27% off in Coto

Did anyone feel an earthquake this morning? Guess we're a heavier sleeper than we realized 'cause we didn't notice a thing.

Here's an REO in Coto at 27% off the 2005 price.

21 Niblick Ln #72, 92679
Asking price: $451,250
Asking price/ sq ft: $309
Purchase price: $460,000
Purchase date: 9/8/08
Size: 2 beds, 3 baths, 1,459 sq ft (built in 1996)
MLS: S551321 (31 days on Redfin)
Zillow Zestimate: $567,000
HOA dues: $329
Type: Condominium
Style: Townhouse
Stories: 2
From listing: Wow! What a great view from this 2 bedroom plus loft(could convert to 3rd bedroom), 3 bath townhome with direct access 2-car garage and a large patio with Bar-B-Q !!!! Located in the gate guarded community of Coto de Caza, this property is walking distance to clubhouse and golf course.

It's sad to us that given the events over the weekend, the first thing that comes to mind when we see the view is "fire hazard." But, those are the realities of Southern California. Don't like it? Move to Seattle. Hmmm....

This property was a 100% financing deal when it sold for $615,000 in 2005. The previous owner then got a $655,000 loan in August 2006 from BNC Mortgage. That's the loan that ended up going into default. The house went back to the bank for 36% less than the notice of trustee sale amount.

Assuming a sale for the current asking price, this home will go for 27% below its 2005 price.