Relocation sale...but no takers

Here's a Nellie Gail property in Laguna Hills that's been on the market since late June. Another example of life taking what could have been an unexpected turn - the owners needed to relocate - and evidence of the consequences of having to try and sell in this real estate market after only a brief period of ownership.

Asking price: $1,499,000

Asking price/ sq ft: $454
Income requirement: $374,750
Purchase price: $1,535,000
Purchase date: 6/30/2006
Size: 5 beds, 3.5 baths, 3,300 sq ft (built in 1992)

Days on Redfin: 185

ZipRealty price tracker: Price Reduced: 7/19/07 -- $1,545,000 to $1,499,000
Price Increased: 7/22/07 -- $1,499,000 to $1,545,000
Price Reduced: 8/10/07 -- $1,545,000 to $1,499,000
2006 property tax: $7,515
HOA dues: $92
Type: Single Family Residence

Stories: Two Levels
Lot size: 0.3 acres
From listing: Relocation forces sale of this highly upgraded pool home with panoramic & amazing mountain views & city lights. Great end of cul-de-sac location. Enjoy the sunrises. Large lot w/ privacy complete w/ pool, spa, water feature, gazebo, fire pit & built-in BBQ, sink & ref. Every quality upgrade imaginable incld: granite counters, travertine floors with inserts, upgraded baths & kitchen, stainless galore, custom built-ins, crown moldings, baseboards & so much more! Professionally landscaped. Low taxes!!!

It's common for buyers in other parts of the country to talk about falling in love with a particular property since, in many instances, no two are completely alike. Here in the land of tract homes it's a little harder to do that - particularly when an identical house can be right around the corner or even a few lots down.

Nellie Gail's got plenty of highly customized luxury properties on huge lots, though, so things are a bit different there. Perhaps there is a buyer somewhere who will fall in love with this place and have to have it - no matter what the price.

Assuming a sale at the current asking price (doubtful considering how long the property has been on the market and the fact that no reductions have taken place since August), the loss on this one would be $125,940, including 6% sales costs.