It's (thankfully) Friday, and since we just couldn't help ourselves, here is another San Clemente condo that has rolled back to below its 2003 price. Enjoy your weekend and watch for those falling knives, everybody.
3830 Avenida Del Presidente #8, 92672
Asking price: $170,000
Asking price/ sq ft: $340
Income requirement: $42,500
Purchase price: $260,000
Purchase date: 5/3/06
Size: 1 bed, 1 bath, 500 sq ft (built in 1983)
Income requirement: $42,500
Purchase price: $260,000
Purchase date: 5/3/06
Size: 1 bed, 1 bath, 500 sq ft (built in 1983)
ZipRealty price tracker: Price Reduced: 1/23/08 -- $190,000 to $170,000
2006 property tax: $1,971
HOA dues: $232
Type: Condominium
2006 property tax: $1,971
HOA dues: $232
Type: Condominium
Style: Townhouse
Stories: One LevelFrom listing: * * * Ground Level-no steps, * * * close to beach * * * , NEW tile, paint, and kitchen counter top. Large walk-in closet, sliding door off master bedroom, and a sliding door in living room to patio. This is a Short sale. Great Value.
Nominee for the dark and dingy photo award here. Then again, 500 square feet is about as small as you get before you start venturing into studio territory, so perhaps there was a concerted effort to keep the photos of the living spaces as blurry (see bedroom photo) and dim as possible, so buyers won't dismiss the place if it's too shoebox-looking. I think we just over-thought things...an especially dangerous practice on a weekend eve.Do you think asterisks have a shot at becoming the next hot thing in listing descriptions, and that they one day may actually replace exclamation points - the way something else (quartz, perhaps, or...gasp...concrete?) might overtake granite countertops as the it-thing? Wow, more over-thinking...
Assuming a short sale is allowed to proceed at the current price and the transaction is completed, the total loss absorbed by the lender (and seller, if they put anything down) would be $100,200, including 6% sales costs. Excluding sales costs it would also represent a 35% depreciation.
And, for the finale, the cost would be $8,500 below the October 2003 sales price of $178,500.
6 comments:
Not to mention this is in a "gang supression" area of San Clemente. The HOAs are much too high. I can see this falling to $100K.
Is it common for banks to approve short sales? Or would they rather just foreclose and try for a better price? When I surf around redfin and ziprealty, I always find places listed well below comps and undoubtedly they always seem to be short sales.
I look at short sales kinda like the people with WTF prices. We both know they is no way they will get their price.
Banks don't want to foreclose, since they're costly. Short sales (with very low prices) take forever, plus there's no guarantee the bank will accept the price (unless they have approved it). That's why a lot of people avoid short sales altogether if they want to buy.
From what I've heard, banks just aren't properly staffed to deal with the volume of defaults and foreclosures going on right now. Numbers of notices of default and foreclosures last month was a record, and it doesn't seem like it's letting up any time soon.
God that looks like crap. 75K?
a few questions for you guys/gals
gang supression area? Details?
note that the short sale price was raised by $10K in March!! Who are they kidding?
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