A commenter pointed out to us that this Laguna Hills property has been sitting for some time, so we thought we'd take a look...
25222 Pike Road, 92653
Asking price: $485,000-$496,000
Asking price/ sq ft: $235-$240
Purchase price: $680,000
Purchase date: 4/7/05
Size: 4 beds, 2 baths, 2,066 sq ft (built in 1969)
MLS: S531040 (378 days on Redfin)
ZipRealty price tracker: Price Reduced: 08/04/08 -- $649,900 to $524,900
Price Reduced: 02/04/09 -- $524,900 to $496,000
Zillow Zestimate: $554,187
HOA dues: $235 Type: Single Family Residence
Style: Mediterranean
Stories: 2
Lot size: 5,406 Sq. Ft.
From listing: REDUCED TO SELL NOW!!!Spectacular Former Model Home-desirable Floor plan 4 BEDROOMS/2 BATHS/2 CARGARAGE,Upgraded some areas,great-large Master bedroom at main level plus another bedroom with wood floors & remodeled full bath with marble floors, newer fixtures, glass block walls & more.Cathedral ceilings plus a huge Bonus Room/Family room overlooks to living room with wetbar, pergo floors, custom window coverings, tract lightings, ceiling fan,french doors & windows through out. Redone kitchen with travertine counter top, newer cabinets, range, dishwasher,sink, fixtures & sound proofed bevelled windows & sliding doors. Separate formal living room with newer plush carpet, fireplace, scraped textured ceilings. Custom front, side hardscaped & landscaped, backyard have waterfalls, streams, ponds, patio cover & trees-great Japanese style garden, re-roofed approx 2005.Still need some finishing touches!!! NO HOA & LOW TAX RATE-NO MELLO-ROOS
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This property has been for sale for almost a year, so we have no idea what it actually looks like inside these days. The fact that the commentor said "it basically looks like a foreclosure with the yard unkept" isn't a good sign, either.
Here is what we do know about this house: The current owners paid $680,000 in 2005, using 80% financing and a $136,000 downpayment. In 2007 they added a second loan to the property for $80,000 that liberated some (not all) of their stake in the property.
The first loan (of $544,000) went into default in August 2008, and a notice of trustee sale was filed in December in the amount of $550,710. As you can see, this means that after interest and fees, the amount owed is above the original loan balance from 2005. According to ForeclosureRadar.com, the property is scheduled for auction on June 8.
With an asking price of $496,000, it would represent a 27% decline off the 2005 price, not including sales costs. We're still not sure the bank will even let the house go for that price, though it wouldn't be surprising if it would be cheaper than going through the foreclosure process and dealing with this property afterward when it becomes an REO.
Thursday, May 14, 2009
Selling short in Laguna Hills
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1 comments:
Thanks for profiling this home. What is interesting is the home on the right hand side of it is highly upgraded and those owners have got to be livid that they are living next to this eyesore. I have walked around the front of this home and looked thru the window several weeks ago. It was hard to tell if someone still lives there or not.
From the photo the kitchen looks like they never finished tiling the counters and who knows what kind of condition the cabinets are in. The backyard is mostly taken up by koi ponds and Japanese style garden. If you aren't into that style it will need to be ripped out.
The realtor errored in saying there is an HOA. There is no HOA on this home and it backs to noisy La Paz and a 7 Eleven Store. However, it is also in the boudaries for Valencia Elementary a highly desirable school in LH. I would offer them $425K at the most for this home based on the clean up and updating most likely needed.
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