Back to '03 in Aliso Viejo

Here is an Aliso Viejo single family house - not a small condo, not in San Juan or Lake Forest - that has virtually reverted to the price paid in late 2003. Is this the bottom, or will values in general here continue to slide?

Keep an eye on foreclosure numbers, because as long as they continue to remain at high levels, there will be downward pressure on prices.

9 Tanglewood, Aliso Viejo, 92656

Asking price: $650,000

Asking price/ sq ft: $295
Income requirement: $162,500
Purchase price: $641,500
Purchase date: 12/1/03
Size: 4 beds, 3 baths, 2,200 sq ft (built in 1990)

MLS: S522125 (23 days on Redfin)

ZipRealty price tracker: Price Reduced: 3/12/08 -- $699,000 to $650,000
Zillow Zestimate: $736,500
2007 property tax: $8,752
HOA dues: $83
Type: Single Family Residence

Style: Spanish

Stories: Two Levels
Lot size: 4,000 sq ft
From listing: Panoramic View from Backyard and Master Bedroom! Large Master Bathroom with Separate Tub and Shower. Walk-in Closet in Master. 4 Bedrooms all upstairs. 3rd Car Garage Built Out as Office. Could easily be converted back to garage if needed. Inside separate laundry room.

See if you can figure out what is on the TV in this picture. Golf tournament? Huge hunk of mold?

The backyard appears to be a minus, since the picture makes it look like all you would get is a thin slab of concrete.

Assuming a sale at the current asking price, minus 6% in sales costs, the loss would be $30,500. Of course, this does not include any improvements. There is a solid chance the current owners were the ones responsible for converting the garage, and that obviously would have cost some money.

How does this compare to nearby homes for sale?

• 25 Tanglewood is a bit bigger model, and is asking $844,500. Days on Redfin: 66.
  
  
• 1 Heatherwood has only 3 bedrooms, but is on a bigger lot, and is asking $779,000. Days on Redfin: 7
  
  
• 43 Coppercrest is a bit smaller, but also is on a bigger lot. Asking price is $772,000, and the time on Redfin is 101 days.