$225k loser in Coto

Let's just say this Coto de Caza property is not setting any records for rapid appreciation.

9 Sunningdale, Coto de Caza, 92679

Asking price: $1,595,000

Asking price/ sq ft: $399
Income requirement: $398,750
Size: 4 beds, 4.5 baths, 4,000 sq ft (built in 2001)

MLS: S479460 (205 days on Redfin)

Purchase price: $1,725,000
Purchase date: 3/3/2006

ZipRealty price tracker: Price Reduced: 3/20/07 -- $1,849,000 to $1,795,000
Price Reduced: 4/04/07 -- $1,795,000 to $1,749,000
Price Reduced: 6/14/07 -- $1,749,000 to $1,695,000
Price Reduced: 8/11/07 -- $1,695,000 to $1,595,000
2006 property tax: $14,106
HOA dues: $200
Type: Single Family Residence

Stories: Two Levels
Lot size: 8,436 sq ft
From listing: Stuning 4 bed 4.5 bath home featuring a main floor office and guest suite, large family room with fireplace and built-ins adjacent to the gourmet kitchen with slab granite countertops and Dacor, Bosch, and GE Monogram Appliances, Formal Living room with granite faced fireplace and French doors to a private courtyard with fountain, formal dining room. Tons of upgrades: Beveled glass entry door, iron staircase railing, limestone, textured carpeting, pool, spa, waterfalls, firepit, built-in bbq and more!
This high-end (though for Coto, it's more along the lines of average) property looks great, so our guess is that price has something to do with the fact that this one has been on Redfin for more than 200 days. For example, nearby 4 Eisenhower Lane is a bit smaller than this property, but it has one more bedroom and is on a much larger lot. The Eisenhower house, which recently came on the market, is asking $1,099,000 (which, by the way, is virtually the same amount its owners paid in 2004).

Is our subject property really worth $426k more that that neighboring property? Hard to believe it is. If the Sunningdale property were to somehow sell at the current price, which is a stretch considering how long it's been on the market, the loss would be $225,700, assuming 6 percent selling costs.