We checked the tax rolls for properties owned by the same Guaranty Bank of Irvine, and found a tract outside of Temecula (in San Jacinto, near the JC).
In February they had foreclosed on 39 lots, and 14 had new houses on them!
Realtor and blog correspondent Richard Morgan went to check it out, and files this report:
There were 32 homes completed in the development, but only 18 had been sold. Five of those 18 are already in some stage of foreclosure.
Some residents told me that, up until 2 weeks ago, the remaining 14 homes sat vacant, and had weeds and broken windows – the place was a mess. The grass and landscaping were just installed two weeks ago.
The owner of 973 Eden Valley said that he paid $406,000 for the 2993 sf model with the intention to hold for a couple of years and then sell, but he is now in for the long haul. (in preforeclosure according to Realist record).
984 Eden Valley street was sold for $404,000 in 9/2006. It was foreclosed in January, 2008, and resold for $222,500 in September, 2008. Original owner just walked away.
New-home listings found on the internet but looked like expired as of 10 days ago:
2,538 sf = $155,990
2,993 sf = $164,990
Considering that the roads were complete, they might as well sell them for whatever the market will bear, rather than tear down.
Hopefully at $55-$75/sf, there should be some takers, shouldn’t there?
Here’s Richard’s first video – under a minute!