I thought I would look back at some of the homes I wrote about 2 years ago when I started the blog. I thought I would find that most of them had sold for far less than they were asking. After all, 2 years ago was just the beginning of the crash and there were not that many REOs yet. The amazing thing is that the many of the homes I wrote about did NOT sell. Most of them simply went off the market. I'm a little shocked at this. I thought they would have either sold or been foreclosed. Nope, just delisted. 2 years and they are still hanging on?? The ones that did sell obviously went for far less than they were asking for in 07. It's sad to see that many of the buyers of those homes are now 20% or more under water based on comps.
16517 Cheltenham, Riverside, CA 92504 They were trying to get $850k after paying $1.06M. This home is now Delisted. Current value based on comps about $500k
18730 Lakepointe, Riverside, CA 92503. They paid $720k, but were hoping to get $580k when I wrote about them in late 07. The home sold in May 09 for $370k
Loss 49%
16398 Hidden Peak, Riverside, This guy was trying to get $775k back in late 07, well it finally sold in Jan 09 for $398k.
Loss 45%
13574 MEADOWLANDS CT, Moreno Valley, CA 92555, This guy was trying a short sale at $379k in late 07. He lost it to the bank in March and it finally sold in Dec 08 for $285k.
Loss 51%
4467 CABOT DR Corona, CA 92883 This guys was trying to avoid the big FC but it didn't happen. He paid $1.045M and it sold in mid 08 for $560k. (these were selling around $420k this year! So the 08 buyer is already $140k in the hole. 3 have sold in the last few months all under $425k)
Loss 47% (current owners loss around $20%)
17892 GLEN HOLLOW WAY This tool was trying to get $1.1M when I wrote about him. He bought in new for $773k, He ended up loosing the house and they were only asking $270k at the auction. Wish I had know that. I would definately have bought this one! It sells for $410k in Oct 08.
Loss 47% or 66% if you go off the auction price.
Motivated AND delusional
It's been a while since I did a delusional seller post, so here goes.
2608 Carlton Pl is an old wreck of a house overlooking Victoria Country Club in Riverside. The home was built in 1925 and the current owners have lived in it 40+ years. By the looks of the thing they haven't done much to it since they bought it. To me it looks like a tear down. At the very least any buyer would have to gut this thing and rebuild it from the ground up.
So they list this train wreck right after the market starts to tank, in Jan 2007, for 1.2 million dollars. Now, even during the heady days of the bubble getting $1.2M for this dog would have been unlikely. Now here we are 975 days later and the listing price has dropped a mind numbing........ ONE THOU! Yup, you read it right, it went from 1.2M to 1.199M and that whopping price drop only happened two weeks ago. This is another case of "what the frack is the realtard thinking". We all know this is not going to sell. Come on Roy from Realty World, do us all a favor and drop this dog!
Thre are no pics of the house bar a shot of the front (from a distance). But I have driven by this place and I can assure you there is a reason there are no pics. In addition to the house being a wreck, it's built on a huge slope, so there is no real back yard to speak of. And there's not much of a front yard either. It does over look the golf course and I'm sure there is some value to the lot. But the house looks like it should be condemned. Judging by the listing it is probably some old geezer that lives in it and doesn't care one way or the other if he sells it. Even though the listing say's "MOTIVATED", he obviously isn't. The lsiting does say "MILLION DOLLAR VIEW" and maybe that's why it's priced at 1.199M. That would imply the the house and lot are worth $199k and to me that seems about right!
And now we pay...
Did anyone else catch the LA times article last week about all the tax hike proposals that are being floated at both the national and state levels?
Everything seems to be fair game. The mortgage interest deduction is high on the list of things they would like to change. Capping itemized deductions, capital gains changes etc. Cali has already hike the sales tax, the car tax and are trying everything they can to raise more money. Because of deflation, they are changing the California income tax brackets so they kick in at lower incomes. For instance a married couple making $100k will pay an additional $716! In addition they raised the income tax by .25%...double whammy!
In addition the insurance companies just got the OK raise our homeowners rates 4% to 7%, hmm, anyone wanna guess which end of that range they will pick?
And, now we pay...... You didn't really think all these bailouts were free did ya?
Everything seems to be fair game. The mortgage interest deduction is high on the list of things they would like to change. Capping itemized deductions, capital gains changes etc. Cali has already hike the sales tax, the car tax and are trying everything they can to raise more money. Because of deflation, they are changing the California income tax brackets so they kick in at lower incomes. For instance a married couple making $100k will pay an additional $716! In addition they raised the income tax by .25%...double whammy!
In addition the insurance companies just got the OK raise our homeowners rates 4% to 7%, hmm, anyone wanna guess which end of that range they will pick?
And, now we pay...... You didn't really think all these bailouts were free did ya?
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