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Pop grammar and spelling quiz
2007-11-20 15:47:00
This Lake Forest townhouse is being offered as a short sale. It's bad enough the sellers stand to lose $135,894 assuming a sale at this price with 6% sales costs. It's not helping that the listing description is plain awful in terms of basic spelling and grammar.Here's the listing description, with grammar and spelling issues in bold: High Volted ceilings with lots of windows!Very light and bright!This is the biggest model with 2 car garage. This home is in excellent shape. It has beaitiful stone floors and wood floors. This is a Short Sale. Be the first to get the bank to accept your offer. .. .this is a steal!!! Lots of parking on this side of Boulder. Close to park, pool and school. Seller's paid $530,000 2 years ago and put upgrades in throughout! Nice wrap around yard with new fence, Lot's of nice Cabnets in Garage.I don't agree with fluffy, extraneous statements that say nothing about the house (e.g. "light and bright"), but I'll keep everything generally as it was befo...
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South County recent sales
2007-11-19 19:37:00
Here's a sweep of a handful of South OC properties that have changed hands in the past three months. You'll notice some of the properties that were sold for the first time in many years returned appreciation rates well below those seen by many properties that quickly changed hands during the bubble times.33571 Binnacle Drive, Dana PointSales price: $1,300,000Sales date: 10/1Price/ sq ft: $795Previous sale: $215,500 on 3/23/1984Yearly appreciation rate: 7.9%31482 Calle La Purisma #25, SJC Sales price: $290,000Sales date: 10/11Price/ sq ft: $254Previous sale: $373,500 on 5/09/2007Yearly appreciation rate: -44.9%23 Laurelhurst Drive, Ladera RanchSales price: $849,500 Sales date: 10/11Previous sale: $885,000 on 3/28/2006 Yearly appreciation rate: -2.6%26572 Nacome Drive...
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Flip or not?
2007-11-16 09:01:00
It's becoming more and more difficult to find attempted property flips in Orange County. Then again, TLC did just recently re-air an episode of the increasingly irrelevant "Flip That House" that featured a local RE agent and a $1-million+ Aliso Viejo property.Flips-in-the-making used to be easy to spot. They were the ones that had changed hands in the past few months, and were listed for way more than the previous sales price. They also had some predictable keywords in the listing, like "completely remodeled," "upgraded" and "WOW!!!!!" OK, the third one not as much.Now, the vast majority of properties that have "changed hands" recently are foreclosures that went back to the bank and are now REOs. The attempted flips are few and far between.Is the following property an attempted flip? See what you think. Many factors point to "yes," but if that were the case, a few important things about it just don' t make any sense.24132 Ankerton Drive, Lake ForestAsking price: $618,888Purchase p...

Watch for falling knives
2007-11-15 18:04:00
If some housing bulls are correct, there is a small army of potential buyers already assembled that's chomping at the bit to enter the market at the first sign of either a bottom or possible soon-to-come stabilization - heck, some would even have you believe that we're at or near the bottom already.Then, again, Wells Fargo just called the current housing market the worst since the Great Depression, but hey...not everyone can always agree on everything.Don't buy anything based on blind faith. Do your own research. Learn about and track prices for your target neighborhoods/cities - historically, during the bubble run-up, and now going forward.That way, you'll be the first to know when prices approach reasonable levels for your focus areas. By reasonable this includes taking into account realistic appreciation rates that are standard for the area. No, 25% appreciation per year is not normal - not even in Laguna Beach.If you jump in too soon, you'll either catch a falling knife or ...
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36% off in San Juan? "NEET!"
2007-11-14 15:37:00
It's hard not to feel for San Juan Capistrano condo owners who recently bought properties, considering how fast prices have fallen. Even the NAR is conceding that 2008 isn't looking so great right now for real estate, either. Not good news for this property, which is already trying to sell at a steep discount: 31604 Los Rios St. #145, SJC, 92675Asking price: $305,000Purchase price: $475,000Purchase date: 3/21/2006Original asking price: $449,000Income requirement: $76,250Size: 3 beds, 1.5 baths, 1,165 sq ft (built in 1978)From listing: VERY NEET TOWNHOME, Excelent for first time buyer, located in very nice area, walking distance to school, shopping center, Mission and transportacion.Word count of listing: 22. Misspelled word and grammar mistakes count: 5.English doesn't appear to be the agent's first language, which is fine. But would it have killed them to run this by someone who perhaps had a better grasp of the language? The way it is now - with mistakes galo...

