Straight crash, home-y

What more can we say? There's been a flat-out crash in these parts. Are we well past the bottom? Nobody knows for sure, but we do know it's going to be an interesting year following local real estate. If you need some additional proof, try this Lake Forest condo on for size.

25206 Chestnutwood, Lake Forest 92630
Asking price: $309,900
Previous sales price: $529,853 (bank)
Previous sales date: 11/25/09

Beds:	3
Baths:	2.5
Sq. Ft.:	1,746
$/Sq. Ft.:	$177
Lot Size:	-
Property Type:	Residential, Condominium, Townhouse
Style:	Two Level
Year Built:	1983
Community:	Lake Forest North
County:	Orange
MLS#:	S600776
Source:	SoCalMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	13 days

From listing: Charming Townhouse style condo located in the Smoketree neighborhood in lovely Lake Forest. Spacious floorplan features 3 great size bedrooms and 2.5 baths. Large living room with brick fireplace, kitchen has a breakfast nook and bar, formal dining room and family room. Come and see this great property!

Excuse us while we choke at the thought that this property sold for $510,000 in 2005. Was the stainless steel range the part that brought it over the $500k mark? It couldn't have been those lovely "vintage" kitchen cabinets and tile counters, now could it?

Seriously though, that's a price of $292 per square foot. Today, for new construction in South OC, expect on average to find builders' asking prices around $260-$295, depending on the development and location.

In 2000, our subject property also sold for $219,500. So, if we were to assume the bank could unload this property at the current price, it would mean a decade's worth of appreciation of $90,400 or 41% over the total span. Sound like a lot? Well, how does 3.5% average appreciation per year over a decade sound... 'cause that's all that happened for this property when all's said and done.