I thought I would look back at some of the homes I wrote about 2 years ago when I started the blog. I thought I would find that most of them had sold for far less than they were asking. After all, 2 years ago was just the beginning of the crash and there were not that many REOs yet. The amazing thing is that the many of the homes I wrote about did NOT sell. Most of them simply went off the market. I'm a little shocked at this. I thought they would have either sold or been foreclosed. Nope, just delisted. 2 years and they are still hanging on?? The ones that did sell obviously went for far less than they were asking for in 07. It's sad to see that many of the buyers of those homes are now 20% or more under water based on comps.
16517 Cheltenham, Riverside, CA 92504 They were trying to get $850k after paying $1.06M. This home is now Delisted. Current value based on comps about $500k
18730 Lakepointe, Riverside, CA 92503. They paid $720k, but were hoping to get $580k when I wrote about them in late 07. The home sold in May 09 for $370k
Loss 49%
16398 Hidden Peak, Riverside, This guy was trying to get $775k back in late 07, well it finally sold in Jan 09 for $398k.
Loss 45%
13574 MEADOWLANDS CT, Moreno Valley, CA 92555, This guy was trying a short sale at $379k in late 07. He lost it to the bank in March and it finally sold in Dec 08 for $285k.
Loss 51%
4467 CABOT DR Corona, CA 92883 This guys was trying to avoid the big FC but it didn't happen. He paid $1.045M and it sold in mid 08 for $560k. (these were selling around $420k this year! So the 08 buyer is already $140k in the hole. 3 have sold in the last few months all under $425k)
Loss 47% (current owners loss around $20%)
17892 GLEN HOLLOW WAY This tool was trying to get $1.1M when I wrote about him. He bought in new for $773k, He ended up loosing the house and they were only asking $270k at the auction. Wish I had know that. I would definately have bought this one! It sells for $410k in Oct 08.
Loss 47% or 66% if you go off the auction price.