A pricing trickle in Mission

It's not uncommon to have sellers unwilling to lower the asking price of their property by very much at a time. Perhaps they can't afford to lower the price because of debt on the property, or they think that by cutting the price by insignificant amounts it will "stay fresh" and attract buyers looking for properties that have recently had price reductions.

Whatever the cause, it's transparent and unproductive, at least in our opinion. Here is an example in a senior community in Mission Viejo. We're hoping the owner is able to get out from this property without too much financial damage.

28011 Calle Valdes, 92692
Asking price: $364,850
Asking price/ sq ft: $328
Purchase price: $365,000
Purchase date: 3/8/04
Size: 2 beds, 2 baths, 1,112 sq ft (built in 1974)
MLS: S539844 (95 days on Redfin)
ZipRealty price tracker: Price Reduced: 9/11/08 -- $364,900 to $364,875
Price Reduced: 9/19/08 -- $364,875 to $364,850
Zillow Zestimate: $327,000
HOA dues: $301
Type: Single Family Residence
Style: Contemporary
Stories: 1 Level
From listing: Serene and Beautiful Single Story Condo in Casa Del Sol Active Senior Community. Bright and Light with a West facing patio for those beautiful sunset views. Wonderful patio that can be an extension of the living space. Efficient Kitchen with a great view itself. 2 bedrooms - One in which is a beautiful master bedroom with mirrored wardrobe doors and a separate vanity in the master bath. Other bedroom is a spacious one. To truly see this beautiful home, Please click on the 'Media' button and select the Visual Tour to enjoy this home!

Since the listing date, the property has been reduced in price twice - by $25 each time. At this rate, it would take 1,514 more price reductions at $25 each to reach $327,000 - what Zillow says the house is worth (chuckle).

It's hard to say for sure where values actually are in this area - another same-sized house on the same street sold for $375,000 in April. But a lot of bailouts have come since then.

Assuming a sale for the current full asking price, it would be $150 below the 2004 price and $37,850 above the 2003 price of $327,000. Coincidence that it also is the Zillow Zestimate.