Between '04 and '06

This Dana Point property is priced essentially in between its 2004 and 2006 prices. Where does

34300 Lantern Bay #112, 92629
Asking price: $1,050,000

Beds:	2
Baths:	2
Sq. Ft.:	2,074
$/Sq. Ft.:	$506
Lot Size:	-
Property Type:	Condominium
Style:	Craftsman
Stories:	1
Floor:	2
View:	Catalina Island, Harbor, Ocean
Year Built:	1985
Community:	Lantern Village
County:	Orange
MLS#:	S578201
Source:	SoCalMLS
Status:	Active
On Redfin:	58 days

From description: Panoramic sit down Ocean and Harbor views from this one level Villa in the gated community of Lantern Bay Villas. Gourmet kitchen with high end stainless steel apppliances, granite counter tops, travertine tile floors and center island. Seperate Dining room next to kitchen.Large great room with area which could be used as office/den with ocean view.Living room with slate gas FP and French doors leading to the deck for outdoor ocean viewing.Wet bar area w/granite,mini refr/ice maker&display and storage.Master suite with slate gas log FP, vaulted ceiling with skylight,large walk in closet,and French door leading to deck.Master bath area with soaking tub,seperate shower,make-up area, vaulted ceilings and additional closets with mirrored doors.Seperate laundry room w/broom-storage cabinet.Plantation shutters throughout and lots of light with the windows and skylights.Two private parking spaces with storage units and an elevator.This property is quality and turn key for ultimate enjoyment .

Sure, there are some great views, but $506 per square foot for a condo with a nicely done kitchen?

According to Redfin, this property last sold for $1,225,000 in mid 2006 and $875,000 in 2004. That means a lucky soul turned $350,000 in profit before any sales and upgrade costs.That amounts to 18.3% appreciation per year. Nope, it's no longer sustainable.

Assuming the property can be sold for the current asking price, it would mean a loss of $238,000, including 6% sales costs.