Lake Forest 2003 rollback

This Lake Forest condo is on the market for $160,000 less than it sold for in 2006, according to Zillow. The asking price also happens to be the same amount the property fetched in 2003.

Asking price: $280,000

Asking price/ sq ft: $258
Income requirement: $70,000
Purchase price: $440,000
Purchase date: 4/21/2006
Size: 3 beds, 1.5 baths, 1,085 sq ft (built in 1974)

MLS: P608426 (61 days on Redfin)

2006 property tax: $3,137
HOA dues: $215
Type: Condominium

Style: Colonial

Stories: Two Levels
From listing: GREAT OPPORTUNITY FOR THIS 3 BEDROOM, 1.5 BATHROOM, TWO LEVELS, WITH COUNTERTOP GRANITE, TRAVERTINE FLOORS.

How would you like to have to share one full bathroom among three bedrooms? Whomever took the photos also forgot to throw in a pic of the granite counters. Shame.

As we mentioned above, this property is asking significantly less than the 2006 price. Assuming a sale, the total loss would be $176,800, including 6% sales costs. The nominal depreciation would be 36% (not including transaction costs).

But it's also interesting to note that coincidentally (or not) the price being offered is the same one the property sold for in June 2003 - erasing four and a half years worth of phantom equity.