Off a cliff in Dana Point

Yet another example of a beautiful house caught in the middle of unfortunate market timing. The high end is still not and never was immune...

34572 Camino Capistrano #D, Dana Point, 92624

Asking price: $1,550,000

Asking price/ sq ft: $419
Income requirement: $387,500
Purchase price: $1,700,000
Purchase date: 5/31/2005
Size: 5 beds, 4 baths, 3,700 sq ft (built in 2001)

MLS: S499655 (69 days on Redfin)

ZipRealty price tracker: Price Reduced: 9/26/07 - $1,899,900 to $1,550,000
2006 property tax: $18,585
Type: Single Family Residence

Style: Traditional

Stories: Two Levels
Lot size: 6,420 sq ft
From listing: Experience your senses being fully engaged as you enjoy beach living at its finest from this beautifully one of a kind 'estate property' located on a rare double wide corner lot in capo beach. This exquisite custom home is finished with the finest craftsmanship throughout. Gourmet kitchen with granite counters and commercial grade stainless steel appliances. Red kempas hardwood floors, large master bedroom with fireplace and two floors of ocean views and a private ocean rooftop viewing deck.

Glad to see some serious effort made in the pictures to market the property well. Wish we could say the same for the listing description. I'm lost about halfway through the awkwardly worded first sentence. In other words, guess my senses aren't being fully engaged enough to appreciate the exquisiteness of it all.

The owner who purchased in 2003 and then sold to the current owner in 2005 made an absolute killing - $550,000 in profit, not including selling costs, which represents an appreciation of 25.1% per year.

The current owner dangled out a wishing price of $1,899,900 for a while, and then got more realistic and slashed the price by an attention-getting $349,900 near the end of September. Assuming the current owner can get this place sold for their current asking price, the loss would be $243,000, assuming 6 percent selling costs.