Slice and dice in San Clemente

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 This listing is for sale and the sellers are accepting offers.
On Redfin:	181 days

From listing: Spectacular luxury residence perched in gated hilltop community and offering premium location on end of cul-de-sac with peak-a-boo ocean views! Dramatic curb appeal well matched by stylish interior. Dazzling gourmet kitchen features rich granite slab countertops, large sink-in island + gorgeous full-overlay cabinets, top-of-the-line appliances and rich travertine flooring. Main level suite (currently used as office) - a great perk! Huge upstairs bonus/gameroom. Expansive master suite boasts full retreat, walk-in closet and lavish travertine-laden bath. Large balcony off 2nd bed offers fabulous views that stretch to the ocean! Private yard complete with covered patio, grassy area and private spa. Easy access to resort quality amenities including pool, spa and clubhouse. Short drive/long walk to the beach! WOW!

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.

'03 luxury rollback short sale in Aliso

This is exactly what happens when the market goes nuts - huge boom, then huge bust, and we're left with an extreme short sale in Aliso Viejo that also happens to be a preforeclosure. Can they save the house?

18 Prescott, 92656
Asking price: $999,900
Previous sales price: $1,645,000
Previous sales date: 12/28/05

Beds:	5
Baths:	5
Sq. Ft.:	4,100
$/Sq. Ft.:	$244
Lot Size:	5,353 Sq. Ft.
Property Type:	Residential, Single Family
Style:	Two Level, Other
View:	Canyon, Hills
Year Built:	2002
Community:	Aliso Viejo
County:	Orange
MLS#:	S603092
Source:	SoCalMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	2 days

From listing: Stunning Upgraded Estate offers Peaceful Views * Great Floorplan on a Cul-de-Sac Boasts 4 Bedrooms + Loft + Main Floor Office + Play/Hobby Room * Formal Living & Dining Rooms * Gourmet Kitchen w/ Island + Bar Seating, Large Morning Room, Walk-In Pantry, Butlers Pantry, Wine Cellar, & Upgrades including Granite Counters, Rich Mocha Cabinetry, & Stainless Steel Appl. * Spacious Family Room w/ Custom Brick Fireplace & Built-In Media Center * Great Backyard w/ Covered Patio & Awesome Views * Luxurious Master Suite w/ Retreat Features Slate Fireplace & Viewing Balcony + Walk-In Closet * Master Bath Features Slate Accents, Dual Vanities +Oversized Tub +Separate Shower Stall * 2 Secondary Upstairs Bdrm + Spacious Loft w/ Built-Ins (Could be converted to 5th Bdrm) * Main Flr Bedroom Suite w/ Private Bthrm * Main Flr Office w/ Private Bthrm (Could be converted to 6th Bdrm) * Exquisite Upgrades Include Rich Hardwood Flring, Upgraded Carpet, Designer Paint, Crown Molding, Shutters & Rich Designer Touches Thru-out

Whew ... that is one heck of a run-on sentence up there.

What does Redfin have to say about this situation? Here's what it says on the right side of the listing: "This home is flagged as a short sale. We're sorry, we don't tour or write offers on short sales because of the slim chance that you'll get the home."

Public records say this property sold for $992,000 in mid-2003 and then for $1.645 million in 2005 ... an increase in value of 66% in about two and a half years. Sound reasonable to you?

Now, assuming the property can sell for the current short sale price, it would mean a decline of about 40%.

Auction style in Nellie Gail

It's on! You've got just one chance to (literally) bid up this Nellie Gail property. Don't even look at the asking price...it's just the "suggested opening bid."

