Here's a great example of a single family detached home in North County San Diego that's seen a signficant value decline since it last changed hands just less than a year ago.
The price reduction history below speaks for itself:
Price Reduced: 07/21/06 -- $545,000 to $530,000
Price Reduced: 09/13/06 -- $530,000 to $519,000
Price Reduced: 09/23/06 -- $519,000 to $500,000
Price Reduced: 10/16/06 -- $500,000 to $490,000
Type: Listed on MLS(#066046518)
Resale Price: $495,000
(Range priced $490,000 to $500,000)
Cost: $571,000
Loss@6% Sales Expenses: $105,700
Loss%: 18.51%
Purchase Date: 11/30/2005
Holding Period: 11 months and counting...
Bedrooms: 3
Bathrooms: 2.5
Square Feet: 1581
Purchase Details: view
Thanks to John for the lead on the property. Send examples of losses to me directly at brightside@inbox.com!
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3 comments:
looks like we both decided to pick on 4S Ranch today.
the said property is in pre-foreclosure with 3 additional months until auction.
it is, of course, another zero down, 100% financing victim.
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I looked at these houses back in
2003, builder was asking around
400k. If you add .5% extra tax
for MR and 2 association fees, one
for common area and one for 4S
ranch community. It adds up to extra $1000 a month. Not a deal
back then and not a good deal now. House worth around $350K on a good day.
"It adds up to extra $1000 a month"
Life must be good for those people who bought these houses, Idiots.
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