This Lake Forest REO has been sitting on the market for a few months now, and has not found its next owner.
25872 Wicklow Lane, 92630
Asking price: $519,900
Asking price/ sq ft: $323
Income requirement: $129,975
Peak purchase price: $693,000
Peak purchase date: 12/9/2005
Size: 3 beds, 2.5 baths, 1,609 sq ft (built in 1987)
Income requirement: $129,975
Peak purchase price: $693,000
Peak purchase date: 12/9/2005
Size: 3 beds, 2.5 baths, 1,609 sq ft (built in 1987)
ZipRealty price tracker: Price Reduced: 10/10/07 -- $610,000 to $597,000
Price Reduced: 12/4/07 -- $597,000 to $555,000
Price Reduced: 12/11/07 -- $555,000 to $550,000
Price Reduced: 1/30/08 -- $550,000 to $519,900
2006 property tax: $7,309
HOA dues: $60
Type: Single Family Residence
Price Reduced: 12/4/07 -- $597,000 to $555,000
Price Reduced: 12/11/07 -- $555,000 to $550,000
Price Reduced: 1/30/08 -- $550,000 to $519,900
2006 property tax: $7,309
HOA dues: $60
Type: Single Family Residence
Style: Contemporary
Stories: Two LevelsLot size: 5,000 sq ft
From listing: SUPER PRICE REDUCTION! 3 bedroom 2.5 bath home in excellent area of Sterling Heights. French Doors in formal dining room lead out to patio with views of the city and mountains. Walk to parks and schools. Large rear yard great for entertaining and very private. Brand New Fence installed on side of home.
It appears the lender is motivated to get this one sold judging by the frequency of the price reductions alone...but if it was significantly overpriced to begin with, doesn't that change everything?Nice to see how many photos there are of this place, considering more than a few REOs tend to have one grainy photo of the exterior. I chose the image on the left because it appears to show the "brand new fence installed on side of home."
This property went back to the bank for $601,111 in mid-July, and has been for sale since early August. The six-month anniversary was a few days ago.
Garage appears to need a bit of cleanup work. Is the ceiling on the left side of this photo supposed to be exposed like that?
The location might also be an issue. It essentially backs up to Lake Forest Drive, though there is a bit of green space separating the house from the street. That may or may not provide adequate insulation from traffic noise.
School wise, it's very close to an elementary school and El Toro High.
Assuming a sale at the current asking price, the decline from the peak in late 2005 would be $173,100 or 25%, not including any sales costs.
3 comments:
I wonder whether the seller understands that a market price for a 3 bedroom 2.5 bath at $520K is still almost 7 times the median income of lake forest residents? Half can afford, but aren't biting. The other half of the resident can probably never afford such a home. The only other comment I would make is that this home looks tired.
And the hole in the garage ceiling? Ummm, no.
This place is old and dumpy looking. Still over 500k
I wouldn't even consider at 400K. Maybe the square footage plus the fact that it's detached makes it worth more. The bank deserves to get this one. I suspect they will.
it's already off the market, allegedly sold for $601k. dunno if that's the bank price or what.
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