Three important letters: REO. What are you waiting for....put your bid in for this Lake Forest property before its price hits the stratosphere and you're locked out forever! Or exercise some logic and restraint, and move on...
24832 Glenwood Dr, 92630
Asking price: $499,900
Asking price/ sq ft: $201
Bank purchase price: $513,589
Purchase date: 5/21/09
Size: 4 beds, 3 baths, 2,492 sq ft (built in 1976)
MLS: S579869 (8 days on Redfin)
HOA dues: $140
Type: Single Family Residence
Style: Traditional
Stories: 2
Lot size: 6,975 Sq. Ft.
From listing: Large tri-level home surrounded by eucalyptus trees fully fenced..Wood flooring throughtout..Upgraded baths and kitchen..Very impressive two story livingroom with center fireplace..Rear wrap around deck off the open family room..Main floor bedroom with full bath..You will not be disappointed..
No need to even take a look at the pictures...just send your deposit money in a plain white envelope. Pay no attention to the awful yellow and green interior paint job that is going to need to be redone prior to regular habitation when this property sells.
Speaking of sales, this house last sold for $610,000 in 2004, which makes the current asking price 18% below the sales price more than five years ago. Think about that...half a decade, seriously negative appreciation. And, it's likely to be many years before the house is worth that much again.
We also know that the 2003 sales price was $461,000...so this means the bank's first asking price is $38,900 above the September 2003 sales price. Would you be willing to outbid some others to buy this property and feel confident you got a great deal for half a mil? We'll pass and see what's out there come fall...or winter...or spring 2010...or...
Tuesday, July 07, 2009
Let the bidding begin in Lake Forest
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2 comments:
It is more like a condo than SFR since it doesn't have a full driveway or a fenced backyard only a back patio deck. Save your money and wait till next year. I am so frustrated with the banks and realtwhores who just can't seem to set realistic asking prices. I looked at 2 homes last week in Laguna Hills both were short sales that the bank doesn't want to foreclose on. They were both seriously nasty, one with a lousy floorplan and too many home improvements gone awry by unskilled homeowners who botched the job. The other had all of the appliances ripped out and crazy paint colors as well as decor and upgrades. Not worth it to buy either and sock more money into them to make them liveable.
I tend to like this area of Lake Forest. It seems to be the only place in OC with any trees. But those owners went to town with that yellow and green paint! Yikes.
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