Today's property is in Simi Valley, California (Ventura County). In the previous episode, I chose Oxnard, The Biggest Loser in Ventura County. This time I've chosen The Biggest Winner in the county.
Type: SFRStatus: Active
MLS#: F1766460
Sq. Ft.: 1,818
Lot Size: 6,490 sqft
Year Built: 1964
Beds: 4
Baths: 2.5
Stories: 2
On RedFin: 3 days (relisted)
Description
Must see. Please take your investors to this 4 bedroom 2.5 bath home convenitely located.
Sales History
| Date | Sold Price | Gross Gain | Change ($) | Change (%) |
| 03/19/92 | $172,000 | N/A | N/A | N/A |
| 06/03/04 | $101,500 | -$70,500 | -70,500 |  40.99 |
| 08/15/06 | $590,000 | +$418,000 | +488,500 |  481.28 |
| 07/09/08 | $360,000 | +$188,000 | -230,000 | 38.98 |
Once again, it's evident that this home appreciated by unsustainable percentages during the Great Housing Boom, increasing by an average of 222.1% per year between June 2004 and August 2006.
Pricing History
| Date | Asking Price | Gross Gain | Change ($) | Change (%) |
| 10/07/07 | $499,995 | -$90,005 | -$90,005 | 15.26% |
| 11/11/07 | $479,995 | -$110,005 | -$20,000 | 4.17% |
| 11/20/07 | $449,995 | -$140,005 | -$30,000 | 6.67% |
| 01/19/08 | $417,000 | -$173,000 | -$32,995 | 7.91% |
| 02/16/08 | $379,000 | -$211,000 | -$38,000 | 10.03% |
| 03/17/08 | $349,995 | -$240,005 | -$29,005 | 8.29% |
| 04/02/08 | $329,995 | -$260,005 | -$20,000 | 6.06% |
| 04/19/08 | $290,995 | -$299,005 | -$39,000 | 13.40% |
| ************************** Relisted ************************** | ||||
| 05/09/08 | $275,995 | -$314,005 | -$15,000 | 5.15% |
By looking at the numbers, one would never guess that this home is in one of the cities that faired the best in Ventura County. That being said, I'd like to reiterate something I said in The Biggest Loser post, "... not all cities or areas within a city, will be affected the same."
That quote seems almost self-evident here. Had this home increased in value naturally along the mean (4% per year) since it's purchase in 1992, it's current value would be approximately $320,000. It's obvious though that this home won't fetch that price in this market.Buyer's take notice, if you had purchased this property before April 2nd (just a little over a month ago), you would have lost $74,000 (over 22%) of real money!!! To put those savings into perspective, you could buy two BMW 328i's and still have money left over.
My Thoughts
Even the cities which have faired the best during the current Mortgage Crisis and Foreclosure Epidemic have had some casualties. So, if you're waiting on the sidelines to make a purchase, you may want to wait a little longer, as buying now could cost you a considerable sum of money. That's definitely something to think about...
UPDATE 07/09: This property has been sold for $360,000.
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