Want some more proof that things are beginning to crack at the top of the OC housing market as well? Try this one on for size...
36 Endless Vis, Aliso Viejo, Calif., 92656
Size: 5 beds, 4.5 baths, 3,600 sq ft (built in 2000)
MLS: S501452 (29 days on Redfin)
Asking price: $1,299,900
Asking price/ sq ft: $361
Purchase price: $1,350,000
Purchase date: 1/31/2006
Other sales history: 5/30/2003: $830,000
6/27/2001: $651,000
Type: Single Family Residence
Style: Other
Stories: Two Levels
Lot size: 6,600 sq. ft.
From listing: Excellent Value!! Fabulous Estate Home in the Exclusive Gated Oak View Enclave. Luxurious Interiors * Fabulous Floorplan * Elegant Long Driveway * Large Living Room w/ Soaring Ceilings+ Fireplace * Elegant Dining Room w/ French Doors * Gourmet Kitchen w/ Island +Stainless Steel Appl. * Family Room w/ Fireplace +Surround Sound Speakers * Pool Sized Backyard w/ Built-In BBQ * 5 Bedrms +Large Loft (could be used as 6th Bedrm) * Mainflr Bedrm w/ Private Bath * Master Suite w/ Dual Walk-In Closets w/ Custom Built-Ins
Any time you're looking at the sales history data, and the last two digits of the year of the latest sale are "06" - as in 2006 - you know there's going to be big trouble.
The listing says the loft "could be used as 6th Bedrm." Show me a family outside of the Brady Bunch that would really need that many bedrooms. Seriously...
If we assume a sale at this price and subtract 6 percent for selling costs, the loss will be $128,094. I really hope this house doesn't sell for this price, for the sheer reason that it's priced at $1,299,900 - let's get real, it's $1.3 million, people. Are sellers taking their pricing strategies from McDonalds these days?
And when was the last time you heard a $1.3 million house advertised as an "Excellent Value!!"? Technically, this place actually is a good deal, but only if you have money coming out of your ears, and are comparing it to a couple nearby homes:
*63 Remington Lane is also 5 bed/4.5 bath and has only 157 more sq ft. Asking price: $1,650,000 ($350,100 more). Days on Redfin: 167
*83 Remington Lane is 5 beds/4 baths and 300 more sq ft. Asking price: $1,640,000 ($340,100 more than our subject property). Days on Redfin: 63
Friday, September 14, 2007
High-end loss in Aliso Viejo
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2 comments:
I like Aliso and all, but not for this much dough. Gotta come down...
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 buyers! AV is not what it was about 10 years ago!
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