Major short sale in Ladera

Over the weekend, we posted a quick sampling of some South OC properties in the "Backup offers accepted" stage. Here's another on in Ladera Ranch that interests us to see whether it will make it all the way to the finish considering the discount.

9 Copious Lane, 92694
Asking price: $865,000
Asking price/ sq ft: $201
Purchase price: $1,300,000
Purchase date: 5/25/07
Size: 5 beds, 5.5 baths, 4,300 sq ft (built in 2005)
MLS: S573895 (71 days on Redfin)
Original asking price: $975,000
HOA dues: $190
Type: Single Family Residence
Style: Carriage House
Stories: 2
Lot size: 5,619 Sq. Ft.
From listing: Beautiful 5 Bedrooms plus Office,Den,& Sun Room! ** Loads of upgrades! Located on a culdesac close to the park! Looks like 'Father of the Bride' home! Office has custom built-ins with wood panels and custom ceiling, crown moulding through-out. Upgraded flooring and custom window treatments, Built-in Speakers, Large Gourmet kitchen with island, granite counters, wood cabinetry, wine fridge and much more, Family room has beautiful custom wood built-in media niche and surround sound speakers. Intercom system throughout the house. Third Car garage was converted to an extra room, could easily convert back to a garage. Backyard has been professionally landscaped. This is an entertainers dream yard! Built-in BBQ & Fireplace, custom built-in Spa, Outdoor Logia and Putting Green with outdoor speakers. close to the water parks, school and club houses.

For the fiscal year ending in June 2009, the taxes on this property were $19,997. That includes more than $6,000 on mello roos alone. Of course, if the property changes hands for a lot less money, then the taxes go down. But that's still a lot of mello roos.

It will be interesting to see how much the lender lets this one go for (if it indeed does complete the sale). We wouldn't be surprised if the agreed-upon price was higher than the asking price considering the discount off the 2007 price ($435,000). But if that were the sales price, and we include transaction costs, the loss would be nearly $490,000 - not including all that money spent on upgrades..