Here is another foreclosure that probably shouldn't have happened, barring some sort of major catastrophe. This San Clemente REO has now been on the market for many months since it went back to the bank. Will it finally get sold before the holidays?
517 Avenida Del Verdor, 92672
Asking price: $888,000
Asking price/ sq ft: $299
Bank purchase price: $1,253,750
Purchase date: 1/31/08
Size: 3 beds, 4 baths, 2,968 sq ft (built in 1979)
MLS: P639604 (187 days on Redfin)
ZipRealty price tracker: Price Reduced: 06/28/08 -- $1,255,500 to $1,195,550
Price Reduced: 08/01/08 -- $1,195,550 to $1,175,550
Price Reduced: 08/16/08 -- $1,175,550 to $1,100,000
Price Reduced: 09/22/08 -- $1,100,000 to $977,700
Price Reduced: 10/06/08 -- $977,700 to $888,000
Zillow Zestimate: $1,198,000
HOA dues: $195
Type: Single Family Residence
Style: Contemporary
Stories: 2
From listing: Fantastic 180 degree panoramic ocean view all the way to Catalina Island and down to Dana Point. Truly like living on top of the world with a great view of all the city lights too. Highly sought after home in even more highly sought after hillside community of San Clemente known as Palacio Del Mar. Nicely appointed home on quite single loaded street. One car garage has been converted into an office area. NOT a short sale, this is a Bank Owned Property (REO) Bright open floor plan, stunning views, high ceilings, tons on extras here including an outdoor BBQ area that is great for entertaining and enjoying the fantastic view! Won't last, hurry on this one!!! BACK ON MARKET 10/17/08
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The previous owner purchased in 2002 for $800,000, yet this home ended up going back to the bank for $1,253,750. Smells like a lot of debt.
This property has been on the market since May, according to Redfin, which also shows that it briefly was up for sale in February to no avail. Since this REO has been on the MLS, it has undergone five price changes for a total reduction of $367,500.
We'd be interested to know why this property hasn't sold yet. Has the price been to high? What about now, considering it is just $88,000 above the 2002 sales price? The other question is how many people can afford this home now that bigger loans are harder to get.
Tuesday, December 02, 2008
$88k above '02 price in San Clemente
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5 comments:
It hasn't sold for three reasons:
1) The Realtard is a capital T Tool for not recognising the market and pricing accordingly (180 days on the market says it all)... and
2) To finance this home you need a fantastic income and at minimum 25% down. How many buyers are there in that category? How many fingers do you have on one hand?
3)More homes priced better than this one are now on the market.
Captain Obvious to the rescue again!
Lettem burn, the OC market is truly "different", its going to get hammered as Chris Thornton stated years ago, now it IS getting hammered as he predicted. I guess UCLA didn't like that non PC statement hence why hes gone and started Beacon.
Is Zillow way off base or what? Why is Zillow clinging to the boom's overinflated prices? Also, because the income of many in the past few years increased because of this boom, and deflated accordingly, what people can afford now is a lot less than they were able to in 2004-07. Watch the median income fall a bit this year and next year when they get reported.
Zillow is a prime example of why you should never let a Robot do a job that a human could do better (except of course Bender, who can bend steel better than I ever could.)
Zillows computer models don't accurately figure value in a rapidly declining market. All AU systems are not foolproof and any "decisions" should be viewed as suspect. I've long maintained that AU systems caused "approvals" for loans that never should have been made. Witness the carnage before us. Most of these loans were AU decisioned, green lighting this present catastrophy. Zillow's AU system, like FNMA's, should be considered as reliable as tea leaf reading or voodoo.
My .02
I agree with soylent.
Tool with a capital T is my favorite. This, however, is true of most REO specialist agents.
Chuck
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