It's not a myth: There are bank-owned properties in Coto de Caza, and today's property is one of them. This is an unfortunate story of poor market timing, but it is not one of 100% financing. This owner actually put 5% of their own money into the ill-fated transaction.
23302 Via Pardal, 92679
Asking price: $640,200
Asking price/ sq ft: $203
Income requirement: $160,050
Bank purchase price: $658,429
Purchase date: 3/25/08
Size: 3 beds, 5 baths, 3,150 sq ft (built in 1976)
MLS: P633857 (21 days on Redfin)
Zillow Zestimate: $654,000
2007 property tax: $4,184
HOA dues: $60
Type: Single Family Residence
Style: Contemporary
Stories: 3+ Levels
Lot size: 6,000 sq ft
From listing: Wonderful Property in Coto De Caza, This lovely home features 3 master bedrooms with 3 full baths, another 1 1/2 baths throught the house, two of the bedrooms have balcony's, this home boasts a living room with a brick fireplace and a balcony, a large family room, a formal dining room with it's own balcony, a game room and a recreation room, inside laundry room, a light & bright kitchen, 2 car direct access garage
The property was purchased in March 2007 for $775,000. The financing took the form of a $620,000 first loan and a $116,250 second (80/15). The former owner put $38,750 down.
The notice of default on the first loan came in November, and the notice of trustee sale in February was in the amount of $641,068 - meaning accrued interest and fees surpassed the original loan balance by more than $20,000. Nobody wanted this property at its opening bid of $658,429.85 at auction in March, and it went back to the bank.
If we apply Case-Shiller methodology, we find out the lender asking price of $640,200 places it at roughly late 2004/early 2005 pricing. It's hard to place a specific rental value on this property, but our best guess is that it could probably go for about $3,400 per month. That would mean our rough target price for an owner-occupant to achieve approximate rental parity would be around $544,000 (using a GRM of 160).
Assuming a sale for the full asking price, this home would be $134,800 or 17% off the 2007 price, not including sales costs.
Thursday, May 15, 2008
REO in Coto
Subscribe to:
Post Comments (Atom)
9 comments:
Stupid question: Why does a 3 bedroom need 5 bathrooms?
Very helpful and useful information. Thanks!
Stupid question: Why does a 3 bedroom need 5 bathrooms?
Not a stupid question, because I can't figure out why you would need that many bathrooms either. Please tell me one of those is not a pet-sized bathroom for the animals.
my bet is transposed data - 5 bedrooms, 3 baths.
Could it be that Coto residents are full of you-know-what?
Looked at this house today.
What a mess. Unusual, 3 water heaters with huge pipes going to very, very deep bathtubs.
Take a look. Odd.
Looked at this house today.
What a mess. Unusual, 3 water heaters with huge pipes going to very, very deep bathtubs.
Take a look. Odd.
I know someone who lives in this area and these homes are pre mello roos for this area so they do not have to pay that assessment or the more costly association since they are grandfathered into the community. Also this home is most likely all electric as is our friends because they did not run natural gas lines to this area in the 1970's.
I also saw this property, not in great or good condition, also down the road in Ladera Ranch, there are many REO's there and also much newer but you do have a larger HOA fee.
Post a Comment