This Aliso Viejo house is priced $176,000 below the peak 2005 price, and it's staying that way. The property has been on Redfin for 110 days now with one $30,000 price reduction - in late October - and cannot seem to locate a buyer.
4 Laurelwood Drive, 92656
Asking price: $619,000
Asking price/ sq ft: $295Income requirement: $154,750
Purchase price: $795,000
Purchase date: 7/1/2005
Size: 5 beds, 3 baths, 2,100 sq ft (built in 1996)
MLS: S508220 (110 days on Redfin)
ZipRealty price tracker: Price Reduced: 10/30/07 -- $649,000 to $619,000
2006 property tax: $10,207
HOA dues: $40
Type: Single Family Residence
2006 property tax: $10,207
HOA dues: $40
Type: Single Family Residence
Style: Contemporary
Stories: Two LevelsLot size: 4,500 sq ft
From listing: 5 bed 3 bath, 2100 sq ft. View home!!!Located in the wonderful family neighborhood of california summit!!!!Awesome floor plan with a main floor bedroom and full bath downstairs!!!Neutral colors with family style island kitchen!!!!!Large family room with fireplace and formal dining room!!!All of this with a panoramic city lights view!!!
There are 21 exclamation points in the listing. Yes, I counted.
It seems as if either the market may have long since passed this asking price by on its way down, or the asking price is impossible because the lender won't allow the transaction, if this is a short sale. Of course, the real reason for no sale could be a combination of these two factors or something completely else.
Assuming a sale for the asking price (highly unlikely considering it's been sitting on the market at this price for almost three months), the loss would be $213,140, including 6% sales costs. It also would have declined 22% from the peak in July 2005 - not including transaction costs.
6 comments:
What a beautiful house. It's still way too expensive for my Wife and to even consider as a first time buyer and 120K combined income. It has to be the inability for buyers to get financing on a jumbo loan. Or people are just determined to wait until prices have started to correct? That could be a long time. My magic number is 250/ square foot. One year to go.
Just a quick note of appreciation for your blog. Thanks!
(hahaha - my verify word is "owncz" - Cz is the local abbrev in Coto de Caza - btw I really like the Ladera and Coto posts)
This is a short sale. Often a price is stuck on a short sale, because the lender has approved that price.
I just have to post this listing for you to add to your blog. Awful pictures and many mispellings in the listing. It leaves me asking just how many tennants does it take to pay the mortgage on this overpriced fixer home?
http://www.ziprealty.com/buy_a_home/logged_in/search/my_home_detail.jsp?listing_num=T08006459&property_type=SFR&mls=mls_so_cal&cKey=40qb7btq&source=MRMLS
Readers: AV is a dump & has alot of problems - take it from some one who lived there for years! 1.) High, high density housing (tremendous overcrowding); 2.) Alarming increase in crime w/out comparable increase in police services (city is BROKE and has ZERO $$); 3.) Inadequate planning regarding infrastructure - lack of vision amongst city 'leaders' 4.) NO reserves in city coffers; 5.) A moronic, myopic city council, short on vision, but loaded with cronyism, corruption, entitlement & self-perpetuation; 6.) Stagnant housing sales -- new units (Vantis Project & golf course homes) sitting VACANT; 7.) Entirely a master planned community, which means everything is an HOA - some communities even belong to 3 HOAs! (And, BTW, Merit Property Mgmt tends to have a high presence in this town -- Merit most certainly DOES NOT live up to its name). Alot of these HOAs are financially upside down - if people aren't paying mortages, they're sure as heck not paying HOA fees - hence, landscaping is being neglected everywhere; 8.) Tremendous blight and decay setting in these HOA neighborhoods, and throughout common areas in town; 9.) Decay and decline in sports parks - NO bathrooms for activities!! 10.) General 'trailer trash' feel - go to any city council meeting and watch the show and incompetence! You'll wonder where these people came from; 11.) Vacant homes = blight = crime = blight = decay. There is a quiet, but steady 'exodus' amongst those in the know regarding conditions in the community & amongst those who can afford to leave. This community is on its way to becoming known as South County's Slum, if not already being known for it - beware buyers! AV is not what it was about 10 years ago!
I know quite a bit about this house. The biggest hindrance is that the bank refuses to acknowledge that prices have slipped and therefore should take a short sale. If I understand correctly, there was an offer at 619K that the bank told to pound sand. Listed at 560K now over 200 days on the market, this one is going to be a local comp crusher when it goes back to the bank. Who knows when that will happen?
Post a Comment