50% Loss in Real Estate (or more)

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Found on Sacramento Flippers in Trouble blog.



49.9% of high sales price. 50.9% reduction from MLS listing high.



<u><a href="http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=80031829&page=1&property_type=SFR&mls=mls_sacramento&cKey=m2kcz4f9&source=MFMLS">2963 Joerger St, Rancho Cordova</a></u>



It's been on the market since 04/2006 so the agent remarks to "go see it now, this one will not last" are particularly humorous.
 
<blockquote>listing it is down 50% but only down 20% from last purchase...does this still count?</blockquote>


Counts in my book. :-)
 
1250 S. Garsney has been on Redfin 281 days, yet the Realtard still claims "This property will not last."



Amazing. I predict a ton of sub $200k SFRs in Santa Ana's future. With fathers standing in their front yards being gunned down by gang members (just north of this property) in broad daylight, and craphole houses - there is a long way 'til bottom.
 
<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=737584">1-bedroom condo in Anaheim </a>is 51% off and a 2003 rollback



<strong>Asking: </strong>$115,900

<strong>Previous sale:</strong> $235,000





<strong>Listing price history:</strong>

May 08, 2007 $262,000

Jun 19, 2007 $259,900

Sep 21, 2007 $249,000

Oct 27, 2007 $238,000

Nov 09, 2007 $229,000

Dec 05, 2007 $209,000

Dec 22, 2007 $172,000

Feb 07, 2008 $162,000

Mar 22, 2008 $150,000

Apr 17, 2008 $115,900



<img src="http://i-0.rfimg.us/photo/46/bigphoto/204/P576204_1.jpg" alt="" />
 
[quote author="caliguy2699" date=1208473669]<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=737584">1-bedroom condo in Anaheim </a>is 51% off and a 2003 rollback



</blockquote>
I am amazed that anyone payed $260k+ for a 1950's era 1-bedroom apartment. If you had told me that 4 years ago, I would have laughed until my stomach hurt.
 
OMG!



$190 dues, plus PITI, even at $100k has got to be $12.5k/yr.



i doubt you can get more than $700/month rent for that.





and who would want to live there?
 
[quote author="CM_Dude" date=1208496842]How about being a brand new homeowner and STILL have to do you laundry in the community laundry room!?</blockquote>


You could get a ventless washer/dryer combo. Won't work as well as the real thing, but good enough for a bachelor to launder his own undergarments.
 
[quote author="momopi" date=1208577925][quote author="CM_Dude" date=1208496842]How about being a brand new homeowner and STILL have to do you laundry in the community laundry room!?</blockquote>


You could get a ventless washer/dryer combo. Won't work as well as the real thing, but good enough for a bachelor to launder his own undergarments.</blockquote>


Looks to me like condo conversion from an apartment. This happened a lot during the bubble. I don't know how to find out if that's what your looking at here. Based on the pics I see no reason to ever buy this place without the expectation of continued price apprecation that was present during the bubble. I predict the sellars will have a hard time unloading this place.
 
1986 ORANGE AVE Costa Mesa



I can't believe someone got this for $430K. That would have been absolute steal. The sale date for the $430K is the date of the foreclosure. Are you sure that $430K wasn't just one of the loan amounts that was foreclosed on?
 
<a href="http://www.redfin.com/stingray/do/printable-property?external_id=4603001">http://www.redfin.com/stingray/do/printable-property?external_id=4603001</a>

<strong>

I'm 99.99% sure that the 430K is the foreclosure on the 1st.</strong>



it hasn't come back on the market yet, though.



maybe someone with some chops can look up the lein situation.
 
Exactly... It will be interesting to see what it sells for when it comes on the market. I'll bet anyone here $1 that it won't be for 53% off the last sales price :)
 
[quote author="freedomCM" date=1209524702]<a href="http://www.redfin.com/stingray/do/printable-property?external_id=4603001">http://www.redfin.com/stingray/do/printable-property?external_id=4603001</a>

<strong>

I'm 99.99% sure that the 430K is the foreclosure on the 1st.</strong>



it hasn't come back on the market yet, though.



maybe someone with some chops can look up the lein situation.</blockquote>


The original lot at 1986 Orange was 15,150 Sq. Ft. The property was then subdivided, this year. The SFR on a 7,600 sq. ft. lot, sold for $849K and the remaining 7,500 sq. ft. lot sold for $430K. The total sale was for $1.279M and escrow closed on 2/6/2008. This was not an REO transaction.
 
Price drop last Friday puts this one at 59% off so far. Whoever became the owner recently (the bank?) appears not to give a rat's ass about local property values.



1001 W Stevens Ave #232

Santa Ana, CA 92707



<strong>Price: $139,900 </strong>



Beds: 2

Baths: 2

Sq. Ft.: 900

$/Sq. Ft.: $155



Listing Price

Feb 05, 2008 $189,900

Mar 04, 2008 $179,900

Apr 03, 2008 $169,900

Apr 25, 2008 $159,900

May 15, 2008 $149,900

Jun 06, 2008 $139,900



Sales History

Apr 22, 2003 $177,000

<strong>Oct 14, 2005 $340,000 </strong>

Jan 25, 2008 $282,979



<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-232/home/5239180">http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-232/home/5239180</a>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/267/R801267_1.jpg" alt="" />
 
[quote author="caycifish" date=1213054822]Price drop last Friday puts this one at 59% off so far. Whoever became the owner recently (the bank?) appears not to give a rat's ass about local property values.



1001 W Stevens Ave #232

Santa Ana, CA 92707



<strong>Price: $139,900 </strong>



Beds: 2

Baths: 2

Sq. Ft.: 900

$/Sq. Ft.: $155



Listing Price

Feb 05, 2008 $189,900

Mar 04, 2008 $179,900

Apr 03, 2008 $169,900

Apr 25, 2008 $159,900

May 15, 2008 $149,900

Jun 06, 2008 $139,900



Sales History

Apr 22, 2003 $177,000

<strong>Oct 14, 2005 $340,000 </strong>

Jan 25, 2008 $282,979



<a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-232/home/5239180">http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-232/home/5239180</a>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/267/R801267_1.jpg" alt="" /></blockquote>


They've got competition. $129,500. Unit 230. <a href="http://www.redfin.com/CA/Santa-Ana/1001-W-Stevens-Ave-92707/unit-230/home/5239172">Redfin Link</a>
 
but with the high ($354) HOA, and only one carport space, plus that it is quite small (850sf), it is still a stretch for an investor.



breakeven on $1250 rent?
 
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