25% appreciation since '05?

So we're expected to believe this property on Lake Mission Viejo (a man-made body of water) has risen 25% in value since the peak of the bubble? The Register reports that half of Mission's properties for sale are distressed. Of course, this home does not fall into that category, but you would have to question its timing - and pricing.

27572 San Blas, 92692
Asking price: $3,485,000
Asking price/ sq ft: $506
Purchase price: $2,795,000
Purchase date: 3/31/05
Size: 6 beds, 6.75 baths, 6,894 sq ft (built in 1980)
MLS: S564972 (29 days on Redfin)
Zillow Zestimate: $2,500,000
HOA dues: $430
Type: Single Family Residence
Style: French, Mediterranean, Traditional
Stories: 3+
Lot size: 9,600 Sq. Ft.
From listing: Feel the grandeur the moment you approach the impressive entrance & make your way up to the opulent iron & glass doors. Marvel at spectacular, lakefront views across the back of all 3 stories of this stately home. The gourmet kitchen features Sub Zero & Dacor appliances, gorgeous granite, hand rubbed maple cabinetry & a walk-in pantry. Amenities include gorgeous maple hardwood floors, furniture quality built-ins & designer wall & drapery treatments. On the upper level is the luxurious master bedroom w/ lavish his & hers master baths, & secondary bedrooms all w/ private baths. All floors are conveniently accessible by elevator. The waterfront backyard includes a pool/spa & BBQ area allowing room for plenty of year around gatherings while combining the best of lakefront living w/ backyard entertaining. The first floor recreation room/independent quarters features 2 XL bedrooms, family room, wet bar, wine cellar & opens directly to the fabulous pool area.

We're looking at a previous purchase date of almost 4 years to the day. We find it hard to believe this property has appreciated by $690,000 since 2005.

"All floors are conveniently accessible by elevator." Is this a house or a hotel? In all seriousness though, the description is well written and the pictures are nice quality. Good thing considering the commission would be more than $200,000, assuming a 6% rate.

If the property can be sold for the full asking price, and we subtract 6% for sales costs, the owners stand to make $480,900. More likely: This one will be on the market for quite some time. Properties in the $1 million+ range are not moving very fast these days.