This RSM condo has been on the market for more than a year. It's also now ventured into 2003 rollback territory.
8 Coralino, 92688
Asking price: $199,900
Asking price/ sq ft: $289
Income requirement: $49,975
Purchase price: $202,000
Purchase date: 8/19/03
Size: 1 bed, 1 bath, 692 sq ft (built in 1989)
Income requirement: $49,975
Purchase price: $202,000
Purchase date: 8/19/03
Size: 1 bed, 1 bath, 692 sq ft (built in 1989)
ZipRealty price tracker: Price Reduced: 6/28/07 -- $310,000 to $299,900
Price Reduced: 9/06/07 -- $299,900 to $270,000
Price Reduced: 11/10/07 -- $270,000 to $199,900
Zillow Zestimate: $245,000
2007 property tax: $3,132
HOA dues: $251
Type: Condominium
Price Reduced: 9/06/07 -- $299,900 to $270,000
Price Reduced: 11/10/07 -- $270,000 to $199,900
Zillow Zestimate: $245,000
2007 property tax: $3,132
HOA dues: $251
Type: Condominium
Style: Contemporary/Modern
Stories: One LevelFrom listing: Spacious one bedroom condo located in the heart of Rancho Santa Margarita. Within walking distance to shopping, schools, recreation and the Lake. Quiet upper interior location features cathedral ceilings, two-tone neutral paint and flooring. Ready to move-in!! Includes built-in murphy bed with dressers and desk. Walk in closet has closet organizers and mirrored doors. Dual sinks, oval tub with glass doors, upgraded shower head and separate toilet room in the bathroom. Ceiling fan and fireplace!!!
Is it time yet to waive the white flag? This property was first listed in March 2007. The seller chased the market down, and now it appears that the market has permanently left them in the dust.Other 1-bedroom condos nearby are asking $179,999 and $180,000. That first comp is asking only a few thousand more than its January 2003 sales price, and about $85k below its previous sales price. The second comp is 42% below its peak price in 2005.
If we assume our subject property sells for the full asking price (doubtful to say the least), the loss off the 2003 price would be $14,094.
A rental unit of similar size came on to the market recently asking $1,250 per month. This would roughly indicate a owner-occupant target value of $200,000 (assuming they are hoping for a GRM of 160). For an investor looking for a GRM of 120, this property would pencil out to being worth about $150,000.
1 comments:
Wow, this place sold new in 1989 at the peak of the last bubble for $115,000 and then 10 years later sold for $88,000. These next 10 years (or longer) should prove to be very interesting.
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