Saturday, February 07, 2009

Signs of Implosion

What? There haven't been any signs before?!? No, not really. No circuit breakers in the markets, no home builder major bankruptcies, no domestic violence. The declines everywhere have been orderly for the most part. Don't mistake rapid for chaotic. Frankly I'm a bit amazed and worried that some things have held together this long. So what did I find? Nothing but a little old house. Actually a medium large new house.

9077 Goldenrod Ct
Hesperia, CA 92344
Price: $130,000

That's $59/sf and a bit off it's high sales price of $379,000 Jun '06. Short Sale. Beautiful new "turn key ready" home built in 2004. Huge kitchen with island and dual glazed windows to keep the house cool in the summer & warm in the winter. Laundry room is located upstairs for convenience and his & hers sink in master bedroom. Great family home in a beautiful neighborhood.

Now most likely this is some sort of come-on trying for a bidding war or perhaps just a Realitter® fishing expedition for clients knowing there's no chance of approval for this price but consider that 2/3rds off is what it takes to even get potential buyers' attention. The Antelope Valley real estate market is officially broken. I tried to get a Redfin map of REOs for this area and got an error of too many to display. Here's what it looks like zoomed up:

Looks like a lot of house for sale? No, that's just the REOs. Like I said broken.

9 comments:

Sweet Cashback said...

Ahhhhhh screw it! First!

Sweet Cashback said...

Nice to see a flow of new posts. For a it I thought you were pulling a KC on us.....

Rob Dawg said...

Coming soon I'll be adding a late night "Ephemera, Exotica and Extrema" fill in feature. I have been neglectful but I'm back. More transit and transportation as soon as the us-stimpak and cali-budget numbers firm up.

Tyrone said...

$130K and it's in Hesperia! I must be dreaming.
*barf*

Rob Dawg said...

Tyrone, Tyrone, Tyrone. Calm down. They are asking $130k. ;-)

In other news the worst renter I ever had just got her NOD last week. There truly exists a renter class and they are returning to their place. I know that sounds cold and classist at best but this is a case of people making their own beds.

Steve said...

Not exactly the Antelope Valley, that's more High Desert. Your point is correct though, Palmdale and Lancaster is slammed pretty well now too.

Lost Cause said...

It is not going to take long before people realize that the houses that are 7X the national average are right next to houses that are below the national average.

Lou Minatti said...

I don't know the area, so sorry for asking: The prices seems very good to my eyes, but what types of employment opportunities are there? Is that commutable to job centers?

sm_landlord said...

Lou, that is the middle of nowhere.
It might be a good place if you were, say, a long-haul truck driver.
Or maybe a cactus farmer.