Inland Empire (Kaboom!)

freedomCM_IHB

freedomCM_IHB

New member
First off, there is a great blog keeping track of what is happening in the IE: <u>http://housing-kaboom.blogspot.com/</u>





Second, Riverside is clearly in the crapper:

<strong>

55% off a 2004 price</strong>, for a 2700 sqft house on half an acre, less than $100/sqft:



<u>http://www.redfin.com/stingray/do/printable-listing?listing-id=1651705</u>



<strong>

It even has a fountain!</strong>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/807/P632807_1_0.jpg" alt="" />
 
Here is a great one. <strong>$86/sqft for a 2005 built house</strong> (about half the original sales price) on 1/3 acre



it even looks really nice (if only it weren't in San Jacinto):



<img src="http://i-0.rfimg.us/photo/45/bigphoto/364/C08054364_0.jpg" alt="" />



<u>http://www.redfin.com/stingray/do/printable-listing?listing-id=1644050</u>
 
In the first one it says see agent's remarks, and if you look at the bottom of the wall to the left of the trashcan, you can see the discoloration in the stucco. I wonder if in the "agent's remarks" they disclose that water/mold/mildew damage? Gawd only knows where that water is coming from, and gawd only knows what can of worms that would open up.
 
Look at the crack in the fence wall. A paint job would have covered it up.

Are they honest or lazy?



Is that discoloration on the wall of concern to you? It wouldn't be

here. Of course, cinderblock is usually under the stucco, and it

rains a lot, so there is often dark spotches of mold on the walls. I

have a splotch much darker than that behind my acs in the back,

and there is no mold in the garage.
 
FreedomCM, thanks for posting that link to the IE disaster (housing-kaboom). Here is an interesting tidbit from the site:



<em>DataQuick also had this to say about March sales in California.



A total of 24,565 new and resale houses and condos were sold statewide last month. That makes it the slowest March in DataQuick's records, which go back to 1988. Sales were up 19.8 percent from 20,513 in February and down 38.3 percent from 39,811 for March last year. (march sales usually rise 40% from Feb sales)





Of the homes sold in March, 38.4 percent were foreclosure resales.



The median price paid for a home last month was $358,000, down 4.0 percent from $373,000 for the month before, and down 26.0 percent from $484,000 for March a year ago when the median peaked. </em>
 
I'm sure that cord is just to run the Xmas lights that they have on it! didn't you see all the tacky "ice cycle" lights they have on the eaves?
 
[quote author="freedomCM" date=1208670379]Here is a great one. <strong>$86/sqft for a 2005 built house</strong> (about half the original sales price) on 1/3 acre



it even looks really nice (if only it weren't in San Jacinto):



<u>http://www.redfin.com/stingray/do/printable-listing?listing-id=1644050</u></blockquote>


I found one at $85/sf a little closer to civilization in San Bernardino.



List is hovering just above the 2002 purchase price:



<img src="http://i-0.rfimg.us/photo/46/bigphoto/728/P624728_0.jpg" alt="" />



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1514426">http://www.redfin.com/stingray/do/printable-listing?listing-id=1514426</a>
 
8/14 Channel 4 news video on IE foreclosures and spike in crime.







<a href="http://video.knbc.com/player/?id=285464">Check out the grow operation !</a>
 
I don't know if anyone knows this, but I really don't like horses. But what douchebag gets foreclosed on and leaves his horse to die in the corral?



Fing people.
 
Vaseline,

I don't understand why people think a horse as a pet would be a good idea. They are VERY expensive, feed, corral fees, excerise, health care, transportation, etc. etc. etc. They cost ALOT. Still, I don't understand how people can leave it to die.



As an animal friend, it angers me and sickens me that people do this.



-bix
 
[quote author="no_vaseline" date=1218839016]I don't know if anyone knows this, but I really don't like horses. But what douchebag gets foreclosed on and leaves his horse to die in the corral?



Fing people.</blockquote>


That is simply unconscionable.



Yo DA Rod - Score a quick win and prosecute that mo-fo for animal cruelty.
 
These animal abandonment stories really bother me. These sick freaks deserve to lose much more than their homes. All I can say is "karma".
 
