Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
Here is a fun one in AV;

Redfin Link

Asking price: $200,000

Purchase price: $329,000 in August 2006

This would be a 43% loss in 18 months after factoring in a 6% commission. They have reduced the price 5 times by a total of $125k since listing on 12/25, although if I remember correctly this had been listed before and pulled off right before the holidays.
 
I've driven by that complex before...I thought it was an apartment complex until I saw the for sale signs. Interesting mix of carports, garages and "garages" that are really covered parking spots with no doors.
 
Another rollback in CdM...

U8000823_0.jpg


Asking price: $1,495,000

Purchase price: $1,800,000

Purchase date: 12/3/07
 
41% off 2006 price

Original buyer in 1988 wouldn't have broke even until 1997. 1997 buyer made out like a bandit. 2005 buyer sold just in time.

29432 Kensington Dr

Laguna Niguel, CA 92677

Price: $635,000

Beds: 4

Baths: 3

Sq. Ft.: 2,238

$/Sq. Ft.: $284

Lot Size: 6,440 Sq. Ft.

Type: Single Family Residence

MLS#: S523258

Status: Active

On Redfin: 1 day

Sales History

Date Price Appreciation

Nov 15, 1988 $274,500 --

Feb 22, 1993 $257,523 -1.5%/yr

Jul 23, 1993 $195,000 -49.0%/yr

Sep 03, 1997 $280,000 9.2%/yr

Jun 16, 2005 $975,000 17.4%/yr

Dec 28, 2006 $1,089,000 7.5%/yr

http://www.redfin.com/stingray/do/printable-listing?listing-id=1514168
 
Sales History

Date Price Appreciation

Nov 15, 1988 $274,500 --

Feb 22, 1993 $257,523 -1.5%/yr - Notice the dead cat bounce? 1993 was when the Fed lowered rates, and people thought the market was coming back.

Jul 23, 1993 $195,000 -49.0%/yr

Sep 03, 1997 $280,000 9.2%/yr

Jun 16, 2005 $975,000 17.4%/yr

Dec 28, 2006 $1,089,000 7.5%/yr
 
Is this for real? Everything around it is selling for 590,000 to 615,000

Price: $374,500

Beds:

3

R711857_5.jpg


Baths:

2

Sq. Ft.:

1,407

$/Sq. Ft.:

$266

Lot Size:

7,840 Sq. Ft.

Type:

Single Family Residence

Style:

Spanish

Year Built:

1971

Stories:

One Level

View(s):

Canyon

County:

Orange

MLS#:

R711857

Status:

Active

On Redfin:

125 days

http://www.redfin.com/stingray/do/printable-listing?listing-id=1243435

Sales History

Date

Price

Appreciation

Aug 02, 2007

$560,000
 
Yep that's for real and it's also quite funny since it was just re-listed on Redfin. Good to know the previous listing is still showing up. Good for them that they took down some of the photos that used to be with the listing and showed the remodeling. I have one still up with the blog post I did in January here.
 
Do you think they would actually accept an offer at that listing price?

Or do you think they are just hoping people will have a bidding war?
 
At this point they might just want to cut their losses and get the heck out of there - perhaps they want to try and start a bidding war but they will probably be receiving lowball offers. Wonder what the lender has to say, assuming there is a mortgage(s) on this place.
 
Matt Padilla is doing round two of his REO smack down. Here is the comment I left, that is waiting for moderation (too many links)...

Matt,

Here are the Redfin links for the properties…

Tangerine Place, it sold for $950k in Feb. of 2006, then Citi took it back for $808k. Ouch, and there are six other homes listed on Tangerine, all are $1.198mil and above. Granted they are all larger homes, but the lowest sqft. price is $281 a sqft. Wow, I just checked the 2003 price was $647k, and adjusted for inflation the $769k price is almost the same as 2003.

Raintree Drive, Wells took this one back for $368k, and it still needs work IMO. There was another home that sold for $477k on Raintree in December, but it sold for $580k in Feb. of 2006. Right in line with the DQ percentage drop of 20%.

The one on Swallow doesn’t appear to be on the MLS. But, the Redfin info makes it seem like B of A took it back for $650k in June of 2006. Again, this one sold for $522k in 2003, and it is only about $20k above the inflation adjusted price.
 
Pretty significant drop in Newport...

L24806_1_0.jpg


12 Shellprint CT,Newport Beach, CA 92663

Asking price: $695,000

Purchase price: $828,000 (11/17/05)

BTW, this discount is off the original purchase price when the house was new in 05, if Zillow is accurate.
 
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