This Dana Point condo sold for more than $1 million in 2006, but now it's a rollback with lots of debt and a notice of default to its credit. As usual, there's even more to the story than meets the eye...
26042 Vista Dr, 92624
Asking price: $989,000
Asking price/ sq ft: $574
Income requirement: $247,250
Purchase price: $1,038,000
Purchase date: 3/17/06
Size: 3 beds, 3 baths, 1,723 sq ft (built in 1974)
MLS: C102235 (177 days on Redfin)
Zillow Zestimate: $679,000
HOA dues: $299
Type: Condominium
Style: Contemporary
Stories: 2 Levels
From listing: Perched on one of the most beautiful and desirable bluffs in Southern California, this Capistrano Beach residence offers stunning ocean views, magical sunsets and a bright, open and airy floor plan. Extra large terrace off living room, amazing views from the huge master suite with walk-in closet. 2-car attached SxS garage with direct entry. Complex includes Pool, Tennis, Courts & Gym. Priced to sell! First showing:
The current (out-of-town) owner bought at the peak using 90% financing from Countrywide. He then pulled out all his downpayment plus $96,200 more only three months later when he took out an additional $200,000 loan against the property in June 2006. A notice of default was filed against the property for $21,119 in April.
This isn't the only piece of the owner's crumbling mini real estate empire.
He also is massively over leveraged on another of his "investments" - 9774 San Circle in Beverly Hills - by millions of dollars. That property received its most recent notice of default on a 
$1.5 million loan in May. There also have been two other notices of default filed against the property: one in January against a $200,000 loan and a second in February on a $1.8 million loan. Yes, those are all different loans.
Assuming the subject Dana Point property can actually be sold for the full asking price - which seems unlikely considering how long it has stayed on the market with no price reductions - the lenders/bagholders would lose about $200,000, including 6% sales costs. Thanks to equity extraction, the owner would be out the door sans his credit rating but $96,200 richer.
Want to see this condo in person? The CLAW listing says there is an open house scheduled Sunday from 2-5 p.m.
Friday, July 18, 2008
Rollback with a view in DP
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4 comments:
I'm sorry, but $1 million for those old, 1700 sq foot condos? That's insane.
The location of those condos is great, and clearly they have good views. But they look like old, run-down barracks from the outside. That's my opinion from driving around down there, not just from the pictures.
I'd sell my credit score for 90,000 after all it would be fine again in 7 years.
Man that is one bu** ugly condo. I don't care if it has an ocean view - it's not worth even close to 1 million.
Well, yeah, they are butt-ugly with a capital B, and, a much longer walk to the beach than it looks, unless you get really creative (and a little crazy). Still, it is really close to one incredibly nice beach.
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