HAPPY FOURTH OF JULY!
We previously posted back in March about this rollback condo in RSM. That property is still on the market with a notice of default and notice of trustee sale to its credit, but now it's got some serious competition.
Presenting another 2002 rollback:
108 Flor De Sol #72, RSM, 92688
Asking price: $169,900
Asking price/ sq ft: $206
Income requirement: $42,475
Purchase price: $230,000
Purchase date: 11/13/03
Size: 2 beds, 2 baths, 825 sq ft (built in 1986)
MLS: S537514 (11 days on Redfin)
Zillow Zestimate: $224,000
HOA dues: $250
Type: Condominium
Style: French
Stories: 1 Level
From listing: lower end unitwith 2 bedrooms and 2 baths,inside laundry,walking distance to community lake,shopping center, and more
This property is not showing up in ForeclosureRadar as a preforeclosure, but we assume it is a short sale. It was purchased in 2003 using 100% (85-15) financing.
Judging by the list of nearby properties for rent, we expect you would be able to find a tenant willing to pay about $1,500 a month to live here. That means this property would be worth around $240,000 to an owner-occupant who wanted to buy and achieve rental parity. To an investor, this condo is likely worth about $150,000-$165,000.
Assuming the property can be sold for the full asking price, it would mean a decline of $60,100 off the 2003 price and a depreciation of $2,600 from the 2002 price, not including any sales costs. You also may be interested to know properties like this in the same complex were selling for a bit more than $350,000 in 2005. This one is more than 50% off the neighborhood peak.
A decline like this is not unique to the complex - it's happening to properties all around RSM. We've also noticed more anecdotal examples of 2003 rollbacks in areas like Laguna Niguel, Aliso Viejo and Mission Viejo. Larger properties are coming into the mix as well.
You are now excused to attend to your patriotic duties:
Friday, July 04, 2008
One-upmanship in RSM
Wednesday, April 23, 2008
Agent's trick in RSM?
Any time we see something like this - a property new to the market asking significantly (and we mean significantly) less than the previous sale price - we are tempted to assume the real estate agent or owner who ultimately had the final say on the price decided to come in low and hope to drive up the price through a bidding war.
Today's subject property with that characteristic is a single family home in RSM that has recently come on to the market...
3 Via Felicia, 92688
Income requirement: $100,000
Purchase price: $625,000
Purchase date: 6/18/04
Size: 3 beds, 3 baths, 1,447 sq ft (built in 1986)
2007 property tax: $9,006
HOA dues: $39
Type: Single Family Residence
From listing: View of Saddleback Mountains-large corner lot. Large front yard, and a good size back yard. Very well maintained property.
(The photo to the left is from the previous listing in 2004)The asking price is just $50,000 above the 2002 price. It is clear, then, that the owner who held the property from 2002-2004 might as well have hit the real estate jackpot. After buying the home for $350,00, they sold for $625,000 in June 2004. That represented a gain of $275,000 before sales commissions and money spent on upgrades.
Think about it - the home "earned" them $137,500 a year for two years of ownership.
The current sellers will probably soon be dealing with a competitor in 12 Via Felicia, an REO that went back to the bank for $435,281 at the end of March that also happens to be the same model as our subject property.
And, considering the amount of debt on 18 Via Felicia (a $468,000 first loan that is now in default, plus a $117,000 second and a $24,900 credit line as well that may or may not be tapped), it is possible that down the road this other property could be joining the sad parade of foreclosed homes as well.
You could rent a property like this for about $2,300 per month. So, if the property were actually able to be sold for $400,000, we would already have achieved rental parity, because a GRM of 160 values this property at $368,000. The question is whether the property is able to be sold for the current asking price.
Assuming a successful sale for the asking price, it would mean a loss of $249,000, including 6% sales costs. It would also be a depreciation of 36% off the 2004 price, not including sales costs.
Thursday, April 03, 2008
Endurance award winner in RSM
This RSM condo has been on the market for more than a year. It's also now ventured into 2003 rollback territory.
Income requirement: $49,975
Purchase price: $202,000
Purchase date: 8/19/03
Size: 1 bed, 1 bath, 692 sq ft (built in 1989)
Price Reduced: 9/06/07 -- $299,900 to $270,000
Price Reduced: 11/10/07 -- $270,000 to $199,900
Zillow Zestimate: $245,000
2007 property tax: $3,132
HOA dues: $251
Type: Condominium
From listing: Spacious one bedroom condo located in the heart of Rancho Santa Margarita. Within walking distance to shopping, schools, recreation and the Lake. Quiet upper interior location features cathedral ceilings, two-tone neutral paint and flooring. Ready to move-in!! Includes built-in murphy bed with dressers and desk. Walk in closet has closet organizers and mirrored doors. Dual sinks, oval tub with glass doors, upgraded shower head and separate toilet room in the bathroom. Ceiling fan and fireplace!!!