27642 Hidden Trail Road, 92653
Asking price: $1,995,000
Previous sales price: $1,600,000
Previous sales date: 8/25/09

Beds:	5
Baths:	4.5
Sq. Ft.:	7,082
$/Sq. Ft.:	$282
Lot Size:	0.92 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Other
View:	Canyon, City Lights, Mountain, Panoramic
Year Built:	1988
Community:	Laguna Hills
County:	Orange
MLS#:	P711507
Source:	SoCalMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	14 days

From listing: AUCTION - $1,995,000 Suggested Opening Bid - See Remarks, Beautiful Custom Estate in Nellie Gail, Large 40,000sf Equestrian Lot in prime Nellie Gail neighborhood with panoramic views, gated entry, open floorplan, grand entrance with spiral staircase, large family room with full bar, gourmet kitchen, office/library on main floor, large master retreat with fireplace & private deck, backyard perfect for entertaining with pebble-coat pool, spa, built-in BBQ area, Marble fireplace, stained leaded glass windows, instant hot water in kitchen sink, (2) central vacuum systems

We wish we knew how much the current owner expects to pull once everything is done .... $2.1 million? $2.3? More?

One thing to note is this property went for $2.6 million at the peak in 2006. You don't suppose this property has magically appreciated back near there, do you?

Us either. We'll keep our eyes peeled to see what this one eventually goes for.

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.

Call the landscaper first

How would you like to buy an unlandscaped short sale property in Ladera Ranch? Once you spend the money putting in the yard, it would cost you about what it sold for new in 2006! Sounds fishy to us...

44 Christopher St, 92694
Asking price: $900,000
Previous sales price: $1,050,500
Previous sales date: 10/5/06

Beds:	4
Baths:	3
Sq. Ft.:	-
Lot Size:	8,600 Sq. Ft.
Property Type:	Residential, Single Family
Style:	Two Level
Year Built:	2006
Community:	Ladera Ranch
County:	Orange
MLS#:	I09119715
Source:	MRMLS
Status:	Active This listing is for sale and the sellers are accepting offers.
On Redfin:	5 days

From listing: Beautiful home with many upgrades. Marble upgrades throughout, granite countertops and top quality carpet. Backyard is not landsaped. Master bedroom and laundry room are downstairs.

This listing has no business being a million-dollar listing...from the one outside photo to the uninspired listing description. We're sure there's a reason to the lack of effort (and there could be many of them) but we won't speculate.

We will, however, wonder out loud if this house in its current state has any business being price anywhere near $900k - that's about a 14% discount off the peak. How about you rent a 3,800 sq ft house also in Ladera Ranch with the same number of bedrooms and bathrooms for $4,450 a month?

You couldn't even make an honest comparison between the two, considering our subject property is currently unfit for comfortable living because of the lack of landscaping. But if we were to assume that our subject is really worth $4,450 a month to a renter, then a generous GRM of 180 yields a target value of $801,000 - assuming, of course, the house is finished and ready to roll.

Lots of lookers in Ladera

This Ladera Ranch property is one of the most-viewed OC listings on Redfin. Why? It's a "celebrity" listing, of course! You may know the saga of Tamra Barney. This is her house.

If you wanted to make an offer, you may be a bit late to the party considering it's in the backup offers stage.

3 Pointe Circle, 92694
Asking price: $1,149,000
Previous sales price: $1,320,500
Previous sales date: 9/8/05

Beds:	5
Baths:	5.5
Sq. Ft.:	4,300
$/Sq. Ft.:	$267
Lot Size:	8,937 Sq. Ft.
Property Type:	Residential, Single Family
Style:	Two Level, Tuscan
View:	Hills, Mountain
Year Built:	2005
Community:	Ladera Ranch
County:	Orange
MLS#:	S583289
Source:	CARETS
Status:	Backup Offers Accepted This listing is under contract, but the sellers are looking for additional offers in case the current offer falls through.
On Redfin:	108 days

From listing: Highly Upgraded Tuscan Home! One of the most desirable locations within the gated community of Covenant Hills. 5 bedrooms all with full bathrooms, Office with built-in bookcase, Loft, Master Bedroom retreat, Hardwood floors with custom stone inlay. Large gourmet kitchen opens to family room and is complete with granite counters, upgraded appliances, island and breakfast nook. The yard is an entertainer's dream with a saltwater pool, spa with waterfall, built-in and covered grill with prep area, bar, fireplace, firepit and incredible landscaping! You will love the details, including crown molding and rustic wood beams! This is a MUST SEE!

