This is a textbook example of what happens when a house is sold at the peak of the market: The previous owner lucks out and cashes in big time, and meanwhile someone is left holding the bag.
26547 Calle Santa Barbara #46, San Juan Capistrano, 92675
Size: 3 beds, 2 baths, 1,011 sq ft (built in 1974)
Asking price: $280,000
Asking price/ sq ft: $277
Income requirement: $70,000
Income requirement: $70,000
Purchase price: $430,000
Purchase date: 10/4/2006
Purchase date: 10/4/2006
Other sales history: 5/30/2003: $221,000
9/10/1996: $40,500
2/27/1996: $51,300
12/05/1989 $105,000
12/01/1988 $84,500
9/10/1996: $40,500
2/27/1996: $51,300
12/05/1989 $105,000
12/01/1988 $84,500
ZipRealty price tracker: No reductions
2006 property tax: $3,222
HOA dues: $200
2006 property tax: $3,222
HOA dues: $200
Type: Condominium
Style: Spanish
Stories: One LevelFrom listing: What a value! Three bedrooms and two baths. Needs some TLC however this upstairs unit has great potential. Large living room, family style eating area ajoining kitchen. Private patio for entertaining. Close to shopping and the quaint town of San Juan and walking distance to the famous San Juan Mission! Five minutes and your at the ocean. Don't miss this great opportunity.
"What a value!" "Needs some TLC" "great potential" "great opportunity" - Sound to you too like a hidden trainwreck of a property? At 1,011 sq ft, I would have worried that this condo was too small had it been a two-bedroom place. But three bedrooms? Surprise...no pictures of the bedrooms! Maybe there wasn't enough room in any of them to fit a person and a camera...There's no other way to say it: The previous owner made out like a bandit to the tune of 22 percent appreciation per year during their two-and-a-half year hold of the property.
Safe to say we're not going to be seeing that kind of run-up in price again any time soon. After all, it took 15 years for the property to appreciate by $136,500 (1988-2003). Then, this condo proceeded to appreciate by $209,000 in a mere three years. Gee, that sounds normal to me...NOT.
Assuming a sale at this price, we're talking about a loss of $166,800, including 6 percent selling costs. A depreciation of this much money may only look average these days compared to some of the hardcore bleeders we've noticed around South County, but considering this property lost 35 percent of its value over the course of one year makes the blow pretty significant.
1 comments:
Hey did everyone see the 65% reduction in value from 1989 to 1996. Actual dollars less, but quite a blow.
I'm glad real estate doesn't go down in value.
Is there something to be learned from history here? Nah!
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