<em>Plunging home values means 62 percent of Inland Southern Californians who bought homes in the past five years can't pay off their mortgages if they sell today, according to a report released today by a national online real estate marketing company.



Even 37 percent of those who entered the Inland housing market this year already have lost whatever down payment they made and possibly more, according to the report by Zillow, a Web site with current data on home values.



That is because the median home price in the region tumbled nearly 10 percent from the first to the second quarter.



"The data we are looking at shows no turnaround. The rates of year-over-year declines (in prices) have not slowed down," said Stan Humphries, Zillow's vice president of data and analytics.</em>



<a href="http://www.pe.com/localnews/inland/stories/PE_News_Local_S_underwater12.467d5b1.html">Trapped IE homeowners: prices tumble to 2003 levels</a>
 
"Plunging home values means 62 percent of Inland Southern Californians who bought homes in the past five years can?t pay off their mortgages if they sell today, according to a report released today by a national online real estate marketing company."



I wonder what the percentage is for OC-er's. I'm thinking a lot of Alt-A's are looking at resets the next few years and the prospect of what is happening at the outskirts may be remote in their minds. They hear the news, but think "That's way out there where nobody wants to live" or "it will all straighten out by the time my reset occurs...whatever and whenever that is...perhaps I should check...nah, I'll deal with it then..." and then on to the next thought diversion. Meanwhile, tick-tock, tick-tock...



We will see.
 
I have also been keeping an eye on the IE; just for kicks, I enter some crazy search criteria on Redfin just to see if any listings pop up, try it!



Under $150K

3000 Sq/Ft

2005 or newer...



Have fun!!



The IE is defying all RE logic, they are at 1%, rent-to-value ratio. For example a house that costs $150K, can be easily rented out for $1,500 a month (check craigslist). A lot of investors should be flocking to the IE really soon; if not already. Also they are at or lower than the price per square foot of new construction. How can this be? They are selling for less than land and improvement appraised value. I just ran into a $55/sq foot today, really strange what is going on there. I'll post some seemly good deals, what do you guys think.



$66/sq ft

http://www.redfin.com/CA/Perris/2917-Barn-Owl-Dr-92571/home/12271251



$55/sq ft - on a lake...

http://www.redfin.com/CA/Hemet/1600-Red-Clover-Ln-92545/home/6680476



$58/sq ft - also on a lake!

http://www.redfin.com/CA/Menifee/29906-Blue-Water-Way-92584/home/8161003



$42/sq ft ? Best deal!

http://www.redfin.com/CA/Lake-Elsinore/31065-Illinois-St-92530/home/5390871
 
[quote author="roundcorners" date=1218974235]I have also been keeping an eye on the IE; just for kicks, I enter some crazy search criteria on Redfin just to see if any listings pop up, try it!



Under $150K

3000 Sq/Ft

2005 or newer...



Have fun!!



The IE is defying all RE logic, they are at 1%, rent-to-value ratio. For example a house that costs $150K, can be easily rented out for $1,500 a month (check craigslist). A lot of investors should be flocking to the IE really soon; if not already. Also they are at or lower than the price per square foot of new construction. How can this be? They are selling for less than land and improvement appraised value. I just ran into a $55/sq foot today, really strange what is going on there. I'll post some seemly good deals, what do you guys think.



$66/sq ft

http://www.redfin.com/CA/Perris/2917-Barn-Owl-Dr-92571/home/12271251



$55/sq ft - on a lake...

http://www.redfin.com/CA/Hemet/1600-Red-Clover-Ln-92545/home/6680476



$58/sq ft - also on a lake!

http://www.redfin.com/CA/Menifee/29906-Blue-Water-Way-92584/home/8161003



$42/sq ft ? Best deal!

http://www.redfin.com/CA/Lake-Elsinore/31065-Illinois-St-92530/home/5390871</blockquote>


I'm too lazy to search for the blog post IR did about land value, but you should try to find it. If you can't maybe someone else will find it or I will find it for you.



From a builder's perspective the land out there is at negative value. They are trying to reduce their building costs down to $65 a sqft. So, be prepared for some quality homes being built and a return to very large great rooms.
 
Thanks for finding that link Eva. I just had a chance to re-read it.... Damn, IR....thanks for your time and effort. That was amazing.
 
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