2003 rollback in Laguna Niguel

This Laguna Niguel REO property is one of the few to have been priced beneath its 2003 sales price right from the start. It's also one of a select company of 2003 rollbacks we've seen so far that aren't small condos.

29112 Pompano Way, 92677

Asking price: $449,900

Asking price/ sq ft: $245
Income requirement: $112,475
Purchase price: $532,548.46
Purchase date: 3/12/08
Size: 3 beds, 3 baths, 1,834 sq ft (built in 1978)

MLS: S527079 (8 days on Redfin)

Zillow Zestimate: $615,000
2007 property tax: $6,288
HOA dues: $182
Type: Single Family Residence

Style: Ranch

Stories: Two Levels
From listing: Super Laguna Knolls home! Huge yard, no street noise, and a beautiful view. Wood flooring the entry, livign and dining room. Fireplace. Separate dining room. Remodeled kitchen has slate floor, stainless steel appliances and granite countertops. Family nook. Three bedrooms upstairs. Don't miss this one! This has got to be one of the best locations in the tract.

As you can see, this property went back to the bank in mid-March for about $532k. Considering the house sold for $625,000 in 2006, that already represented a significant discount in a short amount of time.

In fact, assuming a sale at the current asking price, it's 28% off the November 2006 sales amount. The asking price is also 16% below its October 2003 sales price of $535,000.

It will be interesting to see if this is more evidence of a growing trend of lender liquidations. The house obviously has some upgraded features, so perhaps this is one of the properties the bank thinks will go quickly if the price is right - or, they might even be thinking the low asking price will incite a bidding war that will push the final price higher.