Thanks to a nifty new feature on Redfin, we can see that the Coto Housing Blog already talked about this property. Where is this? Right on the listing. Very cool...

We also noticed this declaration on all Redfin listings that are short sales: "This home is flagged as a short sale. We're sorry, we don't tour or write offers on short sales because of the slim chance that you'll get the home. " How very negative of them. Or truthful.

We like Ladera, but it always brings us back to this dilemma: If you had, say, $1.149 million to spend, and you were comparing this Ladera Ranch property to one in Newport Coast with ocean views, which one would you take? We'd still lean towards the ocean, even though you're getting significantly less space than in Ladera.

Nothing's changed in Laguna

This Laguna Beach listing is an interesting commentary - the seller believes that a house that was "totally rebuilt" at the peak of the market should command the same price as was spent then, sans post-bubble pricing adjustment.

23 Emerald Bay, 92651
Asking price: $4,800,000

Beds:	3
Baths:	2.75
Sq. Ft.:	2,711
$/Sq. Ft.:	$1,771
Lot Size:	6,200 Sq. Ft.
Property Type:	Residential, Single Family
Style:	Two Level, Mediterranean
View:	Coastline, Ocean, Panoramic, Park/Green Belt, Water, White Water
Year Built:	2006
Community:	North Laguna
County:	Orange
MLS#:	L30699
Source:	CARETS
Status:	Active
On Redfin:	77 days

From listing: House totally rebuilt in 2006. Very nice. View looks directly at Emerald Bay beach and the ocean. View cannot be blocked. Total house square footage including decks and garage is 3389 per plans.

Leave it to Emerald Bay to kick the housing bubble. There is some serious wealth in this area, but we're not sure how you would make the argument that this property is obviously worth $4.8 million while this one should be $4.5 million. At these kind of dollar amounts, it's really all about personal preference. You can expect that all the houses at this price to be nice and have nice views.

Assuming the property can be sold for the current asking price, it would mean the property has appreciated 422% in about a decade considering that it went for $920,000 in 1998. That's a rate of about 38% per year every year - pretty nice! Of course, the question is raised that if the house had not been totally rebuilt, it would not likely be worth the same amount today. So, if the sellers can find someone to pay their price, we would reason that they're coming out a winner.

Winners, now a loser in Laguna

Bad timing can kill you, even if you're dealing in luxury Laguna Beach real estate.

22191 Rico Rd, 92651
Asking price: $2,190,000
Previous sales price: $2,100,000
Previous sales date: 2/4/05

Beds:	3
Baths:	4
Sq. Ft.:	3,286
$/Sq. Ft.:	$654
Lot Size:	6,180 Sq. Ft.
Property Type:	Single Family Residence
Style:	Mediterranean
Stories:	3+
View:	Canyon, City Lights, Coastline, Ocean, Has View, Water
Year Built:	1989
Community:	South Laguna
County:	Orange
MLS#:	U9003417
Source:	SoCalMLS
Status:	Active
On Redfin:	68 days

From listing: This exquisite custom Mediterranean Villa is located within a tranquil setting, and is merely a stone s throw of everything Laguna has to offer, including fabulous dining and shopping, galleries, cultural events and the world famous Montage Resort. Revel in approximately 3,286 square feet of elegance with panoramic ocean, and coastline and views. From its soaring entry with sweeping staircase and tranquil fountain, this home evokes old world charm and grandeur. The home features private verandas and patios with a spa at the top level. Amenities include a wine cellar, exercise room and a study with wet bar. Vaulted ceilings and custom French doors throughout add to the charm, making it a true entertainer s delight!

