Today's condo is the lowest-price property in the prestigious 92629 (Dana Point) ZIP code. It also happens to be a disaster on multiple levels.
33852 Del Obispo St #119, 92629
Asking price: $199,900
Asking price/ sq ft: $346
Income requirement: $49,975
Purchase price: $226,570
Purchase date: 4/8/08
Size: 1 bed, 1 bath, 578 sq ft (built in 1983)
MLS: P638014 (88 days on Redfin)
ZipRealty price tracker: Price Reduced: 7/23/08 -- $219,900 to $199,900
Zillow Zestimate: $257,000
HOA dues: $348
Type: Condominium
Stories: 1 Level
From listing: Lower level end unit, in a demanded complex. Private patio, laundry hook-ups, view of stream in front of unit, HOA pool and spa. Unit suffered interior water damage at some point. Removal of damaged flooring, drywall, most of kitchen and cabinets is now complete. Mold remediation was also completed and a clear report given. Save money now by making an AS-IS offer why we obtain bids for rehab or wait to rehab is complete.
Despite some of its awkward wording, the listing description is fairly clear: This property requires a lot of work and would probably be a huge gamble. There's also no guarantee real estate values won't continue to soften.
The high $348 monthly HOA dues are another investor deterrent.
The property went for $301,000 at its peak price in the summer of 2005. The current asking price is 34% lower.
Assuming the property can somehow be sold for the current asking price (why oh why would you buy as-is and risk additional problems unless you really knew what you were doing), it also would mean a loss of $60,100, or 23% off the 2004 price.
Friday, August 15, 2008
An utter mess in Dana Point
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4 comments:
$200K for a damaged 1 bedroom property is insane, in any zip code. That address is not up at the top of Dana Point, or in Lantern Village. It's down in the valley, at the base of the hill. Not nearly as desirable (in my mind).
Indeed. $350/sq ft is indeed smoking crack.
I'd offer no more than $40K. It is, after all, Dana Point.
What a POS.
Readers have no idea what REALTARDS are still pushing out there. Was at a pitch meeting this AM and someone offered up a 525 SF "Penthouse" with "peek-a-boo" (Puh-leez) view of the Tustin Ranch Golf Course. As put "a steal at $300,000". $571 PSF is a steal allright. What moran would even consider that unit? Why would any moran consider the DP unit either. Yet many REALTARDS continue to push these units at WTF price levels. Disgusting.
PS - unit is on Championship Way in Tustin Ranch. Don't have the full address.
Especially given the much nicer, larger 1 bed/1 bath just spitting distance away asking only 25 grand more (and still not getting it after 115 days)
http://www.redfin.com/CA/Dana-Point/25611-Quail-Run-92629/unit-102/home/5721281
...why on earth would anyone consider this petri dish?
Would a "clear" mold remediation report help you sleep any better at night?
Yikes.
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