Is the bank off its rocker? That's what this REO listing in Ladera Ranch is leading you to believe...but of course we know it's not really true. A bank is the opposite of crazy - in fact, it is very calculating when setting prices, particularly compared to an owner-occupant who is much more emotionally attached to his or her house.
Considering the buyer hunger for foreclosures, we would assume this one will go before too long, unless there are major things wrong that we don't see.
43 Sheridan Ln, 92694
Asking price: $429,900
Asking price/ sq ft: $244
Purchase price: $457,500
Purchase date: 8/12/08
Size: 3 beds, 3 baths, 1,761 sq ft (built in 2005)
MLS: P657897 (49 days on Redfin)
ZipRealty price tracker: Price Reduced: 10/29/08 -- $439,900 to $429,900
Zillow Zestimate: $433,835
HOA dues: $367
Type: Condominium
Style: Contemporary
Stories: 3+
From listing: Bank's Gone Crazy...They Need to Sell Today...Make them an Offer They Can't Refuse! Looking for an Incredible Investment Opportunity? Look No Further as Bank's Priced this Ladera Ranch Condo to Steal & They Mean Business!!! This Home Offers Spacious Rooms & Walls of Windows in approximately 1,761 sq. ft. in Desirable Open Floor Plan that is RARELY ON THE MARKET! Bring Your Paint Brush & Create Your Custom Home as Your Expansive Gourmet Kitchen with Large Center Island featuring Granite Counters & Stainless Steel Appliances. Opens to Breakfast Nook & Large Family Room...Perfect for Entertaining. Home is LIGHT & BRIGHT with Vaulted Ceilings & Fireplace. Adjourn Upstairs & You'll Enjoy the Large Bedrooms w/Serene Views, Ample Closet Space & Private Bathrooms. You'll Enjoy Being Close to Shopping Centers, Restaurants, Theatres, Golf, Pools, Parks, BBQ's, Walking & Bike Trails, & Some of the Best Schools in the OC. YOU MUST ACT FAST...ONLY ONE at this PRICE! HURRY, THIS HOME WON'T LAST!!!
"Only one at this price." Is this a used car lot or what?
We are constantly amazed by the level of mello roos in Ladera Ranch. The OC tax Web site says they total $2,986.11 per year for this property. That amounts to about $248.84 per month. Add that to the HOA dues and you're looking at around $616 per month before your mortgage payment.
Countrywide financed all but $516 of the 2005 sales price of $572,500. It doesn't appear the previous owners paid off much principal - if any - considering the notice of trustee sale amount was $47,876 more than the original loan that had slipped into default.
Assuming the property can be sold for the full current asking price, it would equal a decline in value of 25% since its peak sale in 2005, not including any sales costs.
Thursday, November 13, 2008
Bank's lost it in Ladera?
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2 comments:
Wow. $616 (not tax deductible, of course), plus say $2300 for PITI. I don't know a whole lot of folks making $150k who want to live in an attached condo way down south.
Despite the relitter assertions, I don't think this one is going to fly off the shelves.
FreedomCM
Everyone deducts Mello Roos. You are right, it's not supposed to be deducted, but you aren't supposed to drive over 65 MPH either....
At 20% down PITI HOA at 6.0% is about $2800 plus or minus.
You need to earn $100kpy. If your pulling down $100kpy, are you going to live in a cracker box like that - a depressed area with little privacy.
Go 3 miles more into Mission Viejo and you get a SFD with a yard.
How people buy into the "Ladera Lifestyle I will never know".
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