Weekend sales report

Here's a trio of South OC properties that recently sold. See where the actual market is right now...

57 Gingham, RSM, 92679
Sales price: $632,000
Sales date: 7/9/09
Sales price/sq ft: $222
Last asking price: $ 649,900
Previous purchase price: $950,000
Previous purchase date: 9/22/06
Size: 5 beds, 3 baths, 2,841 sq ft
Our comment: This was a short sale property - at one point the approval price was $674,900. Based on the sales price, this represents a 33% discount off the bubble 2006 price.

26522 Mikanos, Mission Viejo, 92692
Sales price: $637,500
Sales date: 7/9/09
Sales price/sq ft: $283
Last asking price: $ 649,900
Previous purchase price: $295,000
Previous purchase date: 11/26/97
Size: 4 beds, 3 baths, 2,250 sq ft
Our comment: Here we have a long-term owner that was able to sell in less than two months. During the bubble, comparable properties were going for $750,000. Rental prices on this street would be about $2,700 per month, so if we use the 160 target GRM for an owner-occupant, makes our quick back-of-the-napkin estimate $432,000.

6 Pamplona, Aliso Viejo, 92656
Sales price: $475,000
Sales date: 7/8/09
Purchase price/sq ft: $250
Last asking price: $475,000
Previous purchase price: $589,000
Previous purchase date: 5/11/04
Size: 3 beds, 3 baths, 1,900 sq ft
Our comment: This Aliso Viejo property sold for 19% below its May 2004 price - would you call this a 2003 rollback? Here's a snippet from the description: "Its so nice in this day and age of trashed out REOs and Long Short sales to see such a nice, clean, smart condo with forever views from the main floor and masters suit. Don t let this one get by as we are sure to sell fast !" How nice of them.