REO sittin' in Talega

Here's another REO - this time in San Clemente's Talega - that's been on the market for months and has not yet attracted a suitable buyer.

21 Via Santander, San Clemente, 92673
Asking price: $744,900

Asking price/ sq ft: $302
Income requirement: $186,225
Peak purchase price: $980,000
Peak purchase date: 6/20/2005
Size: 3 beds, 2 baths, 2,463 sq ft (built in 2004)

MLS: S494471 (179 days on Redfin)

ZipRealty price tracker: Price Reduced: 8/01/07 -- $819,900 to $789,900
Price Reduced: 10/03/07 -- $789,900 to $779,000
Price Reduced: 11/13/07 -- $779,000 to $744,900
2006 property tax: $14,416
HOA dues: $149
Type: Single Family Residence

Stories: Two Levels
From listing: Clean family home in TALEGA. The open & bright floorplan features 3 spacious bedrooms plus a large bonus room, gourmet kitchen w/ granite slab countertops, cozy gas fireplace, upstairs laundry & plenty of storage. The long, gated driveway is perfect to double as a courtyard or an area for kids to play. The serene views make this property a great place to relax or entertain. Enjoy community amenities that include assoc. pools, parks, walking trails, K-8 school & Golf. Priced to sell.

Good deal for the original owner - they bought for $694,500 in 2004 and then sold two years later at the peak for $980,000. That's a profit of $285,500 - not factoring in landscaping, other upgrades or sales costs. The next owner obviously did not fare too well.

The property went back to the bank in June for $774,253, and it's currently shacking up on the MLS - we've almost hit the 180 day mark!

Assuming a sale at the current asking price, the property would be $235,100, or 24% off the 2006 peak price. Remember, everyone, about one take on the "possible 25% drop" in OC housing prices that recently came out in the Register. Are we almost at the bottom already? Unfortunately, it doesn't appear so.