MILLION dollar loss in Riverside

alan_IHB

alan_IHB

New member
Just came across this...



Purchased 5/12/06 for $1,830,000.00

went back to the bank 6/3/08 for $1,493,260.00



Now REO listed at $875,000.00





<a href="http://www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077">www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077</a>



if IR ever posts profiles out of Irvine, I shure would like to see this one.
 
[quote author="alan" date=1217306908]Just came across this...



Purchased 5/12/06 for $1,830,000.00

went back to the bank 6/3/08 for $1,493,260.00



Now REO listed at $875,000.00





<a href="http://www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077">www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077</a>



if IR ever posts profiles out of Irvine, I shure would like to see this one.</blockquote>


Nice find alan. <a href="http://www.redfin.com/CA/Corona/975-Randall-Ranch-Rd-92881/home/6594712/mrmls-C08104511">There is another $1M loss two houses away...</a>
 
[quote author="alan" date=1217306908]Just came across this...



Purchased 5/12/06 for $1,830,000.00

went back to the bank 6/3/08 for $1,493,260.00



Now REO listed at $875,000.00





<a href="http://www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077">www.redfin.com/CA/Corona/1015-Lowry-Ranch-Rd-92881/home/6606077</a>



if IR ever posts profiles out of Irvine, I shure would like to see this one.</blockquote>


Boy, I bet<a href="http://www.redfin.com/CA/Corona/4115-Strandberg-St-92881/home/6595349"> these neighbors are really pissed </a>to have a couple of mansions a hundred years away selling for below $1M.
 
if you scroll down to the aerial view, that is the kind of lot a 5k sf house should sit on. not some dinky 3k sf lot/condo like in irvine.
 
This is not a $1,000,000 loss, but it is a low price; $124 per square foot.

<a href="http://www.redfin.com/CA/Riverside/461-Green-Orchard-Pl-92506/home/12500610?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">461 Green Orchard Place</a> sold for $1,156,000 in 2007, and is listed at $675,000 now. The description emphasizes "AS IS", but the photos do not make any decrepancies obvious.
 
[quote author="awgee" date=1247170393]This is not a $1,000,000 loss, but it is a low price; $124 per square foot.

<a href="http://www.redfin.com/CA/Riverside/461-Green-Orchard-Pl-92506/home/12500610?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">461 Green Orchard Place</a> sold for $1,156,000 in 2007, and is listed at $675,000 now. The description emphasizes "AS IS", but the photos do not make any decrepancies obvious.</blockquote>
Guess this area is the "Shady Canyon" of Riverside.
 
[quote author="usctrojanman29" date=1247172558][quote author="awgee" date=1247170393]This is not a $1,000,000 loss, but it is a low price; $124 per square foot.

<a href="http://www.redfin.com/CA/Riverside/461-Green-Orchard-Pl-92506/home/12500610?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">461 Green Orchard Place</a> sold for $1,156,000 in 2007, and is listed at $675,000 now. The description emphasizes "AS IS", but the photos do not make any decrepancies obvious.</blockquote>
Guess this area is the "Shady Canyon" of Riverside.</blockquote>


I have been to this community. It is a Toll Brothers development; in fact, my company has given them a proposal to do construction staking on any new home sales. We haven't heard much which should give you an idea of the pace of high end home sales in the area.



These are beautiful homes on huge lots in a quiet part of town. It still feels like an area of rural estates. Obviously, the market for rural estates does not support $1,800,000 prices in Corona.
 
[quote author="centralcoastobserver" date=1217315198]I'm surprised any one paid over a million dollars to live in South Corona/Riverside. See the Saturday edition ofhttp://housing-kaboom.blogspot.comfor more details on the houses mentioned here. He does a good job of covering the Inland Empire housing market.</blockquote>


According to Redfin, there are currently five houses for sale that are priced over two million dollars in the city of Riverside. Granted, they are all huge, ranging from 4,700 sq ft to 10,500 sq ft, on lots ranging from 1.1 acres to 13 acres. Of course, they have also been on the market from 41 to 921(!!!) days.



On the other end of the spectrum is the great deal that somebody got on this property...



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

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



1.7 acres.

3 houses. (main house, guest house, pool house)

Main house is 2,381 sq ft, 4 beds, 2.5 baths.

Total with the three houses is 7 bedrooms, 4.5 baths, 3 kitchens.

24 parking spots.

A pool.

And a tennis court!



Sold on March 12th for $306,000. Now that is a bargin, even for Riverside.
 
