We're going back to Mission Viejo - and to the Pacific Hills area - to show you an REO townhouse that is leading prices down in the Mirasol townhouse neighborhood.
29 Brindisi, 92692
Asking price: $410,000
Asking price/ sq ft: $212
Bank purchase price: $435,000
Purchase date: 6/30/08
Size: 3 beds, 3 baths, 1,936 sq ft (built in 1994)
MLS: S544115 (7 days on Redfin)
Zillow Zestimate: $463,000
HOA dues: $249
Type: Condominium
Stories: 2 Levels
Lot size: 1,200 sq ft
From listing: This is a 3 bedroom with a loft unit in the beautiful community of Mirasol. It needs a little TLC but in relatively good shape. It includes a formal living and dining room, separate family room with fireplace, breakfast nook area plus an inside laundry area. This is located in the gated community of Mirasol/Melrose in the Pacific Hills area of Mission Viejo. Included is the association pool and spa plus membership to Lake Mission Viejo.
Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $102,000, assumes no other debt/obligations.
Downpayment needed: $12,300
Monthly Payment on 30Y Fixed at 6.875% with property taxes and mortgage insurance estimated: $3,371.61
Minimum Income Requirement (using 5Y fixed): $99,600, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 6.375% with property taxes and mortgage insurance estimated: $3,246.13
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.
Perhaps "relatively good shape" is the best one should expect when they're dealing with bank-owned properties.
There are two other properties for sale in the same neighborhood. Both are smaller. One is asking $499,999, and the other is hoping to get between $450,000 and $475,000. They've made it known that this one not a short sale, but they won't listen to your offer unless it's within their price range. It's now approaching four months on the market.
The previous owner of our subject property fell victim to the easy money bug. He purchased the home in 2002 for $376,000, using a $357,200 (95%) loan and an $18,800 downpayment. In 
December 2004 he pulled out his downpayment plus some extra cash by refinancing into a $440,000 loan from Cendant Mortgage Corp.
Wells Fargo enabled $166,000 more equity extraction over the course of the next three years. Doesn't look like too much money went back into the house.
The property's first loan slipped into default in February, and the condo eventually went back to the bank at auction in late July for about $20,000 below the notice of trustee sale amount.
Assuming the property sells for the full asking price, it would mean the home would only sell for $34,000 more than the former owner paid in 2002.
Thursday, August 21, 2008
REO sets the curve in Mission
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8 comments:
great find, great blog!
$400,000 For a townhome that needs some "TLC" in Mission Viejo???? No Thanks.
That is the problem. Most of these homes in Orange County are still greatly overpriced.
this is a really great neighborhood, and the homes themselves are very nice, too. we have friends just down the street from this one. but i still think somebody bringing in 102k a year ought to have an actual house, not a townhouse.
Why buy a cracker box when you can get an older sfd not far away for about the same price. Sure, you have to also fix that house up, but you don't have an HOA, and you get a yard as well. There are several "low 400k" sfd's in the MV - LF area. All you have to do is look for them.
Obviously we have a way to go before we reach bottom.
"Why buy a cracker box when you can get an older sfd not far away for about the same price. Sure, you have to also fix that house up, but you don't have an HOA, and you get a yard as well. There are several "low 400k" sfd's in the MV - LF area. All you have to do is look for them."
You are correct. Lately I have seen sub $400K homes in Lake Forest.
All of the sub $400k houses in Lake Forest are less SF than this townhouse, on 4500 SF lots, or 1960's vintage attempted short sales in less-desirable neighborhoods. just FYI.
SHUT UP COLLEEN
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