Here are some of the properties that have hit the market in the past week. In case you missed it, the OC Register is reporting that the DataQuick stats show the median price of an OC dwelling is below $400,000. Peak was $645,000. Total drop of $250,000 - if you're following that kind of thing.
5 Trumpet Vine, Ladera Ranch, 92694Asking price: $509,900
Size: 3 beds, 2 baths, 2,000 sq ft
Peak sales price: $875,000
Peak purchase date: 8/4/06
Listing description snippet: "LARGE SINGLE FAMILY HOME WITH 3 BDRM 2 1/2 BATH WITH FIREPLACE, BUILT IN 2002 WITH AC CENTRAL/GAS HEATING LIVING SPACE OF 2000 (E) INTSQFT/ LOT SIZE OF 3500(E) ALL INFORMATION DEEMED RELIABLE BUT NOT GUARANTEED/ALL BUYERS TO SATISFY THEMSELVES AS TO ALL ASPECTS OF THE PROPERTY / ALL BUYERS TO VERIFY IF OR ANY HOA INFO & DUES MERRIT ASSOCIATION"
Our comment: Redfin says the original asking price for this property was $50,990 on the MLS - and that same day was changed to the current asking price. Honest mistake, or transparent ploy to get the phones ringing? This propety is a foreclosure that went back to the bank for $763,447. Assuming the property moves for the current asking price, it would mean a depreciation of 42% off the peak bubble price.
28441 Camino Dimora, San Juan, 92675Asking price: $849,900
Size: 4 beds, 3 baths, 2,920 sq ft
Previous sales price: $446,500
Previous purchase date: 8/31/98
Listing description snippet: "THIS ELEGANT HOME FEATURES A CHEF DELIGHT KITCHEN WITH GRANITE COUNTERS, CENTRAL ISLAND AND STAINLESS STEEL APPLIANCES - VIKING COOKTOP AND OVEN. WOODEN SPIRAL STAIRCASE LEADS TO MASTER SUITE WITH DOUBLE DOOR ENTRY, HIS AND HERS WALK-IN CLOSETS, MASSIVE BALCONY AND CUSTOM BUILT-IN SHOE CLOSET"
Our comment: How good a long-term investment will this OC property prove to be? Assuming the house sells for the full asking price, the owners would have received roughly 6% annual appreciation over 11 years - not including sales fees and other costs.
601 Calle Real, San Clemente, 92673Asking price: $775,000
Size: 5 beds, 3 baths, 2,550 sq ft
Previous sales price: $1,275,000
Previous purchase date: 9/23/05
Listing description snippet: "Wow This 1/3 rd Acre W Panoramic Ocean Views Is Awesome Subjecrt to lender approval "
Our comment: Jay Leno loves stupid criminals, and we love MLS photos with text and multiple pictures on them. By love, we mean hate. And yes, this entire listing description is one big run-on sentence. Major short sale.
3261 Rimcrest Circle, Laguna Beach, 92651Asking price: $1,980,000
Size: 3 beds, 2.25 baths, 2,281 sq ft
Previous sales price: $180,000
Previous purchase date: 4/21/95
Listing description snippet: "Stunning architectural, award winning designed home. This dramatic, soft contemporary property features a functional floor plan with indoor/outdoor space for entertaining and relaxed living. Sophisticated coastal style blend of finishes includes hardwood floors, slate, granite counters and maple cabinetry."
Our comment: Here's a neat-looking house and a nice departure from the usual tract home hell of South OC - assuming you're into modern.
2 comments:
Well if you look at the 2nd house, if the owner put 20% down (and if you forget equity he/she paid down over 11years), if he/she sells for the asking price, before fees, commissions etc, its a 15% return per year not 6% (6% is if you paid in full). It reduces to about 14% if you take sales commissions out.
Assuming he/she bought at rental parity, we can forget what he/she paid over the years.
One more thing as a person who has bought new or very new houses previously, these houses have very low maintenance (unless you bought a poorly built home).
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