Deep cut in Talega

Nothing says true wealth like the ability to slash a full "average" house's worth ($557k) off of your asking price and still have a $1.9 million listing. Either that or blind greed before for listing your property for more than $500k above what it should have been before.

We report, you decide...

22 Corte Vizcaya, San Clemente 92673
Asking price: $1,898,000
Previous sales price: $2,505,000
Previous sales date: 11/10/05

Beds:	5
Baths:	6.5
Sq. Ft.:	5,500
$/Sq. Ft.:	$345
Lot Size:	0.32 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Mediterranean, Tuscan
View:	Golf Course, Hills, Faces Northwest
Year Built:	2001
Community:	Talega
County:	Orange
MLS#:	L31401
Source:	SoCalMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	8 days

From listing: Previously listed for $2,455,000 - now reduced by $557,000!!! Tremendous value!!! Located on a cul-de-sac street just above the 5th tee of Telega Golf Course, view and exposure are southerly. Tuscan style: motor court entry lined with olve trees, rosemary. .. vine covered walls, stone and wood pergolas, rustic wood garage doors with iron hardware. Home theater/screening room that evokes a by-gone Hollywood era. State-of-the-art security surveillance system. Architectural features: Massive iron & glass front door, travertine and aged walnut plank floors, custom dark wood wainscoting, baseboards, double-crown and waffled wood ceilings, built-in bureaus/shelves, fresco walls & ceilings. .. Uncommon attention to detail and craftsmanship one would expect in only the finest coastal estate.

Too bad they can't spell "Talega" in the listing...as in "Telega Golf Course." We will, however, give them credit for setting the scene fairly well with the listing description. And we think the theater is sweet.

But what about the price? If you were the owner, and you felt you realistically needed to drop the asking price from your previous attempt to sell by more than $500k, would you be embarrassed at all at how poorly you (or your agent, though the owner is technically responsible for final approval in terms of price) perceived the value of this property the first time around? As a buyer with a large wad of cash, would you be less willing to deal with these owners because you think they were out of touch?

Either way, if this property sells it will be for a whole lot less than the previous bubble price - $607,000 less that is, not including any sales costs.