Exclamation point abuse, TMI in Dana Point

A hat tip is again due to a reader - this time BC - for showing us this interesting listing in Dana Point. Pay particular attention to the description.

24065 Atun, 92629

Asking price: $895,000

Asking price/ sq ft: $373
Income requirement: $223,750
Purchase price: $660,000
Purchase date: 3/5/03
Size: 4 beds, 3 baths, 2,400 sq ft (built in 1996)

MLS: S521960 (61 days on Redfin) Craigslist ad

ZipRealty price tracker: Price Reduced: 3/09/08 -- $999,900 to $949,000
Price Reduced: 4/03/08 -- $949,000 to $929,000
Price Reduced: 4/11/08 -- $929,000 to $919,000
Price Reduced: 4/15/08 -- $919,000 to $895,000
Zillow Zestimate: $1,098,000
2007 property tax: $4,772
HOA dues: $190
Type: Single Family Residence

Stories: Two Levels
From listing: !!This is better than a short sale!!! Don t hassle with a REO or a short sale when this Turnkey home in the Guard Gated Monarch Beach track of Montego is the best deal in Dana Point!! This is an Incredible Opportunity to own this home where no expenses have been spared. Brazilian Walnut hardwood floors, 20' Italian Ceramic Tile, and Custom Plantation Shutters, huge private backyard with a breathtaking city lights and mountain views from your Kitchen, Family Room, or the huge Master Bedroom Suite. Inside and out this home has it all!!! Priced Under $400 per square foot in MONARCH BEACH!!!!!!!!! Steal this home and you will be Walking to the Sand in style!!!!Owners have recently become Very Motivated and have priced this home to sell!!!!!!!They had Multiple Offers in the past few months up to $1,070,000.. .. .. .. .. .NOW IS THE TIME TO GET YOUR DEAL IN MONARCH BEACH!!!!!! Massive discount now AT $895,000 for IMMEDIATE Sale. This home in this location cannot be replaced!!!!!HURRY!!!!!

As you can see from the description, this is not a short sale nor an REO, as the homeowner bought in 2003 for $660,000. That could give the property an advantage, because theoretically it would be easier (and faster) to deal with an individual - particularly one who is motivated to sell - than a bank.

This house would prove to be a good investment if they could pull off $895,000, considering it would mean a profit of $181,300 after 6% sales costs but before any upgrades.

Let's look a bit deeper into the description:
"Steal this home and you will be Walking to the Sand in style!!!!" - How much of a steal is this really considering a sale for the full asking price would mean appreciation of 6.25% each year for five years since the purchase - even though the median has fallen to 2004 levels? It's a little blurry about who would be taking advantage of whom.

"Owners have recently become Very Motivated and have priced this home to sell!!!!!!!" - Way to imply that they were unmotivated and unreasonably priced before this point. Was the house previously priced just for looks?

"They had Multiple Offers in the past few months up to $1,070,000" - Hmm, this is odd, irrelevant, and too much information (TMI). They received multiple offers well above the original asking price, and yet have not sold and have needed to lower the price by $104,900. What prevented them from accepting one of these multiple offers, including at least one that was above asking price? Did they think they could get more money and said no? Did the property not appraise and the buyers' lenders balked?

Either way, we don't care what offers you have received. Whatever the market was like back then, it's only gotten worse since and we're more interested what a buyer is willing to pay and you're willing to accept now.

This home in this location cannot be replaced!!!!!HURRY!!!!! - Oh really? Well, technically, you could not rebuild the house and plant it on the same lot unless you bought it in the first place, which would then make a replication of the house utterly ridiculous. You could, however, buy one of these houses:

• 23945 Wanigan Way in Laguna Niguel is bigger and is asking $859,900. Not exactly a big step down going from Dana Point to Laguna Niguel.
  
• 5 Saint Michael just came on the market for a wishing price of $995,000. It's smaller than our subject property.
• 30 Vista Sole Street is a legitimate million-dollar home that is much bigger and closer to the ocean. Asking price: $1.6 million.