We've been tracking large rollbacks in San Juan Capistrano condos for some time now, but this almost-2003 rollback is a freeway-close, 2,330-sq ft house.
32581 Vivente De Marlita, 92675 Asking price: $565,000
Asking price/ sq ft: $242
Income requirement: $141,250
Purchase price: $560,000
Purchase date: 8/29/03
Size: 3 beds, 3 baths, 2,330 sq ft (built in 2003)
MLS: S538287 (43 days on Redfin)
ZipRealty price tracker: Price Reduced: 8/08/08 -- $578,000 to $565,000
Zillow Zestimate: $846,000
HOA dues: $75
Type: Single Family Residence
Style: Spanish
Stories: 2 Levels
Lot size:
From listing: Coastal gated community of newer homes. Light, bright, and open with cathedral ceilings. Eat in kitchen with granite counter tops and tile flooring. Living room/dining room combo plus generous family room with fireplace. Ceiling fans. Balcony off bedroom #2. Jack and jill bath. Upstairs laundry room. Recessed lights. Designer paint. Covered entry porch. Single loaded street. Tropical landscaping with many palms. Bike trail leads to beach. Close to dana point harbor, doheney beach, shopping, and restaurants
This isn't some aging, rundown property in a crumbling neighborhood that's been slashed for a fire sale. It's a nice-looking home that is mostly a product of bad timing.
It appears the property was purchased new back in 2003 from KB Homes. How much additional money was invested in elements like landscaping, interior design and furniture?
Judging by the current asking price, it appears there won't be any appreciation after five years of ownership. There also happens to be an REO on the same street that went back to the bank at the end of July for $586,040.
If our subject house - which is not currently in foreclosure according to ForeclosureRadar- can be sold for the current asking price of $565,000, it would be a price just $5,000 above the original sales price. If we factor in 6% sales costs, it would mean a loss of $28,900.
Tuesday, August 12, 2008
Virtual '03 rollback in SJC
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9 comments:
Freeway close, but that's one hell of a deal.
This is a good looking house, but it is adjacent to the railroad tracks... much closer to the trains than the freeway. Not to mention it would have a view of the backsides of the car dealerships on Camino Capistrano. What bonehead with an income of $140K+ is going to want that!?
Don't forget you are also close to the cement riverbed that dumps water into Dana Point Harbor when it rains. That has been known to swell during El Nino rains. Not sure if you need flood insurance because of that. Then again check out Greatschools.net and view the demographics, test scores and amount of students on free lunch in San Juan Capistrano and you will see that it is Santa Ana South.
There is a study reported in todays NYTimes showing a 60% increase in premies for mothers living within 1/4 mile of a fwy.
How much discount should being "freeway close" lead to?
This development should have never been built. It is a gated community stuck in an industrial part of San Juan. A view of the freeway or the trailer park...lovely. It is NOT a "deal",it is a poor investment for some sucker.Looks good in pictures,but if you actually drive to the area it is gross,gross,gross....
but that's one hell of a deal
SHEEPLE ALERT!!
Hi
Everyone does not like this deal.I also think it.
This is a horrible location for a community. Down in the river gulch, tucked in between the freeway and the hills. Next to the railroad tracks. No place to gather. These single family homes should be priced the lowest of any on the basis of their location.
Also, it is a KB homes community. Look on www.hadd.com and see all of the complaints against this bargain builder for structural and other serious problems.
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