This bank-owned, ocean-close property in San Clemente is flat out falling in price. It went pending earlier this month but is now back on the market again. We're rapidly approaching the 250 days on the market mark.
2719 Via Montecito, 92672
Asking price: $714,900
Asking price/ sq ft: $472
Income requirement: $178,725
Peak purchase price: $935,000
Peak purchase date: 6/22/2006
Size: 3 beds, 2 baths, 1,516 sq ft (built in 1963)
Income requirement: $178,725
Peak purchase price: $935,000
Peak purchase date: 6/22/2006
Size: 3 beds, 2 baths, 1,516 sq ft (built in 1963)
ZipRealty price tracker: Price Reduced: 6/6/07 -- $974,900 to $924,900
Price Reduced: 7/11/07 -- $924,900 to $884,900
Price Reduced: 8/17/07 -- $884,900 to $844,900
Price Reduced: 9/20/07 -- $844,900 to $794,900
Price Reduced: 10/17/07 -- $794,900 to $754,900
Price Reduced: 11/20/07 -- $754,900 to $714,900
2006 property tax: $6,886
HOA dues: $22
Type: Single Family Residence
Price Reduced: 7/11/07 -- $924,900 to $884,900
Price Reduced: 8/17/07 -- $884,900 to $844,900
Price Reduced: 9/20/07 -- $844,900 to $794,900
Price Reduced: 10/17/07 -- $794,900 to $754,900
Price Reduced: 11/20/07 -- $754,900 to $714,900
2006 property tax: $6,886
HOA dues: $22
Type: Single Family Residence
Style: Traditional
Stories: One LevelLot size: 7,326 sq ft
From listing: Enjoy ocean views from this wonderful Shorecliffs community home!!! Minutes from the harbor and local beaches as well as the private beach club specifically for homeowners in this area. Home features a custom outdoor shower, upgraded kitchen with granite countertops, newer windows and french doors throughout, and wood flooring. Enjoy the sunsets and entertain from the expansive patio with it's own built-in Jen-Air BBQ!!!
This property has undergone six price reductions for a total of $260,000 off the original asking price. We ask again: Why would a buyer be especially motivated to jump in now, since the bank has shown it is willing to keep lowering the price?At what point will a buyer decide they have to have the property and forgo any possible further reductions (and risk declines on the value of their new property in a down market) by making a bid at the current price? What would you offer the bank to take this place - full asking price?...$700k?...$650k?...or less? More importantly, though, would they accept your offer? Why am I asking so many consecutive questions?
It looks like that point may have already been reached, since this property recently changed to pending before returning as active on the MLS. Was the buyer unable to obtain financing, or did something else cause the deal to fall through?
I wonder if the picture above is of the outdoor shower. It does look...umm...a bit communal.
Assuming a sale at the current asking price, the property would be $220,100 off the peak 2006 price. That's a depreciation of 23.5%.
3 comments:
This house should go down to $402,000 assuming the 1963 house is in good condition and well repaired. (IMnot-soHO)
This area is known to have some issues with soil movement. Older homes on hillside lots. I would definitely get it looked at by an engineer. Cheap $200 a year association and you get a beach clubhouse on the sand and a tennis court. I believe there was a recent controversy over building
2nd story additions in this area not sure what the resolution was. I say it is worth low $400K's.
You would want an engineering geologist to look at it not just some random engineer. And regarding slope movements in South OC you have about a 50/50 chance of being on an unstable area from my experience. For some reason the most expensive places are on the worst soil.
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