Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
<p>This has got to hurt. <a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1104074">http://www.redfin.com/stingray/do/printable-listing?listing-id=1104074</a></p>

<p>Bought one and one half years ago for $1,445,000. Asking price today is $1,150,000. Let's be kind and speculate the owner receives a bid at 95% of asking, or $1,092,500 and a commission of 5% or $54,625 for a net of $1,037,875.</p>

<p>Tentative loss is $407,125 or 28% in one and one half years. OUCH! That has got to hurt.</p>

<p>In the photos, the property is vacant. Is someone making two payments? Is it bank owned? The listing says, "Home is ready to move in, quick escrow today!" Grammer aside, that little statement would clue me in that this owner may welcome any offer, including one under 95% of the asking price.</p>

<p>I guess the subprime problems won't be affecting the high end real estate market, eh? </p>
 
awgee,





Here are the private remarks for that property:


"<em>Vacant and ready to go! Agents, don't be afraid to make an offer even if you think it is low! Corporation is ready to sell NOW and is extremely motivated!</em>"
 
<p>From the comments link from http://calculatedrisk.blogspot.com/2007/11/s-record-home-price-declines.html</p>

<p>sportsfan | 11.27.07 - 10:18 am | #





A plus one on the lsitings...I am following raw land prices in the Southwest Florida area. I am looking for a 5-10 acre lot. 18-24 months ago they were 20-40k per acre. I looked at one last weekend selling for 8k and another at 9k per acre. In my current area raw lots are only selling at a 80-90% discount from the high point(40/50k ea to 4.5/7k).





Couple of other points...I have been following listed short sales for multi family units in Cape Coral,Fl for the last few months. All but one or two have ended up returning to the banks. They were listed for approx 50% of original selling prices.





When i transferred to Port Charlotte 3 years ago there were virtually NO listings under 100k. I just checked...We broke 400 under 100k just today. How about a 40k house on the market for 4+ months with no lookers??





I would guess we are 6 months or so ahead of the rest of the country...


</p>
 
19 ROCKY CREEK LANE, Laguna Hills, CA 92653

List Price: $544,900

Last Sale: 05/19/05

Sales Price: $645,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,600

Lot Size: 4,500 Sq. Ft.

Year Built: 1985

Listing Date: 11/23/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: U7004855

**************************

27056 MARISCAL LANE, Mission Viejo, CA 92691**

List Price: $754,900

Last Sale: 07/21/05

Sales Price: $975,000

Bedrooms: 5

Full Baths: 2

Partial Baths: 1

Square Feet: 2,923

Lot Size: 7,704 Sq. Ft.

Year Built: 1970

Listing Date: 11/23/07

On Market: 2 days

Type: SFR

Status: ACTIVE

MLS #: S51361

*********************

19 GRANVILLE STREET, Mission Viejo, CA 92694**

List Price: $399,999

Last Sale: 05/06/05

Sales Price: $540,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 1

Square Feet: 1,675

Lot Size: N/A

Year Built: 2001

Listing Date: 11/26/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513765

******************************

23926 BARTON STREET, Lake Forest, CA 92630

List Price: $539,000

Last Sale: 05/23/05

Sales Price: $630,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,540

Lot Size: 4,794 Sq. Ft.

Year Built: 1974

Listing Date: 11/26/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: P611578

***************************

27642 DAISYFIELD DRIVE, Laguna Niguel, CA 92677

List Price: $1,155,000

Last Sale: 12/15/05

Sales Price: $1,455,000

Bedrooms: 5

Full Baths: 4

Partial Baths: 1

Square Feet: 3,336

Lot Size: 7,000 Sq. Ft.

Year Built: 2005

Listing Date: 11/26/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S513756
 
ns2524 - Thanks for the post. Interesting on the Daisyfield Drive property. Looks like it's now been reborn as an REO. I <a href="http://www.southoctracker.com/2007/09/something-went-terribly-terribly-wrong.html">posted on it in September here </a>(they were asking $1.349 million then, by that point it had been on the market for about 100 days. The original asking price was $1.725 million) <a href="http://www.southoctracker.com/2007/10/update-something-went-terribly-terribly.html">and again</a> in October speculating about whether it sold, but then I was told it did not sell and was going through foreclosure.
 
<p>As to the SW area of Florida--that is the pits.</p>

<p>Sooner or later the overbuilding in Miami-Dade will be sucked up and sold. In SW Florida, there is no there there. The overbuilding was so severe that the houses/units may rot before they are sold.</p>

<p>In Hendry County, acre and a half lots were selling a few years ago for 4-6,000. They went up to ridiculous prices like 40-60 thousand. Now they are right back down to the 4-6,000. Hendry is NW of Miami-Dade in the center of Fla. Would-be paisanos from here buy there to garden a bit and get away from it all. Then, everybody was going to get rich in a county in the middle of nowhere, where the money is made on sugar cane and cattle, and a bit of other farming. Not.</p>
 
Aliso Viejo is starting to tank as much as Ladera.

