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Video: Yun heck of a runaround
2007-12-30 22:40:00
The number of real estate transactions has dropped significantly in recent months, but no worries! Lawrence Yun of the NAR explains away to a group of Kentucky realtors why this isn't a big deal - using some very creative stock market-related logic. His approach may be a bit of a divergence from reality, as you will also see.
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Droppin' like a rock in San Clemente
2007-12-30 15:57:00
This bank-owned, ocean-close property in San Clemente is flat out falling in price. It went pending earlier this month but is now back on the market again. We're rapidly approaching the 250 days on the market mark. 2719 Via Montecito, 92672 Asking price: $714,900 Asking price/ sq ft: $472Income requirement: $178,725Peak purchase price: $935,000Peak purchase date: 6/22/2006Size: 3 beds, 2 baths, 1,516 sq ft (built in 1963) MLS: S485676 (246 days on Redfin) ZipRealty price tracker: Price Reduced: 6/6/07 -- $974,900 to $924,900 Price Reduced: 7/11/07 -- $924,900 to $884,900 Price Reduced: 8/17/07 -- $884,900 to $844,900 Price Reduced: 9/20/07 -- $844,900 to $794,900 Price Reduced: 10/17/07 -- $794,900 to $754,900 Price Reduced: 11/20/07 -- $754,900 to $714,9002006 property tax: $6,886HOA dues: $22Type: Single Family Residence Style: Traditional Stories: One LevelLot size: ...
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CAR November data is out
2007-12-29 07:18:00
It's not pretty at all. The Calif. Association of Realtors (CAR) is showing a 5.4% decline in November median price of a single family house ($661,580) compared to October and September, which were both $673,770.The stunning part is how quickly the median has fallen - the peak was $747,260 earlier this year and it has already declined 11.4% since then. What will 2008 bring?Here is the recent data point with in an updated OC median single family home price graph - including a revision of the peak ($747,260 in April 2007).
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What's selling in RSM
2007-12-28 18:58:00
Before we get to today's post, here's a link to a very interesting CNNMoney.com story on 2007 housing predictions gone wrong. Lead: "Before you put much hope in forecasts for a 2008 rebound in the battered housing market, consider this: A year ago at this time many top economists were looking for that recovery to begin in 2007."Here are some recent sales in Rancho Santa Margarita (ZIP 92688) from the past two months. All sales info was taken from Zillow. Note: It is very possible that some of these properties that Zillow marked as recently sold could simply be ones that went back to the bank after being unable to complete a short sale, as any change in ownership shows up as a completed recent sale in the system. If you can confirm that any of these properties fit that description, let me know so I can update the post. This is especially feasible for the properties that recently changed hands for less than their previous sale price.22 CascadaSales price: $570,000Asking price: $599,...
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$1,000 gift card! Best deal in Coto?
2007-12-27 23:19:00
This REO condo in Coto de Caza may or may not be the best deal in town, but it's certainly the cheapest property available. Literally. It's "priced To Sell!!!" and has been on the market for a little more than a month. 22 Green Brier Circle, 92679 Asking price: $439,900 Asking price/ sq ft: $314Income requirement: $109,975Peak purchase price: $589,000Peak purchase date: 6/08/06Size: 2 beds, 2 baths, 1,400 sq ft (built in 1987) MLS: S513503 (35 days on Redfin) HOA dues: $364Type: Condominium Style: Contemporary/Modern From listing: BANK OWNED!!PRICED TO SELL!!!Charming 2 Bed 2 Bath W/ Open Flowing Floorplan. Spacious Kitchen W/ Granite Tile Counter Tops. Formal Dining Room , Living Room W/ Cozy Fireplace and Built in Entertainment Center. Cute Private Patio Accessed From Living Room and Master Bathroom. Inside Laundry Room. Two Car Garage Attached W/ Direct Access. Just Freshly Painted. Seller is offering a $1,000 gift card at closing....
