This Mission Viejo (Pacific Hills) home seems to have it all: gazebo, gameroom, BBQ, granite/stainless steel kitchen, spa, surround sound...and we could go on.
It's also is up for sale asking well below its bubble price.
27161 Pacific Heights Dr, 92692
Asking price: $1,000,000
Asking price/ sq ft: $238
Purchase price: $1,233,000
Purchase date: 11/17/05
Size: 6 beds, 5 baths, 4,200 sq ft (built in 1994)
MLS: P625352 (169 days on Redfin)
ZipRealty price tracker: Price Reduced: 8/08/08 -- $1,199,000 to $1,000,000
Zillow Zestimate: $906,500
HOA dues: $125 + $17
Type: Single Family Residence
Style: Modern
Stories: 2 Levels
Lot size: 10,000 sq ft
From listing: Impresiveness in this Huge Barrat home in Pacific Hills !! 4,200sft of uniqueness and openess!!6 bedrooms and five bathrooms on a premium location near the end of a culdesac!!! Everything has been remodeled with the best quality and taste!! Marble, travertine, harwood flooring throughout, Gourmet kitchen w/ granite countertops, ALL stainless steel appliances, huge island, breakfast nook, additional gameroom next to family with surround system system, custom paint in and out, wrought iron staircase at foyer, stone chimneys, beautiful wet bar redone, new 3 1/2 baseboards, doors, gourgeous bathroom downstairs! Master Suite is a relaxing getaway! with retreat, fireplace, private balcony and master bath next to walk in closet. Serene huge (10,000sft) parklike view pool size backyard with beautiful relaxing spa, playground for the kids, new BBQ and Gazeebo for your friends and relatives !! Perfect PARTY house, make it yours!! TURNKEY property. Show it to your fuzziest buyers!!
Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $170,400, assumes no other debt/obligations.
Downpayment needed: $271,000
Monthly Payment on 30Y Fixed at 6.375% with property taxes estimated: $5,664.01
Special Note: The rates for 30Y fixed paper that is above the single family conforming limit of $729k in Los Angeles has been in the 8% range for the last few months. There is very little investor interest in fixed paper that isn’t Fannie/Freddie. Most institutions will not do a 30Y fixed for loan amounts above conforming.
Minimum Income Requirement (using 5Y fixed): $174,000, assumes no other debt/obligations.
Downpayment needed: $200,000
Monthly Payment on 5Y fixed at 5.80% with property taxes estimated: $5,810.02
Disclosure: All rates offered to the client with 1 point cost. Rate quotes assume a purchase transaction with the required minimum down payment, 720 credit score, full income qualification and required reserves. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by visiting www.thegreatloan.com.
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"Show it to your fuzziest buyers!!" We were not aware the three bears were in the market for an Orange County property. It is absolutely no surprise that there is a foosball table in the property.
Props to the owner who bought in 2002 and then sold in 2005. Before fees, commissions and upgrades they pocketed $451,000 profit, just for owning real estate for three years. The current occupant isn't as lucky in terms of timing.
Assuming the property can be sold for the current asking price - though it has been on the market since March with no success - it would mean a loss of $293,000, including 6% sales costs. The sale also would mean a depreciation of 19%, not including sales costs.
Wednesday, August 20, 2008
The $1 million party house
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5 comments:
It would be hard for me to spend 1million on any home, much less one with absolutely no curb appeal like this one
Are you a fuzzy buyer? Good luck Oscar.
Fuzzy Wuzzy was a bear...Fuzzy Wuzzy had no hair. Fuzzy Wuzzy Wasn't Fuzzy, was he?
Typical REALTARD (c) speak on the property. Can't spell the builder correctly. Cannot write a sentence without CAPS OR !!. How these guys make 3% per sale is beyond me. I'd fire the REALTARD(c) for the description alone.
This is a perfectly nice property that I think will sell in the high 700's if they can find a buyer soon. No way will they get their wishing price. If they keep fooling around and trying to chase down the market, it could be a long, long wait and a very disappointing outcome.
I saw the house, its actually better priced than a lot of the other garbage. A realistc price is $800k - plus $30-$50 to freshen up - and you are looking at a $200 sq foot home with a really big backyard. Of course, a knife catcher will try to grab it at $950-$1000k to flip - but who knows.
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