What's a million between friends?

Here's a $1.6 million short sale in Talega (San Clemente). It's even overlooking the 5th hole of the Talega Golf Course. Sweet! Not if you're the lender and the asking price is $1 million below the previous sales price.

24 Corte Vizcaya, 92673
Asking price: $1,600,000
Asking price/ sq ft: $284
Purchase price: $2,600,000
Purchase date: 5/15/06
Size: 5 beds, 5.5 baths, 5,633 sq ft (built in 2001)
MLS: S521360 (531 days on Redfin)
ZipRealty price tracker: Price Reduced: 03/03/08 -- $2,495,000 to $2,299,000
Price Reduced: 03/26/08 -- $2,299,000 to $2,100,000
Price Reduced: 04/01/08 -- $2,100,000 to $1,995,000
Price Reduced: 05/24/08 -- $1,995,000 to $1,800,000
Price Increased: 06/06/08 -- $1,800,000 to $1,850,000
Price Reduced: 03/25/09 -- $1,750,000 to $1,650,000
HOA dues: $158
Type: Single Family Residence
Style: Mediterranean
Stories: 3+
Lot size: 0.51 Acres
From listing: Overlooking the 5th hole of the Talega Golf Course on one of the most coveted lots in Talega, this exceptional Vizcaya property is rich in luxury. Amenities include plank-wood & Travertine flooring, custom window treatments, billiards and media rooms, and a gourmet kitchen with Viking S/S appliances and Sub-Zero fridge. Outside, discover an entertainer's dream yard, complete with private pool, spa, cabana, built-in outdoor kitchen and personal tot-lot. Enjoy resort living at its best - while in the privacy and comfort of your own home.

Here's another of your increasingly common high-end short sales. Think this property is going to move any time soon considering the asking price? That probably helps explain why the house has been on the market for more than 500 days!

And, judging by the pictures, it's also empty. There's a notice of default and it's a short sale. Double whammy.

Assuming the property is sold for the current asking price...well there's not really much use in going through that exercise because we know the inevitable result: this will likely become a foreclosure, go back to the bank and then get resold.