Add one more to the 2003 club

UPDATE: A bit too good to be true? Yep. A commentor pointed out that the price on this property has already been bumped up to $365k.

Here's another '03 rollback condo, this time in Lake Forest, that ns2524 found and posted on over at the Irvine Housing Forums. Since 2003 rollbacks are a rarity out here (will that soon change?), I wanted to take a look at this one too:

19525 Arezzo St., Lake Forest, 92679
Asking price: $299,000
Asking price/ sq ft: $248
Income requirement: $74,750 (roughly equal to the OC household median)
Purchase price: $334,000
Purchase date: 11/26/2003
Size: 2 beds, 2.5 baths, 1,205 sq ft (built in 1994)
MLS: S509370 (2 days on Redfin)
2006 property tax: $4,480
HOA dues: $149
Type: Condominium
Style: Other
Stories: Two Levels
Lot size: 6,696 sq ft
From listing: * * * * * * * * * * Two Master Suites * * * * * * 2 Car Garage * * * * * * * * *

That is perhaps the longest short description I've read. Are asterisks becoming the new exclamation points? By looking at the one small photo and extremely brief description, it would not be surprising if this were an REO. If that's the case, is this an example of banks finally getting serious about lowering prices?

Hard to beat the $248/sq ft price tag...the loud screams you might have heard a couple days ago could have been coming from neighbors who are also trying to sell and saw this listing go up. This property undercuts a smaller 2-bedroom unit by $80k as well as similar 2-bedroom condos by as much as $200k. It's also $176k less than the cheapest 3-bedroom nearby.

Assuming a sale at this price (which is actually relatively reasonable), the loss would be $52,940 assuming 6% selling costs, after nearly four years of ownership. This listing's mega-aggressive pricing strategy instantly makes the property the best bet to attract a buyer, assuming one is out there who wants it. Guess all's fair in love, war and declining real estate markets.