Today we're heading back to Ladera Ranch to check out this huge luxury home that's on the market for well below the value of its peak sale price in 2005. Does this qualify as a McMansion? If not, it's kinda borderline.
3 Franklin Way, 92694
Asking price: $985,000*
Asking price/ sq ft: $340
Income requirement: $246,250
Purchase price: $1,368,500
Purchase date: 12/7/2005
Size: 5 beds, 3 baths, 2,900 sq ft (built in 2001)
Income requirement: $246,250
Purchase price: $1,368,500
Purchase date: 12/7/2005
Size: 5 beds, 3 baths, 2,900 sq ft (built in 2001)
2006 property tax: $8,084
HOA dues: $194
Type: Single Family Residence
HOA dues: $194
Type: Single Family Residence
Style: Contemporary
Stories: Two LevelsLot size: 7,000 sq ft
From listing: This is a 'wow' house...If ever there was one! Totally perfect with everything you could want! Incredible location next to green open area, on a cul de sac, privacy, no neighbor on one side so it feels open & large! Large lot which is unusual in ladera! Fabulous big kitchen, giant nook or dining, family room & fireplace next to kitchen - plus gigantic bonus room with another fireplace on the ground flr-where it belongs!! Nice, office, play rm or can be a bedrm on the ground flr as well! Great up- grades & amenities, inc. Granite of course!! Upstairs is huge master with walk-in, bath w/seperate tub/shower,large secondary bedrooms, seperate computer or study area,room 4 everything & every one! This is the prfect home if you are looking for beauty, condition, location, privace & space! A sure winner and easy to find. Walking path to nearby award winning schools and just a truly prime property!! The best home out there! Don't waste your time on the others!! Model perfect ....Really!!!
* - Redfin also shows a low search price of $925,000If you were able to make it through the novel-length listing description, you may have caught a handful of spelling mistakes, including one heinous one - "privace" instead of privacy.
Beauty is certainly in the eye of the beholder, but does this really look like a $1.37-million dollar home to you? I didn't know there was such a thing as a "wow house," (if someone had asked before what one was I probably would have guessed a type of carnival ride) and that I would be lucky enough to stumble on the wow house.
I personally prefer the wow factor of the ocean view with this property in Laguna Beach, which sold for a little less during the bubble in 2006:
Assuming a sale at the top of the range for $985,000, the loss on this one would be a mind-blowing $442,600. If the price ended up being $925,000, the loss would escalate to $499,000, including 6% sales costs. That would also represent a depreciation of 32% in just a little more than two years, not including transaction costs.Wow.
5 comments:
Is the Laguna house a current listing?
No, the Laguna house sold in 2006 and is not on the market now.
Ladera (Fraudera Ranch)!
I don't think I want to pay almost 1 M for house with the front door look like an entrance to a fort.
Wow!.... I am living in a fort
is there any way to find out how many properties in Ladera Ranch were taken off the market in 2007 (i.e, spring listings that got removed)? I ask, because the number of listings seem to be increasing and I'd like to get an sense of how many are relistings, and how many are new properties.
Either way, this spring looks to be a bloodbath in Ladera.
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