Timing is everything...

...And if you bought a place like this at the same time as this seller, then you're in trouble. Looks like South Orange County is having its fair share of problems these days.

22102 Pheasant Street, Lake Forest, Calif., 92630
Size: 4 beds, 3 baths, 2,500 sq ft (built 1978)
MLS: S496712 (26 days on Redfin)
Current asking price: $725,000
Purchase price: $830,000
Purchase date: 7/31/2006
Other price history: 01/17/2006: $745,000
ZipRealty price tracker: No reductions
Other info: Lot Size: 5,100 sq. ft.
Stories: 2
Type: Single Family Residence
County: Orange
Neighborhood: Lake Forest South
From listing: Immaculate spacious home featuring 4 bedrooms plus large loft and 3 full baths. Upgraded kitchen with granite counters. Formal living room w/fireplace and family room with 2nd fireplace. 2 downstairs bedrooms & a bath, up-stairs features 2 bedrooms and loft, newer carpet/interior paint, scraped ceilings, newer concrete tile roof all with nicely landscaped with covered patio.

The price history is very interesting. Someone made $35,200 after holding this property for just about six months in 2006 (assuming 6 percent selling costs). This time, however, the seller of this property is going to take a huge hit.

Was this a well-timed flip, fraud or some kind of wacky combination of the two? There is the trademark upgraded kitchen with granite counter tops. Take from that what you will.

Assuming this seller gets their full asking price, there will be a loss of $148,500 with 6 percent selling costs figured in.