question is, will it sell at this price given it's location? If it does sell at the asking price the loss will be a staggering 59% or $785k.

Personally, I can't see this selling at that price given the location. I think that's got to drag this house down below $500k. Even at $500k, I wouldn't buy the place. Let's see if there are any suckers out there that just look at the previous sales price and think they are getting the deal of a lifetime.

The Lone Ranger

How would you like to be the sole occupant in a new tract of homes? Gotta suck, huh!

The Nandina tract in Riverside was a small 22 home development built right in the middle of the William Lyon's Bridle Creek tract. The homes were nice but they opened about two years too late. Subsequently they didn't sell many, ok, they only sold ONE to be exact. One poor fella now finds himself the only homeowner in the tract. The builder has packed it it and the tract sits half built. There are 3 beautiful models, 8 partially built homes (they only need flooring, countertops and appliances) and the rest are just graded lots. How would you like to be the poor sap that got stuck in this tract......

The entire tract is up for sale. You can place an offer today if you have dreams of a real estate empire. It looks like they owe 12 million, whadda ya say, lets offer them 10 cents on the dollar.

Another member of the $600k club

They are getting so easy to find I sort of lost interest in posting about big losers. $600k, $700K and more in losses are so easy to find in Corona that it's just not news any more. However $600k losses in Riverside are not nearly as common. They didn't built that many million dollar tract homes in Riverside. So the big losses are a little harder to find. Well they were....

This one is setting precedent that the neighbors are not going to be happy with. 7904 Horizon View is a 3444 s/f home with 3 bedrooms and 3.5 baths. It sits on 1.28 acres of dirt over in the high end area near Overlook and Crystal Ridge Estates. This is one of the best areas of Riverside if not thee best area in Riverside. But that does not mean the houses were ever really worth what they were selling for. This home has an interesting sales history. Built in early 05 it sold new for $732K, 8 months later is sells for $200k more, a month later for $10k more(dunno about that sale?) and then again 9 months later for another $250k more. All this appreciation without the owners pouring a patio slab or even planting a blade of grass! The house probably looks the same as it did the day the builder put the done stamp on it. Well except now the front lawn is dead.

Apr 29, 2005	$732,500	--
Jan 26, 2006	$939,000	39.6%/yr
Feb 02, 2006	$945,000	39.4%/yr
Oct 02, 2006	$1,200,000	43.4%/yr
Jul 22, 2008	$563,941	-34.2%/yr

Obviously that last sale is the house going back to the lender. The lender now has it listed for $550k. Will it sell at that price? Probably considering the price of most of the other listings in the area. There are still quite a few clueless buyers floating around. It it does sell at asking price that is a loss of $650K from the last sale.

It's actually a nice looking house and if it were closer to $400k and had 4 bedrooms I might go look at it. (Although I'm not sure I like those stupid arches on the front. I would probably knock those out.)

Even at this huge price drop this home might not be that easy to sell. I said it would probably sell but there are a couple of homes that will make people think twice about the price. 7964 Kimberly Jean is the same floorplan and it's just around the corner. This one though is nice. It has beautiful landscaping and lots of poured stained concrete. It has a covered patio and the inside looks better than the other house. The listing price is better too. Alas this one is a short sale, so most buyers will not bother with it. Although they will take notice of the price and factor that into any negotiations on the other house.

Asking price reduced $700K in 8 months

Back in October of last year I wrote about 17892 Glen Hollow Way in Woodcrest. This is in one of the areas I like and my wife likes this particular model of home. Back in October this home was listed for $1.1 Million. Of course, there was no chance of it selling for that amount. The poor, over his head owner had missed the money barge and was drowning in debt. At the time I wrote that post the cheapest REO's were selling in the mid- $700's. Fast forward 8 months and this home is now listed as a short sale for ...........................drum roll.................. $400K! You can almost smell the desperation. From asking $1.1 million to $400k in 8 months. You gotta love it.

The listing vanished for a few months, I guess the guy pulled his head out and realized he was not getting his $1.1 million wishing price. It hit the market again about 3 months ago priced at a some what more realistic, but still too high $700k. He has chopped the price twice now to his current $400k.

By the way, I think $400k is a decent deal for this house. If it was not a short sale I would probably get off my ass and fire off an offer. I'de take that house in a heartbeat at $400k. But I can't be bothered with short sales and especially short sales that are not approved. This guy is dreaming, hoping the short sale fairy will swoop in and rescue his tattered credit rating. If anyone is keeping score, there are now currently 4 homes in this tract listed under $500k.

