Today's property in San Juan is another piece of anecdotal evidence that a growing number of homes in this area have fallen below their 2003 prices. Nope, small condos aren't the only ones hurting any more...
30871 Paseo El Marmol, 92675
Asking price: $365,000
Asking price/ sq ft: $256
Purchase price: $595,000
Purchase date: 8/30/07
Size: 4 beds, 2 baths, 1,425 sq ft (built in 1975)
MLS: S542529 (33 days on Redfin)
ZipRealty price tracker: Price Reduced: 8/11/08 -- $400,000 to $385,000
Price Reduced: 8/22/08 -- $385,000 to $365,000
Zillow Zestimate: $478,000
HOA dues: $50
Type: Single Family Residence
Stories: 2 Levels
Lot size: 5,050 sq ft
From listing: Cozy Single Family Residence with 4 Bedrooms and 2 bathrooms. Remodeled kitchen. Garden windows in kitchen area, multiple bay windows on first floor, French doors leading to nice private back yard. Long drive way that can fit extra cars.
Customized financial info (based on previous asking price of $385,000)
Minimum Income Requirement (using 30Y Fixed): $96,000, assumes no other debt/obligations.
Downpayment needed: $11,550
Monthly Payment on 30Y Fixed at 6.375% with property taxes and mortgage insurance estimated: $2,979.84
Minimum Income Requirement (using 5Y fixed): $91,200, assumes no other debt/obligations.
Monthly Payment on 5Y fixed at 5.75% with property taxes and mortgage insurance estimated: $2,829.35
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.
Long driveway to fit extra cars? Hmm...
So the current owner paid close to $600,000 ($418 per sq ft) for a fairly modest, sub-1,500-sq ft property with what looks like an outdated kitchen? Was that really an astute real estate investment? The situation today seems to indicate no.
At least she didn't have to use any of her own money: This was a 100% financing (80/20) deal thanks to Mortgage Electronic.
The property's first loan went into default a little less than nine months after the purchase, in May. The notice of trustee sale was filed in mid-August for $500,537, which is about $24,500 above the original first loan amount of $476,000. The scheduled auction date is Sept. 11.
Assuming the property can be successfully sold for the current asking price, the owner is out nothing and the lender would lose $251,900, including 6% sales costs. It also would mean a sales price $69,000 or 16% below the 2003 sales price of $434,000.
Wednesday, September 03, 2008
SJC '03 rollback
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5 comments:
The long driveway is to fit all of the extra cars of the multiple families that will be living crammed in this place soon when it becomes an investment rental. Welcome to the ghetto of SJC. Hola, bienvenidos!
Ahhh, so Spanish-speaking equals ghetto? I'll be sure to tell my single-family neighbors who keep their yard looking beautiful, park their cars in the garage, and who also happen to speak Spanish (those would be the next-door neighbors and the neighbors directly across the street). SJC may have some social problems, but could we please skip the Spanish = ghetto ridiculousness? if you know this is a good or a bad neighborhood, let us know.
I wouldn't characterize this area as "ghetto" but it does fall within the gang suppression area of SJC defined in a judge's ruling last year. The rivalry between the SC and SJC gangs has heated up lately and there have been two recent murders.
Anonymous 3:13 perhaps you should pack your bags and move to Santa Ana if Spanish doesn't equal ghetto. I have a few productive Spanish speaker in my neighborhood too, that doesn't mean that once you get a neighborhood full of illegal immigrant Spanish speakers that crime doesn't increase and test scores don't drop. Perhaps you need to spend some time researching school tests scores, free lunch receipt, WIC, food stamps, healthy families etc., then tell me that there is no correlation. The issue is really illegal immigrant Spanish speakers vs. anyone who is a citizen but speaks Spanish and is a productive member of society. It's not racist it is a fact. Maybe you should read about Marco Forster school in SJC catering to Spanish speakers and the minority non Hispanic children are excluded. Check it our on ocregister.com
yawn, i read the article. i also read the district's rebuttal. And Santa Ana is a whole 'nother kettle of fish, although if you ever spent much time there you'd know that like any older city it has some really nice neighborhoods and some total crap ones.
yup, there's a culture clash going on, but i'm not interested in your white panic. i live in a mixed-race neighborhood in Lake Forest. the majority of kids who go to my son's school come from Spanish-speaking families. Guess what? They are good neighbors, good parents, and they want their kids to excel. There are some really poor kids who drag down the school's overall test scores (no shock when their parents are almost illiterate), but ultimately my child's academic success is my responsibility, not the schools. I'm not afraid of my non-white neighbors and they have never given me any reason to be. I've lived in some majority white neighborhoods that were pretty scary after dark, too.
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