It would be hard to argue that the Dana Point market is by any means rosy right now - we're seeing 60% and 31% year-over-year declines in sales volume in its two ZIP codes - but it's not completely falling apart (yet?). Not, at least, compared to places like Lake Forest.
Still, no area is really immune to the current housing situation. Here are two completely decent-looking properties in Dana Point that are really feeling the pain of the downturn:
24661 East Cordova Dr, 92629 (REO)
Asking price: $550,000
Asking price/sq ft: $388
Income requirement: $137,500
Peak price: $700,000
Peak purchase date: 4/14/2006
% decline (if sale at asking price): 21.4%
From listing: 2 Bedroom (w/ large sunroom attchd to bedroom 1) & 2 full bathrooms. High vaulted ceilings in Great Room (Kitchen, Dining, Living). Kitchen includes double oven, trash compactor & large island. Hardwood floors throughout living area & sunroom. Shutters and window coverings. Great buy for area. Just a few short blocks to harbor/beach. Patio outside w/ built in bbq & private walkway. Long driveway w/ 2 car attached garage. Hurry, this wont last!
5 Tawny Port, 92629
Asking price: $599,000
Asking price/sq ft: $499
Income requirement: $149,750
Purchase price: $739,000
Purchase date: 4/26/2004
% decline (if sale at asking price):18.9%
Potential loss (incl. 6% costs): $175,940
From listing: The view is outstanding and so is this highly upgraded 1 bedroom with a loft that has it's own private bath and closet. (2nd) bedroom. Beautiful upgraded open kitchen with stainless steel and granite counter tops. An interior designer lives here. There is nothing as lovely with such a spectacular view to compete with this beauty! This is the perfect place for a 2nd home get away. Have a client who needs a short term fully furnished rental it is available. Comm. paid to MLS members only.
Wednesday, December 05, 2007
Dana Point doubleheader
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6 comments:
That pricing history on the Cordova property is really striking:
01/25/2007 $593,293 minus 19.0%/yr
04/14/2006 $700,000 17.4%/yr.
The last buyer was the repo bank?
swim - Yep, the last "buyer" was the bank. Any time the property changes hands, the transaction shows up in public records.
Hey I know that Cordova property! Well not really, but I live in the Lantern Village area of DP and walk our dog past there all the time. This is one of those houses in the neighborhood that always seems to have a for sale sign in the yard (at least for the last ten years).
There are multi-family dwellings behind and to the home's left. That home's driveway entrance is on Olinda. In my estimate it's a toss-up between Olinda and La Serena for worst street in Dana Point (high density housing, on street parking maxed out...) That house has been on the market, sitting empty, for months. I noticed yesterday a big yellow "BANK REPO" for sale sign went up. This is one of those cases where a marginal property is going to have to take a big price decline before it moves again. There are much better places to buy in DP if you insisted on buying now.
I am an old time DP resident, and KFO hit it on the head. Also, for some reason DP is the first to fall and the last to come back in the market. I think the city has failed to enforce occupancy/parking codes which single handed ruined Olinda along with a large portion of the Lantern district with over crowding. We tried back in the 80s to save DP from a predictable result, but the city was to PC.
well, at $550, I think the bank is wishing. Lets see them sell it at 450K or lower.
Hello there-
I purchased my home on Olinda Dr. in the early 2000's. The home was a fixer and we have made a number of upgrades and improvements as have a significant majority of our neighbors. It really makes me sad to read that many of you think Olinda is one of the "worst" streets in Dana Point. What are you basing this assumption on? I moved here knowing that I would be living in a Beach city where many people rent and where apartment complexes/duplexes/triplexes/condos abound. For me, this is something that gives the city character, as well as the diversity of people who live here. There are tons of apartment complexes and condos in Dana Point on all different kinds of streets. However, when people say that Olinda is the "worst" street I know it is really because many of the people who live in the apartments (and not all! Believe me!) are of Mexican origin. How sad.
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