Another day, another look at 2003 pricing in South Orange County. This Mission Viejo single family home went for $440,000 way back when. The asking price is very similar today...
26882 Ayamonte, 92692
Asking price: $440,000
Asking price/ sq ft: $259
Purchase price: $660,000
Purchase date: 8/1/05
Size: 3 beds, 3 baths, 1,700 sq ft (built in 1976)
MLS: S545312 (31 days on Redfin)
Zillow Zestimate: $423,500
HOA dues: $27
Type: Single Family Residence
Style: Traditional
Stories: 2 Levels
Lot size: 4,725 Sq. Ft.
From listing: (None)
Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $96,000, assumes no other debt/obligations.
Downpayment needed: $15,400
Monthly Payment on 30Y Fixed at 6.25% with property taxes and mortgage insurance estimated: $3,399.25
Minimum Income Requirement (using 5Y fixed): A client wouldn’t take an ARM under this scenario as FHA Jumbo Financing is being used and the ARM rates are above Fixed rates because of the severe credit market disruptions. Investors have little appetite for high loan to value ARMs.
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.
We don't know much about the financials surrounding this one, but we do know from Redfin that the current owner paid $660,000 in 2005. Based on available rentals in the same ZIP code, you could easily get into a comparable (or even larger) single family home for $2,600 per month.
So, you'd be saving at least $800 per month by renting a bigger home and not having to worry about depreciation.
If we were to assume the house were sold for the current asking price, it would mean a loss of $246,400 off the peak bubble price, including 6% sales costs. The sale also would be for only $5,000 more than the mid-2003 price.
Thursday, September 25, 2008
Almost '03 again in Mission
Subscribe to:
Post Comments (Atom)
3 comments:
Way back in February, we almost put an offer on this home on the same street:
http://www.redfin.com/CA/Mission-Viejo/27146-Ayamonte-92692/home/5015433
It was listed for 435k, but had 8 offers over the asking price! Needless to say, we thought it was a bit much for a 995 sq ft house. Well, it looks like that original deal fell apart and now it is in escrow again with an asking price of $409K. I wonder what the final price will be?
Thanks for the info on that other property. I'm seeing that 27146 Ayamonte is a preforeclosure...buyer paid $540k in 2005 using 95% financing.
It's scheduled for auction at the beginning of October.
Love the decorating. Stuffed Tigers nothing says exotic financing like stuffed Tigers. Isn't this the same home with the depression era clothesline in the backyard. Who do you think is the seller of this home? Will the new owners be able to maintain and pay for this home and make the neighborhood a better place or will the home and neighborhood continue to deteriorate. Discuss.
Post a Comment