It's only fitting that the 100th post to feature a specific losing property also turn out to be the biggest dollar loss so far. This property was built in 2005 and changed hands only once so we can assume that the price data below was the price paid to the developer of the home.
Currently listed at a price range that when taking the average leads to a huge loss of $288,000+ when assuming 6% sales expense.
Type: Listed on MLS(#068084420)
Resale Price: $1,242,900
(Range priced $1,199,900 to $1,285,900)
Cost: $1,456,924
Loss@6% Sales Expenses: $288,598
Loss%: 19.81%
Purchase Date: 01/06/2006
Holding Period: 9 months and counting...
Bedrooms: 5
Bathrooms: 4.5
Square Feet: 5060
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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12 comments:
HAHAHA!!!
let the bloodshed begin!!!
i've been waiting for this for quite a while. maybe next yr i'll be able to buy something!
glad i sold my CA stuff last yr
The owner tried to rent this property for $4,000 a month in February, 2006. See the following link: http://72.14.253.104/search?q=cache:MNj64ybBAtQJ:www.utopiamanagement.com/rental_list/view.asp%3Funitid%3D5148+%2213348+Shadetree%22&hl=en&gl=us&ct=clnk&cd=3&ie=UTF-8
The buyer went into default on 8/7/2006.
I think this is just the start of a long and painful slide down. The people that were bragging non-stop about all their real estate exploits will be humbled.
Looks like the place is currently for rent:
http://www.utopiamanagement.com/property-management-scripps-ranch/13348-shadetree-court-5148.htm
I called the property manager this morning. They are offering a month-to-month lease @ $3995/month. For this 'discounted' lease amount they expect the tenant to:
1. show the property to potential buyers as needed AND
2. move out when a buyer is found.
Who would be dumb enough to signup for a lease program like that???
This property lost about $1000 per day.
$1000 per day does not include monthly payments made by owner. Couple that with the fact this property is in default, and this owner is much, much poorer than he / she was just 10 months ago.
Who would be dumb enough to think you could buy a house like this and lease it out short-term for $4,000 a month?
Zillow values this house for $669K.
Scripps Ranch is getting hit pretty bad. I just submitted another property that went pending. Looks like a good size loss in a little over six months.
13348 Shadetree Ct, San Diego, CA 92131 5 beds, 4.5 baths, 5,060 sq ft
ZESTIMATE™: $1,467,179
SOLD 12/07/2006: $1,053,903
Value Range: $1,335,133 - $1,716,599 Last updated: 01/30/2007
How can Zillow estimate the value of a property ~ 40% over the sale price within two months?
I'm not a big fan of Zillow, I don't think you can easily calculate the value of a property and that's pretty obvious as whenever I see their numbers they don't come very close.
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