Short sales are closing, but this property in Forster Ranch (San Clemente) has been sitting on the market for a while. Whose fault - the bank or a lack of buyers in the $900k range?
2441 Camino Oleada, 92673
Asking price: $899,999
Previous sales price: $1,229,500
Previous sales date: 4/1/05
| Beds: | 4 |
| Baths: | 4.5 |
| Sq. Ft.: | 3,783 |
| $/Sq. Ft.: | $238 |
| Lot Size: | 6,420 Sq. Ft. |
| Property Type: | Residential, Single Family |
| Style: | Two Level, Craftsman |
| View: | Hills, Ocean, Has View |
| Year Built: | 2005 |
| Community: | Forster Ranch |
| County: | Orange |
| MLS#: | S586009 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 181 days |
This property sold on April Fool's day in 2005 ... so go ahead and insert your favorite joke here. This property is now a short sale that originally was listed in August for $1,129,999 - essentially $100k below the sales price.
Then, about two months later, the price fell to the current asking price of $899,999. If we assume the property can and will be sold for the current asking price, it would mean a decline of 27% off the bubble price about five years ago.
7 comments:
This whole neighborhood (The Reserve) is in trouble - built at the peak of the bubble, like Ladera Ranch, and sold for way more than what they're worth today. I think this one will end up REO and sell in the mid-800's. Too bad for these owners, their timing sucked.
Maybe not a factor factor in such an expensive place, but look at the monthly association dues!
I often wonder if values would go up in neighborhoods like this if they bulldozed the "community ammenities" and substantially cut the HOA dues.
This might be interesting for your readers:
http://lansner.freedomblogging.com/2010/02/22/south-county-hardest-place-to-buy-home/56921/
I am hoping to buy in So. OC but this report scares me.
I think it is a interesting and great home and so beautiful also.
Deirdre G
It looks really beautiful. How do you know what´s the neighborhood like?
Wow! Really nice House, I really Like it! it is Like An home Of dreams!
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