Above is the ForeclosureRadar map of part of Laguna Beach. According to the site, there are 71 properties in Laguna at some stage of the foreclosure process. That number represents a very small percentage of houses there, as you would expect with a luxury area.
But, we have noticed more short sales (though many are not going through foreclosure) creeping up in recent months. Today's property happens to be a Laguna preforeclosure.
575 Center Street, 92651
Asking price: $1,399,000
Asking price/ sq ft: $666
Purchase price: $870,000
Purchase date: 10/20/00
Size: 3 beds, 3 baths 2,100 sq ft (built in 1961)
MLS: L26516 (218 days on Redfin)
ZipRealty price tracker: Price Reduced: 7/08/08 -- $1,699,000 to $1,595,000
Price Reduced: 7/28/08 -- $1,595,000 to $1,450,000
Zillow Zestimate: $1,696,500
Type: Single Family Residence
Style: Craftsman
Stories: 2
Lot size: 5,826 Sq. Ft.
From listing: Woods Cove home with ocean view and great yard.This home was completly remodeled two years ago with stainless steel appliances,granite conter tops, all new hardwood floors, bathrooms are all new with walk in closets. Huge 900 sq. foot deck that makes this place a entertaiment dream. This home was 4 bedroom and can be converted back if needed. Total private street with large grassy yard, which makes this home a rare commodity so close to woods cove beach. This home will not last.
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"This home will not last"... and yet it has for many months. How can there be a handful of obvious typos in a $1.4 million listing?
The current owner used an 80% loan from BofA when she bought the property in 2000. Barring an unforeseen loss of income, she shouldn't be in the situation she's in now. But, in 2005, she took out $1.54 million worth of loans against the property.
The first loan for $995,000 is in default. The notice of trustee sale was filed in mid-December - for more than the original loan amount.
Despite the fact that the property last changed hands nine years ago for less than $1 million, if it sold for the current asking price of $1.399 million, and we subtracted 6% for sales costs, the actual loss would be more than $220,000.
Tuesday, January 06, 2009
Trouble coming to the coast?
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3 comments:
Lovely kitchen. Is that a carousel horse??
Notice how there is mostly foreclosures south of broadway laguna canyon split? That is because the only real rich people live in north laguna, emerald bay etc. The rest of town solag the canyon neighborhoods is middle income,upper middle, poor,or the pretend rich.
www.bluemove.blogspot.com has good info on a new victoria beach home that failed at auction and is going into foreclosure. Realtor John Stanaland was trying to get $2.5 for it and at auction the highest bid was $1.5. Got any other snake oil you'd like to sell, John?
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