Properties continue to pop onto the market with asking prices significantly lower than their previous sales prices, but this one in Mission Viejo is a bit more stubborn than some. See, it was on the market for a while...came off...and is now back on (with a new picture).
The picture above is the main photo from the last time it was up for sale. This time, the angle's a bit different:
Still a nice-looking house, and still not able to be sold (yet?).
21916 Birchwood, 92692
Asking price: $475,000
Asking price/ sq ft: $310
Income requirement: $118,750
Purchase price: $600,000
Purchase date: 10/22/04
Size: 3 beds, 3 baths, 1,530 sq ft (built in 1987)
Income requirement: $118,750
Purchase price: $600,000
Purchase date: 10/22/04
Size: 3 beds, 3 baths, 1,530 sq ft (built in 1987)
Zillow Zestimate: $566,000
2007 property tax: $6,408
HOA dues: $60
Type: Single Family Residence
2007 property tax: $6,408
HOA dues: $60
Type: Single Family Residence
Style: Contemporary
Stories: Two LevelsFrom listing: Located Near Mission Viego Lake! Home Offers A Spacious Yard That Backs Up To Birchwood Park! Nice Cul De Sac Location! Great Schools!home Has Open Kicthen Area. Family Room With Dual Fireplace With Vault Ceilings! Must See! Hurry
This photo on the left from the "for sale" listing on Zillow, shows the house as being vacant. A little history: It sold for $100 over the final asking price of $599,100 in 2004 (the original asking price was $649,900, so perhaps the buyers at the time thought there were getting a good deal).The property was up for sale in January for $549,900, went back and forth between decreases and increases, and finally settled on an asking price of $524,900 before falling off the market in early March.
Now, it's back with a new, lower asking price.
Assuming a sale at the current price, it would mean a loss of $153,500 off the previous sale price, including 6% sales costs. The depreciation, without including sales costs, would be about 21% off the 2004 price.
An "are we reaching fundamentals" alert: This property sold for $323,000 in 2001, according to Zillow. Assuming the property is now worth $475,000, that means it theoretically would have appreciated about 5.7% each year for seven years. That's a lot closer to "normal" appreciation than we're used to seeing.
3 comments:
It backs onto a "park" because there are high voltage power lines running 50 ft from the rear property line.
I live close to this listing and this is probably close to reality but not quite there yet. I am not glad to say that the 20% down payment I plunked down on my home in 2005 has since evaporated. I purchased our home for $600K and would expect a near $500K selling price in today's market but it will probably go lower.
nice find..keep up the good work!
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