In recognition of the OC Register's San Clemente high-end foreclosure tour, we're going to post today on a luxury Ladera Ranch foreclosure property.
19 Dennis Lane, 92694
Asking price: $1,600,000
Asking price/ sq ft: $350
Bank purchase price: $2,002,160
Purchase date: 6/27/07
Size: 5 beds, 5.5 baths, 4,576 sq ft (built in 2005)
MRMLS: C08062676 (127 days on Redfin)
ZipRealty price tracker: Price Reduced: 5/15/08 -- $1,875,000 to $1,600,000
Zillow Zestimate: $1,631,500
HOA dues: $400
Type: Single Family Residence
Stories: 3+ Levels
From listing: SHERBORNW PLAN 3 TOTALLY UPGRADED!BEAUTIFUL GRAND ENTRY WITH HARDWOOD FLOORS, HANGING CHANELIER, OVERSIZED GREAT ROOM LEADS TO MORNING ROOM WITH A BAR, AND CUSTOM KITCHEN COMPLETE WITH WINE REFRIGERATOR ALL THERMODORE APLLIANCES, CUSTOM CROWN MOLDING AND GRANITE TOPPED ISLAND. FORMAL DINING TOOM WITH CUSTOM CANBINETRY LEADING TO FOUNTAIN AND ATRIUM. BACKYARD WITH VIEW, WITH WATER FOUNTAIN, SALT WATER POOL/SPA. FIREPLACE, BBQ ALSO 4 HOLE PUTTING GREEN. OVERSIZED BONUS ROOM !!!
Minimum Income Requirement (using 30Y Fixed): $318,000, assumes no other debt/obligations.
Downpayment needed: $320,000
Monthly Payment on 30Y Fixed at 7.25% with property taxes and mortgage insurance estimated: $10,481.86
Minimum Income Requirement (using 5Y fixed): $282,000, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 5.80% with property taxes and mortgage insurance estimated: $9,260.44
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.
Does this property look familiar to you? Perhaps you saw it before on BMIT when ocrenter profiled it in March 2007. At that point, a notice of default had been filed. This post is worth a look because you can see what kind of re-fi madness we're dealing with.
It looks like the property eventually went back to the bank despite the fact that it was up for sale in 2007 for $2.9 million at one point.
See how many typos and misspellings you can spot in the listing description. Unbelievable...
Two other properties are in trouble on this street: 23 Dennis Lane (an REO that is past the point of help) and 2 Dennis Lane, a preforeclosure.
Suffice to say, the lenders' losses on this property are staggering. It will be interesting to see what this one ends up selling for, but as you can see by the income and downpayment requirements, only an exclusive group can legitimately gain entry to this level of home.
Thursday, September 04, 2008
Collapse in Ladera Ranch
Subscribe to:
Post Comments (Atom)
2 comments:
I guess banks don't check the listing info for spelling errors. If I was paying a hefty commission to some realtor, I certainly would.
What do realtors do these days anyway? Put lockboxes on front doors, then go surfing?
25% decline starts feeling like a big chunk of change when it's coming off a $2M house.
Fraudera Ranch! Bunch of overextended poser psuedo rich who are about to take a bite out of a giant Kharma sandwich. Enjoy!
Maybe they can finally wake up to the reality that they should be shopping at JCpenney and Target instead of buying all of their Ed Hardy, Juicy, $200 Jeans and an assortment of overpriced Nordstrom crap. BTW, put down the latte and cell phone while driving and enjoy spending all your extra crash or maxing out your credit cards filling up that Hummer or Escalade. Ladera, Talega and Coto have become a cliche!
Post a Comment