Is it time yet to waive the white flag? This property was first listed in March 2007. The seller chased the market down, and now it appears that the market has permanently left them in the dust.Other 1-bedroom condos nearby are asking $179,999 and $180,000. That first comp is asking only a few thousand more than its January 2003 sales price, and about $85k below its previous sales price. The second comp is 42% below its peak price in 2005.
If we assume our subject property sells for the full asking price (doubtful to say the least), the loss off the 2003 price would be $14,094.
A rental unit of similar size came on to the market recently asking $1,250 per month. This would roughly indicate a owner-occupant target value of $200,000 (assuming they are hoping for a GRM of 160). For an investor looking for a GRM of 120, this property would pencil out to being worth about $150,000.
Monday, March 31, 2008
2002 short-sale pricing in RSM
We're starting off the week with a short sale/preforeclosure in RSM that could easily be headed for full-blown foreclosure. The asking price is virtually the same as the one the property sold for in May 2002 - that's almost six years ago.
Income requirement: $77,500
Purchase price: $305,000
Purchase date: 5/22/02
Size: 3 beds, 3 baths, 1,550 sq ft (built in 1999)
Zillow Zestimate: $453,000
2007 property tax: $4,856
HOA dues: $142
Type: Attached, Condominium
From listing: Turn key home ready for move-in. This was a model home that was used to sell the other units. This a 3 bed, 3 bath, wood floors, high ceiling, upgraded kitchen, community pool, low assoc dues, attached 2 car garage with built in closets. Accross from major shopping centers. Also very close to the 241 toll road. Properity needs to be sold, lowest priced home in the area, subject to short sale approval.
This "properity" (see the listing for the spelling) was first listed for sale at $440,000, but was quickly slashed to the current asking price of $310,000.There are a handful of other properties for sale in this neighborhood, and the competition can't be happy about this price - or more, likely, some will write this one off as an impossible-to-complete short sale that won't have any affect on anybody else.
Those other properties range in price from $372,500 for a smaller two-bedroom to an absurd $525,000 also for a two-bedroom. The closest comp in terms of size is asking $475,000.
If it were possible to complete a sale at the current asking price, the loss would be $13,600 off the 2002 price, including 6% sales costs. That equates to almost six years of ownership with nothing to show for it...
Monday, March 03, 2008
Closer to '90 price than '04 price in RSM
As the headline suggests, the low asking price of this Rancho Santa Margarita condo is closer to the sales price in 1990 than the amount paid by the current owner in 2006. Makes one wonder just how far the price will in fact fall - is it even remotely possible that things could get so bad that we could approach a 1990 rollback?
104 FLOR DE SOL #60, 92688
Income requirement: $52,500
Purchase price: $325,000
Purchase date: 6/23/06
Size: 2 beds, 1 bath, 633 sq ft (built in 1986)
HOA dues: $264
Type: Condominium
From listing: BEUTIFUL CONDO, CLOSE TO CHURCH AND SHOPPING CENTER. ASSOCIATION POOL. 'SHORT SALES SUBJECT TO LENDER APPROVAL'
This property has been on the market a little more than three weeks and has not sold yet. Not surprising considering it's a short sale - they're notoriously difficult to navigate through to closing.
Speaking of difficult, notice how the listing description says nothing tangible about the condo itself ("beutiful" doesn't count), but does mention it's close to church and a shopping center? Do you think a prospective buyer would want to know something about the place before they take the time to go out and visit?
Assuming a successful sale at the high end of the asking price, the loss would be $127,600 including 6% sales costs, or 35% off the previous sale, not including sales costs.
If the property were to sell at the bottom of the price range, the loss would then be $160,500, including sales costs, or 46% off the previous price without including transaction costs.
Monday, February 25, 2008
The party ends in RSM
As the headline suggests, today's subject property is more evidence that the wild South OC real estate party has ended - and we are now witnessing the blurry, painful aftermath (as this photo on the listing coincidentally illustrates).
