This Ladera Ranch condo - as big as many single family homes at more than 2,000 square feet - is asking less than $200 per square foot. Perhaps its competitors don't take the asking price seriously, considering they are priced significantly higher...
16 Orange Blossom Circle, 92694
Asking price: $399,000
Asking price/ sq ft: $190
Purchase price: n/a
Purchase date: n/a
Size: 3 beds, 3 baths, 2,100 sq ft (built in 2004)
MLS: S538286 (93 days on Redfin)
Zillow Zestimate: $446,500
HOA dues: $391
Type: Condominium
Style: Townhouse
Stories: 2 Levels
From listing: Absolutely Spotless Light and Bright Ladera Ranch home. Lovely Hardwood Floors throughout the downstairs, Neutral Carpeting Upstairs. Beautiful Granite counters in the Kitchen with Island and Walk in Pantry, open to Separate Family Room to entertain. Wonderful Bright Living Room with Fireplace is a comfortable place to relax. 3 Very Large Bedrooms, Secondary bathroom has double sinks. Master Suite with large Master Bath with separate tub and shower. Quiet Sunny End Location, Walk to Park, Pool and School.
Customized financial info:
Minimum Income Requirement (using 30Y Fixed): $90,000, assumes no other debt/obligations.
Downpayment needed: $13,965
Monthly Payment on 30Y Fixed at 6.25% with property taxes and mortgage insurance estimated: $3,097.16
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're not sure of the specific financials behind this property, but we do know properties on this street were selling for more than $600,000 in 2006.
And, we also know that 19 Orange Blossom is asking $500,000 for the same model now. There's also 58 Orange Blossom up for sale for $500,000. ForeclosureRadar shows 83 Orange Blossom as an REO.
If the subject property could sell for the current asking price, it would mean that values on this street would probably be down roughly 33% off the peak.
Wednesday, October 01, 2008
$190/sf in Ladera
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7 comments:
This has to be a bank driven low ball price, designed specifically to attract the gullible into bidding up the price.
Just wait until they get the HOA dues and tax information! I think the $190 per SF price is justified only based on the $XXX per SF HOA and Mello Roos adds to the overall cost of ownership.
I should have mentioned that - mello roos for this property are $3,192.33, per the OC tax collector Web site.
That means your MR and HOA dues alone are $657 per month.
at $657/month your adding ANOTHER $100k to the price.
$150/sq ft is probably the right price or $300,000 plus all the extra fees.
Not bad rental, if you can get it at that price.
I believe it will be bid up by $75k over offered price. When it sells, and if anyone keeps track, i hope I win the prize for closest to the pin price
11/30/2004: Original purchase for $566,500, with a $453,200 first mortgage and a $113,300 second. Zero down.
No subsequent refi or foreclosure activity that I can see.
9:24 is right, this asking price is a ruse to incite multiple bids.
Ladera Ranch- Sardine can living at least half hr away from decent job. Nice.
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