Friday, April 4, 2008
The $600k club
When you are a little too good for the $500k club you need to join the $600k club. The newest member of this exclusive club is at 22383 Quiet Bay Dr. in So. Corona.
This home is in The Retreat and was built in 2006. It looks like it sold new for $1.31 million which is amazing for a tract home is So. Corona. The home is 4152 sq/ft and has 4 beds and 4.5 baths. The lot is small for the retreat at just over 9000 sq/ft.
This one went back to the lender in late Jan for $787k. That seems like a very small amount considering the original purchase price. I think this poor sap may have actually made a hefty down payment on this house.
The bank has listed this home at $670K which make this home nearly 50% off the original purchase price and a total loss of $640K (assuming they can actually sell it at this price)
But wait, this fella is not the only member of the $600k club on this street! 22369 Quiet Bay is also for sale as a bank owned propery. It's the same model as the first home just a few houses away. This home was purchased new for 1.38 Million in Jan 07!. The bank got it back a short 12 months later for $980k. This also looks like the buyer might have actually put some cash into the deal ( I just can't see them having a 2nd for 40% of the purchase price). The bank has this home listed for $750k. That is $630k less than the original purchase price for a loss of about 45% if they can get the price. That is highly doubtful now that a model match a few doors away is $80k cheaper.