This is a good one. Battle going on in Murrietta, gonna see this type of thing migrating to San Diego county soon. It is already going, albeit at a lower intensity in SD.
this is all occuring in Greer Ranch, Murrieta. here’s the breakdown of the teams.
There are currently 7 homes on the market on this street. On one side, we have Team REOs:
27062 PUMPKIN ST, Murrieta, CA 92562 (3,151 sqft)
–listed for $474,850 since 8/2007.
27189 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $524,900 since 9/2007.
27177 PUMPKIN ST, Murrieta, CA 92562 (3,681 sqft)
–listed for $582,900 since 8/2007.
27153 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $595,000 since 8/2007.
Average price per sqft for Team REOs: $157/sqft.
vs.
On the other side we have Team Floppers:
27344 PUMPKIN ST, Murrieta, CA 92562 (3,201 sqft)
–listed for $665,000 since 7/2007.
27213 PUMPKIN ST, Murrieta, CA 92562 (3,532 sqft)
–listed for $750,000 since 5/2007.
27069 PUMPKIN ST, Murrieta, CA 92562 (3,681 sqft)
–listed for $785,000 since 6/2007.
Average price per sqft for Team Floppers: $211/sqft.
now what I did not realize when I did this post was that there’s a third team, Team Builders!
Artisan Communities is selling RIDGEVIEW in Greer Ranch, a community of 2,969 sqft to 3,662 sqft homes starting from the mid-$400,000’s!
I guess this is what Appleton Young was talking about in regard to realtors not taking unrealistic listings, there is really no point in trying for the floppers, just default and join Team REOs!
Everybody loses in this one, with the possible exception of the builders. They will probably still make fat margins.
Some of these floppers may just be non-financially savvy regular folks who got in over their head and are struggling to avoid foreclosure or big tax bill after short sale.
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