Back to '01 in Mission?

Another couple of weeks, and another market time report about how fast real estate in O.C. is selling. Or, said in another way, the market time report about how buyers heart foreclosures. We would argue buyers don't naturally love foreclosures, but these tend to be the properties that can actually sell - many, many homes on the MLS are short sales.

Why deal with that short sale headache when you could try to get in on a foreclosure that certainly will sell?

Here's a fixer-upper in Mission Viejo that also is a short sale. It's very close to the 2001 price...

26781 Carretas Dr, 92691
Asking price: $479,000
Asking price/ sq ft: $192
Purchase price: $446,500
Purchase date: 8/2/01
Size: 5 beds, 2.5 baths, 2,500 sq ft (built in 1967)
MLS: S563036 (1 day on Redfin)
Zillow Zestimate: $610,000
HOA dues: $55
Type: Single Family Residence
Style: Contemporary
Lot size: 5,000 Sq. Ft.
From listing: Fixer located in the Heart of Moission Viejo


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They could have at least ensured the city name is spelled correctly in the listing description. The "make me move" price on Zillow is $675,000. LOL.

We don't know how far underwater this property is, but it's not showing up as a preforeclosure on ForeclosureRadar.

Will this property actually sell for the 2001 price? Perhaps not, considering we're not sure if the lender(s) approved a sale at this price. We also don't know how badly messed up this house is.

But we can share with you some asking prices from nearby homes for sale:

• 26541 Alicante Dr is smaller and is asking $600,000. It just underwent a "major remodel."
  
• 27041 Condado is bigger by 300 square feet. Asking price of $685,000.
• 24676 San Vincent Ln is 300 square feet smaller and is a 2003 rollback asking $450,000.

Assuming our subject property sells for the full asking price, it would account to a small loss off the 2001 price, if we include sales costs. Since this is not a "normal" sale (fixer-upper in unknown condition; short sale) it's hard to put too much stock into this one. But, it's a bit shocking to see any asking price in Orange County approaching its 2001 value.