Since on the last post we mentioned the Talega area of San Clemente has more than a two-year inventory of houses on the market, it's well past time to pay this area a visit.
For some more about Talega from the builders' perspective, check out this post/ad from the LA Times real estate section.
This is a very nice area - many nice, new homes, and close proximity to the beach. Here is yet another example of bad timing. Very bad timing.
6 Via Oviendo, San Clemente, Calif., 92673
Size: 3 beds, 3 baths, 2,463 sq ft (built in 2003)
Asking price: $739,900
Asking price/ sq ft: $300
Purchase price: $910,000
Purchase date: 11/22/2005
Purchase date: 11/22/2005
ZipRealty price tracker: Price Reduced: 7/2/07 -- $819,900 to $779,000
Price Reduced: 8/7/07 -- $779,000 to $759,000
Price Reduced: 8/28/07 -- $759,000 to $739,900
Price Reduced: 8/7/07 -- $779,000 to $759,000
Price Reduced: 8/28/07 -- $759,000 to $739,900
Type: Single Family Residence
Style: Modern
Stories: Two LevelsProperty tax: $13,515.00
From listing: Great family home with formal living and dining rooms, plus large bonus room that could be office/den or 4th bedroom. Designer paint, carpet, ceramic tile, wood shutters and fireplace in family room. Kitchen has granite counters, stainless appliances and convection oven. Master suite with large walk in closet, and luxurious master bath. 2 car attached garage with gated driveway and short walk to nearby tot lot, makes this ideal for young, growing families. Short drive to the beach!
If we were to (chuckle) assume that these owners put 20 percent down and were able to finance the rest at 6.5 percent, the carrying costs on this property would have been about $5,000 a month. Now that the property is for sale, it will turn into a huge loss.
Assuming a sale at this price and 6 percent in selling costs, the loss is...$214,494.
Just one problem - a 4-bedroom property is for sale at 3 Via Belorado for $10,000 less. And the loss on this property is even worse. Assuming a sale with 6 percent in selling costs, the total shortfall is a whopping $263,894.
That means the Via Belorado property is falling in value big time - so far, it's already down 23 percent since the last sale, which was in February, 2006.
7 comments:
you mean to tell me South OC is not immuned? =)
excellent find! more of these will gradually come, especially Talega.
good job on the blog, just linked you up!
Do property taxes go down when a home is sold for much less than the previous purchase price?
I would suspect that property taxes could go down, since "the county tax assessor reassesses the property and sets a new property tax amount based on your purchase price," according to justhomes.com.
But I'm not a tax expert - if you need that kind of info, I would ask someone in that profession.
The answer is yes.
However, for the first year, you will be responsible to pay that old taxes, but with a rebate of the difference due to reassessment.
New sales prices = new value on property taxes.
Unfortunately, that doesn't work for MelloRoos. Mello Roos are bonds that are backed based on fixed amounts. Whatever the the amount was, that stays.
Chuck Ponzi.
www.socalbubble.com
Chuck - Thanks for the insight. I'm a fan of your site, and added it to the blogroll.
Here's some of what the County says (http://www.ocgov.com/assessor/buySell.asp)about reassessment:
"A notice of supplemental assessment typically represents a change (increase or decrease) in taxable value."
"If the market value of property is different from the previous owner's taxable value, the new owner will receive a NOTICE OF SUPPLEMENTAL ASSESSMENT and a supplemental tax bill."
"Supplemental assessments are pro-rated from the date of transfer to the end of the tax year (June 30th)."
"Supplemental assessments are typically paid by the new owner directly, and are not included in impound accounts."
Anyone have any comments on the condos in Talega? Are they worth looking at? Any better than the others?
What is the monthly cost of mello roos in Talega? How many years will it last?
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