NIMBY in San Clemente

Housing bubble? Bad economy? Bah! Here's how the thinking might have gone: "Let's price this San Clemente property 43% more than we bought it for in 2004, put it on the market and let the buyers fight it out!"

We're now into triple-digit days on Redfin (110 and counting) without a sale...

309 Calle Felicidad, 92672
Asking price: $1,395,000
Asking price/ sq ft: $581
Purchase price: $975,000
Purchase date: 10/13/04
Size: 3 beds, 3.75 baths, 2,400 sq ft (built in 1966)
MLS: S553540 (110 days on Redfin)
Zillow Zestimate: $823,500
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 7,686 Sq. Ft.
From listing: Breathtaking Panoramic Ocean and City Lights view from the entrance, dining room,living room and bedrooms. Welcoming decorator, double-door entry with a beautiful foyer. Gourmet kitchen with extensive custom built-in cabinets, decorator lighting, granite countertops and island, travertine tile flooring, and walk-in pantry with a second refrigerator. Remote-controlled gas log fireplace. Downstairs master suite and an upstairs master suite. Fourth bedroom is currently an office but would be perfect for any student who needs lots of shelves and an extended counter for the IPod,Playstation,webcam,computer,video game collection, CDs,DVDs, books, projects, craft supplies, etc, etc. The jeans and clothes fit nicely in the large drawers and there is room for a bed. When he/she moves out, the room becomes an office again. 50' Plasma TV and pantry refrigerator included. No Mello Roos, No Homeowner Dues, No Homeowners Association.


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After 110 days on the market, it would appear the buyers are not leaping to snatch up this property. Perhaps it is time for a (major) price reduction?

Assuming the house somehow sells for the current asking price, it would mean a profit of $336,300, after 6% sales costs. That would be a pretty remarkable gain considering the owner bought in 2004 and most of the rest of the county is now well below 2004 price levels. More likely is this is a complete wishing price that will never happen in the real world.