$300k off the '04 price in Coto

The rollbacks continue to come in South OC...even in luxury areas like Coto. Today's property is offered for sale at a significant discount of the 2004 price.

118 Vela Ct, 92679
Asking price: $1,595,000
Asking price/ sq ft: $313
Purchase price: $1,890,000
Purchase date: 4/13/04
Size: 6 beds, 5.5 baths, 5,100 sq ft (built in 2001)
MLS: S563402 (76 days on Redfin)
ZipRealty price tracker: Price Reduced: 04/22/09 -- $1,695,000 to $1,595,000
Zillow Zestimate: $1,674,500
HOA dues: $252
Type: Single Family Residence
Style: Contemporary
Stories: 2
Lot size: 0.3 Acres
From listing: A Superb location and View that can not be duplicated. Top of the world, the best lot in Oakview tract, end of the cul-de-sac. Your eyes will wander over the beautiful hills and mountains with unobstructed 180 degree view, You can see the views from almost every window. This Amazing home has 6 bedroom plus an office,5.5 baths. Custom features, Crown Moldings, Beautiful built-ins in master, family room and secondary bedroom, Custom Window Treatments, Custom color paint. Gourmet kitchen with top of the line appliances Granite counter tops, beautiful cherry color cabinets. Too many additional upgrades to list. Amazing backyard with pool & spa, outdoor covered patio with Fireplace, Built in Bar B. Q. Lush trees and green grass, truly a resort like backyard. Big Balcony off the secondary bedroom overlooking the Beautiful Saddleback Mountains. MAJOR PRICE REDUCTION!!

The view is nice...especially if you're into rolling hills. Others would probably prefer the beach. For a $1.5 million+ listing, we would expect some better pictures...do we need the shot of the windows and blinds?

This property is not listed as a short sale, so if Redfin's previous sales history is correct then the owner is going to take a huge loss.

This property sold for $1,241,000 in 2001 and $1,890,000 in 2004. That's an increase of 52% in less than three years between what we would assume is the original purchase and the bubble owner. That's one heck of a return.

The current asking price is $295,000 below the 2004 price and $353,500 above the 2001 price. If it can be sold for the current asking price, and we factor in sales costs, the loss would be in excess of $300,000.