Ringing in the new year

A new year is always cause for optimism. Today we have the first new post of 2009, so we're going to look at one Dana Point seller who is hoping 2009 will bring them some fortune in the high-end housing market.

The problem? Their ZIP code - 92629 - is seeing both lower prices and fewer sales than a year ago, according to the latest DataQuick report posted on the OC Register Web site.

23791 Salvador Bay, Dana Point, 92629
Asking price: $2,290,000
Asking price/ sq ft: $1,631
Purchase price: $1,860,000
Purchase date: 3/8/07
Size: 3 beds, 2 baths, 1,404 sq ft (built in 1971)
MLS: S548169 (105 days on Redfin)
ZipRealty price tracker:
Zillow Zestimate: $1,254,500
HOA dues: $200
Type: Single Family Residence
Style: Garden Home
Stories: 1
Lot size: 4,500 Sq. Ft.
From listing: LISTEN TO THE SURF AT BEAUTIFUL NEARBY STRANDS. MESMERIZING WHITE WATER OCEAN VIEWS FROM THIS OCEANSIDE OF PCH BLUFF TOP HOME. ENJOY THE CASUAL SURFING LIFESTYLE OF A BEACH BUM WHILE LIVING IN AN EXCLUSIVE GATE GUARDED COMMUNITY. THIS HOME FEATURES 3 BEDROOMS AND 2 BATHROOMS. THE COMMUNITY FEATURES TENNIS COURTS, SWIMMING POOL, PRIVATE BEACH ACCESS WITH PRIVATE PARKING AND PLENTY OF OPEN SPACE. THE HOME COMES WITH APPROVED PLANS FOR A 2,900 SQFT HOME. CONTACT DAVE WITH ANY QUESTIONS. GREAT OPPORTUNITY TO LIVE AMONG SOME OF THE MOST EXCLUSIVE AND EXPENSIVE HOMES IN SOUTH OC.

We know the view from this property is very nice - but would it hurt to include one of the interior? It makes sense when you read on in the description: The property is really being sold as a tear-down opportunity, where someone would drop about $2.3 million ($1,631 per square foot), level this place as it stands now and then begin to build their dream home.

When the property came on to the market in 2007, the listing description included the following: "With Association Approved Plans For Complete Remodel W/ Expansion. City Approvals By End Of Feb/07. Enjoy This Beach Cottage W/Open Beamed Ceilings, 3 Bedrooms, 2 Baths, Family Kitchen Or Remodel Or Build A New Home." So, it appears the remodel didn't take place.

All in the name of living "among some of the most exclusive and expensive homes in South OC." Image conscious much? Guess if you have the kind of dough required to buy this place, you can afford to be.

The current owner paid $1.86 million in March 2007. They listed it for $2,499,000 in September but obviously no go. The price has been cut twice since then for a total of $209,000 off. Assuming the property is sold for the current asking price, it would represent a gain of $292,600, including 6% towards sales costs. Not a bad haul...if only it could happen.