[quote author="awgee" date=1247170393]This is not a $1,000,000 loss, but it is a low price; $124 per square foot.

<a href="http://www.redfin.com/CA/Riverside/461-Green-Orchard-Pl-92506/home/12500610?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1">461 Green Orchard Place</a> sold for $1,156,000 in 2007, and is listed at $675,000 now. The description emphasizes "AS IS", but the photos do not make any decrepancies obvious.</blockquote>


$124 a sq ft is not that unusual for Riverside; I paid about $85 a sq ft for my (much smaller and older) house there. Of course, this is new construction in a very good area, which commands a bit of a premium; looks like $180-190 a sq ft would be typical for this neighborhood. But the higher priced houses are taking a while to sell, and the banks are willing to reduce their prices to clear them out.
 
Gawddamnit... if I only had $1mil in 1996... I could have bought Corona. I wonder what it's value is inflation adjusted? I still couldn't buy it, but damn it drops like mad in housing busts.
 
[quote author="irvine_home_owner" date=1247535541]I'm sorry.... I don't mean to slight the IE... but seriously... unless you are buying a whole city... why would you pay over $1mil to live there?</blockquote>


because you have a job that pays you $400k/yr in Riverside and a large family?
 
[quote author="freedomCM" date=1247547385][quote author="irvine_home_owner" date=1247535541]I'm sorry.... I don't mean to slight the IE... but seriously... unless you are buying a whole city... why would you pay over $1mil to live there?</blockquote>


because you have a job that pays you $400k/yr in Riverside and a large family?</blockquote>
Fair.



Are there jobs that pay that high in Riverside?
 
[quote author="irvine_home_owner" date=1247548479][quote author="freedomCM" date=1247547385][quote author="irvine_home_owner" date=1247535541]I'm sorry.... I don't mean to slight the IE... but seriously... unless you are buying a whole city... why would you pay over $1mil to live there?</blockquote>


because you have a job that pays you $400k/yr in Riverside and a large family?</blockquote>
Fair.



Are there jobs that pay that high in Riverside?</blockquote>


Small business owner? Lawyer? Doctor? A married couple who are both UCR professors?



But then again, as I showed, $300-400k will get you a hell of a lot in this city.
 
[quote author="irvine_home_owner" date=1247548479][quote author="freedomCM" date=1247547385][quote author="irvine_home_owner" date=1247535541]I'm sorry.... I don't mean to slight the IE... but seriously... unless you are buying a whole city... why would you pay over $1mil to live there?</blockquote>


because you have a job that pays you $400k/yr in Riverside and a large family?</blockquote>
Fair.



Are there jobs that pay that high in Riverside?</blockquote>


Um... duh... the guy that started the business to board up the windows/change the locks/do the maintenance/clean up the trash and personal belongings (there is a video out there of the company that cleans out the homes, but I have no clue where I saw it) of the bank's REOs. That guy is going to be a brazillionaire when this all pans out. He will have enough cash to buy his home in Crystal Cove, because of his inside relations with the banks, in the next few years. Then he will sell his business right at the peak to some schmoe, because of his inside info with the banks, and retire at an early age in style.



Makes you wish you thought of it, huh? Yeah... me too.
 
[quote author="graphrix" date=1247590740]That guy is going to be a brazillionaire when this all pans out. He will have enough cash to <strong>buy his home in Crystal Cove</strong>, because of his inside relations with the banks, in the next few years. Then he will sell his business right at the peak to some schmoe, because of his inside info with the banks, and retire at an early age in style.

</blockquote>
Yeah... but will he spend $1mil+ to live in the IE?



People on the main blog complain that homes in Irvine shouldn't cost what they do, especially over $1mil... so isn't that even more pronounced when you are spending close to $2mil in Riverside?



Other than your own personal preferences, what are the benefits in living out somewhere so remote for that much money? Are the schools good for your kids? Is it safe? Is it close to amenities. Is there a beach? I know there is a lake and I guess you can do parachuting.



I'm just trying to put things in perspective here. I know that during the bubble, people bought out there because it was affordable, but $2mil is hardly affordable... unless you are no_vas and it's like 20 acres of land and you plan on making a living off of farming it (and even that seems high to me).
 
While I wouldn't count Riverside as "remote", I also can only imagine living there if a job kept me there. I have spent plenty of time in Riverside in my life, and it's really non-descript. Nothing special.



Maybe if I wanted land and a major city close by I would consider it, but that's not my thing.
 
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