It's still looking a lot like Christmas inside this San Clemente condo. Guess it's what happens when you've been on the market since late November and have yet to swap out new pictures. But look on the bright side: If this property stays on the market another 10 months, its decorations will again be timely!
Here we go with another 2003 rollback...
1066 Calle Del Cerro #1405
Asking price: $299,000
Asking price/ sq ft: $359
Income requirement: $74,750
Purchase price: $400,000
Purchase date: 5/2/05
Size: 2 beds, 2 baths, 832 sq ft (built in 1988)
Income requirement: $74,750
Purchase price: $400,000
Purchase date: 5/2/05
Size: 2 beds, 2 baths, 832 sq ft (built in 1988)
ZipRealty price tracker: Price Reduced: 12/28/07 -- $340,000 to $299,000
2006 property tax: $4,100
HOA dues: $442.60
Type: Condominium
2006 property tax: $4,100
HOA dues: $442.60
Type: Condominium
Style: Mediterranean
Stories: One LevelFrom listing: Great opportunity to own a vista pacifica condo. Ideally located with 2 masters and spacious living area. This lower level condo has new paint and has a nice view of the brook. Association pool and spa are nearby and the beach is just a short drive away. Association also has provisions for your boat or rv. As well as a enclosed garage for your car. Please note: hoa are $327.60 + special assessment $115 (the total estimated pay off on the assessment is $5,488.14), and rancho san clemente master hoa dues of $89. Quarterly.
Special thanks to whomever wrote the listing for including detailed information about the HOA and special assessment dues. Adding up those fees, the new owner would be responsible for $442.60 a month in dues alone, plus another $89 per quarter - or, if broken out, $29.67 per month (thanks for the catch djd).There's a question of whether or not the $442.60 is per month or per quarter as well - if it's per quarter that would change things, but we're going to assume the other dues are per month.
Is it really possible to have to pay $472.27 in total homeowner dues each month? Incredible. Heck, you could rent another 2-bedroom unit on the same street for $1,675 per month. The HOA dues you would pay as an owner account for 28% of the entire cost of obtaining that rental.
We're also able to calculate that our subject property has a gross rent multiplier of 179. If we go off of a GRM of 160 as a decent number for an owner-occupant, this property "should" be worth $268,000. Not quite there yet, but not completely out of the ballpark, either.
Now, for the even worse news. Assuming the property sells at the current asking price, the loss would amount to $118,940 off the previous purchase price, including 6% sales costs. It would also equal a depreciation of 25% off the previous price, not including sales costs.
We did also mention that this is a 2003 rollback, didn't we? A sale at the current price would indeed be $10,000 below its sales price in December 2003.
4 comments:
I interpret the information about dues differently than you do - I think "quarterly" is meant to apply to all three fees. If so, the total is $531.60/quarter = $177.20/month. This sounds more reasonable than $464.85 - although greater reasonableness doesn't guarantee it's correct.
Minor quibble: I think $89/quarter = $29.67/month.
Thanks for posting; it's certainly anyone's guess as to what the actual amount is. Redfin shows the two separate HOA dues as $327.60 and $115. Usually these are monthly dues, but, like you said, just because something is more reasonable doesn't mean it's correct.
If those are quarterly amounts, it would have been in their best interest to divide into months, because the listing makes it sound like the HOA dues are out of this world.
It's a little strange that they took up part of the listing description to mention HOA dues at all.
Its very possible the HOA fees are that high. Covenent Hills in Ladera: $700! (That's a luxury car pymt!). Some of the condos are really poor choices, because in alot of communities, they are "sub-associations". So, condos within their own neighborhoods pay their own HOA & they may also have to pay a larger, "master association" & a second HOA payment. That's how it is with the condos in Talega -- those homeowners pay 2 HOA payments every month. Aliso Viejo is really screwed, because some homeowners have to pay 3 HOA bills -- one to their own neighborhood assoc.; one to the larger Master Assoc & the everyone has to pay HOA fees to the Aliso Viejo Community Assoc. Its a rip-off (and of course services are declining).
I think SOCT is right; the RSC fee is assessed quarterly, while the other 3 (!) are monthly hoa fees. And it leads me to believe this is a majorly screwed up HOA, it's very high to begin with, even before the assessement. Which, btw, the seller should have paid. They should not try to offload that cost onto the new buyer - why should they have to pay for past mistakes/unforeseen costs?
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