According to the realtor, this home at 9305 Kingsmill Lane is on the verge of foreclosure. The listing in this weekends newspaper states "Last chance, bank says sell or FORECLOSURE", "steal me" and "Hurry to beat the bank".
This home was purchased on December 30, 2003 for $305,000. Where did all the equity go? This new list price is $146 per square foot.
Here is the listing from the local MLS:
4th Price Cut! Now$45,000 off! $146/sq.ft! Best deal in Riverlakes! Hurry FORECLOSURE is CLOSE! Beautiful,quiet,secure,private,GATED with SECURITY
PATROL,surrounded by Riverlakes golf course! Great location close to golf, shopping,dining,& excellent schools.Built 2003.Upgrades thru-out! 4BRM
plus big OFFICE/bonus room,2.5 baths,great SPLIT-WING floorplan,deluxe granite-topped island kitchen,walk-in pantry,extra storage & closets,big laundry rm w/sink & cabs, full-sized bedrooms, blt-in lighting & more!
5 comments:
I see no price: how much are they asking?
the poor sap only owes 274K
Subject Property Location
9305 KINGSMILL LN, BAKERSFIELD, CA 93312-3967
County: KERN CA Census Tract: 0038.06
Property Use: Single Family Residential Zoning:
Parcel Number: 494-672-22 Thomas Bros Pg-Grid:
Current Owner:
Owner Name: CHANG MYUNG WOO Assessment Year: 2006
Care Of Name:
Mailing Address:9305 KINGSMILL LN, BAKERSFIELD, CA 93312-3967
County Tax & Assessment:
Assessment Year: 2006 Market Value Year: Tax Rate Code Area: 1-221
Assd Land Value: $62,424 Market Land Value: Tax Year: 2005
Assd Improvement: $254,898 Market Improvment Value: Total Tax Amount: $4,005
Total Assessed Value: $317,322 Total Assessor Market Value: Delinquent Year:
Assessee Name: CHANG MYUNG WOO Tax Account ID:
Mailing Address: 9305 KINGSMILL LN Homeowner's Exemption:
BAKERSFIELD, CA 93312-3967 Tax Exemptions:
Assessment Legal Description
Block: PH176 Tract No: 6107
Abbreviated Description: MAP 6107 , BLOCK PH1, LOT 76
Property Characteristics:
Lot Size: 8,712 SF Bedrooms: 4 Pool:
Building Area: 2,911 SF Baths: 2.5 Fireplace: 1
Year Built: 2003 Partial Baths: Type Const:
Number of Buildings: Number of Rooms: Ext Walls:
Number of Units: Garage Type: Heating: Forced Air
Number of Stories: 1 Number of Cars: A/C: Refrig
Style: Basement: Roof Cover:
Foundation: Elevator:
Subject Property Deed/Transfer History:
Prior Transfer
Recording Date: 12/30/2003 Sales Price: $305,000
Document #: 0203279742 BK-PG - Type of Sale: Full-Computed from Transfer Tax
Document Type: Grant Deed
Multi APN Flag:
Buyer Names: CHANG, MYUNG WOO Buyer Vesting Married Man as his sole and separate property
Care of Name:
Mailing Address:9305 KINGSMILL LN, BAKERSFIELD, CA 93312-3967
Seller Name:D R HORTON LOS ANGELES HOLDING CO INC,
Mortgage Doc #: 0203279743 Loan Amount: $274,470
Lender Name: CH MORTGAGE COMPANY I LTD Interest Rate:
Loan Type: Unknown 2nd Loan Amt: N/A
Type Financing:
Legal Description:
Lot: 76 Tract No: 6107 Phase No: 1 Map Ref: MB49 PG45-49
City/Muni/Twp: BAKERSFIELD
$425,000 asking price. Looks like a pipe dream to me.
But think about what this is saying. He bought the home in Dec 2003 for $305,000. The bank loaned $274,000. This won't sell at the Trustee Sale. The bank should charge off a few thousand and relist at a lower price. If they were to do that, it would mean the Bakersfield market has experienced negative appreciation since 2003? Crazy to think about that. The mainstream media, NAR, and Fed would like us to believe that real estate prices have fallen only 3% - 5% over the last year, but this property has fallen 10% since 2003. This market is completely upside down, and I don't think anyone realizes it yet.
So here's the question I'm wondering about. Will the bank, in its infinite wisdom, relist this property at book value, above book value, or below book value. I'd say they're going to list it above. They are going to get some stupid appraiser to look at some recent sales comps and appraise it at some unrealisitc value. I wouldn't be surprised if the bank lists it near its current list price.
FOURTH price cut and $45,000 down. How long has this been on the market? I thought agent was to help determine price.
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