In Fontana, foreclosure discounts hit 50%
Every few weeks I put together a photo gallery of foreclosed houses for sale, and I just put up another one at LATimes.com -- click here to see 16 foreclosed houses from Glendale to Redondo Beach.
Worth noting: this is the fifth such collection of listings I've put together, and for the first time, it includes houses listed at less than half of their peak sales price. The home pictured, a 4-bedroom in Fontana, sold for $385,000 in December of 2006 and is now listed at $189,900 -- a discount of 50.7%.
For what it's worth, here are links to the previous collections of listings, with the range of discounts from peak sales price in each collection, and the median discount. (I know, this is not a statistically valid sample, but I enjoy playing with numbers. Humor me.)
February 25: Discounts ranged from 14.8% to 41.0%; Median discount: 19.0%
March 6: Discounts ranged from 6.7% to 38.0%; Median discount: 23.9%
April 17: Discounts ranged from 13.5% to 45.1%; Median discount: 28.8%
May 9: Discounts ranged from 7.1% to 44.3%; Median discount: 32.9%
July 9: Discounts ranged from 10.8% to 51.0%; Median discount: 30.9%
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: Baldwin Real Estate Services
One thing that is stuck in my head, is that this is the only house where I have ever seen fake window sills! It actually had white colored aluminum or tin sills rather than wood - how cheap can you get? Small wonder this place can't be sold.
Posted by: canuck |
Hey, neighbor. I also live near this house and it sits right smack dead in the middle of a (moderately busy) three-way intersection that feeds San Vincente Blvd. Headlights coming through those windows every minute on the hour after dark seems like it might get annoying.
And also - while I wouldn't bother getting into what does or doesn't constitute a "ghetto" with people who've never been nor will ever be consigned to one - that 6th avenue house (price: $285,000 or $175/sqft) is located off 59th blvd - (Rolling 60's territory.) I have friends and fam that live there and like a lot of 'hoods in LA - say, downtown or Venice - I definitely wouldn't want to be there alone and at night.
During the day, if you don’t have school-aged kids, teenage boys and an aversion to swap meets, Leo is right - it is cool, just like downtown and Venice.
Posted by: the problemwithcaring | July 10, 2008 at 11:57 AM
If I, god forbid would move to Socal. I'd like to have a house by the Pacific. But I suppose that is very expensive. The rest is just miles after miles of urban sprawl.
Posted by: Eurobrat | July 10, 2008 at 12:30 PM
If I, god forbid would move to Socal. I'd like to have a house by the Pacific. But I suppose that is very expensive. The rest is just miles after miles of urban sprawl.
Posted by: Eurobrat | July 10, 2008 at 12:31 PM
Hell, in the Hollywood Hills we're now seeing close 50% discounts -- one place sold Jan 2007 for 1.3 miliion, listed now for $729k.
Posted by: Drew | July 10, 2008 at 01:30 PM
Laker, if those bars on the windows look unfamiliar, you don't know LA very well. Window bars are common across the city, including "nice" areas like the Valley.
The good thing about 6th street is short commute. That alone will support the price, compared to some McMansion in the 909.
Posted by: IfSoSmartWhyNotRich | July 10, 2008 at 10:11 PM