Income requirement: $224,750
Purchase price: $1,133,000
Purchase date: 6/12/06
Size: 4 beds, 3.5 baths, 3,500 sq ft (built in 1994)
2006 property tax: $7,634
HOA dues: $230
Type: Single Family Residence
Lot size: 0.28 acres
From listing: Fantastic Walden Pond Home, This fantastic home is located on a single loaded culdesac street, large oversized lot, approx 12,000 square feet, with panoramic views. Exceptional home inside and out, granite counters, upgraded cabinets, downstairs travatine flooring, newer stainless steel appliances. Bacyard is highlighted by custom spa with waterfall, built in gazebo, all with panoramic views, on a clear day you can see to catalina. .
Props to the owners who bought this place in 2003 for $690,000. They were able to turn around and sell the property three years later for a whopping $1,133,000 and made about $375,020 in profit (including sales costs) before deducting any money spent in upgrades. The owner who bought in 2006 obviously was not as fortunate in terms of timing.It's disappointing that whomever wrote the listing description can't spell "backyard" or "travertine."
The property has been sitting on the market for more than four months, so no hurry to rush out and buy here. It is mentioned on the listing that the owners will consider a lease, but we won't even begin to speculate what their monthly shortfall would be if they were able to rent this out at market rate.
Assuming a surprise sale at the current asking price, the loss would be $287,940 including 6% sales costs. It would also be a 21% depreciation, not including transaction costs.
Friday, February 08, 2008
Helping to lead the decline in RSM
We're continuing our tour of South OC price leaders in Rancho Santa Margarita thanks to reader Travis pointing out this possible comp killer-in-the-making. The original asking price appears to have been a bluff, considering it was dropped by $100k relatively soon after being listed.
5 Via Olorosa, 92688
Income requirement: $112,500
Purchase price: $630,000
Purchase date: 6/29/2006
Size: 3 beds, 2.5 baths, 1,551 sq ft (built in 1986)
2006 property tax: $2,933
HOA dues: $46
Type: Single Family Residence
Lot size: 7,000 sq ft
From listing: New Gourment Kitchen some upgrades 3 spacios bedrooms and spacious master bath. New Interior and Exterior many upgrades, premium corner location
Art Deco style? I wish. Also don't think this place is "one level." I'm also interested to see how exactly a "gourment" kitchen compares to the more-pervasive "gourmet kitchen."
Redfin shows a low list price of $350,000. If a sale goes through at that price (I'm guessing the lender would probably have something to say about that), it would represent a loss of $301,000 including 6% sales costs, or a 43% decline not factoring the transaction costs in. It would also be $226 per square foot.
If it magically sold for the full asking price, the loss would be $207,000.
How does this compare to its competition?
26 Via Ulmaria is a fellow price leader. It's exactly the same model and is asking $417,000. Days on Redfin: 36.
51 Via Zapador is about a third of a mile away from our original property, and is ever-so-slightly bigger. It's also three years newer, and has some upgrades. Asking price: $639,500. Days on Redfin: 120.
35 Allyssum is also around a third of a mile away. It's about 100 square feet bigger and is one year newer. Asking price: $559,000. Days on Redfin: 90.
6 Calle Passiflora is a little more than 100 square feet bigger but also has the added advantage of a 4th bedroom. Asking price: $529,900. Days on Redfin: 120.
Thursday, January 31, 2008
Late '03 rollback in RSM
The 2003 rollbacks keep coming. Here is another in Rancho Santa Margarita:
Via Contento, 92688
Asking price: $297,000
Income requirement: $74,250
Peak purchase price: $470,000
Peak purchase date: 2/28/06
Size: 2 beds, 2 baths, 1,170 sq ft (built in 1992)
2006 property tax: $4,663
HOA dues: $228
Type: Condominium
Lot size: 2,333 sq ft
From listing: Upsatairs corner 2 bed, 2 bath condo in the Tijeras Creek Villas. A spacious 1,170 square feet with lots of upgrades to include: granite counters in kitchen and both bathrooms, designer paint, new blinds, upgraded carpeting, marble flooring in entry. Features large wrap around porch with balcony entrances from bedroom and living room doors. The detached garage is conveniently located near the property and close the stairs. Close to award winning schools, parks, shopping and dining. This property is truly priced to sell!
First of all, in case you haven't checked out Redfin lately, they have re-done the listing pages. I'm trying to decide whether I prefer this way or the old setup better. I like that they've included the complete asking price history now - so you can see each price drop (or increase) and the date. It's also nice to have a thumbnail listing of nearby properties for sale and recent sales. I haven't checked enough yet to see how similar these properties really are, though.The sales history is also a lot lower on the page.
