Turning back the clock in Talega

Welcome to 2004. Actually, this listing is well, well beneath 2004 pricing. Will prices stabilize, or are we instead heading towards 2003 pricing?

418 Camino Flora Vis, San Clemente, Calif., 92673
Size: 4 beds, 2.5 baths, 2,344 sq ft (built in 2001)
MLS: S494669 (81 days on Redfin)
Asking price: $779,000
Asking price/ sq ft: $332
Purchase price: $880,000
Purchase date: 7/26/2004
Other sales history: 8/29/2001: $483,500
ZipRealty price tracker: Price Reduced: 08/31/07 -- $925,000 to $779,000
2006 property taxes: $11,626
Monthly HOA dues: $149
Zestimate: $1,011,051
Type: Single Family Residence
Style: Craftsman
Area: Talega
Lot size: 5,600 sq ft
From listing: One of the nicer homes in farallon ridge on a very large, ocean-view lot. Great entertainer's back yard with built-in stone-stacked barbeque, firepit and other amenities. One of the best values in talega.
Of course, we can't see this "great entertainer's back yard," since the only pictures on Redfin are of the exterior of the house and the community.

Certainly, $146k is one heck of a price cut. When this house came on to the market in late June, the seller was hoping to escape with only a $10,500 loss after owning the property for a little more than 3 years.

Now, if the house were to sell at this current price, the potential loss has mounted to $147,740, assuming 6 percent selling costs.

Note: To read more about this property and its comp-busting history (and future), check out this entry in BMIT.