1992 Rollback in Riverside

IrvineRenter_IHB

IrvineRenter_IHB

New member
Geotpf posted <a href="http://www.redfin.com/CA/Riverside/7167-Bradford-St-92503/home/4823365">this link</a> in the comments on the main blog on April 30. <strong>It is a 1992 rollback.</strong>



<a href="http://www.redfin.com/CA/Riverside/7167-Bradford-St-92503/home/4823365">7167 Bradford St Riverside, CA 92503</a>



<strong>Price: $133,500

</strong>

Beds: 3

Baths: 2.5

Sq. Ft.: 1,325

$/Sq. Ft.: $101

Lot Size: 4,791 Sq. Ft.

Property Type: Detached, Single Family Residence

Stories: 2

Year Built: 1988

Community: Riverside

County: Riverside

MLS#: I09048442

Source: MRMLS

Status: Active

On Redfin: 1 day

Corporate Owned Property Loacted in a quiet low traffic area of Riverside. All bedrooms upstairs, fireplace in living room and a fenced rear yard are just a few of the features.





Surprisingly enough, this is not a total POS. It is small and a bit dated, but there is nothing really "wrong" with this property. It would make a good rental with very little work.
 
[quote author="IrvineRenter" date=1241164206]Geotpf posted <a href="http://www.redfin.com/CA/Riverside/7167-Bradford-St-92503/home/4823365">this link</a> in the comments on the main blog on April 30. <strong>It is a 1992 rollback.</strong>



<a href="http://www.redfin.com/CA/Riverside/7167-Bradford-St-92503/home/4823365">7167 Bradford St Riverside, CA 92503</a>



<strong>Price: $133,500

</strong>

Beds: 3

Baths: 2.5

Sq. Ft.: 1,325

$/Sq. Ft.: $101

Lot Size: 4,791 Sq. Ft.

Property Type: Detached, Single Family Residence

Stories: 2

Year Built: 1988

Community: Riverside

County: Riverside

MLS#: I09048442

Source: MRMLS

Status: Active

On Redfin: 1 day

Corporate Owned Property Loacted in a quiet low traffic area of Riverside. All bedrooms upstairs, fireplace in living room and a fenced rear yard are just a few of the features.





Surprisingly enough, this is not a total POS. It is small and a bit dated, but there is nothing really "wrong" with this property. It would make a good rental with very little work.</blockquote>


Looks like local rentals for a 3BR there are about $1500/month (+/- $200 depending on condition)
 
Wow, $93.00 a square foot in that area. Astounding!



<a href="http://www.redfin.com/CA/Riverside/9480-Altadena-Dr-92503/home/4820031">http://www.redfin.com/CA/Riverside/9480-Altadena-Dr-92503/home/4820031</a>
 
[quote author="morekaos" date=1241181954]Wow, $93.00 a square foot in that area. Astounding!



<a href="http://www.redfin.com/CA/Riverside/9480-Altadena-Dr-92503/home/4820031">http://www.redfin.com/CA/Riverside/9480-Altadena-Dr-92503/home/4820031</a></blockquote>


The house I'm purchasing has an approximate square footage of 1,800-1,900 (tax rolls don't show a large addition that I have confirmed has building permits so I don't know the exact number), in a good neighborhood (I would say the same quality if not better than these), for $150,000. It's a 4/2 with a 3 car garage and a 8,700 sq ft. lot. That's $83.33 a square foot, using the 1,800 number. While it needs carpet and paint and some other minor repairs, it's by no means a fixer. Roof is fine, foundation is fine, no mold, etc. The listing just showed the square footage from the tax rolls and showed it as a 3 bedroom, so I think a lot of people passed without looking at it when (apparently) similar listings were selling for thirty grand less-but house this size should have sold for at least thirty grand more. It's also very close to my work (5 minutes each way).



I'm rather happy with my purchase. :)
 
I have no idea what shape this home is in, but I like the price drop. The previous sale was $1,475,000 on 3/15/06 and it is now listed for $549,900.







<a href="http://www.redfin.com/CA/Riverside/2881-Rumsey-Dr-92506/home/4965510">2881 Rumsey Dr.</a>
 
[quote author="awgee" date=1241250860]I have no idea what shape this home is in, but I like the price drop. The previous sale was $1,475,000 on 3/15/06 and it is now listed for $549,900.







<a href="http://www.redfin.com/CA/Riverside/2881-Rumsey-Dr-92506/home/4965510">2881 Rumsey Dr.</a></blockquote>


1998 rollback in a good area. Nice. Of course, older home, so the condition is the key. Those bank-listed foreclosures never tell you anything.



