We're continuing our tour of South OC price leaders in Rancho Santa Margarita thanks to reader Travis pointing out this possible comp killer-in-the-making. The original asking price appears to have been a bluff, considering it was dropped by $100k relatively soon after being listed.
5 Via Olorosa, 92688
Asking price: $450,000
Asking price/ sq ft: $290
Income requirement: $112,500
Purchase price: $630,000
Purchase date: 6/29/2006
Size: 3 beds, 2.5 baths, 1,551 sq ft (built in 1986)
Income requirement: $112,500
Purchase price: $630,000
Purchase date: 6/29/2006
Size: 3 beds, 2.5 baths, 1,551 sq ft (built in 1986)
ZipRealty price tracker: Price Reduced: 2/5/08 -- $550,000 to $450,000
2006 property tax: $2,933
HOA dues: $46
Type: Single Family Residence
2006 property tax: $2,933
HOA dues: $46
Type: Single Family Residence
Style: Art Deco
Stories: One LevelLot size: 7,000 sq ft
From listing: New Gourment Kitchen some upgrades 3 spacios bedrooms and spacious master bath. New Interior and Exterior many upgrades, premium corner location
Art Deco style? I wish. Also don't think this place is "one level." I'm also interested to see how exactly a "gourment" kitchen compares to the more-pervasive "gourmet kitchen."
Redfin shows a low list price of $350,000. If a sale goes through at that price (I'm guessing the lender would probably have something to say about that), it would represent a loss of $301,000 including 6% sales costs, or a 43% decline not factoring the transaction costs in. It would also be $226 per square foot.
If it magically sold for the full asking price, the loss would be $207,000.
How does this compare to its competition?
26 Via Ulmaria is a fellow price leader. It's exactly the same model and is asking $417,000. Days on Redfin: 36.
51 Via Zapador is about a third of a mile away from our original property, and is ever-so-slightly bigger. It's also three years newer, and has some upgrades. Asking price: $639,500. Days on Redfin: 120.
35 Allyssum is also around a third of a mile away. It's about 100 square feet bigger and is one year newer. Asking price: $559,000. Days on Redfin: 90.
6 Calle Passiflora is a little more than 100 square feet bigger but also has the added advantage of a 4th bedroom. Asking price: $529,900. Days on Redfin: 120.
5 comments:
Listings like this one are the fun of profiling communities outside of Irvine. 40% is a huge haircut for this early in the decline. It does make you wonder if we will see some 60% or greater declines in South OC.
This one isn't 40%, but it's an interesting race between seller and bank:
21 Calle Alimar (Y800661)
Asking price: $450,000
Last sale: %645,000, 5/22/06
Auction date: 3/19/08
Amount owed: $560,363.72
Wow! Is it just me or are some of these reseller just sitting on a treasure trove of equity, but can't realize any of it because the potential pool of buyers has been sliced by three-fourths over the last 6 to 9 months?
To me this is just the beginning. Imagine what will happen when spring and summer rolls around. It's gonna be brutal.
Holy shitt, wow, I am literally baffled by this price! I just clicked the MLS link for the 5 Via Olarosa home and it's now listed at 350k! OMG, can it get any lower??
BTW, I just found your blog last night, and I am officially addicted! Great, great, great, great blog! Thank you!!!!
Sold For: $410,000 (04/14/2008)
http://www.redfin.com/CA/RANCHO-SANTA-MARGARITA/5-VIA-OLOROSA-92688/home/5093478
Post a Comment