Nobody's fully immune

Coto de Caza is one of the most exclusive areas of OC. From 2001-2005, this property on Cambridge Court appreciated $490,000 - that's 16.5 percent per year - before selling to its current owners for $985,000. Since the property last changed hands in October, 2005, it hasn't really done very much in terms of appreciation.

11 Cambridge Court, Coto de Caza, Calif., 92679

Size: 5 beds, 3 baths, 2,633 sq ft (built in 1994)

MLS: S495418 (62 days on Redfin)

Asking price: $1,049,000

Asking price/ sq ft: $398

Purchase price: $985,000
Purchase date: 10/7/2005

Other sales history: 4/17/2001: $495,000
8/16/1996: $305,000
11/29/1994: $268,500

ZipRealty price tracker: No price changes

Type: Single Family Residence

Style: Ranch

Stories: Two levels
Property tax: $11,810

From listing: Gorgeous 5 bedroom home on a large pool sized lot. Located in a cul-d- sac near one of coto's nicest parks. Other features include berber carpeting, plantation shutters and hardwood flooring in the entry, family room and kitchen. The gourmet kitchen has new granite counters and new appliances. The master bedroom has fireplace, deck and a large walk-in closet. The backyard is equipped with a built-in b-b-q, brick patio and a wood patio cover for outdoor eating and entertaining.

Sure the house is lovely...but there is only one photo on ZipRealty and Redfin, of the exterior, so we don't know for sure. Also not sure about the strategy of calling this a "pool sized lot." Kind of calls attention to the fact that there isn't a pool...just a lot of grass (?).

It says on Redfin that the owner will consider a lease. Wonder what this would rent for? If these current owners put 20 percent down on their $985,000 purchase, the monthly carrying costs would be about $6,174 per month (includes property taxes and $210 HOA dues; assumes 6.5 percent interest rate on the mortgage).

Assuming 6 percent selling costs, two years of ownership would net the current owner a measly $1,060, if this sold at the current asking price. Since this property has been sitting on the market for about two months without a sale or even a price reduction, there's a chance it could dip a bit lower before a buyer comes along.