Here's my favorite in that general area:



<a href="http://www.redfin.com/CA/Riverside/5100-Queen-St-92506/home/4962144">5100 Queen Street</a>



5100 Queen St

Riverside, CA 92506

Price: $449,900

Beds: 6

Baths: 4.5

Sq. Ft.: <strong>6,224</strong>

$/Sq. Ft.: $72

Lot Size: 0.66 Acres

Property Type: Detached, Single Family Residence

Stories: 2

View: Golf Course

Year Built: 1966

Community: Riverside

County: Riverside

MLS#: I08172947

Source: MRMLS

Status: Active

On Redfin: 138 days

Unsold in 90+ days



This is a 1997 rollback (although the sale records are quite wacky on this one), not to mention frickin' huge. Condition, again, might be an issue, although nothing in the listing indicates that this is a fixer.



Edit: Looks like the Bradford house just went off the market. Not surprising, considering the 17 year rollback. It might have sold above list.
 
I found a 1988 rollback!



<a href="http://www.redfin.com/CA/Riverside/6634-Adair-Ave-92503/home/4818594">6634 Adair Avenue</a>



6634 Adair Ave

Riverside, CA 92503

Price: $85,000

Beds: 3

Baths: 2

Sq. Ft.: 1,072

$/Sq. Ft.: $79

Lot Size: 7,840 Sq. Ft.

Property Type: Detached, Single Family Residence

Stories: 1

Year Built: 1958

Community: Riverside

County: Riverside

MLS#: C09048873

Source: MRMLS

Status: Active

On Redfin: 1 day

New Listing (24 hours)



Great property, at a great price. Standard Sale



Just look how insanely goofy the history of this property is:



Date Event Price Appreciation Source

May 01, 2009 Listed $85,000 -- MRMLS #C09048873

Apr 04, 2009 Delisted * -- Inactive MRMLS #3

Mar 29, 2009 Listed * -- Inactive MRMLS #3

Mar 19, 2009 Delisted * -- Inactive MRMLS #2

Feb 21, 2009 Price Changed * -- Inactive MRMLS #2

Jan 20, 2009 Price Changed * -- Inactive MRMLS #2

Jan 20, 2009 Relisted * -- Inactive MRMLS #2

Oct 25, 2008 Delisted * -- Inactive MRMLS #2

Aug 25, 2008 Price Changed * -- Inactive MRMLS #2

Jul 24, 2008 Price Changed * -- Inactive MRMLS #2

Jun 27, 2008 Sold $247,500 23.0%/yr Public Records

Jun 25, 2008 Listed * -- Inactive MRMLS #2

Jan 26, 2007 Listed * -- Inactive MRMLS #1

Sep 29, 1999 Sold $40,455 -93.5%/yr Public Records

Jun 11, 1999 Sold $92,201 14.7%/yr Public Records

Nov 05, 1998 Sold $84,958 2.2%/yr Public Records

Apr 04, 1996 Sold $80,250 -5.4%/yr Public Records

Aug 01, 1990 Sold $110,000 0.0%/yr Public Records

Jul 01, 1990 Sold $110,000 260.2%/yr Public Records

Feb 01, 1988 Sold $5,000 -100.0%/yr Public Records

Jan 01, 1988 Sold $85,000 -- Public Records



I have no idea what is going on here. It's just bizarre.
 
you should help us out by telling us a bit about the area that each of the houses are in, since few of us know the Riverside area very well.



for instance, is that huge golf course house in that really swanky neighborhood to the (west?) of the golf course south of the 91?



the little 3/2, is that in a good area for a starting family?
 
[quote author="freedomCM" date=1241320590]you should help us out by telling us a bit about the area that each of the houses are in, since few of us know the Riverside area very well.



for instance, is that huge golf course house in that really swanky neighborhood to the (west?) of the golf course south of the 91?



the little 3/2, is that in a good area for a starting family?</blockquote>


The two big rollbacks are in the western part of the city (La Sierra), and I'm admittedly not quite as familar with that part of town as the eastern portion. One thing is that the western third of the city is in a different school district (Alvord) than the other two thirds of the city (Riverside USD), and I think RUSD is a better district, although I'm a bit biased. The La Sierra area, in parts, is a little more rural as well. But in general I don't think there's anything specifically wrong with much of La Sierra.



Now, there are two main specific areas to avoid: Eastside and Casa Blanca. Those two are the "hood", if you will.



The golf course home is south of the Victoria Country Club, which is east of the 91. That neighborhood (Victoria) is a good, older neighborhood-lots of big, older houses. Now, to the north of the golf course is a couple blocks of "good"-but then you are right in Eastside. Very dramatic switch in neighborhood.



