Yesterday, we profiled a championship-level house in San Juan. Today, we're going to take a look at the other side of things - a luxury property Redfin says is way below its peak bubble price.
31692 Paseo Isabella, 92675
Asking price: $975,000-$1,200,876
Asking price/ sq ft: $310
Purchase price: $1,300,000
Purchase date: 10/7/05
Size: 4 beds, 2.5 baths, 3,143 sq ft (built in 1983)
MLS: S565429 (107 days on Redfin)
HOA dues: $220
Type: Single Family Residence
Style: Victorian
Stories: 2
Lot size: 0.35 Acres
From listing: Charming custom Victorian residence on a quiet picturesque cul-de-sac.Generous rooms are complemented by French doors, plantation shutters, crown molding, stained glass & hard wood floors. The master provides a balcony, claw-foot bathtub & walk in closet.The bonus room could be a fifth bedroom. Newer roof with copper gutters. The large private yard affords privacy, gardening, play & entertaining areas. Prestigious gated community with walking & riding trails. Minutes to downtown shopping & Marina.
We wonder how long it would take to find a buyer for this property. Yes, there's a lot of land but does it do much to stand out in this type of price range? Other than maybe have a low asking price, that is...
Redfin says the previous sales price was $1.3 million about three and a half years ago. Before that, it changed hands for $675,000 in 2002. Hmm...that means the house nearly doubled in the span of three years. Not that unusual out here during the bubble.
Assuming the property sells for the low end of the price range, it would mean a decline of $325,000 off the previous sales price. If it goes at the high end, then the loss is much more "minimal" at $99,124. One thing we do know though - this property certainly hasn't gone up in value lately.
Monday, June 15, 2009
The flip side of winning
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2 comments:
The "flip side" of winning?
Buying at 1.3m and selling at .325m discount = 25% price reduction from peak.
I doubt that is the bottom, but it could be a lot worse. At it's not really a bottom unless someone pays that.
No one has.
I've seen this house and it is spectacular inside and out. You would be hard pressed to find another house with the level of architectural detail, lot size, thought out floor plan and privacy. It certainly is a deal, even at the high $1.2 million of the asking range.
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