Let's take a look at the sales history:

2005: $2,100,000
2002: $1,410,000
1999: $1,195,000
1996: $810,000

Let's look at the change in price between each of these sales:

2005: +$690,000
2002: +$215,000
1999: +$385,000

That's a pretty darn good track record when you consider the short amount of time between each of these sales. The current owner won't be so lucky, however. This property is listed as a short sale for the current asking price of $2,190,000 despite the fact that it's priced above the 2005 sales price.

Way short in LN

Escrow dreams really do come true - even in crazy short sale situations like this one in Laguna Niguel...
7 Pacific Crest, 92677
Asking price: $1,499,000
Previous sales price: $2,065,000
Previous sales date: 5/19/06

Beds:	4
Baths:	4
Sq. Ft.:	3,300
$/Sq. Ft.:	$454
Lot Size:	8,000 Sq. Ft.
Property Type:	Single Family Residence
Style:	Contemporary
Stories:	2
View:	Ocean, Treetop, Trees/Woods, Has View
Year Built:	1994
Community:	Laguna Niguel South, South of Crown Valley, West of Niguel
County:	Orange
MLS#:	S576702
Source:	SoCalMLS
Status:	Backup Offers Accepted
On Redfin:	118 days

From listing: Highly upgraded custom home in Bear Brand Ridge. Gorgeous 24'' polished Travertine carries you throughout the first level of this designer home. Incredible attention to detail creates interest at every turn. Customized AV system wired throughout the home for almost any electronic configuration. Bathrooms finished with tumbled travertine. Spacious bonus room features hardwood floors, detailed built-ins, an arched picturesque window and connects to the massage room (4th bedroom). Sensational master suite complete with vaulted ceiling, spa-like master bath, oversized travertine shower with Hansgrohe showerheads & jet tub. Master balcony showcases ocean views. Backyard designed and maintained by Roger's Gardens. An array of backyard amenities includes a built-in Viking barbeque, 3 tranquility fountains, fire pit, covered patio with speakers and recessed lighting. Meandering path connects the front and backyard. Seller would like to sell furnishings.

The Redfin property history shows this place changing hands every year between 2001 and 2006, except for 2005. We're not sure those are actually sales, but it would make sense if we were looking at a rash of refinances - up until $2 million worth in 2006.

If that's the case, and the debt against this property is hovering somewhere around the $2 million mark today, it means the lender is going to take a $500,000 bath if and when this property makes it all the way to closing.

A great deal in Laguna!

A great deal that is, if you'd like to rent this Laguna Beach property instead of own it. At least, it's a great deal compared to the asking price. Hmm...maybe the asking price is just flat out of whack. See what you think...

820 La Vista Dr, 92651
Asking price: $1,469,000
Previous sales price: $1,296,500
Previous sales date: 7/24/09

Beds:	3
Baths:	2
Sq. Ft.:	-
Lot Size:	6,550 Sq. Ft.
Property Type:	Single Family Residence
Style:	Cottage
Stories:	1
View:	Catalina Island, City Lights, Ocean, Panoramic, Treetop
Year Built:	1956
Community:	Laguna Village
County:	Orange
MLS#:	L30869
Source:	SoCalMLS
Status:	Active
On Redfin:	19 days

From listing: Location, location, location! A three bedroom home with a view of Catalina and the city close to Laguna Beach High School, Anneliese Pre-school, tennis courts, swiming pool, stores, restaurants, beaches; all walking distance away. The home is on a quiet Cul-de-Sac and has a THREE car garage! Plans for a second story, approved by Design Review Board, soft contemporary design are included. This home offers quiet solitude and the proximity to action as well. What a bargain!! Seller financing available! Also offered for the lease @ $3,250.00 per month

Based on the previous sales date and the fact that this one is not listed as an REO, we would also seem to be in the midst of an attempted flip .... and a profitable one based on the current asking price and assuming no renovations were done.

