Yesterday we profiled an Aliso Viejo condo that was very close to a nominal 2002 rollback. Here's another one in San Juan Capistrano:
26522 Paseo San Gabriel, 92675
Asking price: $205,000
Asking price/ sq ft: $237
Income requirement: $51,250
Purchase price: $355,000
Purchase date: 6/09/2005
Size: 3 beds, 1 bath, 864 sq ft (built in 1971)
Income requirement: $51,250
Purchase price: $355,000
Purchase date: 6/09/2005
Size: 3 beds, 1 bath, 864 sq ft (built in 1971)
ZipRealty price tracker: Price Reduced: 12/14/07 -- $248,231 to $220,000
Price Reduced: 12/21/07 -- $220,000 to $205,000
2006 property tax: $3,797
HOA dues: $205
Type: Condominium
Price Reduced: 12/21/07 -- $220,000 to $205,000
2006 property tax: $3,797
HOA dues: $205
Type: Condominium
Style: Traditional
Stories: Two LevelsLot size: 1,200 sq ft
From listing: BEST VALUE IN THE MISSION AREA AND MAYBE IN ORANGE COUNTY AND SOUTHERN CALIFORNIA!!!!!!!!!! PRICE UNDER MARKET FOR QUICK SALE!!!!!! FORECLOSURE!!!!!!!!! 3bed + 1 bath end unit.
Insert observation about excessive exclamation points in description here. Why is it exciting that this is a foreclosure? I'm sure the former owner isn't jumping for joy!!!!!!!!!!
This property's sale history is also interesting. Here it is via Redfin:
6/9/2005: $355,000 (26.6% realized yearly appreciation)
12/06/2002: $196,500 (20.8%/yr)
9/28/2000: $130,000 (37.1%/yr)
1/27/1998: $56,000 (-60.3%/yr)
4/15/1997: $115,856 (0.8%/yr)
7/26/1990: $110,000
The gains this decade were completely unsustainable and unwarranted in any sane market, which is not surprising considering how things were going. In five years, between 2000 and 2005, the property increased by 173% or $225,000. Compare that appreciation with what happened in 1990-2000: This property saw just a nominal $20,000 appreciation over that entire decade!
Some aggressive price cutting has already taken place on this one and suggests motivation to get it moved. Assuming it does sell at the current asking price, the nominal decline from the peak would be $150,000, or 42%.
The sales price also would be just $8,500 shy of the December 2002 one. Had the owner who bought in 2002 held the property until being forced to sell now for the current asking price, they would lose $3,800, assuming 6% sales costs.
2 comments:
Go check out the area SJC especially around the Mission is a total ghetto full of illegal immigrants. The schools are terrible because of all of the non english speakers. Look at the schools on www.greatschools.net This is not a bargain and was probably sold to multiple immigrant families who got wise of the decline and realized they could rent for less.
how the bloody hell can you fit three bedrooms into 864 square feet? this must be awful to live in.
Post a Comment