To answer the question posed by the headline: Yes, and probably no. Yes, this Dana Point luxury property is listed at 47% below what Redfin says is the 2005 sales price. But considering this property is a short sale, and taking into account what the asking price is, we would tend to think that probably no, this property can't be successfully sold as it stands now.
7 Lapis Ave, 92629
Asking price: $1,200,000
Asking price/ sq ft: $255
Purchase price: $2,250,000
Purchase date: 9/30/05
Size: 4 beds, 4 baths, 4,700 sq ft (built in 2003)
MLS: S558832 (22 days on Redfin)
ZipRealty price tracker: Price Reduced: 1/16/09 -- $1,399,000 to $1,200,000
Zillow Zestimate: $1,927,500
HOA dues: $310
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 0.28 Acres
From listing: This splendid Bal Harbour Beauty in Dana Point has incredible ocean views.The Corner lot location is located on a cul -de sac and is close to schools and the famous Dana Point Harbour. Boasting 4700 sq ft. of living space with the finest appointments throughout including but not limited to a full kitchen with Viking appliances throughout. The backyard has a newer salt water pebble tek pool and Jacuzzi, plus a Barbaque area with lush landscaping.The master bedroom is spacious and adourns a double sided fireplace and an office area. The Balcony off the Master Bedroom really showcases the ocean views of the Dana Point Harbour.There is also an incredible Media Room in the home.Come see this home has it all!!!
Even Zillow thinks this property is "only" worth $1,927,500. While we can't be certain what the previous sales price was or what the actual situation is, we do know this home is being offered for sale for less than what the current owner owes.
We also know the property taxes are majorly delinquent. That wouldn't be a very welcome surprise for the new owner.
It's hard to say much about this kind of situation, but what is clear is this: Either the owner or a bank (or combination of banks) likely stand to lose a lot of money on this property. The rest, as they say, is a mystery.
Thursday, January 29, 2009
47% off in Dana Point?
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2 comments:
It sold in mid-03 for 1.2M.
SJC is back to early 03 pricing in median values.
I seriously doubt this will make it through short sale too, but the value's probably not far off (if only still too high).
Chuck Ponzi
Why would the buyer be impacted by delinquent property taxes? Aren't those paid by the proceeds of the sale? So the seller would actually net less, once the taxes were paid. (Or have a bigger net loss...)
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