$300,000 off in San Clemente

This San Clemente short sale property is still a luxury home - it's just not worth quite what it was a couple years ago.

206 W Esplanade, 92672
Asking price: $1,795,000
Asking price/ sq ft: $447
Purchase price: $2,100,000
Purchase date: 7/20/07
Size: 4 beds, 3.5 baths, 4,015 sq ft (built in 2004)
MLS: S563831 (87 days on Redfin)
Type: Single Family Residence
Style: Transitional
Stories: 2
Lot size:
From listing: Beautiful Custom Southwest San Clemente Home with nice ocean views! Built new in 2004 with attention to details. 4 bd (1bd, 1ba possible guest qtrs) + large bonus rm w/bar and built-in TV, living room, 2 sitting rooms, 3-car garage + 2 storage areas (1 could be wine cellar), mahogany wood floors, cherrywood stairway with custom railings, gourmet kitchen w/slab granite countertops and w/Viking stainless steel appliances & outdoor BBQ area, 3 fireplaces, speaker system thru-out ***beautiful home in great area*** Close distance to T-Street beaches and pier and downtown. 10+++

Despite the fact that this property is selling at a discount from the 2007 sales price, it is still asking $447 per square foot. We should note that this is a legitimate luxury home - custom built and not a simple tract house.

Now, it's a short sale like so many other properties around here. Assuming the lender lets the property go for the current asking price ($100,000 below the original asking price of $1,895,000), and we subtract 6% for sales costs, the loss would be $412,700.

Not including sales costs, the asking price represents a decline of 15% in less than two years.