More and more 2003 rollbacks seem to be popping up in South OC, but the majority tend to be small, older condos at the lower end of the price spectrum. Here's a rollback and potential comp killer of a different sort in Aliso Viejo...
38 Sandbridge, 92656
Asking price: $650,000
Asking price/ sq ft: $295
Income requirement: $162,500
Purchase price: $949,000
Purchase date: 9/2/2005
Size: 4 beds, 3 baths, 2,200 sq ft (built in 1991)
Income requirement: $162,500
Purchase price: $949,000
Purchase date: 9/2/2005
Size: 4 beds, 3 baths, 2,200 sq ft (built in 1991)
HOA dues: $82
Type: Single Family Residence
Stories: Two Levels
Lot size: 4,500 sq ft
From listing: ROCK POOL & SPA W/ 2 WATERFALLS. UPGRADED FLOORS. MASTER BEDROOM RETREAT.
Note: Photos of this property are not yet in the system. So, the images are from back in 2005, when the property was last listed for sale. Who knows what the current owners have decided to change.Comp blowup watch: 38 Sandbridge, with a bigger lot, is asking $834,900. 32 Sandbridge, which appears to be a bit smaller in terms of square footage, is asking $799,000. Despite the differences it seems pretty apparent this property would blow the other two out of the water, if in fact it successfully sells.
Assuming a sale at the current asking price (and that if it's a short sale, the lender would sign off), the loss would be a staggering $338,000, including 6% sales costs - roughly an $11,600 deterioration per month of ownership.
Not including transaction costs, this represents a depreciation of 32%. The sale also would be $25,000 below the August 2003 price of $675,000.
13 comments:
I enjoy seeing these deep rollbacks. There is still some delusion out there about 2003 prices being the bottom. Not. 2001 prices are coming soon...
Holy f'ing crap!!!! COMP DESTROYER.
Well, the pictures are now up on Redfin, but they probably would be better without them. Small, grainy and blurry. What a mess.
Thanks for letting me know about the pics on Redfin. They're such a complete mess that I'll just leave up the old ones.
32 Sandbridge is also for sale - $815,000. LOL!
I bet the neighbors are VERY PISSED off about this!!!!
HA HA !
Aliso Viejo is a dump - serious decline/decay; increasing blight; morons running HOAs (including the grand-daddy of them all: the Aliso Viejo Community Ass'n -- EVERY homeowner has to pay fees to this bunch, on top of their OWN community HOA); troubling, inceasing crime without adequate police services; inept property management companies cutting back on services (seriously -- the ENTIRE community is one big HOA); schools are seriously overcrowded & kids are stuck in decaying modular units; parks don't have infrstructure -- inc. bathrooms (!!!) - town center is nothing to talk about. Only chain restaurants; HIGH density housing. The place is a mess & only getting worse. Buyer Beware! (This place is rapidly disintegrating as fast as RSM).
Thanks for the heads up. I will rethink buying in AV. Can you tell me which neighborhoods in AV are the worst?
If the bank approves the offer (fingers and toes are crossed), my husband and I will be the lucky new owners of this incredible deal. The house is in great shape--it's about half upgraded. Now we just need the interest rates to "creep" back DOWN. I have lived in Aliso Viejo for 13 years. There's nothing wrong with it. The previous poster is totally exaggerating.
Hi, how much you offered? did you throw full amount as they asked?
Yes, the full amount. There were multiple back-up offers too.
good luck, let us know result :)
Relisted at $690,000 now. I guess the bank did not agree to the $650,000.
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