Those of you who know Ladera Ranch, know that at the peak of the housing market, it was a cesspool of speculating flippers gone wild. Some of the most egregious lending happened here with Negative Amortizing loans that are quickly imploding faster than any subprime loan could. And the size of these loans is even bigger than subprime by multiples.
Ladera was carved out of some leftover parts of Mission Viejo abutted to San Juan Capistrano, and for the most part is searing hot in the summer with no views to speak of, has insane choked off traffic to get to the 5, or you endure ever-increasing tolls from “The Toll Road Company” whose stated objective is to siphon off as much of the local wealth as possible while crying foul and getting “Community Reinvestment” money from the Federal Government. Good to see that even if the rich won’t support the toll roads, everyone else gets to with their taxes (without the benefit of actually using the roads.
Our subject today is 40 Lewiston Court, Ladera Ranch, now for sale for $1.1M. At the peak it sold for 2.2M, and is having a hard time finding a bottom.
Here’s the beauty. And, by the way, this is what 3% of 1.1M will get you in OC today:
I guess Realtors here haven’t yet gotten the memo: the internet sells properties.
But, between you and me, the most interesting part is not the cesspool that your neighborhood is, but rather the cesspool that is in the back yard, lovely. Mosquito abatement anyone?
Please, for the love of god, will some knifecatcher step up to the plate?
Edit: South OC tracker already featured this one. She gets around.