50% Loss in Real Estate (or more)

NEW -> Contingent Buyer Assistance Program
ABC123,

If I lived closer, I'd be tempted by that one in Anaslime. You could totally get the taxes reduced based on it's current condition and I bet they'd take less than $110k. It would make a perfect "vacation home" for those of us who like Disneyland, you get to choose your own paint and flooring, install all new wiring, CAT5, cable, fill in the walls with high R insulation and soundproofing before you drywall and paint, and toss in some cheap cabinets and fixtures. Even with purchase price and the mentioned 'improvements', you still have a 2+2 close to the freeway and disneyland for less than $170k.
 
Another gem.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1594502

2605 West Dahl LN Santa Ana, CA 92704

Price: $239,000 Last Sale: $650,000 (10/24/2006)

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Unfortunately, the SJC condos are in the barrio. There was another unit in that area selling for cheap a few months ago, so I checked it out. I had never been to that part of SJC before, so I had no idea what to expect. Sure enough, no curb parking space anywhere, shopping carts abandoned on lawns, loud Ranchero music, food vendors and trash in the streets. Not to mention the fact that Camino Capistrano is a parking lot right there.

That Dahl house has been a gang hangout. The area across the river and north of McFadden is a gang injunction area. You'd be risking much buying that place!
 
ABC123,

Good find on the S. June property. That is truly bizarre! A 5 bd, 1.5 ba CONDO that sold for 1,250,000??? I'd love to know what the real deal is on that one.
 
Tax records list 2 properties at the June address. The $1,250,000 is for a 10 unit apartment building. The current listing is for one condo, although the tax records list it as a 1,236 Sq Ft SFR. I'm not familiar with that area, so I don't know if there was some condo conversion going on there or whatever else?
 
I know this is a world away from the readers of the IHB, but if you want to see some drastically reduced (but still too high) prices, check out the lower priced homes near the Mexican border.

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Here's some examples:

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ADDRESS LIST PRICE LAST SALE CHANGE

851 SAN YSIDRO BLVD #8 SAN DIEGO 71,000 169,000 -98,000 -58%

3562 SUNSET LN #60 San Diego 74,995 235,500 -160,505 -68%

2027 DAIRY MART RD #13 San Diego 80,000 188,000 -108,000 -57%

2009 DAIRY MART RD #8 San Diego 95,000 174,000 -79,000 -45%

3526 DEL SOL BLVD #k San Diego 109,000 250,000 -141,000 -56%

3554 SUNSET LN #29 San Diego 109,900 241,059 -131,159 -54%

3404 DEL SOL BLVD #B San Diego 119,000 280,000 -161,000 -58%

3246 CAMINITO QUIXOTE San Diego 134,999 290,000 -155,001 -53%

1540 TERRACE PINE LN #A San Diego 140,000 296,000 -156,000 -53%
 
This Home has actually sold for a 50% loss in 3 years.

Sales History

Date Price Appreciation

Sep 28, 2005 $875,000 --

Feb 06, 2008 $430,000 -26.0%/yr
 
halfnote19 said:
This Home has actually sold for a 50% loss in 3 years.

Coooollll

The best part of the listing is the Zillow graph... runs steady..flat...flat then at the very right dives straight down. Shows how little handle Zillow really has on home pricing right now.
Click to expand...
 
24190 RADWELL DR Moreno Valley, CA 92553

Price: $114,900

Sales History

Apr 13, 1999 $68,382

Sep 30, 1999 $55,500

Feb 03, 2006 $272,000

Sep 11, 2007 $219,900

23782 Nanwood DR Moreno Valley, CA 92553

Price: $112,900

Sales History

Jul 01, 1989 $81,000

May 21, 2007 $216,645

22759 CHAMBRAY Moreno Valley, CA 92557

Price: $154,900

Sales History

Aug 01, 1988 $102,500

Mar 13, 1996 $118,506

Nov 27, 1996 $69,500

Mar 04, 2004 $215,000

Jul 29, 2005 $312,000

Aug 25, 2006 $360,000

Nov 19, 2007 $310,553

13670 Pan Am BLVD Moreno Valley, CA 92553

Price: $152,900

Sales History

Jun 11, 2004 $241,000

Aug 06, 2007 $315,000

26068 Pinto CTR Moreno Valley, CA 92555

Price: $180,000

Sales History

Aug 15, 2006 $385,000
 
Once again, if you click on those listings and scroll down to the Zillow price estimates, you will see that Zillow still has those properties valued way above the asking prices.

Zillow just is putting out garbage estimates right now. They somehow need to integate current asking prices into their comps or people should just stop looking at zillow.
 
only 55% off for this "corporate owned" property on the santa ana/fountain valley border

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http://www.redfin.com/stingray/do/printable-listing?listing-id=1311760

5226 West 3rd ST Santa Ana, CA 92703

Price: $299,000

Buy with Redfin and Save $5,970*

Beds: 4

Baths: 2

Sq. Ft.: 1,500

$/Sq. Ft.: $199

Lot Size: 6,480 Sq. Ft.

Sales History Date Price Appreciation

Jul 08, 2005 $470,000

Dec 22, 2005 $620,000 83.2%/yr

Listing Price History

Date Price Nov 27, 2007 $415,000

Jan 12, 2008 $394,500

Feb 20, 2008 $370,000

Mar 28, 2008 $299,000
 
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201 South Orange AVE

Santa Ana, CA 92701

Sales History:

Jan 25, 2007 $620,000

Current Price:

$275,000

Sq. Ft.

1,678 3/2

66.6% reduction in price!!

Of course, there are some issues, but you can read those here
 
935 South Oak ST

Santa Ana, CA 92701

Sq. Ft. 1380 3/1

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Sale Price History:

Dec 23, 2005 $560,000

Listing Price History:

Feb 15, 2008 $295,000

Mar 14, 2008 $269,900

52% decline.

More info here
 
1250 South Garnsey ST

Santa Ana, CA 92707

Sq. Ft. 1270 2/1

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Sales History:

Oct 26, 2004 $470,000 --

Aug 08, 2005 $460,100 -2.7%/yr

May 15, 2006 $550,000 26.2%/yr

Listing Price History:

Jul 10, 2007 $550,000

Jul 21, 2007 $525,000

Aug 01, 2007 $500,000

Aug 04, 2007 $485,000

Aug 16, 2007 $450,000

Aug 26, 2007 $440,000

Sep 06, 2007 $425,000

Sep 25, 2007 $400,000

Jan 17, 2008 $395,000

Jan 19, 2008 $389,000

Jan 26, 2008 $380,000

Jan 31, 2008 $365,000

Feb 12, 2008 $350,000

Feb 13, 2008 $325,000

Feb 16, 2008 $300,000

Feb 19, 2008 $280,000

Feb 22, 2008 $275,000

All the way down to half it's value!
 
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