What is one difference between the type of carnage we're seeing in Orange County versus that in outlying areas like the Inland Empire? Overbuilding. There weren't as many new homes built in recent years in Orange County as there were in other areas, but the communities built during the bubble are now suffering. Two of these are Ladera Ranch and Talega.
Today we're looking at an REO in Talega.
11 Via Canero, 92673
Asking price: $629,900
Asking price/ sq ft: $257
Bank purchase price: $548,250
Purchase date: 1/15/09
Size: 4 beds, 2.5 baths, 2,450 sq ft (built in 2006)
MLS: S561614 (15 days on Redfin)
Zillow Zestimate: $773,000
HOA dues: $149
Type: Single Family Residence
Style: Mediterranean
Stories: 2
Lot size: 5,127 Sq. Ft.
From listing: !!!Attention Buyers and Agents!!! This is the one that you have been waiting for. Where else in Orange County are you going to get a 2 year old house that is 4 bedrooms, 2.5 bathrooms, over 2,400 sq ft with a attached 2 car garage for this price? RIGHT HERE!! This house has granite counters in the kitchen and bathrooms, a large and private backyard, tile flooring, stone fireplace, large bright and open kitchen. If you wait on this one, you are going to miss it. Hurry
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The previous owners picked this property up at the peak of the bubble in 2006 for $889,000. They used 95% financing and a $44,834 downpayment. In May 2007, the pulled out their downpayment plus more - $944,000 worth of loans from WaMu. Way to go, WaMu.
The house went into default in June 2008, and eventually the bank took over this January. Now, the house is up for sale at 29% off the original price from the builder, Standard Pacific.
Thursday, February 12, 2009
Sinking in Talega
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4 comments:
"Where else in Orange County are you going to get a 2 year old house that is 4 bedrooms, 2.5 bathrooms, over 2,400 sq ft with a attached 2 car garage for this price?"
3 Via Belorado San Clemente CA 92673
Around the block and less than $600K
There isn't even room to park a car anywhere but the driveway in these neighborhoods. The homes are packed in like sardine cans. I know someone who paid over 1 mil in this neighborhood for the smaller model with no landscaping! And they were on a waiting list to do that! In 2005 they considered themselves lucky...not now.
Fraudega the land of fake wannabe rich posers. It is going to get real bad out there and in Fraudera Ranch. Hopefully, we won't forget and repeat these mistakes in another 20 or 30 years. Greed is not good.
With so much blame to go around I'd like to nominate someone who has been left out. The city planner. What the heck, lets throw in the person who hired him/her as well. Unchecked growth with little to no thought about the possible negative ramifications is a dangerous why to perform your job. It's turned out to be like a multiplier effect, turning whole communities into ghost towns.
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