Luxury $179/sq ft in RSM

On its face, a rollback like this is pretty unremarkable given the times. But, this property in RSM was once a million-dollar home, so the decline is a bit more intriguing.

9 Arbor Walk Ln, 92688
Asking price: $689,900
Asking price/ sq ft: $179
Purchase price: $809,000
Purchase date: 9/11/08
Size: 5 beds, 4 baths, 3,858 sq ft (built in 2000)
MLS: S550236 (111 days on Redfin)
ZipRealty price tracker: Price Reduced: 11/12/08 -- $819,900 to $774,900
Price Reduced: 12/17/08 -- $774,900 to $749,900
Price Reduced: 01/26/09 -- $749,900 to $689,900
Zillow Zestimate: $773,000
HOA dues: $85
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 5,848 Sq. Ft.
From listing: Incredible Price Reduction! Perfect 10 Home!!! This gorgeous home has a superb floor plan. Gourmet kitchen with a large granite covered center island that is perfect for holiday gatherings!!! Open floor plan, family room has built-in fireplace and media niche. 5 large bedrooms and 4 bathrooms. Large Master Suite with walk-in closet and sizeable master bath. Rear yard has a nicely sized swimming pool great for barbeques.


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As the bubble reached its peak in 2006, this property sold for $259/sq ft. Now, since it is offered at $689,900, that means the property has depreciated 31%.

Would it also be too much to ask for an updated listing description, particularly since the current one mentions "holiday gatherings." Now that we're almost into February, the next holiday for most is President's Day.

Coincidentally (or not, since we were the one who selected today's property), we were in RSM this past weekend. There are few if any good deals to be had at the Circuit City liquidation out there. We do like the area - except the fact that it's warmer than by the coast, and considering the awful commute one would have to make each day.

And, there's something that makes us shake our head when we see a million-dollar home - like this once was - where you can't take a picture of the front without seeing neighbors crammed in on each side. That is a huge paradox in RSM - huge open space, yet jammed-in housing units.