We've got four pending sales in the Ladera Ranch community of Chambray - two more active listings are looking for buyers. All four of the pending sales are also short sales.
Just a few years ago, these were going for $500k+. Let's see what's going on down there...
68 Garrison Loop
Last asking price: $298,500-324,567
Previous sales price: $515,000
Previous sales date: 7/21/06
Size: 3 beds, 2.5 baths, 1,417 sq ft
Listing description snippet: WHEN CAN YOU REMEMBER THE LAST OPPORTUNITY TO BUY A PROPERTY LIKE THIS? THIS IS AN EXCELLENT VALUE. 3 BEDROOMS, 2 1/2 BATHS, 2 CAR GARAGE, 2 STORY, AND IT SHOWS BEAUTIFULLY!
36 Garrison Loop
Last asking price: $335,000
Previous sales price: N/A
Previous sales date: N/A
Size: 3 beds, 2.5 baths, 1,417 sq ft
Listing description snippet: Highly upgraded unit in a great location. Tile entry with New Pergo wood flooring in Dining and Kitchen. New Carpeting in Livingroom with tiled fireplace and ceiling fan. Upgraded cabinets, Ceiling fans in all bedrooms and Plantation Shutters throughout. Master bedroom has walk-in closet in master bath and double vanity. Inside laundry.
41 Chadron Circle
Last asking price: $329,900
Previous sales price: $480,000
Previous sales date: 6/26/06
Size: 3 beds, 2.5 baths, 1,500 sq ft
Listing description snippet: Wrap-around private porch/entertainment area. Corian Counters, separate formal dining room, two separate living areas )formal living/family). Kitchen counter bar eating area. Built-in media niche & stone surround fireplace in family room. Ceiling fans throughout, encased windows. Garage cabinetry with sink. Chaparral - Highest Rated Elementary!!!Pride of Ownership...
11 Chadron Circle
Last asking price: $330,000
Previous sales price: $525,000
Previous sales date: 7/28/05
Size: 3 beds, 2.5 baths, 1,417 sq ft
Listing description snippet: This is an amazing opportunity to live in one of south OC's most sought-after neighborhood communities. Beautiful view of the canyon, rolling hills, and stunning sunsets. Nestled in a peaceful location of the tract.
Monday, September 21, 2009
Lots of Ladera pendings
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9 comments:
Too bad Tax rate is over 2%.
Suckers
Taxes are $5,240 on $333,000. Isn't that 1.57%?
Don't forget $320/month in non-tax deductible HOA's. That's nearly $4K a year to go to the pool. I hope they like to swim.
I do think HOA dues for shared wall homes are expensive in Ladera - as you said, approx. $320 per month or double the standard $160 per month HOA dues. However, for full disclosure that does include monthly Internet fees, home insurance on the structure, and access to all of Ladera's pools, water parks, skate park, clubhouses, etc. Not sure why people seem to be prejudiced against Ladera here - seems to be a lot of good deals at these prices now.
Because the location sucks and it is primarily a community built ground up from the housing bubble (the homes, the financing, all the foreclosures, the wanna be "image", etc.). Those are $175,000 condos when this debacle is through (as they should be).
There is a premium in Ladera for a reason. It is actually a very good location with great schools, lots of amenities and community events - especially for families with children. I've been there for 7 years and would not want to live anywhere else.
I think over $300/month in excess expenses is pricey, for any community. Okay, internet and insurance: $100/month. That leaves over $200/month for fluff. I've got kids, so I see the appeal. But kids aren't kids forever, and my household certainly doesn't spend that kind of cash each month on entertainment. I think it's excessive.
This is not a knock on the mello roos. A good education in Capo Unified is getting harder and harder to come by, and the extra property taxes may be arguably cheaper than private school.
But as I said before, once the kids grow up, do you still want to invest that kind of money for things you won't take advantage of? I wouldn't.
Fraudera Ranch is going down. This could end up like Compton if the housing gamblers are exposed for the true posers at least 50% of them are. A good portion of folks living out there were tied to Real estate, housing or mortgages for their employment. Now that the bubble has burst their employment has ended or their monthly income decreased. How can they afford their high payments and mello roos? Maybe they aren't paying and the banks aren't foreclosing yet. Must be nice to live rent free.
In 2010 a whole new wave of option ARM loans are going to reset. Will these folks be willing to pay twice as much to own as they could be renting something for?
When interest rates go up not too far in the future, foreclosures will keep coming, and prices will be driven down even further. "But my real estate agent told me these would be worth a million in a few years!" What a disaster.
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