Two thirds of the Lake Forest properties listed for sale on the MLS are either foreclosures or short sales. Today's is both a short sale and a preforeclosure.
26871 Apache Trail Dr, 92630
Asking price: $380,000
Asking price/ sq ft: $271
Purchase price: $620,000
Purchase date: 12/8/05
Size: 3 beds, 2 baths, 1,400 sq ft (built in 1979)
MLS: P651323 (16 days on Redfin)
Zillow Zestimate: $457,500
HOA dues: $80
Type: Single Family Residence
Style: Brown Shingle
Stories: 1 Level
Lot size: 5,000 sq ft
From listing: A single family home located in a great neighborhood of sycamore creek community.Spacious living room and large kitchen with high vaulted ceiling. 3 bedrooms plus den/office.New steel shake roof.low tax,no mello roos.Enjoy nature bike trails, park and hill view.
Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $96,000 , assumes no other debt/obligations.
Downpayment needed: $11,400
Monthly Payment on 30Y Fixed at 6.375% with property taxes and mortgage insurance estimated: $2,949.58
Minimum Income Requirement (using 5Y fixed): $91,200, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 5.75% with property taxes and mortgage insurance estimated: $2,801.05
Disclosure: All rates offered to the client with 1 point cost. Rate quotes assume a purchase transaction with the required minimum down payment, 720 credit score, full income qualification and required reserves. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by visiting www.thegreatloan.com.
This current owner purchased this property using 98% financing (a $496,000 first and a $113,000 second). In 2007 Bear Sterns gave her financing totaling $622,250, which effectively liberated her downpayment.
The house is now up for sale with one small accompanying photo. Assuming a sale is allowed to go through for the current asking price, it would be $240,000 or 39% off the previous price, not including any sales costs.
Friday, August 29, 2008
More distress in Lake Forest
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4 comments:
I had a couple of friends who purchased houses like these at the time when I sold my condo with the intention to rent and capture the gains. I TIED to help them understand where the market was headed. They thought I was crazy. They are now WAY under water, and facing foreclosure if they can't keep up with payments.
Sad situation.
Again, look at the income requirement! $91K/yr is above the median for the whole county, including beach communities. Lake Forest is no beach town... heck, it's not even Aliso Viejo. Prices have further to drop before they match the population's ability to pay.
I disagree with the previous poster - this looks to be a decent price, assuming the interior isn't too beat-up/dated. It's not a first-time buyer price unless you have a more substantial down payment than $11K. This is more like a first-step up from a small condo. The financial information is given with a minimum down, so the income requirement is high.
Date Price Appreciation
May 06, 1988 $158,500 --
Oct 29, 2002 $375,000 6.1%/yr
Nov 03, 2003 $392,000 4.5%/yr
Dec 08, 2005 $620,000 24.4%/yr
Tyrone-Est®: $250K
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