Out of town
2007-11-12 16:06:00
Since it's Veterans Day weekend, we're going to get out of town for today's entry and chronicle a few properties in other parts of the country. Happy and safe travels to all... 5992 Grand Pavillion Way, Alexandria, Va., 22303Asking price: $520,000Purchase price: $739,900Purchase date: 3/6/2006Potential loss (incl. 6% sales costs): $251,100Size: 3 beds, 3.5 bathsFrom listing: 3 LEVEL, 1 FP 3BEDROOM 3.5 BATHS GRANITE STAINLESS STEELE APPL. HARDWOOD FLOORS. * A MUST SEE TO APPRECIATE * 2 CAR GARAGE. .ONLY 2 YEARS OLD. GREAT LOCATION CLOSE TO OLD TOWN AND MAJOR HIGHWAYS. APPT. ONLY. THANKS FOR SHOWING!! -short sale--bring an offer! 1632 23rd Ave, Seattle, Wash., 98122Asking price: $439,950Purchase price: $500,000Purchase date: 11/8/2006Potential loss: $86,447Size: 3 beds, 1 bathFrom listing: Completely fenced corner lot home is awaiting that new home owner. Shopping is only blocks away. Neighborhood is well established and location key. Minutes from ...
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What not to do
2007-11-10 19:50:00
Depending on one's point of view, this can be either a sad tale of things gone awry, or a biting case of poetic justice.26432 San Ramon Way, which is a 4-bedroom, 3-bath house in Mission Viejo, is up for sale with an asking price of $699,000.Here's the listing description: GREAT COMMUNITY, SINGLE LOADED, CUL-DE-SAC STREET. SPACIOUS FLOORPLAN. HIGH CATHEDRAL CEILING ENTRY OPENS TO LUXURY LIVING AND DINING ROOM. FROM ENTERTAINING FAMILY ROOM WALK INTO BREAKFAST AREA & GOURMET KITCHEN. CUSTOM SHUTTER WINDOWS THROUGHOUT. MAIN FLOOR BEDROOM CONVERTED TO OFFICE WITH BUILT-IN DESK & CABINETS. FULL BATHROOM DOWNSTAIR. COZY BACK YARD W/ MANY FRUIT TREES & ROSES. NEAR BY SIERRA & MONTENOSO RECREATION CENTERS.Reader mja considers this property to be "a better-than-average home, and (it's) priced 15-20% below all the other homes in the area." The property has been on Redfin for 93 days now and the listing is still active.You guessed it: There's more to the story.Original lis...

All together now...
2007-11-09 18:51:00
...The...high...end...is...not...immune! Thanks to reader mja for leading us to this property in upscale Nellie Gail Ranch in Laguna Hills. Quick, snatch this place up before the opportunity passes... 26241 Hitching Rail Rd, 92653 Asking price: $1,499,900 Asking price/ sq ft: $357Original asking price: $1,924,000 ($424,100 reduction)Income requirement: $374,975Purchase price: $1,824,000Purchase date:10/27/2006Size: 4 beds, 5 baths, 4,200 sq ft (built in 1980) MLS: S482980 (213 days on Redfin)2006 property tax: $11,838HOA dues: $80Type: Single Family Residence Style: Contemporary Stories: One levelLot size: 0.85 acresFrom listing: Located In Prestigious Nellie Gail, This Single Story Corner Lot Estate Home Sits On Nearly One Acre. Completely Remodeled W/ Designer Travertine & Hardwood Flooring. Dual Master Bedrooms With Luxurious En Suite Bathrooms. Each Master Has A Separate Sitting Room Or Home Office Attached. The Open Plan Kitchen Has Custom Cabinets, Granite Countertops &a...

How about 38% off?
2007-11-08 15:51:00
I hope that reduction sounds good, because it's exactly the kind of discount you can get if you're willing to pay asking price for this San Juan Capistrano condo... 26547 Calle Santa Barbara #46, SJC, 92675 Asking price: $265,000 Asking price/ sq ft: $262Income requirement: $66,250Purchase price: $430,000Purchase date: 10/4/2006Size: 3 beds, 2 baths, 1,011 sq ft (built in 1974) MLS: S499359 (99 days on Redfin) ZipRealty price tracker: Price Reduced: 10/24/07 -- $280,000 to $265,0002006 property tax: $3,222HOA dues: $200Type: Condominium Style: Spanish From listing: Bank will accept list price. Need quick sale. Three bedrooms and two baths. Needs some TLC however this upstairs unit has great potential. Large living room, family style eating area ajoining kitchen. Private patio for entertaining. Close to shopping and the quaint town of San Juan and walking distance to the famous San Juan Mission! Five minutes and your at the ocean. Don't miss this great opportuni...

