'03 rollback in Portola Hills

How does $226 per square foot sound for a townhouse-style property in Portolla Hills? If you can get the lender to agree to this short sale and avert the foreclosure process, it's all yours...

19525 Dorado Dr, 92679
Asking price: $475,000
Asking price/ sq ft: $226
Purchase price: $480,000
Purchase date: 9/17/03
Size: 3 beds, 2.5 baths, 2,103 sq ft (built in 1991)
MLS: S568943 (44 days on Redfin)
Zillow Zestimate: $499,000
HOA dues: $102
Type: Single Family Residence
Style: Transitional
Stories: 2
Lot size: 2,846 Sq. Ft.
From listing: BEAUTIFUL MODEL PERFECT CUSTOM HOME!!PANORAMIC VIEWS OF CATALINA, OCEAN CITY LIGHTS & MOUNTAINS!!LG CUSTOM ADDED LOFT W/ RECESSED LIGHTING & CEILING FAN!!Lg pen family rm,upgraded stone fireplace,custom wood mantle.Open light & Bright kitchen w/all newer appliances & euro white cabinets.Separate breakfast nook w/ceiling fan.Formal living rm w/ recessed lights.Formal dining rm w/wall mirror & vaulted ceiling.Upgraded nuetral carpet,Laminate wood floors & custom cermic tile.Lg master suite w/panoramic views, upgraded stone fireplace, master retreat & ceiling fan.Master bath w/lg walk-in closet, oval tub & separate shower.WHOLE HOUSE FAN!!Custom front door w/leaded glass.Mountain views from 2nd & 3rd bdrms.Prive rear yard w/ lattice patio covee, custom brick hardscape & lush tropical landscaping front & Back. Spectacular views to the ocean.

Way to misspell "nuetral," "prive" and "cermic." There are probably others but it's time for us to move on...

This property went for $480,000, or $228 per square foot about five and a half years ago. The asking price is below that. Can you believe September 2003 was five and a half years ago?

The property also sold for $229,500 in 1998, which means it more than doubled in value during the five and a half years between then and September 2003. As we pointed out, the next five years of potential appreciation are now gone. Still, if the house can be sold for the current asking price, it would represent average annual appreciation of almost 10% since 1998.