Lyon takes a big bite out of prices in Bridle Creek

Me and the wife took a drive over to Bridle Creek today to see a REO property. It was a bust, the house was in bad shape and they wanted way too much for it. On the way out I stopped in at the sales office and picked up the latest sales sheet. Everyone in that tract that is trying to sell a home is now hosed. Lyon has dropped the prices $230k+ for the new phase. Homes that were starting at $725k now start at $499k. That's gotta sting for those desperate sellers and it even undercuts all of the bank owned homes. The REO property we looked at was priced at $700k and now they are $648k new from the builder. Hmmm let's see, $648k for a new one where I pick my own options or $700k for a half thrashed one painted green in most of the rooms and pale pink in one of the small bedrooms. The 2 year old's artwork on the walls is no additional charge!

I have two price sheets from Bridle Creek. The old one is from July of 2007 and I picked up the current one today. So these prices are 7 months apart.

Plan 1 Appaloosa, 2899 sq/ft.... was $744k.... Now $499k

Plan 2 Chestnut, 3266 sq/ft.... was (none avail) Now $525K

Plan 3 Lippizan, 3512 sq/ft,...was (none avail) Now $547k

Plan 4 Palomiono 3385 sq/ft, was $863k....Now $585k

Plan 5 Pinto, 3701 sq/ft, was $891k....Now (none avail)

Plan 6 Shetland, 4023 sq/ft, was $899k, Now $579k

Plan 7 Dapple, 3512 sq/ft, was $783, Now (none avail)

Plan 8 Andalusian 4364 sq/ft, was $952k, Now $648k

Plan 9 Breton 4830 sq/ft, was $950k, Now $599k

As you can see some of these homes are down over $300k from last July. It looks like they dropped the price by approx 30% from July. I don't have any price sheets from later in the year to compare. I did pick one up in Nov and the prices were still quite high but I think they were lower than the July price sheet I have. I guess it does not matter though. What matters is the huge price drop. This will put pressure on the other builders in the area to compete. It will make the agents and banks cringe when they see it. Every resale home in the tract is now overpriced by a bunch.

This little afternoon trip made my weekend!

A couple of signs of things to come

Here's a small taste of what is we are likely to see a lot of in the future. Up until very recently the banks have been slow to price their properties aggressively. Here's a couple that buck that trend and hopefully we will see many more of these soon.

14317 Ashton Lane in Riverside. This 3090 sq/ft 4 bedroom home is in one of Riversides best areas. This is snob hill, this is where you want to live if you have to live in Riverside. These homes were built in 1999 and this one sold new for $410k in 99. As you can see, this was a pricey home, $410k was a lot on money in 99. It sold last in 2005 for $775k (there is a $400 sale listed too, I dunno what that is though). They lost it to the bank a few days ago for $677k. Even though the bank was owed $677k they have listed the home for $450K making the loss $325k from the 2005 selling price. That is only slightly more than this home sold for new in 1999! At $450k this home should sell. would not at all be surprised to see it go for above asking. This listing is going to make the next door neighbor faint. He has had his home listed for 215 days. He started off asking $899k and is down to $639k. Both houses are identical although the more expensive one is landscaped better. The REO is listed for exactly 1/2 of the original asking price of the neighbor. I have been watching the neighbors house, I actually like that house. Hopefully I will get over to look at the repo this weekend. At that price I might be tempted if this house is decent inside.



18828 Malkoha St is in the development called "The Boulders". It's near Woodcrest, but it's actually in the city of Perris. These are big homes on big lots that at one time had big price tags. I've posted about this development before since some of the price declines are epic. This one is no different. Well it is actually a little different, it's MORE epic. The home is 3725 sq/ft home and it sits on a one acre lot. The home sold new in early 2006 for $787k. It just posted as a bank owned property for $371k! That is a loss of $416K or 53% in 2 years.

Auction action

17622 Laurel Grove RD

Riverside, CA 92504

I found a sale of one of the properties I had been watching on Realtybid.com. This home is up in the Bridle Creek development in Riverside. It was a bank owned home that they took back last Sept. They have been trying to unload it ever since. They started out at $899 and dropped the price again and again. It is currently listed for $609k. The bank is into it for $720k.

