Auction album: 10 foreclosures on the block this weekend

For those of you curious about this weekend's foreclosure auctions in Ontario and Pomona, (come on, you know you're curious) I put together an album of 10 listings on the website.

The inventory for these big auctions often looks picked-over, and there's a good reason for that: In many cases, these are homes that have sat on the market for a while, until the banks finally decided to put them up for auction.

The listing above:

31898 Cedar Hill Lane in Lake Elsinore, to be auctioned Saturday at the Fairplex in Pomona.

Agent's description: Five bedrooms, three baths, 2,902 square feet. "Gorgeous home with dramatic floor plan, premium view lot location in the exclusive Canyon Hills Community down the street from Canyon Lake. Impressive interior designed open floor plan with cathedral ceilings, plantation shutters and custom window covers ..."

•  Previous sales price (from Zillow.com): $480,000 in July 2005

•  Current "list price": $449,500

• Starting bid: $199,000

You make the call: What do you think it will sell for? (You can tell me what you think it's worth, but that's not as interesting, frankly).
Photo Credit: Richard Novak.

Comments

[tim]

If the banks think people like myself are going to try to payoff our homes when by just looking at the above listed prices I am already 40% below my mtg they are nuts. I did it right, I got a good loan and all I did wrong was buy late in the game. I only planned to live here until I am 62 in 3 years and move. No friggin way am I going to sit around and hope my house goes back up. screw the banks and dont give me any crap about my moral obligation to a contract. Everything is against the middle class and the middle class are not going to take it anymore. Thank god my 401k and ira's got money in them.

[Laker]

Peter,
This place will sell for $280,000-300,000.

(I think it is worth $150,000-180,000)

[Laker]

tim, since you are about 59 years old, i would not suggest you to check your ira and 401k balances...unless you have a really strong heart....(probably lost 20% or more)

[Cassiopoea]

Lake Elsinore is a pit. I'd say it's just a little step above the Salton Sea. But I digress... I'm not sure what the criteria are for purchasing a home at auction, but if people are required to put a certain percentage down and to prove income, I'm going to say it won't sell. Anyone who has any kind of money to put down on a home right now is not going to buy in Lake Elsinore.

And it's more than just the cost of the home itself. I associate Lake Elsinore with retirees. Empty-nesters don''t need five bedrooms. Plus, it gets hot in the summer and cold in the winter -- what are the heating and cooling costs for a home that is almost 3,000 sq ft?

I'd be really surprised if it sells. Keep us posted.

[James]

You can Thank the Bush Administration and Bill Clinton for the most part all of the current economic failures in America Today. It started with NAFTA and it will all end when The Southern and Northern Borders are opened to both Mexico and Canada. Please read "STOPSPP.COM" this website is in response to the Federal Governments spp.gov website. In the most recent Union Address by Pres. Bush he stated that it is the "110th Congress to pass the Security Prosperity Partnership". As the greedy Corporation send more jobs to foreign Countries and the current American Corporations lay-off more American workers we will all loose in the end. Corporate Greed is killing America. As Ford and General Motors lay-off workers they still expect American people to still buy their product. Why do we continue to purchase goods that are made in China and Taiwan. Look around your house and tell me what is made in America. Don't buy it and send a strong message to the Corporate CEO's.

[Bank Foreclosures]

It used to be the time where foreclosure homes where more like fixer uppers, now the market is flodded with nice houses.