This is what happens when a construction project goes horribly, horribly wrong. Here's a condo in San Clemente that's half-gutted and looking to sell at almost half off the previous transaction price...
1 Loma Lane (Unit A), 92672
Asking price: $539,900
Asking price/ sq ft: $337
Income requirement: $134,975
Purchase price: $990,000
Purchase date: 9/15/2006
Size: 3 beds, 2.5 baths, 1,600 sq ft (built in 2004)
Income requirement: $134,975
Purchase price: $990,000
Purchase date: 9/15/2006
Size: 3 beds, 2.5 baths, 1,600 sq ft (built in 2004)
MLS: S514467
2006 property tax: $9,130
Type: Condominium
Stories: Two LevelsType: Condominium
From listing: Detached condo close to the beach in San Clemente. Think of the possibilities! Contsruction has been started, now it's yours to finish. Use your imagination and decorator skills to complete this project. Close to downtown, shopping, dining, parks, beach and more.
Suggested caption for this photo: "Here...now it's your problem! :)" It's fun to speculate about what might have happened here. Was it an attempted flip gone wrong? Or just a very handy homeowner who got stuck and doesn't have the finances to finish the project?Assuming a sale at the current price (and the price history on Redfin is accurate), we're looking at a loss of $482,494 - including 6% sales costs but not including any additional money spent on construction. The sale would also represent a decline of 45% from the peak in 2006 (not including transaction costs).
In case you're in need of a video diversion on a Monday, here's an ABC story that talks about how the housing slump defines 2007:
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