It was auctioned off on Realtybid.com last week. The winning bid appears to be $539k. To me that still seems a bit much for this particular property. It has ZERO landscaping and there are several other similar properties in the development for sale around $600k. I would think that he could have worked a better deal by getting the other properties to fight for the sale. No matter, $539k if it closes will be a step in the right direction. That home sold new in June 05 for $779k. So that is a $240k haircut or a 31% drop from the 05 price. Compared to the prices of the other homes this looks like a good buy. Looking at foreclosure.com shows me that there are a lot more of these homes going to be REOs later this year. I think that home has another $100K to go down. I'm thinking these will bottom out in the mid $400s.

Retarted bank of the week

It was looking like the banks were getting the hang of this REO problem. But then today I ran across this listing.

17864 Glen Hollow WAY, Riverside, CA 92504, this is the smallest home in the Bridle Creek development up in the Woodcrest area of Riverside. This home is a 3 bedroom, bath home, it's 2898 sq/ft and sits on an acre lot. The home looks alright but the lot is still basically dirt. This home sold new in 2005 for $699k. The bank got it back and they listed it yesterday for $614k.

Now the reason I'm a little confused by this listing is that there is another REO of the same model in this tract. That home, 17008 Birch Hill RD has been for sale since July. It started out at $699 if I remember right and they've been lowering it ever since. It's down to $529k after sitting at $545k for over a month. This home has some landscaping done, including a patio slab and BBQ. It also sits on a larger lot at 1.21 acres. So if they cannot sell this home at $529k how did the other bank figure they had a chance at $85k more.

A couple of months ago in this tract there was only one home under $700k. That home was our REO here on Birch Hill Rd. Today there are 12 homes under $700k, and of those 9 are under $650 with our REO as the prices leader at $529k. I betting on these hitting $400k in a year or two. So far these price leaders are only down about 20% to 30% below the price paid from the builder.

I'm tempted

This is the first decent sub $500k property in one of the areas I'm looking to buy in. The home is in the size range I want, it has the right # of bedrooms and the lot is 1 acre, which is what I want. The only drawback I can see from the pics is that it's a 2 story home and I really would prefer a single story. If this were a decent one story I'd be tempted to throw a lowball at em.

18434 Pinecone LN, Riverside, CA 92504. The home is 3102 sq/ft and has 5 bedrooms and 3 baths. It was last purchased for $860K in Oct 2006. Just over one year later it is listed as a REO property for $499K. I don't know what the bank has into it but I would guess it's way more than $500K. At $499 this property has lost $360K in ONE year!. That's a 42% drop in value in a year.

I still think this property is overpriced, but it's getting closer to what i fell the prices should be in this area. I feel for the size of the home and the size of the lot it would be a decent deal around $400K (if the home is in good shape).

More Riverslide

The carnage continues.....

First a look at another couple of big losers in Lake Hills Reserve. This is one of the more overpriced developments in Riverside. Homes at the peak were from the low 600's to over a million. A year later and prices are starting to plummet.

17093 Rocky Bend, Riverside, CA 92503. This poor fella bought his estate at the top of the hill for a song. A song to the tune of 1.043 Million dollars only 11 short months ago (WTF was he thinking?). In addition to the purchase price it looks like he's dropped another few dollars landscaping the back yard. He's got a fire-pit, BBQ, waterfall and a lot of fancy concrete work. He's easily dropped another $50k on the yard. I dunno what happened but his monster 5074 sq/ft 5/4 is now on the market for $850 as a short sale. That's an astonishing loss of over $200k (plus fees) if he can unload it. Let's face it, he's got a better chance of hitting the lotto and catching up on his payments.

18730 Lakepointe, Riverside, CA 92503. Another Lake Point loser. This poor fella bought his dreamflip last December. After a few months of ownership he does the normal thing and places his dreamflip on the market for $100k more than he paid. That's normal operating procedure in SoCal, right? Well, unfortunately he was about a year too late and after 142 days with no bites he's now down to $580k and "very motivated" according to the listing. I bet, because there is still not much chance of selling his house even at $140k less than he paid

16517 Cheltenham, Riverside, CA 92504. This one is not in Lake hills but over in Woodcrest. This is another monster, 5426 sq/ft sitting on an acre. Our flipper bought this thing for 1.058 Million just over a year ago. He's grown tired of it already and you can buy it today for the bargain price of $850K. That's another loss of over $200K plus fees in just over a year. I doubt he will have much luck though as the builder (KB) is selling these for $699K. Ouch, that's gotta sting!

Would-crest?

