What do I mean by a "5 bagger?" How about needing to quintuple your money in 7 years. This gem is in my favorite "canary in the coal mine" Wrightwood, CA. Beautiful little mountain community. A fantastic microcosm to watch the housing pustule ooze and ultimately burst.
What does Zillow have to say about this particular home?
Sold (01/13/2000): $318,000
This
home 92397 WRIGHTWOOD San Bernardino CA US
30 days -2.7% -4.0% -4.0% -6.2% -2.8% -1.0%
1 year -28.8% -19.3% -19.4% -29.6% -20.4% -6.9%
5 years -10.5% 28.8% 28.9% 31.8% 17.3% 28.6%
10 year 84.5% 110.4% 110.0% 146.4% 120.1% 95.5%
Last 103.3% 97.3% 97.6% 120.8% 88.5% 76.6%
But don't let Zilllow fool you. Here's the listing:
1801 Ash Rd
Wrightwood, CA 92397
MLS ID# 338638
$1,800,000
3 Bed, 2.5 Bath
3,257 Sq. Ft.
0.61 Acres
Keep the hope alive.
18 comments:
"Estimated Payment: $10,019 Per Month"
Keep dreaming!
First?
Come on, that's kind of awesome in its own way. Who's to say the seller hasn't put 1.5 million into the house. And by that I literally mean, maybe's he's insulated the house with 1.5 million dollar bills.
Hurts to be on the wrong side of the housing bubble, don't it?
Take Zillow's overestimate and subtract 20% for a realistic valuation.
On the downslope, residential real estate often doesn't even keep up with the rate of inflation (plenty of other fine houses in that neighborhood)
Maybe the guy defrauded multiple banks, was indicted for mortgage fraud, and needs to come up with $1.8 million for restitution purposes, pronto.
Nah. That could never happen. ;-)
Did I mention the zestimate? $560k.
The other thing is location, location, location. Wrightwood is a great place for a vacation home but it takes $10 in gas now to go anywhere and I mean anywhere as in the lovely communities of Phelan and Victorville. As a year round place forget it. California prices, remote, plus heating costs and snow issues affecting, maintenance, cars, etc.
Prices in 92397 at the low end are -$100k from 2 years ago. $240k to $140k is 40%. If this guy could have scored $800k at the peak, off 40% is $480k which is pretty darned close to Bill's 80% of overzestimate. It's also $150/sf which seems reasonable looking at the pictures and the lot size. You still couldn't command anything close to breakeven rent so I'd say there's no bottom here yet.
Did anyone notice that table? San Bernardino -6.2% in the last 30 days.
-20.4% in one year wiping out half the previous 5 years' appreciation. Talk about not sticky.
Does it come with a view of the San Andreas fault? It seems to run right behind it.
Troops attack in Anaheim
Should this bother me in the shadow of Disnetland?
how can a relitter with a straight face take this fantasy and waste time and ink promoting it ?
Is everyone in SoCal on drugs?
h.
I hate fake Victorians.
@h simpson,
Last I heard the whole country is on drugs.
Rob, jumbo rates are about 9% nobody will touch it.
I guess a crazed buyer could put down 1 million cash and finance the rest.
Could it be any closer to a major earthquake fault?
New blog for the rest of us: Stuff White Trash Like
Suggestions?
"An" earthquake fault? No, THE earthquake fault. The san andreas actually breaks through the surface in Wrightwood. That said this house could be closer, if it were a half mile west and a quarter mile north down in the orchard area. Close enough when the big one hits.
You-all should have to pay $500+ / ft^2 and high property atxes and insurance too. Y'all's sh^t is all good, and ours is no good. I could get a house bigger than that on an acreage for the original $318k. I guess the seller didn't realize how good y'all's sh^t was back then when he foolishly sold it for such a low price.
Ther are serieis isues at steak in htis elcteion, and serieis difrences betweed hte canidates. An we well argue abot then, as we shoold.
(Sorry for the spam, but I want my McCain Online Action Center awards points). A new golf bag would be SWEET!
Wrightwood is also known as Chimney Falls after an earthquake.
I am the owner and your facts are wrong; I bought the house in 1981, not 2000; after I was injured and became a paraplegic I put an additional 600K in upgrades and increasing the size so that it is handicap accesible, including elevators etc. the total debt against the house is about 10% of its present value
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