One thing I do know, though, is that pink shouldn't be anyone's color when it comes to walls around fireplaces.
Looking at the sales history, this one appears to have gone back to the bank at the end of November. It also appears that this property was successfully flipped in 2003 - it sold for $256,900 in August, and then again in November for $304,000. The asking price is now below that November 2003 sales price.
If we assume the property is successfully sold for the current asking price, it would represent a $173,000 dip from the peak price in 2006, or a depreciation of 37%. It would also be $7,000 below that late-2003 price as well.
Friday, January 25, 2008
Big discount in RSM
Update: Readers have informed us that this property is now in the "accepting backup offers" stage.
Today's property is a nice big house on a nice big lot in the Trabuco Canyon part of Rancho Santa Margarita. It also nearly doubled in value between 2001 and 2005, and the unfortunate current owner is paying the price for its out-of-control price history.
Income requirement: $172,500
Purchase price: $885,000
Purchase date: 11/7/2005
Size: 4 beds, 3 baths, 2,500 sq ft (built in 1990)
HOA dues: $102
Type: Single Family Residence
Lot size: 0.38 acres
From listing: Stunning, unobstructed, 180 degree view. OCEAN view/ Catalina Island as well as mountain and canyon views. Very private Portola Hills lot at high point, end of cul-de-sac. Sunny home with great floorplan, lots of windows and cathedral ceilings. Open and airy, the ideal 'California Home'! Prime location w/ Breathtaking View.
Best of all worlds - ocean, mountain and canyon (desert) view. The inside looks pretty spacious as well. Nice layout in the kitchen.This property has an interesting price history. It sold for $352,000 in 1989 (right before the 90s downturn), according to Redfin. The next sale was in 2001 for $454,000 - an average increase of just 2.2% per year of ownership for 12 years. Then, it sold again in 2005 (right before the current downturn) for $885,000 - an average appreciation of 17.3% per year, or an increase of $431,000 in four short years. Not sustainable.
This house is just on the market and looking for a buyer. We will see how soon one is found. Will the stimulus package help?
Assuming a sale at the current asking price, the loss would be $236,400, including 6% sales costs. It's also equal to a depreciation of 22%.
Sunday, January 06, 2008
41% price cut in RSM
Here's a big-time comp killer condo in Rancho Santa Margarita. There are no photos with the current listing yet since it's pretty new, so the image is a general one of the complex.
Income requirement: $77,250
Purchase price: $525,000
Purchase date: 6/30/2006
Size: 3 beds, 3 baths, 1,426 sq ft (built in 1989)
HOA dues: $336
Type: Condominium
Lot size: 2,701 sq. ft.
From listing: 3 bedroom, 3 bath end unit townhouse with tasteful upgrades. Cathedral ceilings, lots of windows, double door entry, direct garage access with driveway, main floor bedroom and bath. Association pool, spa, BBQ, close to schools. .. .
Assuming Redfin and Zillow are correct, the 2006 sales price is, quite frankly, insane. Here is the price history:
6/30/2006: $525,000
8/31/2001: $233,000
6/3/1999: $169,500
6/29/1995: $135,000
5/8/1990: $173,500
There is nothing rational about the property more than doubling in value between 2001 and 2006, particularly since it did not even appreciate back to the same nominal value it held in 1990 for another nine years.
This is the type of property you would expect the median income household to be able to afford - and with these numbers, it can. Does this mean we've hit bottom? Judging by today's financial landscape, I'd still say no.
If the property were to sell for $309,000, the nominal decline from the peak would be $216,000, or 41%. Still think we've yet to see any huge declines in the OC?
Friday, December 28, 2007
What's selling in RSM
Before we get to today's post, here's a link to a very interesting CNNMoney.com story on 2007 housing predictions gone wrong. Lead: "Before you put much hope in forecasts for a 2008 rebound in the battered housing market, consider this: A year ago at this time many top economists were looking for that recovery to begin in 2007."
Here are some recent sales in Rancho Santa Margarita (ZIP 92688) from the past two months. All sales info was taken from Zillow.
Note: It is very possible that some of these properties that Zillow marked as recently sold could simply be ones that went back to the bank after being unable to complete a short sale, as any change in ownership shows up as a completed recent sale in the system. If you can confirm that any of these properties fit that description, let me know so I can update the post. This is especially feasible for the properties that recently changed hands for less than their previous sale price.
