Wednesday, July 12, 2006

Wow, massive loss - 14688 CARMEL RIDGE, SD - Rancho Bernardo, CA 92128

This is a massive loss both cash and percentagewise from the last transaction on this property in late 2005.

This is from the MLS Listing Description:

Short sale!!! Short sale!!! Short sale!!!! Lender approval required to purchase property. Great deal (just check the comps). Bring your offers asap before you miss this great deal.

Current Price: $540,000-590,000

Purchase Price: $735,000

Loss @6% Sales Expenses: $227,400

Purchase Date: 12/23/2005

MLS#: 066058946

Purchase Details: view

Thanks to masayako on the Piggington site for finding this significant example of our declining real estate market.

3 comments:

masayako said...

A real massive loss, no doubt.

I used to live in Carmel Mountain Ranch. Thanks for spreading the news to others.


- masayako

Anonymous said...

OMG!!!

Like a bad traffic accident - I'm horrified, and yet transfixed.

ocrenter said...

massive loss, yes. time to buy? still a no. I just can't believe someone actually paid over $700,000 on a small 1700 sqft home with basically no lot.

the $540,000 asking price is actually comparable to other homes of similar size. as we head deeper into the slide, the prices will continue to decline. Currently monthly mortgage will take up $2700. how much can you rent this place out for? $2300?

not yet, don't catch the falling knife!