Either way, it's interesting to see how the rental asking price compares to the for sale asking price. If we were to assume $3,250 is the "real" value of this property that a renter would be willing to pay each month to live here, the house "should" be worth about $585,000 based on an estimated target GRM for an owner-occupant of 180. We used 180 instead of the typical 160 because we're building in the fact that we would guess an owner would be willing to pay a bit more to own in Laguna Beach.

Let's just say the asking price is a tad above that.

What's the deal?

What an amazingly hot weekend. And, what an amazingly confusing local housing market. Here's an example of an REO in Laguna Hills that normally wouldn't make sense but is all too common these days.

26165 Bridlewood Dr, 92653
Asking price: $1,399,000

Beds:	5
Baths:	4
Sq. Ft.:	5,300
$/Sq. Ft.:	$264
Lot Size:	0.57 Acres
Property Type:	Single Family Residence
Style:	Mediterranean
Stories:	2
Year Built:	1986
Community:	Laguna Hills
County:	Orange
MLS#:	P699016
Source:	SoCalMLS
Status:	Active
On Redfin:	18 days

From listing: GREAT OPPORTUNITY - ESTATE HOME IN NELLIE GALE. Grand formal entrance with dual staircase. Bright interior with spacious rooms and high ceilings. Formal dining room. Gourmet kitchen with granite counters, 2 sub zero refrigerators, 2 dishwashers, dual oven, and lots of room for storage. Fireplace in family room, living room, and master retreat. Master suite with retreat and private balcony. Master bathroom has dual sinks, vanity, spa tub and large shower. Bonus room downstairs - perfect for office/den. Patio area with built in BBQ for entertaining framed by lush landscaping with fountains. Gated circular driveway with porte cochere.

The listing agent probably should go back and figure out how "Nellie Gail" is actually spelled. After all, this is a million-dollar listing.

This property went back to the bank for $1,464,750 in July. It's already back up for sale in August. If all foreclosures moved that fast through the system we'd be on the road to recovery in no time.

Redfin says the previous sale was for $1.15 million in 2001.So, if we can locate a buyer willing to pay the full asking price, then this property would be $249,000, or 22% above the 2001 price.

Must sell in Nellie Gail

We're back in Nellie Gail (Laguna Hills) wondering why a property with the phrases "must sell fast" and "drastic change in price" is priced so insanely above its bubble price.

25526 Lone Pine Circle, 92653
Asking price: $2,299,000

Beds:	4
Baths:	4
Sq. Ft.:	4,694
$/Sq. Ft.:	$490
Lot Size:	1.01 Acres
Property Type:	Single Family Residence
Style:	Mediterranean
Stories:	2
View:	City Lights, Mountain, Has View
Year Built:	1988
Community:	Laguna Hills
County:	Orange
MLS#:	S568413
Source:	SoCalMLS
Status:	Active
On Redfin:	148 days

From listing: Drastic change in price. *MUST SELL FAST* This resort style classic Mediterranean custom estate located on one of the most unique prime location has a 1.1 acre lot Perfectly positioned at the end of the cul-de-sac among jewels of Nellie Gail Ranch with private pool, spa, built in BBQ, Fire Pit, Gazebo, Orchard with over 300 fruit trees of avocados, oranges, tangerines, apples, lime and lemons, mangoes pomegranate, guava and grapefruits surrounded by over 60 queen palm trees with access gate to the horse trail. Elegantly designed with vaulted ceilings and adequate lighting, highly upgraded & tastefully decorated interior with 3 fireplaces, Marble floor through out the lower level, Master bedroom with fireplace, retreat or office, totally remodeled kitchen with new cabinet, granite etc., and cozy family room leading into a sun room. Downstairs has a bedroom suite and an office plus a powder room, Central Vacuum and more, Plenty room for barn and horses. Very special location 'MUST SEE'

The drastic price change they're talking about is going from $2,699,000 to the current asking price - a decrease of $400,000. But, the asking price was $2,199,000 at one point and the asking price was actually raised back up.