22 Cascada
Sales price: $570,000
Asking price: $599,000
1st asking price: $669,000
% of 1st asking price: 85%
Sales $/sq ft: $321
Previous sales price: $247,000
Previous sales date: 3/2/99
Size: 3 beds, 2.5 baths
32 Via Contento
Sales price: $313,000
Asking price: $329,900
1st asking price: $359,876
% of 1st asking price: 87%
Sales $/sq ft: $345
Previous sales price: $405,000
Previous sales date: 12/5/05
Size: 2 beds, 2 baths
6 Calle de los Ninos
Sales price: $425,000
Asking price: $479,900
1st asking price: $515,000
% of 1st asking price: 85%
Sales $/sq ft: $340
Previous sales price: $478,000
Previous sales date: 3/28/05
Size: 3 beds, 2.5 baths
14 Celosia
Sales price: $420,000
Asking price: $425,000
1st asking price: $449,900
% of 1st asking price: 93%
Sales $/sq ft: $354
Previous sales price: $415,000
Previous sales date: 11/21/07 (likely back to the bank)
Size: 2 beds, 2 baths
Friday, December 07, 2007
$250/sq ft in RSM
Lots of square footage for the price of this Rancho Santa Margarita home. Redfin has it pegged at 185 days on the market though without a sale...
Income requirement: $187,250
Purchase price: $939,000
Purchase date: 7/14/2005
Size: 4 beds, 3 baths, 3,000 sq ft (built in 1997)
ZipRealty price tracker: Price Reduced: 6/27/07 -- $969,000 to $949,000
Price Reduced: 7/03/07 -- $949,000 to $939,900
Price Reduced: 9/11/07 -- $939,900 to $869,000
Price Reduced: 9/26/07 -- $869,000 to $829,000
Price Reduced: 9/28/07 -- $829,000 to $799,000
Price Reduced: 10/02/07 -- $799,000 to $749,000
There is nothing at all wrong with this house, but nothing in the photos really jumps out, either. Like many previous examples, to a potential buyer out there this is just one more house in a sea of many.Looking at the sales history, this property appears to have been successfully flipped for a $109,000 profit in six months back in 2005.
Yet another example of a seller chasing the market down. This property has undergone six price cuts for a total of $220,000 off. What would have happened if the price was set at $749,000 back in June? Would this house have sold quickly? This all might be moot if this is a short sale situation (UPDATE: It is a short sale, thanks Straight Digs) and the lender has no intention of approving.
Assuming a successful sale at the current asking price, the loss would be $234,940, including 6% sales costs. The depreciation on the property would also equate to 20% in just about two years, excluding sales costs.
Tuesday, November 06, 2007
Here's to you...RSM
Rancho Santa Margarita is 3rd in the county in terms of highest percentage of distressed properties (foreclosures and short sales) for sale. So, to celebrate, here is a quick tour of some of the 108 unfortunate distressed properties in RSM that are on the market.
First, a 2003 rollback...
89 Castano
Asking price: $179,000
Purchase price: $269,000 (5/31/2006)
2003 price: $185,000 (8/12/2003)
Size: 1 bed, 1 bath, 600 sq ft
About as close to a 2003 rollback as you can get...
10 Coralino
Asking price: $179,999
Purchase price: $265,000 (5/19/2005)
2003 price: $179,000 (1/28/2003)
Size: 1 bed, 2 baths, 720 sq ft
Your run-of-the-mill 2004 rollback...
16 Calle Vaqueta
Asking price: $545,000
Purchase price: $618,000 (5/26/2004)
Loss (incl. 6% sales costs): $105,700
Size: 4 beds, 2.5 baths, 1,600 sq ft
About a $200k loser. No photo...
7 Lompoc Ct
Asking price: $535,000
Purchase price: $700,000 (12/9/2005)
Loss: $197,100
Size: 4 beds, 3 baths, 2,080 sq ft
34% discount from last sale...
23 Via Cresta
Asking price: $204,000
Purchase price: $310,000 (5/27/2005)
Loss: $118,240
Size: 2 beds, 1 bath, 668 sq ft
Monday, October 22, 2007
Prices still retreating in RSM
Most importantly - thoughts go out to all affected by the fires in Southern California. Thumbs up to the OC Fire Authority, for being diligent in updating its Web site with the latest info, as well as KCAL 9 for its coverage on TV. Also pluses to AM 980 and 1070 on radio.
Thumbs down to the OC Register for its limited-at-times coverage, and a Web site that was extremely slow and clunky. We understand it's a Sunday night, but pulling the news from TV for a story happening in your backyard is not good enough.
