Sunday, August 30, 2009

$500k loss in 4S

Address: 10141 Winecrest
Asking Price: $999,999
Property Tax: 1.407% HOA: $134
Income Requirement: $250,000
Downpayment Needed: $200,000
Monthly Cash Burn: $6,183
Ownership Cost: $5,098

Beds: 5
Baths: 5.5
Sq. Ft.: 4,854
$/Sq. Ft.: $206
Lot Size: 0.36 Acres
Property Type:Residential, Detached
Style:Mediterranean/Spanish
Stories:2
View:Mountains/Hills, Valley/Canyon
Year Built: 2006
Community: Ivy Gate/4S Ranch
County: San Diego
MLS#: 090045268
Source: SANDICOR
Status: Contingent
On Redfin: 21 days

Owner loss is your gain. 5BR Executive Home in Gated Community, gourmet granite kitchen w/ island counter, stainless steel appliances, breakfast bar, loft, office. Engineered Cherry hardwood flooring in living room, dining room and office. Master bath and downstair baths were in middle of upgrades, down stair flooring not complete. Buyer to verify all before COE including HOA fees, property taxes, square footage. Property to be Sold AS-IS. Seller will not provide termite clearance or repairs.

So for a $1million, you don't even get a house free of termites, or useable bathrooms, nor a floor. You don't even get a recent photo of the front or photos of the inside. The front photo is not even straight so the house is slanted.
Sales History: Oct 20, 2006 Sold $1,480,000
So with a 6% commission and a sale at list price, then someone is losing $540,000.

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