The previous sales price? Redfin has it pegged at $1,405,000 in 2003. Do you think this property appreciated 64% since 2003?

Nellie Gail on sale

What might have gone wrong for this Nellie Gail property in Laguna Hills? If the records are correct, quite a bit...

25501 Lone Pine Cir, Laguna Hills 92653
Asking price: $2,499,990

Beds:	6
Baths:	6
Sq. Ft.:	6,500
$/Sq. Ft.:	$385
Lot Size:	0.42 Acres
Property Type:	Single Family Residence
Style:	Other
Stories:	2
View:	City Lights, Mountain, Has View
Year Built:	1989
Community:	Laguna Hills
County:	Orange
MLS#:	S563645
Source:	SoCalMLS
Status:	Active
On Redfin:	185 days

From description: Custom Newly Remodeled Nellie Gail Estate, Entertainers Delight! *Majestic Mountain & City Lights Views *Sparkling Pebble Tec Pool & Spa *Pavilion w/Fireplace & Ceiling Fan *Outdoor Kitchen w/Custom Pizza Oven & BBQ *Gorgeous Curb Appeal w/Circular Driveway & Stately Columns *Formal Entry w/Custom Iron Double Doors *Elegant Living Rm & Formal Dining Rm + Butlers Pantry w/Built-In Wine Rack *Gourmet Kitchen w/Travertine Floors, Coffered Ceilings, Granite Counters, & Stainless Steel Appl. *Large Family Rm w/Fireplace & Built-Ins *Luxurious Master Suite w/Retreat, Bar, & Fireplace + Lavish Master Bathrm w/Jetted Tub +Shower + Walk-In Closet *2 Additional Mainflr Bedrms + 3 Second Level Bedrooms *Office + Mainflr Bonus Room w/Bar (Great as Game Rm) +Upstairs Bonus Rm (Great as 2nd Family Rm) *Exterior Exercise Rm *Extraordinary Appointments include Travertine Flring *Custom Paint *Custom Lighting *Art Niches & Columns *French Doors *Marble & Granite Accents *Rich Toned Cabinets & Built-Ins

Property History

Date	Event	Price	Appreciation	Source
Aug 07, 2009	Price Changed	$2,499,990	--	SoCalMLS #S563645
Apr 24, 2009	Price Changed	$2,999,990	--	SoCalMLS #S563645
Apr 04, 2009	Price Changed	$3,249,000	--	SoCalMLS #S563645
Mar 17, 2009	Price Changed	$3,375,000	--	SoCalMLS #S563645
Feb 13, 2009	Listed	$3,499,900	--	SoCalMLS #S563645
Dec 20, 2004	Sold	$2,750,000	6.9%/yr	Public Records
Apr 28, 1995	Sold	$1,450,000	-4.9%/yr	Public Records
Sep 30, 1992	Sold	$1,650,000	--	Public Records

Too many asterisks and abbreviations for our taste in the description. As you can see from the info above, Redfin says this previously sold for $2.75 million in 2004. If that's correct, and the owners spent some additional dough remodeling the property, it's going to be a pretty big money pit when and if it sells.

The owners tested the market by listed the property for $3.5 million in February, only to slide down to its current asking price of $2.5 million.

Assuming the house can be sold for the current asking price, it would be $250,010 below the 2004 sales price, not including sales costs and any renovation costs.

