Closer to '01 in San Juan

Another day, another short sale and another big rollback. This time, we're in San Juan...

31062 Paseo Ranchero, 92675
Asking price: $725,000
Asking price/ sq ft: $220
Purchase price: $917,000
Purchase date: 4/23/04
Size: 5 beds, 2.75 baths, 3,300 sq ft (built in 1993)
MLS: S566646 (91 days on Redfin)
ZipRealty price tracker: Price Reduced: 3/30/09 -- $749,000 to $725,000
Zillow Zestimate: $844,000
HOA dues: $102
Type: Single Family Residence
Style: Ranch
Stories: 2
Lot size: 0.27 Acres
From listing: Incredible home that has been loved in a great area of San Juan Capistrano. This emotional home has beautiful polished cement floors down stairs and Mocha Brazilian wood upstairs. Beautiful lighting, and a spectacular kitchen highlight this impressive home. The kitchen includes high end stainless appliances, a walk in pantry and views of the rolling hillsides. This home has a great, flowing floorplan with one bedroom down, 4 bedrooms up and a very large upstairs room that could be media room, teen room or a 6th bedroom.

The fact that the house "has been loved" makes it all the more painful that the current owners have had the property for more than five years and are likely to leave it under bad financial circumstances.

It's obvious this property is at least a 2003 rollback - assuming, of course, the bank will let it go for the asking price. If so, it would mean a discount of 21% off the 2004 price. Said another way, the asking price is closer to the 2001 sales price of $655,000 than it is to the price five years ago.