2002 rollback in San Juan

Back in November, we profiled this San Juan condo that was a 36% rollback off the 2006 price. Here's another in the same complex that is now a 2002 rollback.

31606 Los Rios St #146, 92675
Asking price: $180,000
Asking price/ sq ft: $153
Income requirement: $45,000
Purchase price: $455,000
Purchase date: 9/26/05
Size: 2 beds, 2 baths, 1,175 sq ft (built in 1978)
MLS: P626380 (94 days on Redfin)
ZipRealty price tracker: Price Reduced: 5/01/08 -- $220,000 to $180,000
Zillow Zestimate: $370,000
2007 property tax: $4,767
HOA dues: $230
Type: Condominium
Stories: 2 Levels
From listing: EXCELLENT FOR FIRST TIME BUYERS CLOSE TO SCHOOL,PARKS

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The listing description doesn't really do any favors. In fact, it kind of makes it seem as if everyone has given up on this property. It should be no surprise then when we tell you the condo is now in preforeclosure, though it wasn't yet when the property was first listed.

That leads us to believe, though, that the owner probably had stopped making payments at that point - the lender just hadn't filed the notice of default yet. That came April 23.

This property was purchased in 2005 using 100% financing. Then, in November 2006 an additional loan of $4,800 was taken out. That's a lot of debt for a condo with an asking price of $180,000, don't you think?

We counted 15 other properties in some stage of foreclosure on this same street, including four REOs. That means there will be some serious downward pressure on prices continuing for a while.

Assuming the property can somehow be sold for the current asking price, it would mean a loss of $285,800, including 6% sales costs but excluding the possible extra $4,800 worth of losses because of the additional loan against the property.

The sales price also would be $36,000 below the 2002 price - not including sales costs.