This Laguna Niguel REO just came onto the market today. Since we know pending home sales had been on the rise recently, it will be interesting to see what kind of response this property gets. At $308 per square foot it's not too bad for this area, though it appears at least some painting is in order for the next owners.
24586 Via Carlos, 92677
Asking price: $574,900
Asking price/ sq ft: $308
Bank purchase price: $594,000
Purchase date: 8/18/08
Size: 4 beds, 3 baths, 1,865 sq ft (built in 1989)
MLS: S550396 (1 day on Redfin)
Zillow Zestimate: $625,000
HOA dues: $109
Type: Single Family Residence
Style: Traditional
Stories: 2 Levels
Lot size: 3,860 sq ft
From listing: !!!Attention Buyers and Agents!!! This is the one that you have been waiting for. This is a 4 bedroom, 2.5 bathroom, over 1,700 sq ft detached home with a 2 car attached garage, with a view in Laguna Niguel.. I know that you have heard this before, but trust me on this one, it will not last long. Don't waste time, bring your best buyers for the best deal in all of Orange County
The last owner ended up bailing out a couple who purchased in 1990 but were in default on a $642,394 mortgage taken out in 2005. He paid $795,000 but used essentially 99% financing and a $9,000 downpayment. This was in early 2007.
About a year later, he was in default on his $636,000 first loan. The property ended up going to auction in August and went straight back to the bank.
Assuming a sale for the full (original) asking price, it would mean a nominal decline of about 28% from the 2007 price - not including any sales costs.
Thursday, October 09, 2008
New today: Laguna Niguel 28% off
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4 comments:
This is worth approx $400k, and probably less by the time unemployment & the credit crisis work themselves out. A rough estimate would be $2,500 rent x a GRM of 160 = $400k, but you can count on rents continuing to drop in Orange County (unemployment on the rise, lack of wage inflation, increased supply, etc.).
I don't know why anyone would be looking for a house right now. Here's what people are interested in now:
1. Can I get food.
2. Can I afford gas.
3. Can I keep my job.
I'll be interested to see how many houses close from now to the end of the year.
I really want to move to the beach area. I'm currently in the IE and can't sell my house. I can rent it and pay cash there but I'm not comfortable with anything over $300,000 and I don't want a mortgage. I just want a single level house about 1500 sq. ft. (no condo or townhome) in a decent area that's a 2/2 or 3/2 with a small yard. Is there hope? Can I ever get out of here? When?
anonymous - define "beach area." within 15 miles? 20? i have seen no detached homes under $300k (except in neighborhoods you do NOT want to be in). either make lowball offers or be patient. keep checking Redfin (or your RE search site of choice) and use the OC Register's crime report tracker to determine if a neighborhood is safe or not.
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