Here's a good-looking property in Forster Ranch (San Clemente). It's trying to sell at a large discount off the 2004 price, but so far either the bank or prospective buyers aren't cooperating.
6112 Camino Forestal, 92673
Asking price: $569,900
Asking price/ sq ft: $285
Purchase price: $730,000
Purchase date: 9/28/04
Size: 3 beds, 2.5 baths, 2,000 sq ft (built in 2002)
MLS: S559797 (85 days on Redfin)
ZipRealty price tracker: Price Reduced: 01/15/09 -- $639,500 to $599,900
Zillow Zestimate: $695,000
HOA dues: $193
Type: Single Family Residence
Stories: 2
Lot size: 3,931 Sq. Ft.
From listing: EXCEPTIONAL OPPORTUNITY IN FORSTER RANCH! FANTASTIC CUL DE SAC LOCATION! OPEN AND SPACIOUS FLOOR PLAN WITH 3 BEDROOMS, 2.5 BATHS! LARGE KITCHEN & BREAKFAST NOOK AREA OPENS TO FAMILY ROOM WITH FIREPLACE. MASTER SUITE WITH LARGE WALK IN CLOSET! SPACIOUS BONUS AREA WITH BUILT IN DESK AREA, JACK & JILL BEDROOMS AND SEPARATE LAUNDRY AREA UPSTAIRS! SEPARATE LIVING AND DINING ROOM AREA! PERGO FLOORING DOWNSTAIRS, CEILING FANS, VAULTED CEILINGS & LOTS OF WINDOWS. SHOWS LIGHT & BRIGHT. 2 CAR ATTACHED GARAGE WITH DIRECT ACCESS! ENCLOSED YEAR YARD WITH PATIO AREA!
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ForeclosureRadar says two of this property's neighbors on the same street are now bank-owned properties, so this isn't the only house seeing some potential hardship. Not by a long shot.
The asking price is between the 2002 and 2004 price - should we call this a de facto 2003 rollback? Assuming a successful sale for the current asking price, and after adjusting 6% for sales costs, it would mean a loss of $194,294. Not including sales costs, this could turn out to be depreciation of 22% off the 2004 price.
Thursday, April 09, 2009
Big rollback in Forster Ranch
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5 comments:
I know this house and neighborhood and have been in this house. These homes were built by Beazer this particular home was one of the last ones the builder built in 2002.They were thrown together by unskilled labor using the cheapest products available. These homes will not age well and anyone paying more than 2003 prices is a fool. Also the HOA is about $200 a month now and the taxes have a little extra bond added to them. The home a few doors down larger model was bought for $475K in 2002 and just went to auction with
$836K worth of debt on it.
Someone please arrest that person who heloced his home to pay for his kids college, fancy cars and vacations.
This doesn't seem to be the same situation (HELOC abuse) but I agree about the neighborhood. This price is still too high by about $50K.
By $50k?
Try $150k! $200/mo HOA, and you can't even have a dog! I suppose the HOA tells you what color drawers to wear too?
and a 3500sf lot? only if it is walking distance to sand and surf...
FreedomCM
Anonymous 11:32,
Yes, you can have pets and the home is only about 3 miles from the beach. You could walk or bike there. It is a desirable area, but the HOA did have to approve your backyard landscaping even when we lived there. I would love it if Southoctracker would publish the addresses of the two bank owned's on this street.
The only "pet rules" in the community are the same as the City of San Clemente's. If a dog is barking nonstop that is disrupts anyone else from enjoying their own yard and peace, the city and animal control will send letters and assess fines when ignored.
The quality of the homes are the same as any other tract house development. No more, no less.
The dues are for hundreds of acres of common area maintenance and the HOA pool, clubhouse and playground.
The price looks about right for this particular house, lot and neighborhood.
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