Monday, December 19, 2011

A tale of two FBs

Comparable busters. They aren't just for sales anymore. Neighborhoods that would not have imagined rental units in their midst now find them preferable to empty REOs.

Unfortunately the rental market has the same problem with wishing prices as still does the resale market for used houses.

* $3,900/month
* Beds:5 Bed Baths:4 Bath House Size:3,770 Sq Ft Lot Size:0.18 Acres

A tad pricey but a safe neighborhood with an excellent school district. And hey, this is supposedly and $800k neighborhood on a golf course. There's one tiny problem:

* $2,500/month
* Beds:4 Bed Baths:5 Bath House Size:3,531 Sq Ft Lot Size:0.19 Acres

Right around the corner. Ouch.


Entertained said...

Must be some heavy drinkers in a home where the bathrooms outnumber the bedrooms.

Rob Dawg said...

I don't know where they got those lot sizes either. No way they are 8500sf. Eh, this is real estate. Caveat emptor and "any closet is a walking in closet if you try hard enough." Suzanne researched it.

Max said...

Welcome back, Dawg! Rising up from R'lyeh to blog the SoCal real estate decline. The Bubblesphere never really dies, it just waits until it's awakened by irrational exuberance.

Brutal declines at the Sterling.

Sold for $1,180,000 in 2007 = $334/sqft.
Most current listings are asking around $200/sqft, which is what they paid in 1999 when the development was created.

Rob Dawg said...

Sterling Hills was even pre-boom. Between the school district and location they had waiting lists. As a result all the houses there got the "extra" office room" or designer upgrades for crap like Roman tile entré foyers.

Thanks for the kind words Max. I'll try to live up to expectations.