Today's property is a nice-looking, former model home in Foothill Ranch. It's now a preforeclosure and a short sale.
But, it's not a story of 100% financing, nor is it an over-the-top debt debacle. Those were so 2008. Is this the breed of foreclosure that will become more common this year?
34 Mallorca, 92610
Asking price: $649,900
Asking price/ sq ft: $270
Purchase price: $835,000
Purchase date: 9/15/05
Size: 4 beds, 2.5 baths, 2,409 sq ft (built in 1990)
MLS: S552854 (82 days on Redfin)
Zillow Zestimate: $609,500
HOA dues: $70
Type: Single Family Residence
Stories: 2
Lot size: 4,812 Sq. Ft.
From listing: THIS HOME WAS A FORMER MODEL FOR THE TRACT, GREAT LOCATION WITH VIEW OF THE PARK AND GREENBELT AREA. BEAUTIFUL LNDSCAPING WITH PALM TREES. ABOVE GROUND JACUZZI, DRAMATIC OPEN FLOOR PLAN WITH HIGH CEILINGS, SPIRAL STAIRCASE, CIRCULAR SKYLIGHT. TRAVETINE FLOORS, AND CUSTOMIZED KITCHEN COUNTERS, DINING AND FAMILY ROOM RIGHT OFF THE KITCHEN, LARGE MASTER SUITE WITH A VIEW OF THE CITY, ALSO FEATURING: A WALK-IN CLOSET, SEPERATE TUB AND SHOWER, AND DUAL SINKS. 4TH BEDROOM IS A BONUS ROOM WITH WOOD FLOORS AND BUILT-INS EASY TO CONVERT IF NEEDED AS A BEDROOM.
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The current owner paid $835,000 during the bubble. They used a 20% ($167,000) downpayment and financed the rest from WaMu. In late 2006, he added a $50,000 second from E-Loan. A notice of default was filed in December 2008 - a little more than a month after the property went on the market.
Assuming a sucessfull sale for the current price, it would mean a loss of $224,094, including 6% sales costs. The owner's downpayment would be gone, and the banks would take the hit for the rest.
Not including sales costs, the current asking price is 22% below the previous sales price.
Thursday, January 22, 2009
Model to example in Foothill Ranch
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5 comments:
Still vastly overpriced.
The low end is now in 2002 prices.
If this weren't the "middle-priced" house, it would be back to the 2002 purchase price of low 400's.
Ready to eat 250K?
Chuck Ponzi
The home doesn't look like it's been upgraded at all since it was built.
The home doesn't look like it's been upgraded at all since it was built.
And yet, it almost doubled in price between 2002 and 2005. Ah, the bubble days...
So what is the valid price for this time? $500K?
So what is the valid price for this time? $500K?
It's hard to know what this property would rent for, but a very generous estimate is $3,000 per month. Then if we figure a 160 GRM as the target for an owner-occupant, that would value the property at around $480,000. But I'm not very comfortable with that rental estimate so I could be off.
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