Sure we've got a mounting foreclosure problem right now, but did you think this kind of thing was going on in a luxury market like Laguna Beach as well? It is...
1170 Miramar Street, 92651
Asking price: $900,000*
Asking price/ sq ft: $750
Income requirement: $225,000
Purchase price: $1,095,000
Purchase date: 2/15/2007
Size: 2 beds, 2 baths, 1,200 sq ft (built in 1968)
Income requirement: $225,000
Purchase price: $1,095,000
Purchase date: 2/15/2007
Size: 2 beds, 2 baths, 1,200 sq ft (built in 1968)
ZipRealty price tracker: Price Reduced: 1/03/08 -- $1,100,876 to $900,000
2006 property tax: $5,883
Type: Single Family Residence
2006 property tax: $5,883
Type: Single Family Residence
Style: Contemporary/Modern
Stories: Three or More LevelsLot size: 2,500 sq ft
From listing: Beat the Bank Pre-Foreclosure, Panoramic ocean views, spectacular north coastline views, Catalina sunsets. Spacious living areas include two remodeled viewing decks, open living room with fireplace, dining area, open kitchen. Good sized bedrooms, master with two closets. Freshly painted interior. Flowering landscaping, large private rear yard with decking. Situated toward end of a cul-de-sac street, a wonderful residence with outstanding ocean views!
* Redfin has a range of $800,000-$900,000
Is there still time to beat the bank considering this one's been on the market since July?This property does not have the greatest location because it's fairly far from the ocean (at least for Laguna standards). The asking price per square foot is pricey for just about anywhere.
Assuming a pre-foreclosure sale can be arranged at a price of $900,000, the loss would be $249,000, including 6% sales costs. If the final sales price is at the low end of the asking spectrum for $800,000 then the loss would be $343,000, also including sales costs. That would also represent a 27% decline from the peak (not including transaction costs).
Is that really possible - 27% off in Laguna Beach?!
4 comments:
This place has been on the market since at least August 27, 2006. I thought the last sale was back to the bank, but maybe I'm wrong.
20% price reductions in Laguna? Well, take 802 Bluebird Canyon Drive. Original asking price: $2 million+. Then reduced to $1,100,000. Then reduced to $950,000. Finally sold for $790,000.
swim - Incredible. Thanks for the info.
South - look at 581 diamond.
Sold in 05 for $2.7m. Just listed for $1.5M!
www.bluemove.blogspot.com
Not only that -- its hideous!
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