Tuesday, May 1, 2007

What a dump!

So this couple moves to an Eastvale, California community, and then the housing prices decrease by 45 grand.

Of course, when your starting price is north of 600 grand, that isn't that bad:

EASTVALE - Former Fountain Valley residents Billy and Betty Lambright moved to this dairy land east of Chino in July, paying $620,000 for a new two-story house near brand new shopping centers and medical facilities the retired couple needs.

A few months after they moved into their tile-roofed dwelling and landscaped the back yard with lush grass, rose bushes, a trickling fountain and spindly fruit trees, the builder dropped the price for the same model by $45,000, plus free upgrades.

"They gave me a good deal, they said. But after that, they dropped the price to $575,000," Lambright said. "You can't cry over spilled milk."...

People like Lake Elsinore resident Charles Lucas, 40, are feeling the effect of that rise [in Inland Empire housing inventory]. Lucas, who commutes to work in Long Beach, put his four-bedroom, two-story home near the lake on the market for $499,900 when he and his wife decided to divorce. That was in June. Almost a year and 12 price-reductions later, they're still looking for a buyer, despite a $100,000 price hit....

Alberto Lopez of Lake Elsinore has had similar frustrations trying to sell his former house in South Corona's Dos Lagos development.

The area is replete with amenities, including new shopping, a golf course, a resort hotel and the Glen Ivy spa and Tom's Farms a few miles to the south. His Taylor Woodrow home is little more than two years old, but after a few months on the market and dropping his $509,000 asking price by $9,000, there still are no takers, he said....

The glut of homes for sale has forced some owners into foreclosure, said real estate agent Pat Crowe of Perris, a former Orange County resident who works in sales offices for various home builders.

"I know of one home in the Perris area, she had over $100,000 in upgrades. … Even though she dropped her price $50,000, she couldn't get anyone to come out and look at it," Crowe said. "So she had to give it back to the bank. … It's not a good scenario, but she's not the only one going through it right now."

So it's a buyer's market...but no one's buying.


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