More than a few sellers who bought three years ago are already toast, as many properties in Aliso Viejo, Calif. have recessed to below 2004 prices. So you could imagine what a 2006 buyer might be feeling right about now...
8 Kalmia Place, Aliso Viejo, Calif., 92656
Size: 3 beds, 3 baths, 1,330 sq ft (built in 1990)
MLS: P591829 (20 days on Redfin)
Current asking price: $459,000
Asking price/sq ft: $345
Purchase price: $549,000
Purchase date: 6/6/2006
Other sales history: 12/30/2004: $462,000
09/03/1996: $149,500
10/11/1995: $144,500
ZipRealty price tracker: No reductions
Lot size: 3,521 sq ft
Type: Condominium
View: Park or green belt
From listing: Your buyers will enjoy the quiet end unit location of this townhouse style condo located within the gated community of windflower. There are 3 bedrooms with 3 full bathrooms (3 masters). Light and bright! Easy walking distance to the aliso viejo town center with many restaurants, shops and a movie theatre.
Not a lot to say here except that this is obviously an example of poor market timing. You could also make the case that it's a sign of bad decorating, judging by the color of the mat around the toilet in the picture on the right, but that's another post on its own.
If the property sells at the current price, the loss will be $117,540, including 6 percent selling costs.
How does this one compare to its competition? Quite nicely, actually. 13 Camomile Place is also for sale and is the same model, but the asking price is $530,000 - a difference of $71,000. They are asking $398 per sq ft. Time on Redfin: 69 days and counting.
Another equivalent property for sale in the neighborhood is 34 Tamarac Place. Asking price: $519,900, or $391 per sq ft. That's $60,900 more than our featured property. Time on Redfin: 76 days.
This could be proof that perhaps all three sellers have priced their properties too high, and may have to adjust downward. This seems like a foregone conclusion at least for the two other competitors we noted, particularly if the owner at 8 Kalmia has priced their property aggressively enough and succeeds in unloading it.
Monday, August 20, 2007
More South County turmoil
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2 comments:
sounds to me as if the 2004 prices are long gone. when will we see '03 prices?
Readers: AV is a dump & has alot of problems - take it from some one who lived there for years! 1.) High, high density housing (tremendous overcrowding); 2.) Alarming increase in crime w/out comparable increase in police services (city is BROKE and has ZERO $$); 3.) Inadequate planning regarding infrastructure - lack of vision amongst city 'leaders' 4.) NO reserves in city coffers; 5.) A moronic, myopic city council, short on vision, but loaded with cronyism, corruption, entitlement & self-perpetuation; 6.) Stagnant housing sales -- new units (Vantis Project & golf course homes) sitting VACANT; 7.) Entirely a master planned community, which means everything is an HOA - some communities even belong to 3 HOAs! (And, BTW, Merit Property Mgmt tends to have a high presence in this town -- Merit most certainly DOES NOT live up to its name). Alot of these HOAs are financially upside down - if people aren't paying mortages, they're sure as heck not paying HOA fees - hence, landscaping is being neglected everywhere; 8.) Tremendous blight and decay setting in these HOA neighborhoods, and throughout common areas in town; 9.) Decay and decline in sports parks - NO bathrooms for activities!! 10.) General 'trailer trash' feel - go to any city council meeting and watch the show and incompetence! You'll wonder where these people came from; 11.) Vacant homes = blight = crime = blight = decay. There is a quiet, but steady 'exodus' amongst those in the know regarding conditions in the community & amongst those who can afford to leave. This community is on its way to becoming known as South County's Slum, if not already being known for it - beware
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