Back in 2007 the real estate market was just starting to crash. There were those that believed the hype spewed out by the NAR and Greenspan about a minor correction. The froth was settling according to Greenspan. So they jumped at the first wave of foreclosures, thinking this was their chance to finally get that house. We know how that worked out......
Here's an example of one of those sales. 17179 Ironridge in Riverside is a home in the Bridle Creek tract up in Woodcrest. This is the smallest home in the tract at just under 3000 s/f. It's a nice floorplan but it is small for the area. This particular home sold new in 2005 for $660k. At the peak in late 06 they were asking close to $800k for this model but no one was buying. This home sold to the current aqua-owner in mid 2007 for $640k. I'm sure he thought he got a steal, after all that was nearly $150k less than the builder was asking. Here we are 2 and a holf years later and the current owner needs out. His current asking price probably qualifies him for a delusional seller award. But hey, might as well try to save your ass, right? His asking price is $599k. He is probably hoping to break even after costs as it says it's a standard sale. His problem of course, is that the house isn't worth any where near that much. Based on sold comps his place is worth $400k tops and I doubt he would get that as most of the homes that sold for $400k had pool and upgraded interiors. He doesn't even have a patio in the back and his counters are white tile. The interior is LOW END and the outside is just grass. There's no hope this home will sell anywhere near $600k or $500k and I think he'd have a hard time getting $400k. Makes you wonder how many more of these there are. How many of those 2007 sales or even early 2008 sales will we see going bad.
Hows this for a typical "builder basic" kitchen. No upgrades here folks!