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Relocation sale...but no takers
2007-12-26 19:04:00
Here's a Nellie Gail property in Laguna Hills that's been on the market since late June. Another example of life taking what could have been an unexpected turn - the owners needed to relocate - and evidence of the consequences of having to try and sell in this real estate market after only a brief period of ownership.Asking price: $1,499,000 Asking price/ sq ft: $454Income requirement: $374,750Purchase price: $1,535,000Purchase date: 6/30/2006Size: 5 beds, 3.5 baths, 3,300 sq ft (built in 1992) Days on Redfin: 185 ZipRealty price tracker: Price Reduced: 7/19/07 -- $1,545,000 to $1,499,000 Price Increased: 7/22/07 -- $1,499,000 to $1,545,000 Price Reduced: 8/10/07 -- $1,545,000 to $1,499,0002006 property tax: $7,515HOA dues: $92Type: Single Family Residence Stories: Two LevelsLot size: 0.3 acresFrom listing: Relocation forces sale of this highly upgraded pool home with panoramic & amazing mou...
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A Christmas wish
2007-12-24 19:40:00
If the holiday real estate elf let me pick any two South OC houses to buy, I guess these would do...San Juan mansion - 7,973 sq ft palace on 1 acre. Asking price: $3.75 million. Listing description: Panoramic mountain, ocean & city lights views from the gated custom compound in Peppertree bend on a sprawling 1 acre lot! This stunning estate includes a main house w/ elevator, great room, library, 7 cozy fireplaces, enormous bonus room, sparkling pool, bubbling spa & lighted tennis court w/ separate guest suite. Main floor master suite w/ recently upgraded bath & customized closet. Circular, long driveway w/ multiple car parking. Host weekend events w/ grounds to spare. Only blocks to Dana Point Harbour!If there was ever a "gourmet kitchen," this would be it, folks.Say you'd rather be closer to the beach? How about this Laguna Beach property?$18 million for this 5-bedroom property right on Irvine Cove Beach. OK, so it's a pricey $6,489 per sq ft...but look a...
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REO sittin' in Talega
2007-12-23 18:58:00
Here's another REO - this time in San Clemente's Talega - that's been on the market for months and has not yet attracted a suitable buyer.21 Via Santander, San Clemente, 92673 Asking price: $744,900 Asking price/ sq ft: $302Income requirement: $186,225Peak purchase price: $980,000Peak purchase date: 6/20/2005Size: 3 beds, 2 baths, 2,463 sq ft (built in 2004) MLS: S494471 (179 days on Redfin) ZipRealty price tracker: Price Reduced: 8/01/07 -- $819,900 to $789,900 Price Reduced: 10/03/07 -- $789,900 to $779,000 Price Reduced: 11/13/07 -- $779,000 to $744,9002006 property tax: $14,416HOA dues: $149Type: Single Family Residence Stories: Two LevelsFrom listing: Clean family home in TALEGA. The open & bright floorplan features 3 spacious bedrooms plus a large bonus room, gourmet kitchen w/ granite slab countertops, cozy gas fireplace, upstairs laundry & plenty of storage. The long, gated driveway is perfect to double as a courtyard or an a...

For you visual types...
2007-12-19 16:05:00
Here is how the Orange County median single family detached home price has changed over the years, as reported by the Calif. Assocation of Realtors (CAR). Some things on this chart:Minimum value is $129,641 in 1982. Max (peak) value is $721,190 in February 2007. The rest of the data points are each October's median price - October 2007 is the last month we currently have CAR data for.The other two points labeled on the chart ($241,708 and $209,400) are the peak and trough of the last downturn. However, these are not the absolute peak and trough - just the highest October median and lowest October median during that period.The median increased nominally by 61.5% between 1982 and 1995 - that's around a 3.8% average increase each year. It then proceeded to appreciate by 72.0% between 1995 and 2001, and then by another 87.1% between 2001 and October 2007. To arrive at the 2007 median, the 1995 median would have had to increase by an average of about 10.2% each year.CAR's latest repor...
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How do they do it?
