Some might say this Ladera Ranch REO represents everything that went wrong with the real estate market in previous years: an inflated price, overdone interior with granite and stainless steel in the kitchen, ceramic tile everywhere, exorbitant lender-enabled financing, and then the inevitable foreclosure.
Now, it's back on the market and looking for its next buyer.
65 Laurelhurst Dr, 92694
Asking price: $599,800
Asking price/ sq ft: $255
Bank purchase price: $546,833
Purchase date: 2/13/09
Size: 4 beds, 3 baths, 2,356 sq ft (built in 2000)
MLS: S571242 (45 days on Redfin)
ZipRealty price tracker: Price Reduced: 05/22/09 -- $612,800 to $599,800
Zillow Zestimate: $675,500
HOA dues: $175
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 6,200 Sq. Ft.
From listing: This home is on a private flag lot offering additional parking and a gated driveway. Perfect for kids play area. Upgraded interior, spacious living areas. Built-in desk and entertainment unit in family room & loft. Walk to park and Oak Knoll Village clubhouse.
The bank already cut the price once by $13,000. The previous owners paid $639,500 in 2003 using 95% financing from Greenpoint Mortgage...which went belly-up in 2007. Not to worry, though, by then they already had refinanced into $924,500 worth of loans through Countrywide in 2005.
Those loans meant a total equity extraction of $285,000 - their $32,000 downpayment plus $253,000. As you can see, the house turned into an extra breadwinner. Things began crumbling a few years later, and the house went into default in 2008.
Assuming this 2003 rollback is sold for the current asking price, it would mean a depreciation of $39,700 off the sales price six years ago. The actual loss though, was so much more.
Sunday, May 31, 2009
Look out below in Ladera
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4 comments:
We stopped at this house last year during Ladera's big community garage sale. My friend bought their couches and almost bought their refrigerator. I thought I smelled foreclosure in the air. It looks like a nice place, I remember it because of the pretty driveway. Too bad I have zero desire to live all the way out in Ladera.
Can you say FRAUD!?! So now I have to pay to bail the banks just so these people could live WAY above their means?!?
Where did the 253,000 go?!? Someone needs to start going after these criminals.
If you think that is bad there is a home in Laguna Niguel that has had about 800K worth of equity sucked from it and is now going to auction. Why work when your home can be doing the work for you and your kids and grandkids can pay for your folly for the rest of their lives! The home is on Rancho Grande in 92677 but I lost the address. It was listed in the paper as going to auction soon. It was bought for around $300k or less and now has over 1million of debt attached to it. Unbelievable!
Address for the Laguna Niguel house is 28171 Rancho Grande. I do wish someone would go after people like this. They owed a grand total of $1,103,304.76.
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