In today's post, we're going to update you on the fate of some of the properties we've featured in the past few months.
29432 Kensington Dr, Laguna Niguel, 92677
Asking price: $635,000
Previous purchase price: $1,089,000
Previous purchase date: 12/28/06
Profile date: 2/28
This house was priced 42% below its 2006 price. As you can imagine, there was plenty of buyer interest.
Status: SOLD for $750,000 - 18% above the asking price and 31% below peak value
21591 Partridge Street, Trabuco Canyon, 92679
Asking price: $899,000
Previous purchase price: $1,133,000
Previous purchase date: 6/12/06
Profile date: 2/25
We noted a blurry photo on this listing that shouldn't be within 50 feet of a property with this kind of price tag. If a buyer was located and the sale could have closed, this one would have been nearly a $300,000 loss.
Status: FORECLOSURE - Back to the bank on March 18 for $890,964. We believe this property is still sitting as an REO and has not come back on the market yet.
25731 Morales, Mission Viejo, 92691
Asking price: $694,900
Previous purchase price: $849,043
Previous purchase date: 8/6/07
Profile date: 3/17
This property went for $1 million in 2006 before becoming a foreclosure in 2007.
Status: SOLD for $634,500 - 9% below the asking price and 37% off the peak price
31421 Paseo Diosa, San Juan, 92675
Asking price: $1,475,000
Purchase price: $1,648,000
Purchase date: 6/20/06
Profile date: 3/12
The owners bought the property new from William Lyon Homes at the peak of the market. They have been chasing it down ever since.
Status: PREFORECLOSURE, STILL ON MARKET - The listing is still active, though a notice of default was filed at the end of March. The current asking price is $1.275 million, which is $373,000 below the previous sales price.
25711 Califia Drive, Laguna Hills, 92653
Asking price: $449,900
Bank purchase price: $386,385
Bank purchase date: 12/19/07
Profile date: 2/16
This property, which appears to be a former flip, went REO when we profield it in February. It sold for $660,000 at the peak in September 2005.
Status: SOLD for $450,000 - 32% off the peak price
Thursday, July 03, 2008
Closing the loop...
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5 comments:
It seems insane that the people buying these properties did not low ball the asking price. I guess that’s because a smart person would not be buying right before everything goes apocalyptic. I bet the high end is going to drop soon with all the leverage those investors use, and the current losses in the Market.
I thought once a notice of default was filed, the property could no longer be listed on the MLS?
Thanks for this post. It is really nice to hear what happens to the properties - what they actually sold for or if the house did not sell. Enjoy your 4th of July! Kim
I thought once a notice of default was filed, the property could no longer be listed on the MLS?
Actually, they can still be listed - and the way things are now, there are lots of properties for sale that are at some point in the foreclosure process. Some are even up for sale hoping to avert foreclosure right up to when they go back to the bank.
haven't been here in a while, so am catching up on my reading! Thanks for the updates about these properties...!
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