2007-12-18 05:24:00
It is probably not too surprising that the asking rates for these rental properties - all actives pulled off the MLS - are far below what the monthly carrying costs would be if they were instead purchased with non-risky loans and 20% downpayments.These properties also are intriguing since it doesn't seem likely that, even if successfully rented at their full monthly asking rates, any would collect nearly enough monthly income for the landlord to cover their carrying costs.In essence, these properties would be generating negative cash flow for their owners while the tenants would be enjoying full, temporary use of them at a rate well below the cost of ownership. Not a good short-term picture for the landlords.How then, are these landlords making ends meet? Unless you believe these properties were either purchased with cash or incredibly large downpayments, exotic loans are likely in play, since they could substantially bring down the carrying costs (for a while at least).30962 Via M...

23% off '05 price in MV
2007-12-17 21:13:00
By looking at the sales history on Redfin, we can see the value of this Mission Viejo house went up by "just" $91,000 between 1991 and 1999 - though it actually decreased in value by $69,000 from 1991-1995 and a seller lost money on the transaction.The property proceeded to more than double in value between 1999 and 2004 (bubble anyone?) from $410,000 to an astounding $840,000. Even more astounding is a bagholder was found in July of 2005 who was willing to pay nearly $1 million for this property ($975,000).Was this an actual transaction? Or is this a Redfin mistake and what we're actually seeing is some sort of refinance/cash out? Sorry, but this doesn't look like a million-dollar place to me. Easily livable, yes. Luxury? No way.Today's market seem to agree with me. Now the property is up for sale for what would be a very sizable loss...Asking price: $754,900Asking price/ sq ft: $258Income requirement: $188,725Purchase price: $975,000Purchase date: 7/21/2005Size: 5 beds, 2.5 bat...
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Finishing the week with a bang
2007-12-15 20:45:00
All week this week we've shown you anecdotal examples of luxury South OC properties that would be selling at a loss if a buyer could be located to complete a successful sale. These don't explain the full market by any means, but they do show that no area is completely immune - no matter what the price tag - to the recent real estate troubles.Here's one more, this time in San Juan. It's a pretty new house and a relatively recent addition to the inventory of homes for sale... Asking price: $1,399,000 Asking price/ sq ft: $351Income requirement: $349,750Purchase price: $1,496,500Purchase date: 2/06/2006Size: 5 beds, 4.5 baths, 3,986 sq ft (built in 2006) 2006 property tax: $14,522HOA dues: $286Type: Single Family Residence Style: Contemporary Stories: Two LevelsLot size: 6,900 sq ftFrom listing: Don't miss your chance to take up residency in the exclusive gated community of Rancho Madrina. Just a short walk to downtow...
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21% decline in Laguna Beach
2007-12-14 03:27:00
This nice-looking Laguna Beach property appears to be in for trouble. It's been on Redfin for 114 days so far and no sale. If they already did the planned remodel and expansion would it have sold already? Asking price: $1,400,000 Asking price/ sq ft: $955Income requirement: $350,000Purchase price: $1,775,000Purchase date: 12/15/2006Size: 2 beds, 1.5 baths, 1,466 sq ft (built in 1953)ZipRealty price tracker: Price Increased: 8/20/07 -- $1,800,000 to $1,900,750 Price Reduced: 9/20/07 -- $1,900,750 to $1,598,900 Price Reduced: 10/20/07 -- $1,598,900 to $1,475,000 Price Reduced: 11/20/07 -- $1,475,000 to $1,400,0002006 property tax: $13,814Type: Single Family Residence Style: Spanish Stories: One LevelLot size: 6,500 sq ftFrom listing: Beautiful Spanish style home. Spacious office/den which can be used as a 3rd bedroom. Private courtyard entry with fountain, french doors and windows throught. Two large decks, granite in kitchen...
