The 92679 ZIP code - which includes Trabuco Canyon and Coto de Caza - recorded at least a two-year high in new notices of default in June with 39. Market time is at 8.17 months - a buyers' market.
This is not one of the properties newly in distress, but it is a 2004 Coto rollback that's also a fixer-upper.
14 Via Andorra, 92679
Asking price: $549,000
Asking price/ sq ft: $375
Income requirement: $137,250
Purchase price: $596,000
Purchase date: 2/6/04
Size: 2 beds, 2 baths, 1,465 sq ft (built in 1987)
MLS: S516430 (211 days on Redfin)
ZipRealty price tracker: Price Reduced: 2/02/08 -- $699,000 to $659,000
HOA dues: $360
Type: Single Family Residence
Style: Spanish
Stories: 1 Level
Lot size: 4,300 sq ft
From listing: LOWEST PRICED DETACHED HOME IN COTO DE CAZA! And NO MELLO ROOS! Rare single level Terraces view home, includes 2 bedrooms, 2 baths, plus an office/den. Beautiful JM Peters home is light & bright with a lush courtyard entry, landscaped side yard, inside laundry area, kitchen with sunny breakfast nook, and view of the Saddleback mountains and Coto hills from the yard, master bedroom, den, & living room. 2 car garage. Totally detached - Not a zero lot line home like many others. The Terraces includes a community pool & spa, + front yard maintenance. Low tax rate and NO MELLO ROOS! Compare with any home in the gated communities. Needs TLC, but priced to sell!
No Mello-Roos, but a fairly hefty $360 per month of HOA dues. You gotta pay for the gated entry that keeps all the riff raff out.
So the builder was J.M. Peters. Flashback to the '90s!
The pictures make it see like one of the nicer-looking fixer-uppers you'll see. The asking price and its lack of movement since February suggests the market has probably passed the property by. Otherwise, it would already be in escrow or would have sold.
It's questionable just how low the sellers are financially able to go, of course. This might be the bottom-line price.
Assuming the property can be sold for the current asking price, it would mean a relatively modest loss of $79,940, including 6% sales costs. But that's off the 2004 sales price. In Coto.
Thursday, July 31, 2008
Below '04 price in Coto
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4 comments:
Are there really a lot of retirees who want to plunk down $550k for a small house far away from everything?
Or DINKS who bring home $200k who want to live down in family-land?
Oh wait, 211 days on the market, price drop of $150k. I guess NOT.
FreedomCM
Great link to the story on JM Peters. I remember the early 1990's very well, I hope to give some insight and the relationship to South Orange County.
JM Peters was a builder owned by San Jacinto Savings out of Texas. Jm Peters was a premire builder of luxury homes in Southern California in the 1980's. When the bank failed the assets of JM Peters were purchased from the RTC in 1992 for a song, and the very worst time of the last real estate down turn. The new owner of JM Peters got title to 4 residental tracts of finished lots, 3 in South Orange county on one in Temecula. The O.C. developments were in Coto, RSM and Portola Hills.
The company began building and marketing homes in late 1993 and early 1994 at all three developments. The Coto track was " Fairway Estates" pricing started at $315K and the same homes were built at the RSM track and pricing started at $280K for 2850-3340 sq feet. Many who read this may have not been around at this time but $315k for a new home in 1993 was alot of money. Similar homes in 1990 had sold for around $500K
The company is now called Capital Pacific Homes and droped the JM Peters name in 1999. The companies owner has since gone on the build the St. Regis in Dana Point and countless other developments along the California coast and western U.S.
I hope this helps.
FreedomCM--exactly. Half a million for a 17-year old two-bedroom pink Taco Bell. Yeah.
Hi,
Are there really a lot of retirees who want to plunk down $550k for a small house far away from everything?
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