They may want to consider changing the name to Didcrest, as in the prices crested about a year ago. They are now in full retreat. Woodcrest is full of new developments, built from the late eighties until...well, they are still building. The new tracts that are still going have made some massive price cuts. The Centex development lopped off about 20% back in July or August. That was about $160k on the biggest homes. New homes are all over the pricing universe but the ones that are priced most aggressively are sporting 2003/2004 prices. Some of these may technically be in Orangecrest but close enough.

19944 Krameria, This a rather typical new home in the area up for sale, 2651 sq/ft 4/4.5. It was bought new in 2006 for $615k (redfin says it was built in 2004 but this tract was not there in 2004. It looks like the owner lost it to the bank in July. He managed to hang on slightly less than a year. They are not messing around with this one and have it listed for $409,900. A staggering loss of $206k in one year or 33%.


19929 Lonestar this is a big-un, 4015 sq/ft on a 1/4 acre lot. Mr desperate seller is willing to deal on the furniture too if it helps make the sale. This home was bought new in July of 06 for $738k and it's now on the market for $549K. Assuming he can find a buyer thats a loss of $189k plus another $33k in fees for a loss of $222k in slightly over a year.


8186 Branding Iron, is a 3288 sq/ft 5 bedroom home built in 2002. It sold new for $299k (probably about what it's worth today). In 2006 it was flipped for $650k (we have a winner!). Unfortunately the new owner stretched himself a wee bit too far and lost this baby to the bank. It's now offered for $474K. That's a loss of $176k or 28% in a year.




9474 Paradise is a 4300 sq/ft REO. I don't have the original purchase price but I do have the brochure from the development. These sold from the low $700s but the bank is offering this one for $515k. The last owners may have taken the kitchen with them though..... This has to make the neighbor at 9568 Paradise PL a little tweeked as he is trying to unload his 4300 sq/ft home for $699k. He is already listing it for $56k less than the $755k he paid. But with the REO at $519k he is looking at a loss of $235k in a year (or 32%).



Homes with big big price drops are just way too easy to find in this area. Basically anything bought after 2004 is currently screwed. Next year anything bought after 2002 is probably gonna be upside down. This area is probably going to settle back to 2001/2002 prices. That would put most of these bigger homes right around $100 sq/ft.

I'm glad I waited.....Woodcrest/Mockingbird Canyon

I've been looking at homes in the Woodcrest/Mockingbird Canyon area of Riverside. It's close to where the wife works and would cut a few miles off my commute too. I've been looking at the large horse properties with lots of 1 acre and larger. I looked in this area in 2003/4 and these homes were selling in the high $400s back then. Now of course they are closer to a million than they are to the 400s. Lately though cracks have been showing and the builders are sitting on homes, some of them over 6 months old. Naturally the prices are starting to creep down. There are also a few REOs showing up. Let's take a look at a few.

17892 GLEN HOLLOW WAY is the model I really like. If these were under $500k I would be very tempted to buy one. The home is a 4 bed/4 bath 3385 sq/ft single story with a 3 or 4 car garage. It has a cool courtyard in the center of the home. These sell new from the builder for $850k+. This particular home was purchased 9/05 for $773k. Other than pouring a little concrete and planting a palm tree in the yard I don't see that much done. Our intrepid homeowner thinks his palm tree is worth $327k! His asking price is $1,099,00.

What's his competition?



Well the builder has a larger model for sale for $749K at 17601 Deer Ct, Riverside 92504, this 5 bed/4 bath and is 3701 sq ft. Very similar layout just bigger. This is 32% less than home #1 and it's bigger


17622 LAUREL GROVE RD is another 3701 sq/ft model, this one is a REO and is listed for $714k undercutting the builder by $35k. This is 35% less than home #1 and it's bigger. This one was on the market for nearly a year at $899k before the bank took it back

Nice pic!

If these are too spendy or maybe a bit bigger than you need we have another REO at 17008 BIRCH HILL RD, this home is only a 3 bed/4bath and is 2966 sq/ft. the bank is trying to unload this one for $574k. This is 48% less than home #1 although slightly smaller.
On a side note 17916 CANYONWOOD DR is the same model as this one and they are asking $999,999. Gotta be a WTF are they thinking candidate!

Homeowner #1 would seem to be in bad shape but he only paid $773k (unless he Helod'c the hell out of the place). If we take a number between the bigger house at $714 and the smaller house at $574 that makes his place worth about $650 (since nothing is selling it's hard to say). So he is still looking at a loss of $120k plus fees ($39k). If you factor in holding costs of 3k/mo ($72K and that's generous) plus 2 years propery tax ($20K) he is looking at a total loss of $251k. In other words it cost him $10,458 a month to live in that house for 2 years.