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San Clemente $1-million-plus rollback
2007-12-12 21:37:00
This 4-bedroom mansion in Forster Ranch (San Clemente ) is another example of the small crack forming in the luxury home market. Looks relatively "cheap" at $275/sq ft...Asking price: $1,099,000 Asking price/ sq ft: $275Income requirement: $274,750Purchase price: $1,150,000Purchase date: 1/30/2007Size: 4 beds, 3.5 baths, 4,000 sq ft (built in 2002) Days on Redfin: 57 ZipRealty price tracker: Price Reduced: 11/08/07 -- $1,229,000 to $1,199,000 Price Reduced: 12/04/07 -- $1,199,000 to $1,179,000 Price Reduced: 12/08/07 -- $1,179,000 to $1,099,0002006 property tax: $14,855HOA dues: $175Type: Single Family Residence Style: Mediterranean Stories: Two LevelsFrom listing: Model perfect home on private cul de sac in Cantomar! Tired of showing over priced listings that don't show well? Look no further! Grand entry w/ circular staircase, HIGHLY upgraded with marble flooring, gourmet kitchen with granite and cherry cabinets, custom paint and woodwork, moldin...
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Luxury rollback in Laguna Niguel
2007-12-11 17:23:00
Continuing this week's theme of million-dollar properties gone awry amidst a tumbling market, here is one from prestigious Laguna Niguel...Asking price: $1,299,900 Asking price/ sq ft: $399Income requirement: $324,975Purchase price: $1,461,500Purchase date: 6/23/2005Size: 5 beds, 4.5 baths, 3,255 sq ft (built in 2005) ZipRealty price tracker: Price Reduced: 9/12/07 -- $1,695,000 to $1,595,000 Price Reduced: 10/21/07 -- $1,595,000 to $1,495,000 Price Reduced: 12/03/07 -- $1,495,000 to $1,299,9002006 property tax: $15,177HOA dues: $159Type: Single Family Residence Style: Mediterranean Stories: Two LevelsLot size: 8,015 sq ftFrom listing: Huge Price Reduction-Reduced over $200,000! Gorgeous home located in the prestigious guard gated community of San Joaquin Hills. Spacious floor plan highly upgraded w/ gourmet kitchen, granite counters, wrought iron spiral staircase, surround sound, built-ins, custom pai...
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13% discount in Laguna Beach
2007-12-10 13:41:00
Not even a Park Avenue address (whoops, wrong state) could save this Laguna Beach property from the housing decline. Nope - not even the luxury market is completely immune, folks.The asking price is 13% off from the purchase price in 2005, and no takers after 300 days on Redfin.Asking price: $1,090,000Asking price/ sq ft: $662Income requirement: $272,500Purchase price: $1,250,000Purchase date: 6/20/2005Size: 3 beds, 2 baths, 1,646 sq ft (built in 1948) ZipRealty price tracker: Price Reduced: 3/17/07 -- $1,375,000 to $1,299,999 Price Reduced: 8/25/07 -- $1,299,999 to $1,199,999 Price Reduced: 11/26/07 -- $1,199,999 to $1,090,0002006 property tax: $13,814Type: Single Family Residence Stories: Two LevelsLot size: 5,810 sq ftFrom listing: Two story open floor plan, kitchen has granite counters and stainless steel appliances, masterbath has walk-in closet, marble counters, spa tub and seperate large s...
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Finding a buyer in...Dana Point
2007-12-08 20:32:00
There are currently 15 homes that are pending for sale in Dana Point through the MLS, according to my search. There's a chance that not all of these sales will close (for unexpected reasons, like a sudden lack of financing or a bad inspection), but since a buyer and seller have connected, these can be interesting indicators of what it took for the sellers to successfully locate buyers in this market.Here is more than you probably ever wanted to know about these Dana Point properties:*11 of the 15 properties (condos and single family homes) that are pending lowered their asking price at least once. One property actually increased its asking price by $100,000 (initially lowered it by $100,000 and then raised by $200,000 - it's pictured at the left). Remember, though, that this does not mean much - the agreed sales price could be higher or lower than the asking price in all these situations.*The average (mean) price cut among the properties that lowered their price was a whopping $21...
