$244/sq ft in Coto

We were out driving yesterday in Irvine and noticed a sleek Mercedes pull up next to us with a sign taped to the back left window. Right above the usual information like asking price and contact number, it said in capital letters:

"NEED TO SELL."

No punches pulled.

Coincidentally, we happened to be right next to Central Park West - or whatever you call what's been built there so far.

Is this Coto de Caza seller in the same desperate situation? You would think so considering the property is scheduled for foreclosure auction in less than a month.

55 Via Barcaza, 92679
Asking price: $599,000
Asking price/ sq ft: $244
Income requirement: $149,750
Purchase price: Unknown
Purchase date: 12/20/02
Size: 3 beds, 3 baths, 2,452 sq ft (built in 1989)
MLS: S505588 (298 days on Redfin)
ZipRealty price tracker: Price Reduced: 10/09/07 -- $785,000 to $739,000
Price Reduced: 10/30/07 -- $739,000 to $699,000
Price Reduced: 11/20/07 -- $699,000 to $675,000
Price Reduced: 3/07/08 -- $675,000 to $650,000
Price Reduced: 4/14/08 -- $650,000 to $599,000
HOA dues: $210 + $265
Type: Condominium
Style: Mediterranean
Stories: 2 Levels
From listing: STUNNING 3 BEDROOM 3 BATH 2 STORY MEDITERRANEAN VILLA WITH 2 CAR ATTACHED GARAGE (APPROX. 2452 SQ.FT.) FANTASTIC LOCATION ACROSS FROM THE GOLF COURSE IN GUARD GATED COTO DE CAZA. THIS RESORT STYLE TOWNHOME HAS ARCHITECTURAL DETAILS THROUGHOUT WITH UPGRADED ITALIAN CERAMIC TILE FLOORS, CUSTOM LIGHTING, PLANTATION SHUTTERS, BUILT-IN CABINETS, LARGE MASTER SUITE WITH RETREAT, FIREPLACE AND BALCONY. FRENCH DOORS LEAD TO A BEAUTIFUL BACKYARD WITH SPARKLING SPA. PRIVATE COURTYARD ENTRY AND MUCH MORE!

At $244 per square foot, this property is the third-cheapest Coto property up for sale on the MLS - at least by that metric. The No. 1 cheapest in terms of price per square foot we already profiled. The second-place finished is a fixer-upper.

The owner of our subject property purchased in 2002 and he refinanced in April of 2007 for $785,000 worth of debt spread across two loans. About five months later, the property was on the market for $785,000. Coincidence? Doubt it.

The property didn't sell, so now we're looking at nearly 300 days on the MLS and $186,000 in asking price reductions. The clock is also ticking on the delinquent first loan.

A notice of default was filed in March, and in mid-June the notice of trustee sale was handed out for $673,555. The original amount of that loan was $628,000.

Assuming the property can actually be sold for the current asking price, it would mean a significant loss for the lender. That lender is Countrywide...err....Bank of America.