Perhaps you thought we were kidding when, in a recent post, we showed that a number of 2003 rollbacks are coming on to the market in South OC.
This REO in Aliso Viejo is tough to ignore. It's fresh on the MLS for more than 40% off the 2006 price. How many offers do you think this one will receive?
12 Los Palos, 92656
Asking price: $472,900
Asking price/ sq ft: $236
Income requirement: $118,225
FB purchase price: $825,000
FB purchase date: 9/20/06
Size: 3 beds, 3 baths, 2,000 sq ft (built in 1997)
MLS: S537806 (2 days on Redfin)
Zillow Zestimate: $599,000
2007 property tax: $10,170
HOA dues: $55
Type: Condominium
Style: Contemporary/Modern
Stories: 2 Levels
From listing: Gorgeous and Elegant two story 3 bedroom, 2.5 bath condo. Full custom features throughout entire home. Beautiful marble floors and cozy fireplace in living room. Upgarded kitchen with black granite counter tops and black GE appliances. Wrought iron stair railing leads to upstairs bedroom. Nice paronamic canyon and mountain views. Beautiful front and rear yards with custom landscaping.
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By our rough estimate using a form of Case-Shiller methodology, this property's asking price makes it a mid-2003 rollback.
The previous owner used 100% financing from a lil' old company called Countrywide when they "purchased" the property in 2006. The property went into default and eventually went back to the bank in April for $510,000.
Like yesterday's property, this was not the former owner's primary residence.
The property is priced aggressively - for comparison, 2 Leon is asking $639,900, and 4 Alegre is trying to get $615,000 even though it's smaller. Today's listing should complicate things a bit.
Assuming the property is (only) sold for the full asking price, it would mean a depreciation of $352,100 or 43% in less than two years. It also would be $296,100 or 39% less than the 2004 price. That would effectively wipe out the majority of bubble appreciation.
No bottom on pricing yet...
Friday, June 27, 2008
"Gorgeous and elegant" Aliso REO
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4 comments:
somebody paid 825,000 for this 3 bedroom condo, amazing!!!
We haven't seen the full results of mass foreclosures yet! Wait another 6-12 months, and foreclosures will establish comps. that will make it impossible for sellers to get full asking price, or anything close to it. Nothing will sell unless it's a short-sale or foreclosure. I, too, am amazed that someone paid (well, not really) 825K for this condo. Condo!!
This has the feel of a rental-intensive neighborhood. There seem to be a lot of cars for the number of homes. I'll bet there are a lot of upside-down investors there and this kind of price drop is only the beginning.
how about a 2001 rollback? here's a 3/2 detached SFR in MV for $300k. MLS # P644169. this will start a bidding war, but will drop a bomb in the neighborhood.
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