'03 rollback in Coto

This Coto property has a range asking price on Redfin, but both ends of it are still below the 2003 price. Oh, and the actual loss is shaping up to be far worse than you may think...

32006 Via Coyote, 92679
Asking price: $924,900-$999,876
Asking price/ sq ft: $231-$250
Purchase price: $1,023,000
Purchase date: 4/11/03
Size: 4 beds, 5 baths, 4,004 sq ft (built in 2004)
MLS: S525071 (193 days on Redfin)
ZipRealty price tracker: Price Reduced: 3/25/08 -- $1,299,000 to $1,249,876
Price Reduced: 4/04/08 -- $1,249,876 to $1,174,876
Zillow Zestimate: $1,224,000
HOA dues: $70
Type: Single Family Residence
Style: Traditional
Stories: 2 Levels
Lot size: 6,148 Sq. Ft.
From listing: Stunning home in the Village backs up to a protected wildlife reserve, preventing homes from being built behind it. Beautiful hillside views! Faux wood grain crown molding, baseboards and casings add a finished touch to the gorgeous travertine, custom paint, and designer furnishings. . The master suite features a balcony, dual sided fireplace, walk-in closet, Jacuzzi tub & spacious travertine shower.

The current owner used a $750,000 loan and put $273,000 down when he bought the property in 2003. In 2006, Countrywide enabled him to finance $1.44 million worth of loans. About a year and a half later, a $940,000 loan was in default.

The property is currently scheduled for auction Oct. 15 at the Santa Ana courthouse. The notice of trustee sale amount is $1,026,462.

Assuming the property can be sold for the current low asking price of $924,900, it would be $98,100 below the 2003 sales price. If we were to assume 6% sales costs and subtract that from the $1.44 million worth of loans, it would be a shortfall of more than $500,000.