Here's a big-time comp killer condo in Rancho Santa Margarita. There are no photos with the current listing yet since it's pretty new, so the image is a general one of the complex.
215 Pasto Rico, 92688
Asking price: $299,000-$309,000
Asking price/ sq ft: $217
Income requirement: $77,250
Purchase price: $525,000
Purchase date: 6/30/2006
Size: 3 beds, 3 baths, 1,426 sq ft (built in 1989)
Income requirement: $77,250
Purchase price: $525,000
Purchase date: 6/30/2006
Size: 3 beds, 3 baths, 1,426 sq ft (built in 1989)
2006 property tax: $3,878
HOA dues: $336
Type: Condominium
HOA dues: $336
Type: Condominium
Style: Contemporary/Modern
Stories: Two LevelsLot size: 2,701 sq. ft.
From listing: 3 bedroom, 3 bath end unit townhouse with tasteful upgrades. Cathedral ceilings, lots of windows, double door entry, direct garage access with driveway, main floor bedroom and bath. Association pool, spa, BBQ, close to schools. .. .
Assuming Redfin and Zillow are correct, the 2006 sales price is, quite frankly, insane. Here is the price history:
6/30/2006: $525,000
8/31/2001: $233,000
6/3/1999: $169,500
6/29/1995: $135,000
5/8/1990: $173,500
There is nothing rational about the property more than doubling in value between 2001 and 2006, particularly since it did not even appreciate back to the same nominal value it held in 1990 for another nine years.
This is the type of property you would expect the median income household to be able to afford - and with these numbers, it can. Does this mean we've hit bottom? Judging by today's financial landscape, I'd still say no.
If the property were to sell for $309,000, the nominal decline from the peak would be $216,000, or 41%. Still think we've yet to see any huge declines in the OC?
7 comments:
This is good news. Thanks, OC Tracker, for sharing your find. We may not have to wait until 2010 after all. I knew home prices would drop somewhat in 2008, but they are dropping faster than I ever expected.
it's obvious that condo/townhouse prices are dropping, but it seems like detached homes are staying maddeningly high. i know there are a few under $500k in Lake Forest/Mission Viejo (which is where we want to be), but no drops as dramatic as i'm seeing in condos. patience sucks. ;)
Zillow is way off on thier appraisels on line. I would not use them as a source for any comps. I live in RSM and for a laugh every onece in while will look at thier "comps".
I agree, Zillow has become a joke.
Keep em coming OC tracker!
This one is a short sale subject to lender approval. (I contacted the sellers agent) High HOA fees
(300.00) and Mello-Roos over 1000.00 per year. I agree with colleeeen the detached type condos I'm seeing in Aliso Viejo are still way too high.
Sometimes I wonder if some sellers actually do believe the zillow estimates when pricing their property. That is, when the zestimates are really high relative to the actual market. They probably just ignore them if they come up low.
I'm surprised at how far off some estimates are, especially since it's much easier here where there are identical tract homes, as opposed to parts of the country with properties that are actually unique.
FYI. More pics are up now. And this went into escrow in one week. Most recent sale of a 2-bedroom in there sold for $325,000 in December, so I think this price was a short-sale "teaser price." I'm guessing the bank said "no" to the price and countered, but I don't know that for a fact.
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