What could be nicer than a million-dollar, luxury home in Laguna Niguel's Hillcrest Estates? Well, a million-dollar, luxury home with an ocean view, but that's besides the point. This property is a severe rollback - and preforeclosure - that is asking way way below the previous bubble price.
Probably too low for the lenders' taste as well. Perhaps you'd like to ask the lender...Countrywide...what it thinks.
28582 Sea Pt, 92677
Asking price: $1,000,000
Asking price/ sq ft: $317
Purchase price: $1,850,000
Purchase date: 11/7/06
Size: 4 beds, 4 baths, 3,150 sq ft (built in 2003)
MLS: S545859 (53 days on Redfin)
Zillow Zestimate: $1,276,500
HOA dues: $190
Type: Single Family Residence
Style: Contemporary/Modern
Stories: 2 Levels
Lot size: 8,080 Sq. Ft.
From listing: Entertainment home in Hillcrest Estates. Premium lot with panoramic view. Private rear yard. Professionally landscaped with Boulderscape, salt water pool and spa. Master Bedroom downstairs. Travertine floors and Brazilian cherry hardwood in living room / game room. This home has the view and privacy. Built-in BBQ in rear yard with counter.This is a short sale. All offers must have DU Approval, with verifications of funds and credit scores. LOWEST PRICED TWO STORY IN HILLCREST ESTATES!!!!!!
The current owner paid $1.85 million in late 2006, using 90% financing. He used a downpayment of $185,000 and financed the rest. Not bad, huh?
If - and this is a big if - a short sale is approved for the current asking price, it would mean a loss of $910,000, including 6% sales costs. What a historically huge bust. The owner would be out his $185,000 downpayment, and the C'wide black hole will lose $725,000. It could even be us, the taxpayers, who would be taking the hit.
Tuesday, October 21, 2008
Laguna Niguel calamity
Subscribe to:
Post Comments (Atom)
5 comments:
Surprised that this isn't a REALTARD "bait" price, hoping to bid up the low listing price. Wonder what the comparables run?
At 7.0% or higher in rate, one would be hard pressed to buy this without 1/3rd down.
Check out the dues. It appears as though there are two sets of dues and a security gate fee???? Also since it is in Aliso Viejo...mello roos.
Who does all this 'backyard entertaining' all the way down in south county anyway? Aren't most business people who make the kind of dough needed to finance this 'lifestyle' working for PIMCO or at least around the airport? Those business backyard socializing events are happening down south, not in Newport Coast with an ocean view?
(freedomCM)
The sale of this home will absolutely crush the values of the other homes in the neighborhood. Gotta love it!
(yes, freedomCM, I agree. I work up in Newport Center in Fashion Island, and further fit your description, etc.)
The loss on this property would be staggering. Redfin seems to have pulled the listing. Perhaps we sent too much looky-loo traffic their way.
Post a Comment