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$250/sq ft in RSM
2007-12-07 15:51:00
Lots of square footage for the price of this Rancho Santa Margarita home. Redfin has it pegged at 185 days on the market though without a sale... Asking price: $749,000 Asking price/ sq ft: $250Income requirement: $187,250Purchase price: $939,000Purchase date: 7/14/2005Size: 4 beds, 3 baths, 3,000 sq ft (built in 1997)ZipRealty price tracker: Price Reduced: 6/27/07 -- $969,000 to $949,000 Price Reduced: 7/03/07 -- $949,000 to $939,900 Price Reduced: 9/11/07 -- $939,900 to $869,000 Price Reduced: 9/26/07 -- $869,000 to $829,000 Price Reduced: 9/28/07 -- $829,000 to $799,000 Price Reduced: 10/02/07 -- $799,000 to $749,000From listing: BEST BUY IN THE CITY FOR A HUGE HOME ON PRIME Cul De SAC LOCATION!! Huge loft could easily be 5th bedroom with room enough to still have a loft/office area. Large master suite features French doors that open to spectacular view deck. Center island kitchen opens to family...

Keeping an eye on...La Habra
2007-12-06 17:54:00
The big news is obviously tomorrow's unveiling of a subprime ARM rate freeze plan. If you're one of those who will eventually benefit - we wish you the best. If you're one of the many who are mad about the plan's moral implications...well, we feel your pain there.To change gears a bit, let's check out a property from a different part of the county - La Habra . This city is pretty much about as northeast as you can get while still remaining in Orange County. It's got a population of about 62,500. Median household income at the time of the 2000 census was $47,652.La Habra also has its share of short sales and foreclosures. Here's one of them: 2121 E Hodson, 90631 Asking price: $455,000 Asking price/ sq ft: $325Income requirement: $113,750Purchase price: $600,000Purchase date: 9/30/2005Size: 4 beds, 1.75 baths, 1,398 sq ft (built in 1959) MLS: H07124148 (105 days on Redfin) ZipRealty price tracker: Price Reduced: 10/06/07 -- $520,000 to $455,0002006 property tax:...

Dana Point doubleheader
2007-12-05 16:35:00
It would be hard to argue that the Dana Point market is by any means rosy right now - we're seeing 60% and 31% year-over-year declines in sales volume in its two ZIP codes - but it's not completely falling apart (yet?). Not, at least, compared to places like Lake Forest.Still, no area is really immune to the current housing situation. Here are two completely decent-looking properties in Dana Point that are really feeling the pain of the downturn: 24661 East Cordova Dr, 92629 (REO)Asking price: $550,000Asking price/sq ft: $388Income requirement: $137,500Peak price: $700,000Peak purchase date: 4/14/2006% decline (if sale at asking price): 21.4%From listing: 2 Bedroom (w/ large sunroom attchd to bedroom 1) & 2 full bathrooms. High vaulted ceilings in Great Room (Kitchen, Dining, Living). Kitchen includes double oven, trash compactor & large island. Hardwood floors throughout living area & sunroom. Shutters and window coverings. Great buy for area. Just a few short blocks ...

This "great deal" has lasted
2007-12-04 15:53:00
This Lake Forest house is up for sale. It looks like a pretty good bargain compared to the previous sale price and its competition:Asking price: $450,000 Asking price/ sq ft: $340Income requirement: $112,500Purchase price: $658,000Purchase date: 9/29/2005Size: 3 beds, 2 baths, 1,322 sq ft (built in 1969)From listing: GREAT DEAL! WON'T LAST. Nice and spacious house. Come & see this lovely home, 3BD/2BD. It features a beatiful kitchen. New paint, tile throughout.This property has been on Redfin for 62 days and is still active. Typically, a seller is encouraged to de-personalize the inside of their property and adopt neutral colors. I don't believe that strategy was put into practice judging by the picture on the left.There is no address on the Redfin listing, but it does come with one on ZipRealty, so look there. Also try Zillow.It's the lowest-priced three-bedroom, two-bath house within a 1/2 mile radius, according to ZipRealty -by $100 grand. 22971 Cavanaugh is a little less ...
