Comments on: Seventy Percent Off

By: Andy

Andy — Tue, 31 Mar 2009 16:11:42 +0000

Browse through a wide variety of California real estate over at NeighborCity http://www.neighborcity.com/CA

By: Geotpf

Geotpf — Wed, 18 Mar 2009 14:45:04 +0000

Here’s my favorite:

http://www.redfin.com/CA/River.....me/4934263

Mar 06, 2009 Price Changed $49,900 — MRMLS #I08133833
Feb 21, 2009 Price Changed $73,900 — MRMLS #I08133833
Feb 09, 2009 Price Changed $76,900 — MRMLS #I08133833
Jan 30, 2009 Price Changed $77,900 — MRMLS #I08133833
Jan 16, 2009 Price Changed $79,900 — MRMLS #I08133833
Jan 07, 2009 Price Changed $81,900 — MRMLS #I08133833
Dec 23, 2008 Price Changed $85,900 — MRMLS #I08133833
Dec 11, 2008 Price Changed $87,900 — MRMLS #I08133833
Dec 01, 2008 Price Changed $89,900 — MRMLS #I08133833
Nov 18, 2008 Price Changed $92,900 — MRMLS #I08133833
Nov 07, 2008 Price Changed $94,900 — MRMLS #I08133833
Oct 28, 2008 Price Changed $99,900 — MRMLS #I08133833
Oct 24, 2008 Relisted — — MRMLS #I08133833
Oct 23, 2008 Off Redfin — — MRMLS #I08133833
Sep 17, 2008 Listed $104,900 — MRMLS #I08133833
Aug 21, 2008 Sold $96,800 -29.4%/yr Public Records
Jul 15, 2005 Sold $285,000 35.6%/yr Public Records
Oct 31, 2002 Sold $125,000 — Public Records

So, an 82.5% decrease in less than four years, and still unsold even after 12 price reductions.

By: whyyou

whyyou — Sun, 15 Mar 2009 05:37:59 +0000

prices seem to finally be decent in that area. Having worked for a utility covering that area I’ve noticed most of the folks in the neighborhoods listed are old retirees mixed in with young desert rats with toys galore. It’s been about a year since I worked up there, but I imagine all the people with the “toys” have left. I’m guessing the market is going to depend on the retired once again, but with the lower income ones being forced to look out of state the last few years, are there new retiree’s to pick up the slack? I’m intensely curious what if any changes the people who were planning on retiring within the next 5 years are going to do now that boom times are long gone. I know “history is out the door”, but I wouldn’t say that about the high desert area.

By: MrVincent

MrVincent — Thu, 12 Mar 2009 01:08:35 +0000

Yeah, I check things out on Redfin everyday just for kicks and noticed a few weeks ago that the inland areas are in depression in terms of home prices. The problem is that the rest of the areas are still massively overpriced.

Orange County and San Gabriel Valley to name a couple of areas that the depression has apparently not hit yet.

Another area I like to track is Rancho Cucamonga. Some sellers there have “gotten the memo” and some have not.

By: Chuck Ponzi

Chuck Ponzi — Wed, 11 Mar 2009 21:15:57 +0000

Agreed. I would only invest if I could assure profitability at 50% occupancy.. and then it’s a crapshoot. I probably will never actually pull the trigger. Everytime I think about it, I think about the other present investment opportunities that don’t require as much time or effort and have a better payback. It just doesn’t make sense.

Hasn’t stopped my parents from trying to catch a falling knife. I tried to warn them, but they’re older and wiser than I. Oh well.

Chuck

By: Rob Dawg

Rob Dawg — Wed, 11 Mar 2009 17:57:35 +0000

I’m not BSing. I’m really intimately familiar with Wrightwood/Phelan/Victorville having been a multiple landlord since the mid 1980s. There’s basically 3 dwelling units for every 2 potential profitable renters. I can’t tell you when that changes, I can only warn that it hasn’t changed. I finished selling all my nonpersonal real estate in the area April 2006. I’ve seen a handful of opportunities worth spending more than 2 minutes researching. None have yet gotten further than that. Let’s look again in 6 months.

By: Chuck Ponzi

Chuck Ponzi — Wed, 11 Mar 2009 17:04:21 +0000

I know, there were so many that I could only select a few or it would have taken me a week to write the post.

There was no cherry picking; there is plenty to choose from. As far as I’m concerned, I’ve thought about investing in Hesperia because rents for a house that is 80K will often rent for $900/month. That’s less than 100X gross. That’s pretty decent, but the saying… fools rush in comes to mind.

Chuck

By: Rob Dawg

Rob Dawg — Wed, 11 Mar 2009 15:58:42 +0000

You forgot:
http://www.redfin.com/CA/Hespe.....me/3670097

By: Rob Dawg

Rob Dawg — Wed, 11 Mar 2009 15:55:26 +0000

Just “Redfin” Hesperia and laugh/cry. This is the stuff worth listing. The dirty secret is the stuff that is unsaleable.

By: no mot

no mot — Wed, 11 Mar 2009 14:21:05 +0000

Incredible! and there are thousands of cases as these in Socal.
The coastal areas are not as bad, although they have also taken a hit with up to 30-40% drops.
But in the end it’s all about supply and demand…and the coast will hold up better as expected and will come back quicker than IE..that’s because the Russians are coming..lol