This is a former million-dollar house-turned foreclosure in Mission Viejo. It's sadly sitting vacant at a significant discount off the peak price, hoping to attract a buyer.
25731 Morales, Mission Viejo, 92691
Asking price: $694,900
Asking price/ sq ft: $261
Income requirement: $173,725
Purchase price: $849,043
Purchase date: 8/6/07
Size: 4 beds, 3 baths, 2,658 sq ft (built in 1976)
Income requirement: $173,725
Purchase price: $849,043
Purchase date: 8/6/07
Size: 4 beds, 3 baths, 2,658 sq ft (built in 1976)
Zillow Zestimate: $795,500
2007 property tax: $10,328
Type: Single Family Residence
Stories: Two Levels2007 property tax: $10,328
Type: Single Family Residence
Lot size: 6,600 sq ft
From listing: Wonderful home in the city of Mission Viejo. This home features 4 bedrooms, 2.5 bathrooms, inside laundry area, master bedroom with a fireplace and balcony, formal dining area, family room with a cozy fireplace and built in entertainment center, 3 car garage, covered patio, and an in ground spa.
This property went for exactly $1 million at the peak. Less than one year later, it was in the foreclosure report. The interior photos don't exactly do the place any favors in terms of lighting, but what do you really expect when the place is vacant?Nevertheless, this property has some potential for the right person willing to do the upgrades. The question is whether someone making about $173,000 per year (or, we guess, a very ambitious investor) would want to take this type of project on when they can get something newer for about the same price, though this other property is located in RSM.
Assuming a sale for the full current price, the depreciation would be $305,100, or 31% off the peak value, not including any transaction costs.
3 comments:
Thanks for the post. Comparing the Morales home and the RSM home isn't exactly fair. The RSM home is in Las Flores where the tax rate is much higher. At a $675,000 purchase price, taxes would be about $4,300 more per year or $350/month. That is probably a differece of about $50,000 purchasing power with today's rates. Great job on your blog.
Oops, I meant "difference". And I really did mean great job on your blog!
That's a good point. People don't always take things like taxes into account as much as they should...in places like Las Flores, Aliso and Ladera they add up really quickly.
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