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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: joseffy who wrote (305751)5/25/2011 9:35:38 AM
From: Jim McMannisRead Replies (1) of 306849
 
ocregister.com

Dana Point is going after four property owners in one of the city's most expensive neighborhoods, saying they owe more than $86,000 in special property taxes and penalties.

The City Council voted 5-0 on Monday night to collect delinquent taxes and penalties from fiscal 2010-11, and if the owners don't pay up, the city plans to start foreclosure proceedings. The homes are part of The Strand at Headlands, a multimillion-dollar neighborhood on one of the most valuable coastal plots in Southern California.

This property in The Strand at Headlands community is delinquent on $28,978 in special taxes, according to the city of Dana Point. The property is listed as a short sale for about $8 million.


The properties in question are part of a Mello-Roos district, which sells bonds to pay for public amenities such as streets, sewage and other infrastructure. Property owners in the district pay special taxes that are used to make payments on the bonds' principal and interest.

"It's the same if you don't pay your property taxes to the county – they can go after you," said Mike Killebrew, assistant city manager. "If you don't pay us your taxes, we can also."

Dana Point can start foreclosure proceedings 90 days after determining that a special tax is delinquent, according to a city staff report. Willdan Financial Services, the city's administrative consultant, has sent delinquency reminder letters to the parcel owners.

Two of the properties are on Beach View Avenue and two are on White Water Lane. Here are descriptions:

• 8,100-square-foot home listed as a short sale for about $8 million, down from its original listing of about $14.9 million, according to Redfin, a real estate database. The home has seven bathrooms and four bedrooms, ocean views, a home theater, an exercise room and a "lavish" pool and spa. It's delinquent $28,978 in taxes, the city says.

• 9,982-square-foot lot selling for about $3.5 million, down $550,000 from its previous asking price, according to Redfin. It's delinquent $14,488, the city says.

• Property valued at about $5.4 million, according to Redfin. It is not for sale. It's delinquent $28,978, according to the city.

• 8,283-square-foot home that sold in October for $6.6 million, down 60 percent from the original asking price. It has five bedrooms and seven bathrooms, according to Redfin. It includes a wine cellar, a stadium-style theater and a massage room and sauna. It's delinquent $14,488, the city says.
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