South OC recent home sales

It's the end of another week, so to wrap things up here is a survey of some recent South OC home sales.

25124 Sanoria St, Laguna Niguel, 92677
Sales price: $418,000
Sales date: 2/13/09
Final asking price: $ 419,900
Size: 3 beds, 3 baths, 1,493 sq ft
Previous sales price: $465,000
Previous sales date: 1/16/04
Comment: It's a good thing this short sale went through, because the property was scheduled to be auctioned off in a couple months. This originally was a 100% financing deal (New Century), but the owner went a step further by taking out another loan for $512,000 in 2006 from ING Bank. The fact that there was no second loan on this property likely was a big help. Original asking price was $549,000 when it first came onto the market in mid-2008. The sales price was 24% lower.

648 Glenneyre St, Laguna Beach, 92651
Sales price: $1,300,000
Final asking price: $ 1,950,000
Sales date: 2/13/09
Size: 3 beds, 3 baths
Previous sales price: N/A
Previous sales date: 12/23/05
Comment: This "perfect vacation home" as the description says, went for $695,000 less than the original asking price of $1,995,000. There is a lot going on with this property in terms of debt. We do know that when this property changed hands in 2005, Countrywide lent the former owner $1.7 million.

37 St. Just, Ladera Ranch, 92694
Sales price: $650,000
Final asking price: $650,000
Sales date: 2/17/09
Size: 4 beds, 3 baths, 2,577 sq ft
Comment: We should probably mention this model was selling for $950,000 in 2006. This sale represents a decline of 32% off the peak.


114 Avenida Santa Margarita, San Clemente, 92672
Sales price: $750,000
Final asking price: $ 821,797
Sales date: 12/17/08
Size: 2,500 sq ft
Previous sales price: $1,025,000 (REO)
Previous sales date: 5/01/08
Comment: Here is another property with an interesting history. Our records show this property sold for $815,000 in 2004 and $1.5 million in 2007. In 2005, it was offered for rent for $2,000 per month. That would put the value to an owner-occupant at $320,000, using a GRM of 160. The property went back to the bank in mid-2008, and then sold in late 2008.