(Holiday) weekend listings dump

Here are just a few of the properties that hit the MLS in South County within the last week.

1062 Calle Del Cerro #1220, San Clemente, 92672
Asking price: $150,000
Asking price/sq ft: $221
Previous sales price: $288,000
Previous sales date: 6/20/07
Listing snippet: "'BARGAIN HUNTER'S SPECIAL'. San Clemente's BEST BUY!"
Our comment: This property is a short sale, a preforeclosure and an example of how properties purchased in 2007 are running into trouble. The current owner used a downpayment of $28,800 and financed the rest from Countrywide.

6 Melody Lane, Ladera Ranch, 92694
Asking price: $749,000
Asking price/sq ft: $250
Previous sales price: $950,000
Previous sales date: 8/31/06
Listing snippet: "THIS HOME HAS IT ALL AND IS MOVE-IN BEAUTIFUL. NEW DESIGNER PAINT AND CARPET, 16-INCH PORCELAIN TILE AND CROWN MOULDING."
Our comment: This property is being offered at 21% off the 2006 price. It's also got the granite and stainless steel of bubble years gone by.

123 White Sands, Trabuco Canyon, 92679
Asking price: $269,000
Asking price/sq ft: $299
Previous sales price: $289,000
Previous sales date: 10/29/03
Listing snippet: "This is definitely a 10... Model perfect 2bd 1 bath Condo."
Our comment: This condo in the Trabuco Canyon area is a 2003 rollback. A quick back-of-the-napkin estimate based on rental rates says this property "should" be valued at around $200,000.

25541 Orchard Rim Lane, Lake Forest, 92630
Asking price: $579,900
Asking price/sq ft: $252
Previous sales price: $252,000
Previous sales date: 9/17/98
Listing snippet: "A much sought after Brock Home in Lake Forest. Location Location Locastion. Located on a long CDS street, this home backs to the Orchards."
Our comment: How could they butcher the "location, location, location" cliche? We included this property as an example of an equity seller who bought a little more than a decade ago and is in line to come out well - assuming they can sell. A house on this street sold in the mid $500,000s in 2008, but we're not sure values have remained flat since then.