The previous owners tried to sell this property twice since early 2007. Now that the bank is in control, we expect things to move a bit faster.
29652 Coral Cv, 92677
Asking price: $299,900
Asking price/ sq ft: $234
Bank purchase price: $399,419
Purchase date: 11/26/08
Size: 3 beds, 2.5 baths, 1,280 sq ft (built in 1973)
MLS: S557318 (1 day on Redfin)
Zillow Zestimate: $389,000
HOA dues: $350
Type: Condominium
Style: Ranch
Stories: 2
From listing: WHAT A VALUE! Three bedrooms! Living room with fireplace, dining area or family room attached to the kitchen, front and back patios. Bedrooms upstairs with two baths. Half bath downstairs. You will like this one! Neat and clean too.
The previous owners used 100% financing to purchase the property in 2004 for $400,000. Then, $450,000 worth of loans were made in 2005. In July 2007 - after they unsuccessfully put the home on the market for $585,000, WaMu gave them a loan for $468,250. You can guess what would happen with that loan.
This property then came on the market for $479,900 in February 2008 - $79,900 above the 2004 price but probably not enough to cover the debt plus sales expenses. Eventually, the asking price came down all the way to $329,900 in November. We also know WaMu approved a sale for $340,000 at one point.
It may be sad to say, but why would a buyer put extra effort into trying to make the short sale work, when the property will be re-listed by the bank for less money as an REO a month later?
It's also interesting to see what has happened with prices in this neighborhood. Consider:
- A 1,319 sq ft model sold for $325,000 in October 2008.
- An 1,820 sq ft model sold for $445,000 this August.
- A smaller 2-bedroom, 1,019 sq ft model went for $340,000 in early October 2008.
- A 1,358-sq ft model sold for $495,000 in mid 2004.
- A 1,763 sq ft fixer allegedly "priced $100,000 below market" sold for $535,000 in March 2007.
- The high price on nearby Pelican Way was $550,000 for a 1,200 sq ft model in March 2006.
4 comments:
Have you been in these?
It's a mishmash of jumbled walls and lowered ceilings. Manic depressives might find it more "cozy".
Besides, the area can best be described (with 40y.o. housing stock) as "Nueva Laguna Niguel", as most of the locals no longer speak english as a first language. IMO 299 is way too high. Maybe closer to 159K.
You're right on about what they really should be worth considering the age and what they are like.
It's shocking how far these have fallen, but not at all surprising considering how over-inflated they were during the bubble.
I haven't been in these, but I know the area is near the post office in LN and I didn't realize that they were probably mostly rentals now. It is still pretty depressing that everything we can afford seems to be in declining older neighborhoods. Keep posting on Laguna Niguel it is where I am looking and I appreciate the insight.
I was looking in this tract because it's in my price range. The back patio is cracking and the land appears to be moving. I saw another unit in this complex on Pelican Way that had a sign up during August but was never listed on MLS. The inside of that unit appeared to have potentially major structural and foundation problems. The two properties together have scared this buyer away.
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