In keeping with what has become a weekly ritual, we're going to end the work week with a sampling of South OC properties that have hit the MLS within the past week.
23262 Orange Ave #6, Lake Forest, 92630
Asking price: $177,900
Previous (bank) sales price: $319,444
Previous sales date: 1/28/09
Size: 3 beds, 2 baths, 1,132 sq ft
Listing description snippet: "FRESH PAINT & CARPET....PRICED TO SELL FAST. 3 BEDROOMS, 2 BATHS. "
Our comment: This REO once sold for $400,000 in 2006. The bank's asking price is 56% below the peak. We think the large price declines are mostly over for these types of small condos. On deck, larger properties.
73 Sansovino, Ladera Ranch, 92694
Asking price: $290,000
Previous sales price: $470,000
Previous sales date: 5/20/05
Size: 2 beds, 2 baths, 1,216 sq ft
Listing description snippet: "Ready to move into, looks brand new and shows well. This home is turn key with beautiful hardwood floors downstairs, custom colors, upgrated tile countertops, and balcony in master bedroom."
Our comment: Here's a Ladera Ranch condo at 38% off the 2005 price. It's also $20,000 above the 2003 price, so that makes us think it's still probably a bit overpriced relative to its current value.
2708 Calle Estrella De Mar, San Clemente, 92673
Asking price: $1,595,000
Previous sales price: $1,887,500
Previous sales date: 4/14/06
Size: 6 beds, 5.25 baths, 4,100 sq ft
Listing description snippet: "The gourmet kitchen has granite counter tops and stainless steel appliances including GE Monogram built-in refrigerator, large center island, pantry, built-in desk and sunny breakfast nook. Other upgrades include beautiful hardwood floors, travertine tile with granite in-lays, upgraded carpet, Butler's pantry, built-in entertainment center in family room, surround sound, ceiling fans, mirror wardrobes."
Our comment: Why isn't there more SC on this blog? We do like you, San Clemente, but why do you have to be located so far south? This home is up for sale at 15% off the '06 price.
78 Fairlane Rd, Laguna Niguel, 92677
Asking price: $999,000
Previous sales price: $1,200,000
Previous sales date: 6/7/06
Size: 4 beds, 3.5 baths, 3,164 sq ft
Listing description snippet: "Welcomed by the elegant living room with soaring ceilings and oversized windows, relax by the cozy fireplace and entertain in the formal dining room over looking the backyard."
Our comment: Bear Brand is one of our favorite parts of South OC, so you can imagine how excited we were when we saw a nice house there is for sale for only $999,000! It's offered for sale at a 17% discount off the 2006 price.
Friday, March 13, 2009
Friday listings dump
Subscribe to:
Post Comments (Atom)
2 comments:
Why do you think that the now old, cheap condos won't drop down to the 1996 price of $76k?
Jobs are disappearing for owner-occupiers (low end service jobs), and renters for an owner-investor are becoming increasingly scarce.
And the HOAs are going to rise, along with special assessments to compensate for the age of the buildings.
I think these 70s condos are going to tank.
FreedomCM
2708 Calle Estrella de Mar is a short sale but listed at $1,595,000? How much is/are the mortgage(s) then? There is distress in the Reserve(tract where this home is located), it just hasn't all bubbled to the surface yet.
Post a Comment