In the previous post, we covered a property facing what may end up being a $500k loss. Here's a luxury property in San Clemente that appears to be even worse off.
41 Calle Careyes, 92673
Asking price: $1,795,000
Asking price/ sq ft: $401
Income requirement: $448,750
Purchase price: $2,350,000
Purchase date: 10/6/05
Size: 4 beds, 5 baths, 4,480 sq ft (built in 2005)
Income requirement: $448,750
Purchase price: $2,350,000
Purchase date: 10/6/05
Size: 4 beds, 5 baths, 4,480 sq ft (built in 2005)
2006 property tax: $31,530
HOA dues: $150 + $50
Type: Single Family Residence
HOA dues: $150 + $50
Type: Single Family Residence
Style: Spanish
Stories: Two LevelsLot size: 0.26 acres
From listing: PANORAMIC Golf course and Hills Views from this home in the hills of Talega! Plan 1 in Gated development of 'Careyes'. Center courtyard, Guest Casita, and fabulous entertainers backyard with built in BBQ, oversized fireplace, custom fountain and forever views to the ocean. Interior features wood beamed ceiling, Maplewood floors, large stone fireplace, gourmet kitchen with granite counters, maple cabinets, top appliances, formal dining room with built-in buffet and butler's pantry. Designer finishes including custom paint, light fixtures, custom stone and Spanish tile detailing. Main floor library or office/den with built in cabinetry, upstairs family room with built-in media center and Guest Casita has French doors opening to center courtyard. Large master suite with built-in office cabinetry, huge walk in closet, luxurious bath with dual vanities, large soaking tub and slate tile shower. Extra large laundry room, 3 car garage and all of the Talega amenities for the family to enjoy.
This is a very nice property top to bottom that is on the market at a fire sale price - at least compared to the sales info in Zillow.But how does this compare to the competition? The closest neighbors are trying to sell for $1,890,000 and $1,995,000. Oh, and another is asking $1,800,00 - the lowest-priced comp.
The outlier of the bunch? One neighbor is trying to get $2.3 million for their property. This property does have a pool.
If we were to assume this property sells right away for the full asking price (and that the information in Zillow is correct - it is a bit suspect considering the house was not even built until 2005, yet there is a purchase price in 2004), the loss would be...$662,700, including 6% sales costs. It would also represent a depreciation of 24%, not including sales costs.
The monthly equity burn, as the Irvine Housing Blog puts it, would then be around $19,100 since October 2005. And who even knows how much else was spent on landscaping(?)/other customizations.
5 comments:
That house looks nice, but it's still over priced by $500,000 in my opinion.
The Zillow purchase prices are correct (for the most part) on that street, and on streets like Corte Vizcaya.
Yes - people did pay upwards of 2mm, 2.2 mm for TRACT homes. I live in SC and do not know WTH these people were thinking - other than trees grow to the sky, of course.
BTW, the whopping mello roos on top of the already gnarly prop tax is a HUGE deterrent in Talega as of late.
7 Calle Careyes has been on the market for so long - and had so many different realtors, list prices, "pre-auction" ads, etc. - it just won't go away.
The last home that sold in that tract was also a foreclosure for 1.3K at the bank auction. Also, when this guy bought this house he scammed in some kind of outrageous $200,OOO or so landscape credit. I think that the realtors, and everyone else who was in on this "Landscape credit" scam should go down and learn their lesson. This is a way OVERPRICED 4 bedroom TRACT HOME!!! It's really a 3 bedroom with a casita outside. All the houses on that street are the same color and the builder used the same brick.
FYI:The house just closed escrow for $1,560,000.00 in Oct.2008.
Update: There was a horrific murder/suicide in that neighborhood, and now they can't even give those houses away!
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