Weekend listings dump

Here are a collection of new listings to hit the market in South OC in the past week. Is everything OK with the local market? Well, the latest DataQuick report showed that the number of properties sold during the last reporting period was 43% below the average of 1997-2006.

Nevertheless, the sellers of these four properties are hoping to make a sale right now...


41 Campton Pl, Laguna Niguel, 92677
Asking price: $316,900
Previous sales price: $301,750 (REO)
Previous bank sales date: 1/27/09
Size: 3 beds, 2 baths, 1,206 sq ft
Listing description snippet: "STOP THE PRESSES!!! Bank's Giving This Home Away! Are You Looking for an Investment Opportunity? Look No Further as Bank's Priced this Laguna Niguel Condo to Steal & They Mean Business!!!"
Our comment: Obviously, the description is trying to instill a sense of urgency. This is a 2003 rollback. The rental comps have this one at roughly rental parity for an owner-occupant, though the very high HOA dues ($350+ per month) are a huge deterrant and probably throw that out of balance a bit. We doubt the price is low enough for an investor unless they want to sink a large downpayment to get the mortgage low enough.

6 Pegasus Dr, Coto, 92679
Asking price: $1,089,000
Previous sales price: $1,314,000
Previous sales date: 11/10/04
Size: 5 beds, 5 baths, 4,037 sq ft
Listing description snippet: "EXTRA LARGE BACKYARD HAS AMAZING VIEWS!! Culdesac street. Great property all the way around! "
Our comment: This property more than doubled in price between 1999 and 2004. If it could be sold for the current asking price, the house would easily be a 2003 rollback. Coincidentally, the property next door - which sold for $1.4 million in 2005 - is currently going through foreclosure.

25141 Rivendell Dr, Lake Forest, 92630
Asking price: $399,000
Previous sales price: $700,000
Previous sales date: 12/22/05
Size: 3 beds, 2 baths, 1,700 sq ft
Listing description snippet: "Shangri-la with views of the pool from the living room, formal dining room, master and kitchen. Dual pane vinyl windows and doors, scraped ceilings. New AC/furnace, new Fire 'n' ice fireplace."
Our comment: Ouch. This is a big time short sale. Raise your hand if you also think this could be a preforeclosure. If you did, you're right: The current owner financed all but $100 of the 2005 sales price. Now, National City is going to pay the price.

911 Rossmoor Tower #1, Laguna Woods, 92637
Asking price: $95,000
Previous sales price: $187,773
Previous sales date: 3/26/04
Size: 1 bed, 1.5 baths, 910 sq ft
Listing description snippet: "Fantastic Panoramic View of Mountains, Hills & City Lights from Living Room and Bedroom. This Highly Desirable 'G' Unit Located in Rossmoor Towers in Pretigious 55+ Laguna Woods Village."
Our comment: We typically don't deal with Laguna Woods (Leisure World still to most of us) because the market has its own unique dynamics, but this one is a bit interesting because it's a virtual 1989 rollback - that year, this unit sold for $93,500.