Here we have another property Redfin shows as being purchased in 2007 that is already back for sale at a significant discount. It's clear now how far away the bottom was a year ago - even in an area like Dana Point.
33861 Olinda Dr, 92629
Asking price: $549,900
Asking price/ sq ft: $323
Purchase price: $750,000
Purchase date: 2/26/07
Size: 3 beds, 2 baths, 1,700 sq ft (built in 1977)
MLS: S543962 (9 days on Redfin)
Zillow Zestimate: $656,500
Type: Single Family Residence
Style: Cape Cod
Stories: 2 Levels
Lot size: 2,870 sq ft
From listing: Great Dana point location. Home features Wood floors, recessed lighting,crown & base molding. Remodeled kitchen Granite/ stainless steel appliances.This property is one of the few homes in the area that has an actual backyard area with Built-in BarBQ and flagstone walkways. Two Decks with Ocean view. 3rd bedroom currently set-up as Office/Den.
Minimum Income Requirement (using 30Y Fixed): $134,200, assumes no other debt/obligations.
Downpayment needed: $16,470
Monthly payment on 30Y Fixed at 6.875% with property taxes and mortgage insurance estimated: $4,468.34
Minimum Income Requirement (using 5Y fixed): $129,600, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 6.375% with property taxes and mortgage insurance estimated: $4,292.29
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.
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It will be interesting to see if this property turns into a 2003 rollback and sells for $495,000 or less. We're not sure of the financials behind this deal, so we don't know if any deal is reliant on lender(s) approval.
The price does appear to be low compared to the competition - and it's likely on purpose to attract buyers.
Assuming the house successfully sells for the current asking price, it would equate to a loss of $233,094, including 6% sales costs. Not including transaction costs it would mean a depreciation of 27% in only about a year and a half
Friday, August 22, 2008
Turn and burned in Dana Point
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4 comments:
The bottom of the market continues to take lumps even in beach cities. Olinda is one of the worst streets in Dana Point's Lantern Village area. It's a mix of apartments along with SFH rentals and some sad resident owners. There is no parking anyplace on street for visitors because many of the apartments along Olinda are highly occupied.
I remember seeing three or four places for sale on Olinda recently. If you've got to live on one of the worst streets in Dana Point and you have to buy right now you can probably make a better deal than this one. I believe that $150 to $200 sq-ft is the target price for these neighborhoods. Then it might start coming close to cash flowing as a rental.
This house would not appeal to families with children. Besides being on a busy street with no yard, it is within the boundary of a Title 1 elementary school which is 80 % low income/Spanish speaking. Add in private school tuition for this one.
That area of DP is crack alley
Thanks for the update on Olinda being a bad street. I guess it is similar to Avenida Escalones in San Clemente which is their worst street.
Prices have still got to drop further. Someone with $100K income shouldn't have to buy a home in the hood!
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