Another week has come and is now almost over. Wells Fargo snatched Wachovia from Citigroup's grasp. And, our representatives in the House may be on the verge of passing a historic bailout bill - complete with a super helping of pork. Without its passage, California could very well be freaking doomed.
Phew. Speaking of oddities...how about a 1988 rollback? It's an update of a property we chronicled before.
23004 Ditz Lane, 92630
Asking price (then): $269,900
Asking price (now): $88,000
Bank purchase price: $248,940
Bank purchase date: 3/6/08
Size: 2 beds, 1 bath, 912 sq ft (built in 1972)
Old MLS: U8001820
New MLS: S541315 (72 days on Redfin)
Listing description (then): Single-story ground level end unit in nice neighborhood. Enclosed patio, two-car garage and lots of windows --- shows light and bright.
Listing description (now): Single story home in Lake Forest. This home features 2 bedrooms, 1 bathroom, a 2 car garage, a family room, and enclosed patio. Cosmetic repairs needed. Located as an end unit in a great neighborhood. Home has plenty of potential.
This property sold for $415,000 at the peak in 2005. At the current asking price of $88,000 (original asking price was $219,900), it represents a 79% decline from the peak. The asking price also is $17,000 below the June 1988 price of $105,000.
Friday, October 03, 2008
Freaky Friday
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8 comments:
holy cow. is that price just a ploy to garner bids? or is financial armageddon truly upon us?
My guess is ploy...but it sure is strange to see a price like that on anything in OC.
Finally!
People keep writing "that almost makes sense as an investment", and this one just might, at $88k
FreedomCM
During my every Friday RE Meeting in RSM today, the Realtards were complaining about Faux list prices designed to attract buyers and bid up the homes. They simply don't understand that this is the current game to play. They have to do what the REO's are doing to move property.
I was shocked to have one agent say that the properties that sell aren't always the "ones with the lower price, but the ones with better commissions offered". THe room nodded in agreement - saying that they'd rather show homes that pay them more, than show homes that are prices in reality. Talk about putting commission before client benefit. Hopefully the market will flush these agents out of the business sooner, rather than later.
The real nugget came from one experienced Realtard who complained about how buyers are using other Agents info, the Internet, and other resources to bypass the "service" value that Realtards offer. Welcome to the 21st century I say.
HOA... $260mo!!!
anonymous 7:40, please find me a condo/townhouse complex in south county whose dues are significantly lower. HOAs are just a fact of life when dealing with non-detached homes. trash, landscaping, water, structural upkeep, community area maintenance, parking lot maintenance, liability insurance... none of that stuff is free.
That is a good point, I guess I was reacting to HOA in relation to house price.
http://www.redfin.com/CA/Corona-Del-Mar/2618-Bungalow-92625/home/5887052
it's cool. i've served on HOA boards and until i did i never realized how many expenses are involved in running one. even running a bare-bones budget is still pretty big bucks.
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