I was surprised to see how much of a price cut this Aliso Viejo condo took yesterday. Is this a half-hearted attempt to stir up some attention, since the property has been on the market for almost six months? Or, is this a case of the owners finally accepting the realities of today's market, and deciding to cut the price accordingly?
We hope the latter is the case, because that could signal that the market might correct a little sooner rather than way later. We'll continue to look for more examples of this type of thing.
29 Tradewinds, Aliso Viejo, 92656
New asking price: $399,000 ($293 per sq ft)
Old Asking price: $479,000
Original asking price: $549,000
Income requirement: $99,750
Size: 3 beds, 2 baths, 1,362 sq ft (built in 1995)
MLS: S484082 (168 days on Redfin)
Purchase price: $525,000
Purchase date: 7/30/2004
Other sales history: 5/31/2001: $238,000
9/20/1996: $131,000
4/26/1993: $161,000
2006 property tax: $6,883
HOA dues: $185
From listing: MUST SELL! MUST SELL! Upgraded Kitchen with Granite, Maple Cabinets, Recessed Lights & Walk-in Pantry. 3 full bedrooms, 2.5 bathrooms. Master bedroom with Double closets, Fireplace & Private Balcony. Master bath with Dual Sinks. Bright Living room with Marble finished Fireplace, Crown Molding & String Lights. Hardwood floors & Brand New Carpet. Plantation Shutters. Close to Shopping Centers, Restaurants, Theaters & more. HAO offers Pool, Spa, Tennis + More.
For a while, the owners were content to let this property sit unsold, while they lowered their asking price in little chunks. The latest drop was anything but little. The price fell from $479k to the current price of $399k - an $80k reduction.
This property is now $150k off its original asking price in April. Assuming a sale at this price, minus 6 percent in selling costs, we're looking at a loss of $149,940.
Wednesday, October 03, 2007
Snip, snip...boom
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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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