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Let's play: "Now...or Then"
2007-12-01 19:56:00
It's the weekend, so let's have a little fun. Do you know the Price is Right game "Now...or Then ?" In case you don't, the premise is quite simple. The contestant has to decide whether the price provided on certain products is current, or whether it's from a specific date in the past.We'll do something similar, but with a different twist. Some of the statements below are recent, while others were made in the LA Times in the spring of 1991 - early on in the last real estate downturn. Read each quote and decide for yourself: now...or then?“It is going to be a gradual process of bringing the inventory (of unsold homes) down, but things look quite good for a rebound to begin.”Brokers say reduced housing prices and low mortgage rates appear to have finally stabilized the real estate market. “The worst is very much over," said Clarence Bales, manager of Century 21 Central Coast Realty…"At the low end…people are attracted by prices that are still soft and by low interest rate...
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25% off peak in Aliso Viejo
2007-11-30 18:03:00
19 Brookstone Place in Aliso Viejo is up for sale and looks likely that it is an REO, since the last time a change of ownership occurred was in September, and this property is already back on the market, priced lower than the last amount. It's listed as a 4-bedroom, 2.5-bath, 1,600 sq ft condo. Asking price: $549,900. Days on Redfin: 31. Short, sweet and bland description: "Great Floorplan close to SOKA University. Tropical rear yard with Koi Pond, Banana trees. Loft area for desk, computer, etc."The price was originally $574,900, but was lowered to the current asking price within about a month. Are they getting antsy? Is this new price reflective of the current market, and will a buyer now be found? Past sales in the immediate neighborhood, arranged by date: $670k (12/29/06); $665k (2/21); $680k (2/23); $650k (9/26); $612k (10/3). We don't know the sizes and features of these properties, but it seems to indicate a downward trend.Previous sale (before likely bank possession): $730...
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How bad is it now?
2007-11-29 04:58:00
Here is the median price per square foot of a single family detached home in Orange County from 1980-1993, according to the LA Times:1980: $731981: 841982: 851983: 841984: 851985: 881986: 931987: 1041988: 1251989: 1491990: 152 (108% increase since 1980)1991: 1471992: 1421993: 133 (Prices would not reach $130 again until 1997)Here are median price/sq ft numbers for Orange County from the following years, which I collected from other sporadic LA Times stories. Since this data is from different articles, it's not going to be perfect; the importance is not the exact data points themselves but their directionality.1994: $1241995: Not available1996: 1241997: 129 (This was the highest point in two years)1998: 147These numbers suggest Orange County real estate prices were highest in that cycle in about 1990, and hit a bottom in about 1996. Yes, there were concerns about the market well before 1990, but median prices were still going up until that point (sound familiar?).The 1990s downturn,...

Boom and bust
2007-11-28 18:26:00
Foreclosed homes typically sell at steep discounts, having a significant negative impact on neighboring properties.The above is a quote from the letter FDIC chairperson Sheila Bair wrote to CNBC real estate reporter Diana Olick about a possible loan modification program to save more than 1 million at-risk subprime borrowers.The implication of Bair's statement was foreclosures hurt neighborhoods. We're not going to debate that point - in fact, we will examine what falling property values can do in an upcoming post. But let's look a little deeper at how we got here, with scores of projected foreclosures looming over many unsuspecting (?) neighborhoods. Follow me on this one...The recent housing boom (born from factors like easy access to credit, rampant speculation and excessive buyer optimism) created a housing market that exceeded all rational economic bounds. As houses shot up in value - while at the same time disconnected from fundamentals - properties commanded higher and high...
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Make an offer they (the bank) can't refuse
2007-11-27 17:05:00
Some positive news (we think) from South County broker Vince Bindi, who told the OCR's Jon Lansner: "The number of homes Pending In Escrow increased again this past week … this time by 5% for the week of Thanksgiving and the number of Homes Active for Sale dropped by 1.5%, resulting in the overall months of Inventory dropping to its lowest level (13.5 months) since August of this year. Of even more interest, the low end of the market (Prices less then $450,000) is leading the way and now has the lowest months of inventory at 10.7 months."I'd prefer to hold off judgment until we see the actual closed sales stats. Particularly since even some in the media (the mainstream variety, not extremists) are saying there could easily be another credit crunch unfolding sooner rather than later.And, one week alone doesn't reverse a downward pattern. Check out a visual of the foreclosure numbers now versus 1992, from OC Register reporter Matt Padilla.Now, on to an REO trainwreck that could b...
