The trickle of 2003 rollbacks in South County continues despite some observations that prices and sales numbers for OC as a whole appear to be leveling off for the time being.
Here is another of those discounted properties, located in Laguna Niguel.
28223 La Gallina, 92677
Asking price: $260,000
Asking price/ sq ft: $306
Income requirement: $65,000
Purchase price: $405,000
Purchase date: 5/17/06
Size: 2 beds, 2 baths, 850 sq ft (built in 1995)
MLS: S526912 (104 days on Redfin)
ZipRealty price tracker: Price Reduced: 6/24/08 -- $355,000 to $299,000
Price Reduced: 7/01/08 -- $299,000 to $260,000
Zillow Zestimate: $337,000
HOA dues: $230 + $22
Type: Condominium
Style: Townhouse
Stories: 1 Level
From listing: BEAUTIFUL UPPER LEVEL CONDO. LIGHT & BRIGHT, WARM MODERN PAINT TONES. SUNNY KITCHEN WITH OVERSIZED COUNTER SPACE AND LOTS OF CABINETS! INDOOR LAUNDRY,SPACIOUS PATIO WITH STORAGE CLOSET AND A GATED ENTRANCE.INVITING TIERED FIREPLACE IN LIVING ROOM WITH VAULTED CIELINGS. ASSOCIATION POOL AND AMENITIES. CARPORT WITH EXTRA STORAGE.
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Can you believe this property - a decent starter condo - was legitimately only affordable for people making more than $100,000 per year based on its peak price (if they wanted to be careful and use conservative financing)? Most likely you would answer "yes" if you've been following the local real estate market.
Laguna Niguel - a fairly affluent city as a whole - had an average adjusted gross income of $102,247 in 2005, according to IRS records. Interestingly, when adjusted for inflation, incomes there actually were still lower than they were at the high mark of 2000.
The current owner bought at the peak and used 100% financing. If the property can be sold for the current asking price, the loss would be $160,600, including 6% sales costs. All for the lender.
It also would mean a depreciation of $145,000 or 36% off the peak, not including any sales costs, as well as a depreciation of 13% off the mid-2003 price of $300,000.
Friday, July 11, 2008
'03 condo rollback in LN
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2 comments:
Price looks good, but size of condo is too small, therefore, it is not very good price, if we look at $306/sq ft,it is still on expensive side.I have seen bigger condos in Aliso Viejo (next to LN)little more expensive but price/sq ft is much lower than this one. Rooms will too small to fit one queen size bed in it. Plus there is 250 HOA. I live in 900 sq ft one bed apt, but i want to move to at least 1100 sq ft.
This condo looks like it is in Mirador in Rancho Niguel (in L.N.). I used to own right above it in Expressions. My place was built & sold brand new for $189,900 in 1989. I then bought it in late 1996 for $131,900 (a 2/2.5, view, one car attached), a 30% pull back in price. Look for 2000-2001 pricing in these areas...it'll get there in the next couple-few years.
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