Redfin tells us this luxury San Juan home has now been on the market for 402 days. But wait! It is now in the "backup offers accepted stage." Will it finally come off the market?
Good timing too, considering it's a preforeclosure...
31441 Paseo Campeon, 92675
Asking price: $985,000
Asking price/ sq ft: $224
Purchase price: $1,632,500
Purchase date: 2/7/06
Size: 4 beds, 4.25 baths, 4,400 sq ft
MLS: S518468 (402 days on Redfin)
Original asking price: $1,575,000
Zillow Zestimate: $1,230,000
HOA dues: $273
Type: Single Family Residence
Style: Contemporary/Mediterranean
Stories: 2
Lot size: 7,000 Sq. Ft.
From listing: Tastefully decorated and upgraded from head to toe. Little expense was spared during and after the construction of this home. It's truly a must see for any tempted buyer. Exclusive gated community of Rancho Madrina. Just a short walk to downtown San Juan Capistrano where you can dine, shop, frequent the local farmers market, be entertained at the local movie theater and live theater, visit the historic San Juan Mission or even catch the Amtrak to work or for a weekend getaway and avoid sitting in traffic.
The current owner purchased the property for $1.632 million at the peak of the bubble from William Lyon Homes. She used 80% financing and put $326,700 down. In four months, she refinanced with WaMu - not to pull cash out, since the loan amounts were exactly the same: a $1 million first loan, and a $305,800 second.
What we have, then, is someone who went about things the right way but simply had awful timing. Things got worse in 2008, when a notice of default was filed in May. 
The notice of trustee sale came in September. The owner had already put the property up for sale in early 2008 asking $1.575 million, which was $57,500 less than she paid.
More than a year later, the asking price was down to $985,000 - an incredible 40% off the previous sales price. Since the property is in the backup offers stage, we are going to assume that WaMu (Chase) might actually let this short sale happen.
If it does, the bank stands to lose $379,900, including 6% sales costs. The owner will lose her $326,700 downpayment, plus anything else she spent upgrading the house after moving in. This real estate investment has proven to be a horrific situation for everyone.
Tuesday, February 24, 2009
40% off a luxury home in SJC
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3 comments:
What's comical is the local movie theatre has been vacant and borded up for awhile. Also, prepare to pay about $8K a year per child minimum for private school if you live in SJC. Look at the test scores on www.greatschools.net.
People love to trash SJC schools, but I think that's taking the easy way out. San Juan Elementary has a very popular spanish immersion program. Ambuehl has a great reputation within the community. I don't know anything about the middle school, but San Juan Hills High School is brand new and all the parents that I have talked to with children there are very happy.
I'm not sure why everyone picks on SJC so much.
It's a beautiful house, but the backyard is a laugh. For ~$1M you would think 2 people could stand side-by-side outside. But no, just a little alley filled with a pool. I thought the reason we pay so much for houses in Southern CA is because of the weather? So much for a relaxing backyard to enjoy.
can you do a blog on the whole rancho madrina neighborhood??? it seems like there are soooo many houses for sale in there..
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