Appreciation in Las Flores?

Today we find out that the DataQuick stats for February show a blip up in the median OC home price for the first time in eight months. That's good news for this seller, who is trying to sell the home after holding it for less than a year.

2 Chaparral Ct, 92688
Asking price: $1,100,000
Asking price/ sq ft: $294
Purchase price: $910,000
Purchase date: 4/30/08
Size: 6 beds, 4.5 baths, 3,746 sq ft (built in 1997)
MLS: P659720 (154 days on Redfin)
ZipRealty price tracker: Price Reduced: 11/06/08 -- $1,200,000 to $1,100,000
Zillow Zestimate: $888,000
HOA dues: $100
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 0.41 Acres
From listing: Fabulous Design and Floor Plan in Highly Desirable Las Flores. Nestled in the Hills between Ladera Ranch and Coto-De-Caza. Ideal location at the end of a quiet and private cul-de-sac. Open and Bright with Large Spaces and Vaulted Ceilings throughout. Two fireplaces with Marble Hearths. Front and Rear balconies for relaxation and city light views. Large oversize bedrooms including a Wonderful Master Suite with Balcony, Custom Finished Large Walk-in Closet, Jetted Tub and Separate Shower. Bedroom and Bath on the main floor plus main floor Office or 6th bedroom. Custom Designed Pool and Spa with Rock Slide and Waterfall. Large Backyard with Lawn, Patio for Entertaining and Barbeques, and a firepit to enjoy evenings with family and friends. Last neighborhood comparable sale in August 2008 closed escrow $1,230,000.

So the last close sale was for $1.23 million - seven months ago. That probably means it's very hard to tell exactly how much this home is really worth today. The owner (or agent) has conceded that it has probably depreciated by - $130,000 considering the asking price. Of course, that assumes our subject property would have sold at an identical price to the comp back in August.

That would mean our subject property appreciated from $910,000 (its April 2008 sales price) to $1.23 million in August in line with the other sale. If the property sells for the current asking price, the owner stands to gain somewhere around $125,000, depending on the sales costs involved. We think it's more likely this property will continue to stay on the market for a little longer.