Ladera-style luxury at 31% off

Today we find out that U.S. "previously owned" home sales fell to a new record low in January. This Ladera Ranch property - in the "backup offers accepted" stage - is trying its best to help the country get out of its funk.

8 Westford, 92694
Asking price: $1,100,000
Asking price/ sq ft: $268
Purchase price: $1,585,000
Purchase date: 6/13/05
Size: 5 beds, 5.5 baths, 4,100 sq ft (built in 2000)
MLS: S531831 (299 days on Redfin)
Original asking price: $1,395,000
HOA dues: $194
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 10,358 Sq. Ft.
From listing: This Spectacular 5 Bedroom, 5.5 Bathroom East Coast Traditional Home is situated on a highly sought after Cul-De-Sac and Offers many rich Upgrades! Some of the fine amenities include Gorgeous hardwood floors downstairs, upgraded carpet, upgraded paint, crown molding, plantation shutters and designer window coverings, huge gated motor court with detached office, professional wood built-ins in family room and living room and surround sound. You will love the extra large gourmet kitchen with granite counters, stainless steel appliances and huge center island perfect for entertaining. The Large backyard with built-in barbeque offers plenty of grass and a huge side yard that leads to the oversized gated motor court. A home of this caliber is rarely available, hurry before this opportunity is gone!


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Let's see if the lender(s) let this short sale go through. The property has certainly done its time - it originally was listed in May 2008, and the asking price fell 21% since then.

Has the market fallen 21% since last May? Probably that and more in Ladera Ranch.

Assuming a sale goes through for the current asking price, the loss would be $551,000, including 6% sales costs. Wow - that's more than a half-million dollar bath on one property.

And, it won't be close to the only one before this is all said and done.