Between '04 and '06

This Dana Point property is priced essentially in between its 2004 and 2006 prices. Where does

34300 Lantern Bay #112, 92629
Asking price: $1,050,000

Beds:	2
Baths:	2
Sq. Ft.:	2,074
$/Sq. Ft.:	$506
Lot Size:	-
Property Type:	Condominium
Style:	Craftsman
Stories:	1
Floor:	2
View:	Catalina Island, Harbor, Ocean
Year Built:	1985
Community:	Lantern Village
County:	Orange
MLS#:	S578201
Source:	SoCalMLS
Status:	Active
On Redfin:	58 days

From description: Panoramic sit down Ocean and Harbor views from this one level Villa in the gated community of Lantern Bay Villas. Gourmet kitchen with high end stainless steel apppliances, granite counter tops, travertine tile floors and center island. Seperate Dining room next to kitchen.Large great room with area which could be used as office/den with ocean view.Living room with slate gas FP and French doors leading to the deck for outdoor ocean viewing.Wet bar area w/granite,mini refr/ice maker&display and storage.Master suite with slate gas log FP, vaulted ceiling with skylight,large walk in closet,and French door leading to deck.Master bath area with soaking tub,seperate shower,make-up area, vaulted ceilings and additional closets with mirrored doors.Seperate laundry room w/broom-storage cabinet.Plantation shutters throughout and lots of light with the windows and skylights.Two private parking spaces with storage units and an elevator.This property is quality and turn key for ultimate enjoyment .

Sure, there are some great views, but $506 per square foot for a condo with a nicely done kitchen?

According to Redfin, this property last sold for $1,225,000 in mid 2006 and $875,000 in 2004. That means a lucky soul turned $350,000 in profit before any sales and upgrade costs.That amounts to 18.3% appreciation per year. Nope, it's no longer sustainable.

Assuming the property can be sold for the current asking price, it would mean a loss of $238,000, including 6% sales costs.

Off base in Laguna?

We're hoping your weekend went as well as ours did. Sometimes it's those homemade family meals that taste best of all. Today's property in Laguna Beach is both for rent and for sale, so the question is: Would you like to buy or rent?

2175 Hillview, 92651

Beds:	4
Baths:	3
Sq. Ft.:	-
Lot Size:	7,000 Sq. Ft.
Property Type:	Single Family Residence
Style:	Contemporary
Stories:	3+
View:	Canyon, Catalina Island, City Lights, Coastline, Hills, Ocean
Year Built:	1975
Community:	Laguna Village
County:	Orange
MLS#:	L29639
Source:	SoCalMLS
Status:	Active
On Redfin:	101 days

From description: Great Catalina and Oceanviews! Beautiful, multi-level 4 bedroom home with all the extras. Family room, dining room, detached den office with a private entrance. Living room opens to a large oceanview deck and overlooks a large professionally landscaped yard with room for a swimming pool or spa. Quiet cul-de-sac street, walking distance to Thurston Middle School,the community park and hiking trails. Owner will consider a Lease Option or a 12 month lease, property is now vacant.

This property last sold for $1,317,500 in early 2004. Now, it's up for sale for $1,775,999 after originally being listed for the crazy wishing price of $1,849,000.The current price is about $73,000 below the original asking price.

If you like the property but aren't sure you'd like to drop all that dough, you could instead rent it. It's also up for rent on the MLS asking $5,975 per month. Here's the listing description: "Beautiful 4 bedroom oceanview home with catalina and hillside views. Multi-level home with all the extras,living room, family room, dining room, detached home office with a private entrance.Living room opens to a large oceanview deck overlooking a large, professionally landscaped yard. Quiet, cul-de-sac street, walking distance to thurston middle school, alta laguna park and hiking trails.Tremendous inside, outside living surrounded by beautiful hawaiian garden landscaping.Property is now vacant."

We're not going to assume that an owner-occupant would necessarily target a 160 GRM to own this property, because this type of home would naturally have a premium over renting. So, if we were instead going to estimate value based on a GRM of 185, the rental asking price would dictate the owner-occupant would try to get this for $1,105,375. That's about $670,624 above our target price.

Based on that math, we'll rent the place for a year and enjoy those same ocean views for a lot less dough. What would you do?