Friday listings dump

Whew...another Friday, and some more listings for you to sample. All are new to the MLS in the past week.

19641 Orviento Dr, Lake Forest 92679
Asking price: $240,000
Previous sales price: $435,000
Previous sales date: 6/1/05
Size: 2 beds, 2.5 baths, 1,105 sq ft (built in 1997)
Listing description snippet: "Patio off living room with views! Master bath has view as well."
Our comment: This property is headed for trouble considering the current owner took out loans in 2005 in excess of $430,000. The asking price is $50,000 less than the 2003 sales price of $290,000 and 45% lower than the 2005 sales price.

29302 Troon St, Laguna Niguel, 92677
Asking price: $625,500
Previous sales price: $919,000
Previous sales date: 4/29/05
Size: 3 beds, 2 baths, 1,517 sq ft (built in 1972)
Listing description snippet: "!!!!!! Attention buyers and Agents!!!!!!!! Act fast because this is a hot deal that will not last."
Our comment: The previous owner used 95% financing to buy this property in 2005, and again by the end the debt was too much to bear. The current asking price is 32% below the peak price. Is this an example of the crumbling higher end?

31681 Scenic Dr, Laguna Beach, 92651
Asking price: $1,349,000
Previous sales price: $1,270,000
Previous sales date: 5/17/06
Size: 3 beds, 2 baths, 1,400 sq ft (built in 1938)
Listing description snippet: "Great Investment Potential with Breathtaking Panoramic Ocean Views from this Charming Laguna Beach Cottage Duplex. Duplex can be converted into Single Family Residence."
Our comment: It's the $1.35 million dollar Laguna Beach cottage. No housing bubble indeed - the asking price is $79,000 above the mid-2006 price.