Disaster week continues

This property is perhaps in even worse financial shape than the past two we profiled. Take a look...

26246 Via Canon, Dana Point, CA 92624

Asking price: $727,500

Asking price/ sq ft: $364
Income requirement: $181,875
Purchase price: $1,100,000
Purchase date: 3/29/2006
Size: 3 beds, 2.75 baths, 2,000 sq ft (built in 1963)

MLS: S509959 (5 days on Redfin)

2006 property tax: $8,336
Type: Single Family Residence

Stories: Three or More Levels
Lot size: 5,560 sq ft
From listing: Capistrano Beach, unique 4 level home with 4 private decks and plenty of room for entertaining. Legal use us SFR but home was previously as 3 units; studio on main, 1/1 on next floor and studio with loft on top floor. Great oppertunity, motivated seller.

Being highway close can be considered a positive in some instances, but this is excessive. The road you are seeing is PCH, near where it meets up with the 5 freeway. If the "legal use us" a SFR, would we then describe the previous setup as a "not-so-legal use?"

Maybe the listing agent also hasn't had the "oppertunity" yet to use spell check.

The loss on this property would be $416,150, assuming 6% sales costs, which would equate to a decline of $21,902 per month for the current owner. A sale at this price would also represent a 34% drop from peak pricing in 2006 (not including sales costs).