50% Loss in Real Estate (or more)

NEW -> Contingent Buyer Assistance Program
And, <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1497016">another down the street</a> that's 51% off the peak price and $25k away from the 2002 price:





<a target="_blank" href="http://i-0.rfimg.us/photo/46/bigphoto/608/P623608_0.jpg"><img width="300" height="183" alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/608/P623608_0.jpg" />





</a> 221 East Anahurst PL


<strong>Asking price: </strong>$330,000


3 BEDROOM, 2 BATH, GATED FRONT YARD, LOCATED IN THE HEART OF ORANGE COUNTY. CLOSE TO SCHOOLS, SHOPPING CENTERS, ENTERTAINMENT ETC. .. .









<thead>

Date

Price

Appreciation

</thead>





Feb 09, 1990

$170,000



--







Dec 06, 2002

$305,000



4.7%/yr







Nov 24, 2004

$475,000



25.2%/yr







Dec 06, 2005

$608,000



27.0%/yr







Aug 04, 2006

$670,000



15.9%/yr







Aug 23, 2007

$480,683



-27.1%/yr






 
<em>CLOSE TO SCHOOLS, SHOPPING CENTERS, ENTERTAINMENT ETC.





</em>Yeah... you can watch the gang kids ditch school, go to the shopping center to rob it at gunpoint, and dodge stray bullets. Now, that is entertaining alright.
 
Those are truly remarkable declines. As these prices drop, buyers will chose lower cost substitutes and the sales will really dry up for other communities causing prices to drop there as well. If they give away property in Banning, it will eventually impact Newport Beach.
 
The substitution curve is probably a bit steeper for most of the board members here. If it wasn't, we would probably be the Corona Housing Blog.
 
<i>"I've heard there's gold out in Banning though, Awgee."</i><p>

There may not be enough gold or free land.
 
<em> There may not be enough gold or free land.





</em>There isn't enough gold out there with the negative land value. Unless gold hits $3000, then the cost of building a home out there will exceed it.
 
<p>For Awgee....or should I say, "Yukon Cornelius" ? </p>

<p><embed id="VideoPlayback" src="http://www.youtube.com/v/JgZiqmOzac4" width="425" height="350" type="application/x-shockwave-flash" wmode="transparent" quality="high"></embed></p>
 
How about 77% off?



I wouldn't live here if you paid me, but I think it is indicative of what is happening in the IE



8 bedrooms 7 baths, bank owned fixer, large lot, detached garage converted to large workshop. Property to be sold as-is with no repairs. Value mainly inland only. Prce is $74,900!!!



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1573595">http://www.redfin.com/stingray/do/printable-listing?listing-id=1573595</a>



33520 Beverly DR Hemet, CA 92545

Price: $74,900

Beds: 5

Baths: 5

Sq. Ft.: 3,600

$/Sq. Ft.: $21

Lot Size: 0.46 Acres





Sales History

Date Price Appreciation Jul 30, 1992 $8,250

--

Jun 12, 1995 $79,066 120.0%/yr

Jun 25, 1996 $38,696 -49.8%/yr

Sep 08, 1997 $47,500 18.6%/yr

Nov 14, 2002 $65,000 6.2%/yr

Sep 24, 2004 $325,000 137.4%/yr

Jan 07, 2008 $225,112 -10.6%/yr (REO?)
 
<p>Okay, I saw "Hemet". That's all I need to see. Absolutely not, under no circumstances, is there a price low enough to make me live there.</p>

<p>Occasionally when I visit my parents in the 951 (909 ) and we drive down the 215, I think to myself "what idiot thought it was a good idea to build houses as far as the eye can see out here? Where are all these people? And where are they supposed to work?"</p>

<p> Hi Kitty!</p>

<p><img alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/633/H736633_7_0.jpg" /></p>
 
These price declines are phenomonal! I would not be surprised to see 1990's pricing in these areas by 2009 with the rest of the areas following after. Wouldn't that be sompin'?
 
<p>Perfect use would be an asylum or a movie set for a Wes Craven flick.</p>

<p>Is that cat tied to a rope? Creepy place...</p>
 
Does this count or is it still over-priced?





1250 South Brookhurst ST #1035 Anaheim, CA 92804




<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1584325">http://www.redfin.com/stingray/do/printable-listing?listing-id=1584325</a>





<strong>Price: $110,000</strong>




Sales History:


Mar 01, 1996 $55,500

May 08, 2000 $89,000

Sep 28, 2006 $260,000










<img width="360" height="263" alt="" src="http://i-0.rfimg.us/photo/46/bigphoto/270/S526270_2_0.jpg" />
 
<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1590425">http://www.redfin.com/stingray/do/printable-listing?listing-id=1590425</a>





26477 calle San Antonio #47d San Juan Capistrano, CA 92675





Price: $161,500





INVESTOR GEM-- Priced to sell, a two bedroom one bathroom in the beautiful scenic Mission aream of San Juan Capistrano. It's an excellent 'as is' buy with plenty of upside with a little sweat equity. As a rental this would have an excellent return. This condo was aquired thru foreclosure, and owner must sell immediately. * * * * * * * * * * * * * * THIS IS A LIMITED TWO WEEK LISTING * * * * * * * * * * * * * * * * *





Date Price

Mar 01, 1996 $56,500

Jul 08, 2005 $340,000

Feb 28, 2007 $400,000
 
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