Properties like the one we're profiling today have all-too-familiar sales histories: Modest appreciation from 1990-2000. A nice jump from 2000-2002. Then, the sky was virtually the limit during the bubble as this property almost doubled in value in the span of nearly three years.
Now, the value is retreating fast...
28052 Festivo, 92692
Asking price: $575,000
Asking price/ sq ft: $271
Income requirement: $143,750
Purchase price: $720,000
Purchase date: 8/2/2005
Size: 3 beds, 3 baths, 2,111 sq ft (built in 1979)
MLS: S508362 (226 days on Redfin)
ZipRealty price tracker: Price Reduced: 11/16/07 -- $699,000 to $669,000
Price Reduced: 1/10/08 -- $669,000 to $639,000
Price Reduced: 2/19/08 -- $639,000 to $599,000
Zillow Zestimate: $605,500
2007 property tax: $7,351
Type: Single Family Residence
From listing: Amazing Forever Views across Capistrano Valley! Gorgeous Trilevel, huge family room with cozy fireplace, updated kitchen and baths, scraped ceilings, freshly painted, very clean, and ready to go! Possible RV access! Giant backyard with plenty of room for a pool!
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The property is listed as a short sale for $575,000, and we wish potential buyers good luck with that
considering there was a total of $720,000 in loans taken out on this property in mid 2005: Yes, $0-down (80/20) financing on a $720,000 house. The notice of trustee sale on the first loan was for about $34,000 more than the original loan, so we can only assume not much (if any) of the principal has been paid off. There is a lot of debt on this property.
Assuming a short sale can be completed for the current asking price, the loss would be $179,500, including 6% sales costs. Not including transaction costs, this property would undergo a depreciation of 20%.
Tuesday, May 20, 2008
Nothing down; big loss in Mission
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5 comments:
I don't know the neighborhood, but this actually looks like a decent house. At least it has a yard, and with that hill there are fewer neighbors to deal with.
Of course, that's La Paz out the back window, and $575 still seems way too high considering how far east the home is.
agreed, this house is nice-looking. no obnoxious granite countertops, although i'd have to tear out that ridiculous wet bar. the view is great. but it's still not worth almost 3/5ths of $1m.
The front looks too much like a barn for me.
The photo choices, especially after 226 days on market, are astounding.
Is that drywall spackle patching up the wetbar ceiling?
A curtain rod with no curtains?
Empty beer and water bottles festooning the living room endtable?
So much for staging.
we actually went and saw this house...WHAT A POS!!!! the outside of the house is falling apart and well. The best thing to do with this place would be to BLOW IT UP OR BURN IT DOWN! It's got a very EEERY feeling all around it. it even feels like there might be THINGS buried in the back yard!! CREEEEPY JOINT!! but it was fun to see it and have a good LAUGH at the price for GARBAGE!! anyone who buys this place for even close to the asking price should see a SHRINK!!
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