124 VERDIN LANE, Aliso Viejo, CA 92656

List Price: $350,000

Last Sale: 02/23/05

Sales Price: $445,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 1

Square Feet: 1,125

Lot Size: N/A

Year Built: 1992

Listing Date: 11/27/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513879
 
25334 VIA VIEJO STREET #55, Lake Forest, CA 92630

LAST SALE: $510,000 (05/17/2007)

List Price: $395,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 0

Square Feet: 1,213

Lot Size: N/A

Year Built: 1973

Listing Date: 11/27/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513887



6 SILVEROAK, Aliso Viejo, CA 92656

List Price: $427,900

Last Sale: 11/17/05

Sales Price: $538,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,335

Lot Size: 3,215 Sq. Ft.

Year Built: 1989

Listing Date: 11/26/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513866
 
<em>25334 VIA VIEJO STREET #55, Lake Forest, CA 92630</em>

<em>LAST SALE: $510,000 (05/17/2007) </em>

<em>List Price: $395,000</em>

<em></em>

Damn! That's gotta hurt!
 
<p>Somebody paid $575K for a 1955 house in the ghetto (check the cross streets) with the 91 freeway for a backyard (check the aerial photo). </p>

<p><em>Shakes head</em></p>

<p>1325 East Rosewood AVE


Anaheim, CA 92805</p>

<p><strong>Price: $449,000 </strong></p>

<p>$/Sq. Ft.: <strong>$233</strong> </p>

<p>Beds: 3


Baths: 2.5


Sq. Ft.: 1,926</p>

<p>Sale History:</p>

09/27/2007 $485,100


<strong>09/07/2005 $575,000</strong>


05/31/2000 $198,000


<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1305129">http://www.redfin.com/stingray/do/printable-listing?listing-id=1305129</a></p>
 
<p>Yet another $100K+ loss. This one is REO. Are we bored yet? </p>

<p>1449 West Orangethorpe AVE


Fullerton, CA 92833</p>

<p><strong>Price: $419,900 </strong></p>

<p>$/Sq. Ft.: $328</p>

<p>Beds: 3


Baths: 2


Sq. Ft.: 1,279</p>

<p>Sale History:</p>

10/25/2007 $452,056


<strong>11/16/2005 $540,000</strong>


10/04/1999 $182,500


<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1311872">http://www.redfin.com/stingray/do/printable-listing?listing-id=1311872</a></p>
 
131 LA MIRAGE CIRCLE, Aliso Viejo, CA 92656**

List Price: $399,900

Last Sale: 02/06/06

Sales Price: $485,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,162

Lot Size: 3,129 Sq. Ft.

Year Built: 1994

Listing Date: 11/28/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513972

*******************

85 PLATEAU, Aliso Viejo, CA 92656

List Price: $669,900

Last Sale: 09/08/05

Sales Price: $779,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 1

Square Feet: 2,000

Lot Size: N/A

Year Built: 2001

Listing Date: 11/28/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S513975

**********************

21797 LAKE VISTA DRIVE, Lake Forest, CA 92630

List Price: $400,000

Last Sale: 09/22/05

Sales Price: $515,000

Bedrooms: 4

Full Baths: 3

Partial Baths: 1

Square Feet: 1,672

Lot Size: 1,364 Sq. Ft.

Year Built: 1972

Listing Date: 11/28/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S514022

********************

28385 BOULDER, Lake Forest, CA 92679**

List Price: $429,900

Last Sale: 08/09/05

Sales Price: $526,000

Bedrooms: 3

Full Baths: 3

Partial Baths: 0

Square Feet: 1,303

Lot Size: 3,500 Sq. Ft.

Year Built: 1992

Listing Date: 11/28/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S513937

*********************

73 SANDPIPER LANE, Aliso Viejo, CA 92656

List Price: $330,000

Last Sale: 09/30/05

Sales Price: $419,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,000

Lot Size: 2,226 Sq. Ft.

Year Built: 1990

Listing Date: 11/27/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S513971

************************

68 AMY WAY, Mission Viejo, CA 92694

List Price: $499,000

Last Sale: 06/22/04

Sales Price: $665,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,600

Lot Size: N/A

Year Built: 2002

Listing Date: 11/27/07

On Market: 2 days

Type: SFR

Status: ACTIVE

MLS #: S513965
 
<p>Only $5k more reduction and <a target="_blank" href="http://www.redfin.com/stingray/do/printable-listing?listing-id=832920">this 1929 property</a> in Santa Ana will be 1/2 off.</p>

<p>Someone paid $590k for this. </p>

<p><img alt="" src="http://www.ziprealty.com/images_mls/SOCALMLS/P/58/29/P582955.jpg" /></p>

<p> </p>
 
If that home was North of 17th, I'd go buy it. Trouble is, it's not. I consider 17th south in that area the 'demilitrized zone' - you leave Floral Park, you're on your own.
 
<em>I wonder what cities did what all that tax revenue?





</em>Not much, OC only sees about 20% of the property tax revenue, and 80% goes to the state.
 
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