West of the golf course, the barrier between "Compton" (Eastside) and "Beverly Hills" (Victoria) is the canyon. There is one narrow bridge that goes between the two places, on Victoria Avenue. There was a house directly north of the bridge (since sold) that was for $50k, and there's one directly south of the bridge (still on the market) for $800k (both with Victoria Avenue addresses).
 
I found an amazing 1988 rollback, if this is a real sale and not a foreclosure or something else weird. Somebody got an full fledged estate for $306k. This is an insane deal.



<a href="http://www.redfin.com/CA/Riverside/2825-Floral-Ave-92507/home/5055392">2825 Floral Avenue, Riverside, CA 92507 on Redfin</a>

<a href="http://www.zillow.com/homedetails/home-info/17869650_zpid/">2825 Floral Avenue, Riverside, CA 92507 on Zillow</a>



Here's the sales history:



Mar 12, 2009 Sold $306,000 -22.7%/yr Public Records

Aug 10, 2005 Sold $770,000 13.3%/yr Public Records

Jun 21, 2000 Sold $405,000 0.7%/yr Public Records

Oct 01, 1988 Sold $375,000 39.9%/yr Public Records

Jan 01, 1988 Sold $291,500 -- Public Records



And here's what you get for your $306k...



1.7 acres on a private, dead end street in a very good neighborhood. Nothing but countryside on two sides.

3 houses-main house is 4 beds/2.5 baths, 2,381 square feet, plus there's a guest house and a pool house-total of 7 bedrooms, 4.5 baths, and 3 kitchens.

A pool, obviously.

Parking for 20+ vehicles.

AND A FREAKING TENNIS COURT!



All for the price of a crappy Irvine condo.
 
[quote author="Geotpf" date=1241273771][quote author="awgee" date=1241250860]I have no idea what shape this home is in, but I like the price drop. The previous sale was $1,475,000 on 3/15/06 and it is now listed for $549,900.







<a href="http://www.redfin.com/CA/Riverside/2881-Rumsey-Dr-92506/home/4965510">2881 Rumsey Dr.</a></blockquote>


1998 rollback in a good area. Nice. Of course, older home, so the condition is the key. Those bank-listed foreclosures never tell you anything.



Here's my favorite in that general area:



<a href="http://www.redfin.com/CA/Riverside/5100-Queen-St-92506/home/4962144">5100 Queen Street</a>



5100 Queen St

Riverside, CA 92506

Price: $449,900

Beds: 6

Baths: 4.5

Sq. Ft.: <strong>6,224</strong>

$/Sq. Ft.: $72

Lot Size: 0.66 Acres

Property Type: Detached, Single Family Residence

Stories: 2

View: Golf Course

Year Built: 1966

Community: Riverside

County: Riverside

MLS#: I08172947

Source: MRMLS

Status: Active

On Redfin: 138 days

Unsold in 90+ days



This is a 1997 rollback (although the sale records are quite wacky on this one), not to mention frickin' huge. Condition, again, might be an issue, although nothing in the listing indicates that this is a fixer.



Edit: Looks like the Bradford house just went off the market. Not surprising, considering the 17 year rollback. It might have sold above list.</blockquote>


This sold for $362,000! 58 bucks a square foot! Wow. Assuming it wasn't a complete disaster inside, somebody got a hell of a deal.



Edit: For comparison, the house in the first post of this thread on Bradford sold for $160k, for $121/sq foot, resulting in a very meh deal in the end. The Rumsey house sold for $539,500, $109/sq ft.
 
[quote author="awgee" date=1241250860]2881 Rumsey Dr</blockquote>Wow, 4952 SF is very large for a 1926 home; guess they added on over the years.
 
[quote author="xoneinax" date=1250827751][quote author="awgee" date=1241250860]2881 Rumsey Dr</blockquote>Wow, 4952 SF is very large for a 1926 home; guess they added on over the years.</blockquote>


Probably, although there are some large older mansions in various parts of the city. Riverside, at one point in time, had the highest per captia income of any city in the entire United States. Lots of money from oranges, and rich people came here to retire. Of course, that was before, you know, smog.
 
[quote author="Geotpf" date=1250891975][quote author="xoneinax" date=1250827751][quote author="awgee" date=1241250860]2881 Rumsey Dr</blockquote>Wow, 4952 SF is very large for a 1926 home; guess they added on over the years.</blockquote>


Probably, although there are some large older mansions in various parts of the city. Riverside, at one point in time, had the highest per captia income of any city in the entire United States. Lots of money from oranges, and rich people came here to retire. Of course, that was before, you know, smog.</blockquote>


All that citrus production went to Tulare County, which has the highest teen pregnancy rate in the country and is in the bottom 5% of per capita income. My how things have changed. Dead last is it's next door neighbor Kings County.
 
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