Closing the loop...

In today's post, we're going to update you on the fate of some of the properties we've featured in the past few months.

29432 Kensington Dr, Laguna Niguel, 92677
Asking price: $635,000
Previous purchase price: $1,089,000
Previous purchase date: 12/28/06
Profile date: 2/28
This house was priced 42% below its 2006 price. As you can imagine, there was plenty of buyer interest.
Status: SOLD for $750,000 - 18% above the asking price and 31% below peak value

21591 Partridge Street, Trabuco Canyon, 92679
Asking price: $899,000
Previous purchase price: $1,133,000
Previous purchase date: 6/12/06
Profile date: 2/25
We noted a blurry photo on this listing that shouldn't be within 50 feet of a property with this kind of price tag. If a buyer was located and the sale could have closed, this one would have been nearly a $300,000 loss.
Status: FORECLOSURE - Back to the bank on March 18 for $890,964. We believe this property is still sitting as an REO and has not come back on the market yet.

25731 Morales, Mission Viejo, 92691
Asking price: $694,900
Previous purchase price: $849,043
Previous purchase date: 8/6/07
Profile date: 3/17
This property went for $1 million in 2006 before becoming a foreclosure in 2007.
Status: SOLD for $634,500 - 9% below the asking price and 37% off the peak price

31421 Paseo Diosa, San Juan, 92675
Asking price: $1,475,000
Purchase price: $1,648,000
Purchase date: 6/20/06
Profile date: 3/12
The owners bought the property new from William Lyon Homes at the peak of the market. They have been chasing it down ever since.
Status: PREFORECLOSURE, STILL ON MARKET - The listing is still active, though a notice of default was filed at the end of March. The current asking price is $1.275 million, which is $373,000 below the previous sales price.

25711 Califia Drive, Laguna Hills, 92653
Asking price: $449,900
Bank purchase price: $386,385
Bank purchase date: 12/19/07
Profile date: 2/16
This property, which appears to be a former flip, went REO when we profield it in February. It sold for $660,000 at the peak in September 2005.
Status: SOLD for $450,000 - 32% off the peak price

UPDATE: Yes, a failed flip in Laguna Niguel

We posted in late February about 24171 La Hermosa, a property in Laguna Niguel that looked like it was a flip heading for failure. To recap:

Asking price: $575,000 (now $550,000)
Asking price/ sq ft: $353 (now $338)
Purchase price: $750,000
Purchase date: 11/13/06
Size: 4 beds, 2 baths, 1,628 sq ft (built in 1966)
MLS: S503764 (178 days on Redfin) - now 232 days
ZipRealty price tracker: Price Reduced: 09/17/07 -- $899,900 to $839,900
Price Reduced: 09/25/07 -- $839,900 to $829,900
Price Reduced: 10/18/07 -- $829,900 to $799,900
Price Reduced: 11/13/07 -- $799,900 to $650,000
Price Reduced: 12/21/07 -- $650,000 to $599,900
Price Reduced: 02/25/08 -- $599,900 to $575,000
Now: Price Reduced: 04/08/08 -- $575,000 to $550,000
Description: This property has been completely remodeled.Granite counter top in the kitchen with a serving bar.Office area or eating area opens to the backyard.Beautiful tile flooring throughout.Newly painted,cozy fire place in the family room with french doors opening to the back yard.Newly painted interior,crown molding throughout.New cabinetry in the kitchen.Both bathrooms have been redone with new flooring and fixtures. Move in condition very light and bright.Close to the freeway,shops,park and restaurants.

Here are the details behind the transaction. It's easy to see how things went wrong.

11/13/06: Purchased for $750,000 with 95% financing from Greenpoint Mortgage Funding.
12/5/07: Notice of default filed on $600,000 1st mortgage, delinquent amount of $21,343 (property had been on the market for a little more than three months at this point)
3/13/08: Notice of trustee sale filed, sale amount established at $635,818. Property is scheduled for auction May 16.

It also looks like there may be some issues with unpaid property taxes, too.

Assuming the property is able to be sold for the full asking price, the loss would be $233,000, including 6% sales costs. And, remember, we don't know how much additional money was spent rehabbing the property.

UPDATE: 13% discount in Laguna Beach

A reader tipped us off that the Laguna Beach property featured in this December post did, in fact, sell.

Zillow pegs the sale on Feb. 5, at a price of $1,025,000. Considering the sale amount is less than the seller paid (and the times we are in) it is not out of the realm of possibility that this in fact ended up going back to the bank.

Assuming 6% sales costs, the loss on this sale would have been $286,500. In Laguna Beach. What immunity?

Info from original post:
Asking price: $1,090,000
Asking price/ sq ft: $662
Income requirement: $272,500
Purchase price: $1,250,000
Purchase date: 6/20/2005
Size: 3 beds, 2 baths, 1,646 sq ft (built in 1948)

ZipRealty price tracker: Price Reduced: 3/17/07 -- $1,375,000 to $1,299,999
Price Reduced: 8/25/07 -- $1,299,999 to $1,199,999
Price Reduced: 11/26/07 -- $1,199,999 to $1,090,000
2006 property tax: $13,814
Type: Single Family Residence

Stories: Two Levels
Lot size: 5,810 sq ft
From listing: Two story open floor plan, kitchen has granite counters and stainless steel appliances, masterbath has walk-in closet, marble counters, spa tub and seperate large stone shower. Hardwood floors in most of the house. Cozy fireplace, french doors leading to a sprawling deck with small ocn and wooded view. Large storage shed and spacious yard with carport for 4 cars and boat parking on the side. Walk to town, beach and high school.