** AN IRVINE HOUSING BLOG NEWS FLASH **
A 2003 rollback has been sighted!
We interrupt our regularly scheduled sequence of properties in Quail Hill to bring you this special breaking story. An auction site has listed a property for sale at a price lower than its 2003 purchase price.
Is this a ploy to generate a bidding frenzy? Sure it is.
Will it sell for less than its 2003 purchase price? Who knows.
Is this auction site hoping the Irvine Housing Blog will call attention to their listing? Power To The People. Always glad to be of service…
Purchase Price: $415,000
Purchase Date: 12/2/2003
Address: 1404 Terra Bella, Irvine, CA 92602
Beds: 2
Baths: 2.5
Sq. Ft.: 1,327
$/Sq. Ft.: $301
Lot Size: –
Year Built: 2001
Type: Condominium
View: Mountain
County: Orange
Neighborhood: Northpark
MLS#: S494809
Status: Active
On Redfin: 30 days
From Redfin, “This is a fabulous Tuscan Villa with upgrades galore. This warm and inviting home is bright with extra windows and faces the morning sun. Ceramic tile flooring, Euro White Cabinets, Window Blinds and shutters, Neutral designer carpet with a security system can all be yours! This is a private end unit with no one above or below.”
Link to Auction site The auction is today, so there is still time if you want to buy it… Not.
.
.
The property records from my data source shows a first mortgage for $331,840 and no second. There must be more to this story for it to be going at auction.
If this sells for asking price, and the auctioneer takes a 10% commission (that is their fee), the seller will recognize a loss of $55,000 on a 2003 purchase.
What more needs to be said…
How about Jim Cramer’s take on the housing market…
What a difference nine months makes…
So long sad times
Go long bad times
We are rid of you at last
Howdy gay times
Cloudy gray times
You are now a thing of the past
Happy days are here again
The skies above are clear again
So let’s sing a song of cheer again
Happy days are here again
Happy Days are Here Again – Music and Lyrics by J. Yellen and M. Ager
Youtube link Barbra Streisand – Happy Days Are Here Again
A special thanks to mk9 for posting this property in our forum.