It's Thanksgiving week, so you might expect us to be all cliche and post about things we're thankful for. We just ... might ... do it.
We will do it. Phhhbt!
Here's to being thankful that insane bubble prices of yesteryear are being "corrected" by the market today...
29562 Westmont Ct, San Juan Capistrano, 92675
Asking price: $249,900
Bank price: $453,452
Back to bank date: 6/24/09
| Beds: | 2 |
| Baths: | 2 |
| Sq. Ft.: | 1,316 |
| $/Sq. Ft.: | $190 |
| Lot Size: | 1,968 Sq. Ft. |
| Property Type: | Residential, Condominium |
| Style: | Two Level, Other |
| Year Built: | 1974 |
| Community: | San Juan North |
| County: | Orange |
| MLS#: | S595063 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 18 days |
No real listing description and no additional pictures. Is there anything to know about this property beyond the physical basic features of the property and the bank's asking price?
As you can see, the bank took this property back a few months ago. Now, it's been listed at a price that is below the 2002 price of $289,500. Seven years of bubble appreciation is gone, and now it's time for this property to be flushed out of the system and picked up by the highest bidder.
Welcome to the reality of the market in 2009...be thankful it's no longer the 2005 real estate market if you're a buyer!
1 comments:
While this is a dumpy place in a dumpy complex in a dumpy location, it does illustrate a trend I have perceived as of late; condos seem to be continuing the fall while crappy houses seem to be responsible for the RE market "turning up".
There was a profound market despirity a while ago where condos and crappy houses were priced too closely. Just mu neducated opinion.
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