Or so some would lead you to believe based on the speed at which lower-priced properties are leaving the market these days. Makes sense...supply is low, there are more buyers because these are the most affordable properties, and many of the bad bubble loans were the first to be flushed out of the system.
Here's a San Clemente condo that's accepting backup offers. Would you jump in to take this property and have the guts to outbid the competition?
1046 Calle Del Cerro #411, 92672
Asking price: $159,000
Asking price/ sq ft: $284
Purchase price: $190,000
Purchase date: 12/2/03
Size: 1 bed, 1 bath, 560 sq ft (built in 1986)
MLS: S560200 (187 days on Redfin)
Original asking price: $199,900
HOA dues: $365
Type: Condominium
Style: Mediterranean
Stories: 1
From listing: LET'S MAKE A DEAL!!!!LOWEST-PRICED FOR THIS MODEL IN VISTA PACIFICA. DARLING GROUND FLOOR UNIT IN THE BEAUTIFUL RANCHO SAN CLEMENTE COMMUNITY OF VISTA PACIFICA. THIS TURN-KEY CONDO HAS UGRADED PAVER FLOORING AND BUILT-IN CABINETS IN DINING ROOM. PRIVATE AND QUIET PATIO OFF LIVING ROOM. ONE CAR GARAGE(NUMBER 33) NEARBY WITH EPOXY FLOORING AND STORAGE. THIS LOCATION IS FABULOUS FOR EASE OF ACCESS AND PRIVACY WITH PLENTY OF EXTRA GUEST PARKING. VISTA PACIFICA HAS BABBLING BROOKS, WATERFALLS AND TWO ASSOCIATION POOLS AND SPAS. WALK THE BEAUTIFUL GROUNDS AND GLIMPSE OCEAN AND SUNSET VIEWS. NEAR THE FAMOUS SAN CLEMENTE TENNIS CLUB AND NEW SHOPPING IN TALEGA. BRING ALL OFFERS!!
There you have it...lowest-priced unit in the complex and it's on the way to a sale (of course, that assumes the lender says OK to the short sale).z
We've been to the San Clemente tennis club before but didn't realize it was "famous." Either way, we're sure this is quite a fine location for apartment-like condo living. Not a long-term solution and not the kind of place a young professional or family would like to squeeze into and then sit and wait until it appreciates enough to move up.
The asking price of $159,000 was $31,000 below the 2003 price and $19,000 above the 2002 price. When the property originally came up for sale, the asking price was $900 above the 2003 price, but was dropped to $179,000 before too long.
Thursday, July 23, 2009
The bottom has bottomed...
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4 comments:
Not sure who would still pay this much for a one bedroom apt. basically.
Check out 14 Halsey Avenue in Laguna Niguel 92677. This home was apparently bought in 7/97 for 420K and is now listed in public notice as going to a trustee sale on 8/12/09 with a debt of 934K. What is interesting is this home belongs to Paul G. Glabb the former mayor and councilman from Laguna Niguel.
If that info on the Laguna Niguel house is true (the part about it's owner), that's awful.
My husband and I looked at these del Cerro units when we were trying to (stupidly) squeeze into the housing market 5 years ago. I couldn't believe that people would buy these individual units because the whole place is basically a big apartment complex. That's when I learned the term 'condo-conversion'.
It's nice enough, but do you want to owe a mortgage on a place like that?
I spelled his name wrong it is Paul G. Glaab and it is true. I just don't know if he pulled money out of his home for his campaign, to invest in other real estate, or just to live the OC life. I found the info in the public notice section of the Laguna Niguel News that OC Register publishes. I am surprised that no one in the media is picking up on this. I wonder since the property is in his name only if he will just go out and use his wife's credit to get a loan on a new property. That seems to be what a lot of housing gamblers are doing.
Considering the other properties available in SC, this is still way too high a price. I wonder if the Fire Marshall would allow someone to live in such a confined space?
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