Kaboom

OK, so that was probably just a tad dramatic. But see for yourself what is going down, down, down in Garden Grove, Calif.:

12352 Lorna St., Garden Grove, Calif., 92841
Size: 4 beds, 2 baths, 1,220 sq ft (built 1955)
MLS: P571964 (92 days on Redfin)
Current asking price: $550,000
Purchase price: $630,000
Purchase date: 4/3/2006
ZipRealty price tracker: No reductions
Other info:
Stories: 1
Type: Single Family Residence
County: Orange
Neighborhood: W of Garden Grove N of Chapman
From Redfin listing: This home has some upgrades in kitchen and bathrooms, pergo floring, newer windows, recently paint in and out, huge driveway, large covered patio.

Kudos to you, sellers. This house not only provides us with an example of an "investment" gone awry, it is also a prime example of what not to do to your kitchen and dining room, particularly when you're trying to entice a buyer:
Assuming (and believe me this is a big assumption) this property mercifully gets sold at the current asking price, the loss would be $113,000 including 6 percent selling costs. Let's hope though that the sales price would include a healthy redecorating allowance to bring this sucker closer to neutral.

That's it for now...off to Europe but I'll be back before too long with more. Stick around...