The Inland Empire area of California, which includes Riverside and San Bernardino, has been one of the fastest growing parts of the US in recent years. The recent REO fever, however, has slowed growth/construction and is majorly affecting sales of existing real estate too. This huge house in a relatively upscale Fontana subdivision was built only 3 years ago, and is listed for $452,900. At less than $110 per square foot, this house is actually cheaper than the cost of construction. The foreclosee paid $622,000 for this house when it was brand new (12/22/2005), and Zillow.com now estimates that it is worth just $483,000.With just a fresh coat of paint and some landscaping updates, this house will be a fantastic residence for a large family. It could likely be rented for about $2,500 to $3,200 per month, which would allow an investor to just about break even, as long as no unexpected expenses arise. Alternately, this REO provides a good opportunity for a homeowner to get into a large house at a good price while the market is down.
The basics...
Address: 10831 Saffron Street, Fontana, CA 92337
Current Listing Price: $452,900
PREVIOUS Sale Price: $622,000 (12/22/2005)
Size: 5 Bedrooms, 3.5 Bathrooms; 4,209 square feet
Lot: .23 acres
http://www.realtor.com/realestate/fontana-ca-92337-1099644208/
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