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In other words: The South OC market
2007-11-26 15:30:00
This blog has one overarching goal: To encourage as many homeowners, buyers and potential buyers (everyone) as possible to educate themselves as best they can about real estate in their area, since the purchase of a home will most likely be the biggest financial decision of their lives.This blog does not try to communicate any one particular point of view or philosophy, but instead tries to present what is happening locally through concrete data and examples in order to let people draw their own conclusions.In the interest of full disclosure, in case it wasn't fairly clear already: this blogger is generally bearish on real estate in OC in the short term and bullish in the long term. But that doesn't mean much; I don't profit whether the market gains or falls. I simply report what I see. Real estate can be a good investment at the right time and place. I don't believe we are there right now. I am optimistic that the day will be here once again - sooner, I hope, rather than later....
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Will they or won't they?
2007-11-24 21:49:00
A reader tipped us to this interesting Laguna Niguel property. It's being offered at a steep discount from the price paid in 2005, but as a short sale it is subject to lender approval. Will they agree to take a huge hit? 22822 Tamora Drive, Laguna Niguel, 92677Asking price: $455,000 Asking price/ sq ft: $332Income requirement: $113,750Purchase price: $625,000Purchase date: 12/15/2005Size: 2 beds, 2 baths, 1,369 sq ft (built in 1977) MLS: F1743733 (6 days on Redfin)2006 property tax: $6,356HOA dues: $206Type: Single Family Residence Style: Traditional Stories: One LevelFrom listing: SHORT SALE SUBJECT TO LENDERS APPROVAL. GATED COURTYARD ENTERY TO THIS BEAUTIFULLY UPDATED BEACH HOUSE. TILE FLOORING THROUGH OUT KITCHEN FLOOR. DINING ROOM AND LIVING ROOM. PLUS TILE FLOORING IN BATH ROOMS. MIRRORED DINING ROOM AND PLANTATION SHUTTERS THROUGHOUT THE HOME."Beach house?" Hardly. Close to the beach, but not close enough to actually deserve this label. It is right next to a...

Thankful on Thanksgiving
2007-11-22 21:12:00
Happy Thanksgiving ! Hope everyone enjoys an excellent holiday with their loved ones. I'm grateful for a lot of things, including my family and friends, my health, my steady job, our nice place to live in a very nice neighborhood (when will it be safe to buy again?). Too many other things to mention.On a day like today, it can't be very nice to be a seller who either can't find a buyer, is facing foreclosure or who is looking at a tough financial road ahead as they attempt to unload their property at a loss and rebuild their finances. We wish all of them the best. Particularly the owner(s) of this San Juan Capistrano house. Not a condo this time, but a single family home.Considering how big the loss is, though, it is likely and we are optimistic that it's a bank or banks that will be absorbing the brunt, and the individual owners will be relatively spared from the fallout of a loss of at least 42% in value in a year and a half. 29425 Avocado Lane, SJC, 92675 Aski...
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The 365 club
2007-11-21 16:50:00
We are aware that properties aren't quite selling as quickly as they used to. But this is ridiculous. All of the following properties are members of my not-so-elite "365 club" - they've all been on the market for more than a year without a sale. All are still active on Redfin. Get 'em while they last... 35 Wightman Court, Dana PointDays on Redfin: 539Asking price: $849,900 ($773/sq ft)Original asking price: $849,900Purchase price: $816,000Description quote: "Ready to move in and selling furnished."Analysis: Think price is an issue? There's another same-size unit for sale that's asking $719,900, and it's been on the market for 123 days. Does not bode well for either of them. 437 Calle Empalme, San ClementeDays on Redfin: 425Asking price: $895,000 ($597/sq ft)Original asking price: $895,000Purchase price: $195,000Quote: "COULD PUT ADDITIONAL GARAGE, MORE LIVING SPACE, YOU NAME IT!"Analysis: Despite the can-do description, this property is priced ...
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