Rain rain, go away

Is this Southern California or Seattle? It seems like this week is lost to the rain. Never fear, though, we're back with a new property to profile today in Ladera Ranch:

40 Lewiston Court, 92694
Asking price: $1,100,000
Previous sales price: $1,200,000
Previous sales date: 12/4/09

Beds:	5
Baths:	5.5
Sq. Ft.:	5,118
$/Sq. Ft.:	$215
Lot Size:	0.3 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Traditional
Year Built:	2002
Community:	Ladera Ranch
County:	Orange
MLS#:	S601257
Source:	SoCalMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	7days

From listing: Need some room to grow? This Clifton Heights home has it all! 5 nice sized Bedrooms w/ 5.5 baths. Casita suite above garage and an entertainer's back yard are just a couple features which make this house a home! Dream kitchen and Master which is jaw dropping! To much to list!! Hurry as this property will not last!!

From what we can tell, this property has had a terrific seasaw ride since it was built about 8 years ago. Consider the following from Redfin:

Jun 19, 2003: $1,012,000
Mar 01, 2006: $2,200,000
Dec 04, 2009: $1,200,000 (back to the bank)

Between 2003 and 2006, the property shot up by $1,188,000. If we were to assume that the current asking price is the property's "legitimate" value today, that means it would actually be worth only $88,000 more than it sold for in mid 2003.