Because diversions can be helpful in times like these, let's profile a deep rollback of a Rancho Santa Margarita condo.
81 Pasto Rico, RSM, 92688
Income requirement: $99,975
Purchase price: $523,000
Purchase date: 5/3/2006
Size: 3 beds, 3 baths, 1,500 sq ft (built in 1990)
Price Reduced: 10/10/07 -- $435,000 to $425,000
Price Reduced: 10/17/07 -- $425,000 to $399,900
2006 property tax: $5,220
HOA dues: $290
Type: Condominium
Lot size: 2,674 sq ft
From listing: This highly desirable Rancho Santa Margarita Condo boasts a great floor plan and aggressive price. Cathedral ceilings, double door entry, one bedroom downstairs, very bright end-unit. Near everything - Arroyo Vista Elementary school, stores, entertainment, & Golf Course. Assoc. amenities incl. pools, basketball, tennis courts and much more. Great park across the street. Needs carpet and paint.
For the size, this property is getting into the range of being relatively reasonable - $267 per sq foot is already a lot lower than many other parts of the county. Just think, about a year and a half ago, this property sold for $349 per sq ft (that would make the current price a 24% decline from the peak).The property has been reduced by a total of $75,100 since it was first listed, including two price cuts in the past few weeks. Does this mean the owners are really getting serious about this one?
Assuming a sale at this price, minus 6% selling costs, the loss would be $147,094.
Wednesday, October 17, 2007
RSM condo falls beneath 2003 price
The OC Register reported that resale condos are seeing the "lowest median since March '05 and 11% off peak hit in March '06. Sales were lowest since February '95 and 54% below the 20-year monthly average."Rancho Santa Margarita (ZIP 92688), which is known for an abundance of packed-in condos, is seeing the correction firsthand. Here's a condo that's rolled back to just beyond its 2003 price:
8 Mirlo #87
2 beds, 2 baths, 882 sq ft
Asking price: $259,900
Purchase price: $298,260
Purchase date: 1/30/2007
Other recent sales history: 12/8/2005: $352,500
6/30/2004: $315,000
12/24/2003: $260,000
Listing description: LOWER CONDO UNIT W/ W/ D HOOK UPS, SMALL PATIO, FIREPLACE, UPDATED KITCHEN W/ NEWER CABINETS. NICE COMPLEX, OVERLOOKS POOL, CARPORT PARKING.
Potential loss (incl 6% selling costs): $53,954
Potential % decline from last sale (not incl. selling costs): 13%
Potential % decline from peak sale in 2005: 26%
Good example of a no-frills listing description approach. By taking a look at the sales history, we can see this property is on pace to sell for $38,360 below its January price, $54,240 below the cost in 2005, $55,100 beneath the 2004 price and $100 below the price in 2003.Is it just me, or is the chandelier crooked in the picture? And, by the way, is the street name - "Mirlo" - the Americanized version of "Merlot?"
Below are some more anecdotal examples of properties located nearby that tell the story of how quickly things have turned from the peak. All estimates assume a sales price at the current asking price, which in some cases is probably being generous.
29 Picazo #1042 beds, 2 baths, 882 sq ft
Asking price: $279,500
Purchase price: $350,000
Purchase date: 6/21/2005
Potential loss (incl. 6% selling costs): $87,270
Potential % decline from last sale (w/o selling costs): 20%
1 De Lino2 beds, 2 baths, 1,050 sq ft
Asking price: $324,900
Purchase price: $400,000
Purchase date: 6/8/2005
Potential loss: $94,594
Potential % decline from last sale: 19%
26 Cardinal1 bed, 1 bath, 692 sq ft
Asking price: $220,000
Purchase price: $290,000
Purchase date: 3/10/2006
Potential loss: $83,200
Potential % decline from last sale: 24%
To close things out, here is a nearby single family house that is a big time short sale...
5 La CascadaAsking price: $495,900
Purchase price: $640,000
Purchase date: 3/17/2006
Potential loss (incl. 6% selling costs): $173,854
Tuesday, October 02, 2007
Hiking in the woods? You could be home now!
For some, this might look like a golden opportunity to be closer to nature in the Cleveland National Forest. For others (including myself), it only looks like a little cabin in the middle of the woods.
62 Upper Trabuco, R. Santa Margarita, 92678
Asking price: $289,000
Asking price/ sq ft: $361
Income requirement: $72,250
Size: 2 beds, 1 bath, 800 sq ft (built in 1962)
MLS: S505195 (19 days on Redfin)
2006 property tax: Not listed