33042 Daniel Drive, Dana Point, Calif., 92629
Size: 4 beds, 2.5 baths, 2,280 sq ft (built in 1979)
Asking price: $839,000
Asking price/ sq ft: $368
Purchase price: $940,000
Purchase date: 10/20/2005
Purchase date: 10/20/2005
Other sales history: 09/20/2001 : $549,000
09/09/1998 : $350,000
09/09/1998 : $350,000
ZipRealty price tracker: No price reductions
Type: Single Family Residence
Style: Contemporary
Stories: Two Levels
From listing: priced for quick sale. $130,000 below the loan balance!!!owner will SHORT SALE. this totally remodeled home is a 10+!the ultimate POOL PARTY HOUSE, palapa bar, firepit, built in bbq, outdoor surround system, covered patio, waterfalls, pool, and spa. lots of upgrades including stainless steel appliances, granite countertops, travertine flooring. this hme is virtually brand new. to show call...
This is a very interesting situation. The listing description claims the home is priced "$130,000 below the loan balance!!!" but even if the current owner did not make any downpayment, the price of the last sale would suggest the shortfall between a sale at the current asking price and the loan balance would be "only" $101,000. We'll assume the real estate agent's math isn't flat wrong, so if you instead include 6 percent selling costs when assuming the property sells at this price, the shortfall would balloon to $151,340. Also not a match to the $130,000 difference mentioned in the listing description.
Under these circumstances, it seems likely that some sort of HELOCing might have taken place or a very toxic mortgage is messing things up, since the loan balance is more than the last sales price says it should be. So, that means the current owner not only bought this property virtually at the peak of the bubble, but they've made the situation worse by adding to the principle of the loan.
By the way, this "hme" is NOT "virtually brand new." It is a 28-year-old house with some necessary updating and some other possible over improving.
From listing: priced for quick sale. $130,000 below the loan balance!!!owner will SHORT SALE. this totally remodeled home is a 10+!the ultimate POOL PARTY HOUSE, palapa bar, firepit, built in bbq, outdoor surround system, covered patio, waterfalls, pool, and spa. lots of upgrades including stainless steel appliances, granite countertops, travertine flooring. this hme is virtually brand new. to show call...
This is a very interesting situation. The listing description claims the home is priced "$130,000 below the loan balance!!!" but even if the current owner did not make any downpayment, the price of the last sale would suggest the shortfall between a sale at the current asking price and the loan balance would be "only" $101,000. We'll assume the real estate agent's math isn't flat wrong, so if you instead include 6 percent selling costs when assuming the property sells at this price, the shortfall would balloon to $151,340. Also not a match to the $130,000 difference mentioned in the listing description.Under these circumstances, it seems likely that some sort of HELOCing might have taken place or a very toxic mortgage is messing things up, since the loan balance is more than the last sales price says it should be. So, that means the current owner not only bought this property virtually at the peak of the bubble, but they've made the situation worse by adding to the principle of the loan.
By the way, this "hme" is NOT "virtually brand new." It is a 28-year-old house with some necessary updating and some other possible over improving.
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