This Forster Ranch preforeclosure has been on the market for an eternity and a half (since November 2006). The home has been reduced by a total of $475,000 since its original listing and a suitable buyer has not yet been located.
2529 Costero Magestuoso, 92673
Asking price: $1,350,000
Asking price/ sq ft: $329
Income requirement: $337,500
Purchase price: $1,063,000
Purchase date: 8/26/03
Size: 6 beds, 6 baths, 4,100 sq ft (built in 2003)
MLS: S465723 (561 days on Redfin)
ZipRealty price tracker: Price Reduced: 1/05/07 -- $1,825,000 to $1,799,000
Price Reduced: 3/31/07 -- $1,799,000 to $1,798,900
Price Reduced: 5/12/07 -- $1,798,900 to $1,795,000
Price Reduced: 6/01/07 -- $1,795,000 to $1,775,000
Price Reduced: 6/20/07 -- $1,775,000 to $1,699,000
Price Reduced: 8/20/07 -- $1,699,000 to $1,500,000
Price Reduced: 5/15/08 -- $1,465,000 to $1,350,000
Zillow Zestimate: $1,080,500
2007 property tax: $12,841
HOA dues: $248
Type: Single Family Residence
Style: Craftsman
Stories: 2 Levels
Lot size: 9,000 sq ft
From listing: Spectacular Resort Style Home, In A Private Gated Ocean View Community!Exceptional Finishes & Appointments Thru Out This Designer Perfect Home!Sprawling 6 BD with a Gourmet Kitchen Featuring Stainless Steel Appliances & Granite Counters,Travertine Flooring,Crown Molding,Custom Closets, Desginer Paint & The Ever Popular 4 Car Garage!Entertain Or Relax in the Pool/Jacuzzi and Cozy Fireplace! Quiet & Private Interior Location!Come Feel The Luxury Of This Home, You Won't Believe It! Bank Approved Short Sale!!!
Our seller bought the property in 2003 for $1,063,000, putting down just $53,358. But, as with any new house, they also needed some more cash to do things like decorate and put in landscaping. In 2004, they took out two loans from Countrywide totaling $1,408,000 - liberating their downpayment and some extra cash as well.
A re-fi occurred in July 2005 for $1,408,000, and another loan was added to the property for $138,300 in September 2005. That means the total amount of debt on this property was $1,546,300 - about $560,000 more than the original amount financed.
The lender/bagholder (Countrywide) is going to get burned on this one. The homedebtor isn't going to feel much pain at all. Since this listing is an approved short sale, that means there is theoretically a green light to pull the trigger on a sale at this price, assuming a buyer can be found.
If that takes place and the property closes for the full asking price, the "gain" over the previous sales price would be $287,000. But, as we've seen, the amount of debt on this property would actually cause a loss of more than $200,000.
Saturday, May 24, 2008
"Easy money" no more in San Clemente
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11 comments:
...and a house across the street on Magestuoso (the ocean view side) was purchased for over 1.8mm, now "on sale" for 1.299mm
There are probably ten to fifteen distressed, preforeclosure and now foreclosure properties in the Reserve. People went nuts upgrading, and now the responsible homeowners that are still paying their mortgages are going to pay the price - as each distressed sale knocks hundreds of thousands of dollars off of the comps. Sad!
The Reserve North (this home) and East have been removed from the Vista del Mar School boundary as of the 2008/09 school year and the children in these two tracts will have to leave Vista del Mar to attend a different school next school year.
A big draw was that the Reserve North and East were in the Vista del Mar boundary but with no Mello Roos (like Talega).
The sellers have $48900 in unpaid property taxes from 2005, 2006, 2007 according to the County website. No wonder the State in in trouble financially. We are all paying for the buyers' and lenders' irresponsibility.
The fact that their next door neighbor with a similar sized house just listed it for $200,000 less probably won't help their situation either.
Another problem here - the price is way too high. My wife and I are natural targets for these houses, good incomes, enjoy being at home, gardening, cooking, etc. It's too big for us, but if the price is right, we may be tempted. But in this market, in this location, no ocean view - at $300+/sf? Who are they kidding.
Houses sold for high prices because of the belief that real estate was an investment. Now that it is "just a house" sellers are going to wait a L-O-N-G time if they really expect to get a price like this. This is a completely different market and sellers who price their homes like this are in denial.
so..if you don't pay property taxes, and you are late on you mortgage and the lender doesn't want to start swallowing hard on reality pricing...does that mean you basically live in a millionish house for nothing with the only cost being a bad credit score. Sounds like a proposition lots of people are going to be taking along with a cooperative lender.
How can a person owe three years of property taxes in the amount of almost $50,000 and still have a house? Wouldn't the house have been sold for taxes long ago?
First the County puts a lien on the property for the unpaid taxes but it takes many years (5+ ?) for the County to actually start proceedings to force a sale for the unpaid taxes.
People wonder why the schools are laying off teachers. Could it be that there were people playing "rich" in large homes without paying taxes while those of us who are moral decided to wait and rent smaller homes. Anyone else see a problem with this?
So you can go 5 years without paying property taxes, live in a house for free, and then walk away and use your money saved by living like this and buy a new mercedes so the neighbors are impressed. I don't understand why people like this are not held accountable.
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