If you'd like to get your hands on this San Clemente (Talega) luxury property, then you'd better hurry. It's in foreclosure and is scheduled for auction Wednesday (though it could very well be postponed) and is in "hold do not show" mode - meaning RE agents are advised not to bring prospective buyers through at this time.
But, even if you miss out on the opportunity now, and you're looking for an even better price, you have another shot: Bring a cashier's check down to the Santa Ana courthouse at 2 p.m. to stake your claim on this home. Opening bid is "only" $877,500!
36 Corte El Brazo, 92673
Asking price: $995,000
Asking price/ sq ft: $267
Income requirement: $248,750
Purchase price: $1,300,000
Purchase date: 6/9/06
Size: 5 beds, 5 baths, 3,725 sq ft (built in 2006)
MLS: U7004167 (249 days on Redfin)
ZipRealty price tracker: Price Reduced: 10/25/07 -- $1,450,000 to $1,400,000
Price Reduced: 11/07/07 -- $1,400,000 to $1,190,000
Price Reduced: 2/05/08 -- $1,190,000 to $1,090,000
Price Reduced: 2/28/08 -- $1,090,000 to $1,039,000
Price Reduced: 3/12/08 -- $1,039,000 to $995,000
Zillow Zestimate: $1,002,000
Property tax: $13,582
HOA dues: $149
Type: Single Family Residence
Style: Mediterranean
Stories: 2 Levels
Lot size: 6,100 sq ft
From listing: 'HOLD - DO NOT SHOW'. CAZADERO AT TALEGA...An Impressive Home with a Quiet Cul-de-Sac Location and Panoramic Views overlooking Talega. The Gourmet Kitchen includes Granite Counters, Rich Wood Cabinets & Stainless Steel Appliances. Elegant Dining Room, Spacious Great Room with Fireplace, Incredible Master Suite with Fireplace and Panoramic Views.
The listing fails to mention that this "impressive" home appears - at least from the photos - to be without landscaping. That's no small expense.
The owners (soon-to-be previous owners?) purchased this property at the peak of the market from Shea Homes in 2006 for $1.3 million.
They put $130,176 down and financed the remaining $1,169,824 from WaMu, divided up into two loans.
In January 2007, the owners opened another loan/line of credit (we're not sure exactly what type) from National City for $350,000. Whatever it was, it apparently was not used for landscaping, and if it was earmarked for interior decorating and furnishing, all that stuff is out of the house now.
Notice how the owners put the property up for sale last fall at a wishing price of $1.45 million - which would have likely cured the debt and bailed them out. Then, as no suitable buyer came along, they progressively chased the market down with a total of five price reductions for a total discount of $455,000.
Does it really make any sense to try and buy this home now (OK, so this is an extreme example where the window is closing fast) when you could either a) buy it at auction at a discount off the
NTS amount if you happened to have that much cash; or b) wait for the property to come back on the market as an REO in (perhaps) a couple months?
Speaking of the auction, the NTS amount is $1,066,717.82 (the balance of the delinquent loan, plus additional fees/interest), yet the opening bid for Wednesday has been established at about 17% lower to attract possible bidder(s). If none step up and this property is auctioned as scheduled, it will go back to the bank and become REO.
By the way, even if this property could be sold for the current full asking price and thus avert the auction block, it would still represent a $305,000 or 23% discount from the original sale - not including any sales/transaction costs or other fees.
It will be interesting to see what price this property comes back to the market at, if it is indeed destined to go REO.
Wednesday, June 04, 2008
Time's running out
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7 comments:
WOW. I look at the income requirements and laugh. Prices have a long way to fall. Please DO track this one... it could be a bellweather example for SC.
What is even funnier is the name of the street in Spanish means arm. Street of the ARM! Yep, that's what it looks like.
Much more to come in this area.
Now if sellers in SW San Clemente would just come down to reality - some houses might actually sell around here. Plenty purchased in 04, 05, and 06 at peak prices to eventually pull the market down.
Patience.
UPDATE: The property went back to the bank at auction for $877,500.
Absolutely amazing. Who is the loss mitigation genius that would not accept a short sale offer of $950,000.00 for this home and then at the Trustee's Sale would have taken 877,000. The offer submitted 03/17/08 would have closed 04/17/08. Any of you bank stockholders out there should be outraged. Do you think the banks are driving down prices with a purpose? Makes you wonder.
This neighbors next door have not paid their property taxes so they're not far behind in terms of preforeclosure. It's a matter of time before this whole neighborhood takes a furter spiral down.
Property is back on the market as a REO fpr $850,000. Heard there are already multiple offers
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