How is your NCAA bracket doing so far? If you're looking for a break between wall-to-wall college basketball watching today, here are some recent sales in South OC, as reported by Realtor.com.
43 Portalon Ct, Ladera Ranch, 92694
Sales price: $1,190,000
Sales date: 3/19/09
Final asking price: $1,190,000
Previous sales price: $1,277,500
Previous sales date: 12/11/06
Size: 3 beds, 3 baths, 2,900 sq ft
Comment: This recent sale suggests these types of luxury Ladera homes have depreciated "only" 7% from the peak. Of course, we don't know the complete terms of the deal, so it's possible there are seller concessions. We also know this property was recent up for lease for $5,500 a month. If we were to use a generous target GRM of 175 for an owner-occupant - the point being that we could imagine an owner willing to pay a decent premium over renting to live here - it would be valued at $962,500. By that math, the new owner overpaid.
971 Balboa, Laguna Beach 92651
Sales price: $695,000
Sales date: 3/16/09
Final asking price: $ 689,000
Previous sales price: $302,500
Previous sales date: 1/25/93
Size: 2 beds, 3 baths, 1,400 sq ft
Comment: A larger property on the same street is for rent asking $2,800 per month. If we were to assume this property could fetch the same amount, and we used a GRM of 160, that would make this property worth $448,000 to a rental breakeven-focused owner-occupant. Hmm...this property sold above asking price for almost $700,000. Laguna Beach real estate strikes again!
27932 Calle San Remo, San Juan, 92675
Sales price: $484,500
Sales date: 3/13/09
Final asking price: $525,000
Previous sales price: $25,500
Previous sales date: 7/01/68
Size: 4 beds, 2 baths, 1,662 sq ft
Comment: This property was on the market in 2008 for $659,000 but dropped off without a sale. The recent sales price is 26% below that. Still not bad considering Zillow shows a previous sales price of $25,500 more than 40 years ago.
24312 Twig St, Lake Forest, 92630
Sales price: $402,800
Sales date: 3/17/09
Final asking price: $ 408,500
Previous sales date: 11/25/08
Previous sales price: $445,900 (bank)
Size: 4 beds, 3 baths, 2,069 sq ft
Comment: Before this property went back to the bank, there was a last-ditch effort to work out a short sale. The catch was the lender would accept offers between $500,000-$540,000, which proved to be way higher than its market value. The previous "regular" sale on this property was in 2005 for a bubblicious $749,000. The recent sale mean this property, in its current condition, has depreciated 46% in three and a half years.
Friday, March 20, 2009
Friday recent sales report
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8 comments:
That home on Balboa in Laguna Beach sat and sat and sat. It was on the market for ages. It seems a bit fishy that it would sell for over the asking price.
I looked at the house on Twig right after it listed. The realtor said they already had multiple offers and that it would sell for way over what the bank was asking. So either he was a bald-faced liar or those higher offers fell through. It had water damage in one of the bathrooms, and the living room had been partitioned into two rooms - there were multiple families living there before.
Colleen,
Welcome to Lake Forest the land of multiple families who shouldn't be here living in single family housing. Gotta love the slumlords who are destroying single family neighborhoods and the employers who are employing them. I refuse to buy one of these homes that has had so much stress put on its plumbing and structure with too many people living in it.
LOL "Bubblicious" sure was an popular bubble gum back when I was growing up. But man, it stuck to you're face when you blew bubbles.
That's when non-stick Hubba Bubba bubble gum came out, and kids never looked back (nor read the ingredients).
Kids are smart. Adults are stupid.
Bubblicious home pricing! Awesome!
The seller on Portalon in Ladera Ranch has taken a huge hit. The seller purchased the property new and installed over $200k in landscapeing, pool/spa hardscape, mature olive trees. The home was very nice. The seller has taken a $300k plus hit on the sale. The Covenent Hills villige of Ladera Ranch has been in free-fall. Look at the custom home lot on Tomas, nice 12k sq foot lot with a great view just came on the market for $349k. The lot sold three years ago for close to $900k. First National Bank of Arizona now owns it. This bank was the preferd lender when the custom lot project was first marketed in late 2004. Many of the lots were financed with differed interest and payments for the first two years. The lot should sell for $300k-$350k as this is the current market value for fully improved lots in Orange County.
Anon, I've been in Lake Forest for 7 years now and renting in the vicinity of the Twig house for 1.5 years. This is an interesting, highly diverse neighborhood (pretty much all populated continents are represented) and I am actually very happy in it - lots of very stable families who've been in their houses for 20+ years, some really wonderful neighbors. A few multi-fam problem houses, but those seem to be the ones that sold fraudulently at the peak and are gradually getting foreclosed on. I would like my own little piece of dirt, but I won't buy unless prices make sense vs. renting. We will probably be stuck in Lake Forest for at least 5 more years, so it only makes sense for us to buy if the price allows us to keep the house as a rental once we're ready to get out of OC.
It's about affordability. Posts like the Twig example are really striking.
I don't really care about the visa status of my neighbors. Why should I? Come on, the federal government allows 5,000 at least to cross the southern border every day without lifting a finger. It's 2009 and people are only now starting to care about all that??
It's so in the past. It's a waste of our time and energy to be mad about it anymore because it's not in our control. (I'm assuming, of course, that you're like me and choose to earn and save money as opposed to joining a moral crusade as a Minuteman as an effective use of your spare time).
No, what I care about is the still amazing detachment between real take home incomes and single family home prices in Lake Forest.
It's really incredible to observe these things. Been living in LF here since 2005. Great community, but the housing market here is about to walk the plank.
Find some great deals on Laguna Beach real estate listings over at NeighborCity http://www.neighborcity.com/CA/Laguna-Beach
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