Knock-down short sale in Dana Point

Behind this inviting green construction fence could be your "new" Dana Point (Capo Beach) home. There's even a chance it "could be historical."

26822 Vista Del Mar, 92624
Asking price: $499,000
Asking price/ sq ft: $654
Purchase price: $850,000
Purchase date: 10/4/05
Size: 2 beds, 1 bath, 763 sq ft (built in 1929)
MLS: S555277 (105 days on Redfin)
ZipRealty price tracker: Price Reduced: 01/22/09 -- $595,000 to $499,000
Zillow Zestimate: $621,500
Type: Single Family Residence
Style: Spanish
Stories: 1
Lot size: 8,308 Sq. Ft.
From listing: Spanish style, single level, fixer upper. Could be historical.



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Yep, only $654 per square foot for this fixer-upper property! Who would want to pay that amount for a house in terrible condition in Capo Beach?

Another version of the listing shows us an alternative strategy: Sell it as a teardown for a buyer looking to build their own custom estate. From the description:

Most desirable location in the Capistrano Beach Palisades. Expansive lot, south facing backyard, affords the opportunity to build a custom home. Close to Pines Park and beaches. Survey done, soil report, grading plan and demo permit. House design plans with approved ocean view roof top deck available in listing office.

What, you wouldn't want to get in right away so you can enjoy some amazing home-cooked meals in the current kitchen?

And don't tell us you aren't looking forward to spending lots of time in your new bathroom retreat:

This property is listed as a short sale, and Redfin says the last time it changed hands was in 2005 for $850,000. The house (or, more accurately, the lot with a house on it) was up for sale for $695,000 in September 2008, and then re-listed for $595,000 in November.

Assuming a sale for the current asking price, the loss would be $380,940, including 6% sales costs. It also would be a depreciation of 41%, not including sales costs.