Laguna Beach: immunity or ridiculosity?
2007-11-07 16:12:00
There is talk about the possibility of high-end immunity in real estate - that is to say, more expensive properties (usually either on the coast or in a prestigious area) can get the best of both worlds: They appreciate along with traditionally less-expensive areas during bull markets, but when the inevitable correction comes, they don't seem to fall much in value at all (or even show gains). Perhaps it's because "land is scarce," or that "there is never-ending demand for these exclusive places."This demand, some would even argue, means escalating prices of luxury homes are of little concern to those with excess cash who want to buy coastal properties and don't care how much more they have to pay for the privilege. In that scenario, these types of properties really could go up in value perpetually, assuming more people with huge cash reserves are ready to step in and continue to bid prices up.We will use Laguna Beach as a case study of what can happen to prices in a luxury market...
More About: Laguna Beach , Immunity , Unit

Here's to you...RSM
2007-11-06 16:09:00
Rancho Santa Margarita is 3rd in the county in terms of highest percentage of distressed properties (foreclosures and short sales) for sale. So, to celebrate, here is a quick tour of some of the 108 unfortunate distressed properties in RSM that are on the market.First, a 2003 rollback...89 CastanoAsking price: $179,000Purchase price: $269,000 (5/31/2006)2003 price: $185,000 (8/12/2003)Size: 1 bed, 1 bath, 600 sq ftAbout as close to a 2003 rollback as you can get... 10 CoralinoAsking price: $179,999Purchase price: $265,000 (5/19/2005)2003 price: $179,000 (1/28/2003)Size: 1 bed, 2 baths, 720 sq ftYour run-of-the-mill 2004 rollback...16 Calle VaquetaAsking price: $545,000Purchase price: $618,000 (5/26/2004)Loss (incl. 6% sales costs): $105,700Size: 4 beds, 2.5 baths, 1,600 sq ftAbout a $200k loser. No photo...7 Lompoc CtAsking price: $535,000Purchase price: $700,000 (12/9/2005)Loss: $197,100Size: 4 beds, 3 baths, 2,080 sq ft34% discount from last sale...23 Via CrestaAsking price: $204,...

All's not well in South County
2007-11-05 19:08:00
Interesting post over at Jon Lansner's OC Register real estate blog today that outlines which county areas have the highest rate of "distressed" properties for sale - meaning foreclosures and short sales listed as up for sale. For the complete list, follow this link.The top two - Santa Ana and Anaheim - are not surprising at all. These are lower-income areas where subprime lending ran especially rampant. Considering how far prices detatched from income fundamentals, it's not surprising how property values have fallen. But I was surprised at how many of the other areas near the top of the list are in South County .Here is how South County areas rank (out of 40 communities in OC), and their percentage of distressed inventory:3rd - RSM (31.8% of inventory is distressed)4th - Lake Forest (29.8%)5th - Laguna Hills (25.4%)6th - Foothill Ranch (23.2%)8th - Aliso Viejo (22.6%)9th - San Juan Cap. (21.7%)11th - Mission Viejo (19.4%)12th - Ladera Ranch (19.2%)13th - Talega (18.3%)16th - Lagun...
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Easy money
2007-11-04 18:54:00
Since it's the weekend, we're going to go out of town for a day and feature a property in Los Angeles County. There's no photo available of the property, so instead I'm using a generic picture of the city of Norwalk from the 1950s, right after this house was built.The basic details:11912 Cresson Street, Norwalk, 90650Asking price: $459,000Purchase price: $400,000Purchase date: 6/27/2005Size: 2 beds, 1 bath, 749 sq ft (built in 1949)MLS: P604142 (26 days on Redfin)Description: Charming home in quiet neighborhood walking distance to Park and Elementary school. The garage has been converted to an extra large bedroom, you get 3 bedrooms for the price of 2. Inside has been remodeled with new paint, carpet, crown molding, tile counters, and cieling fans. Large grass area in backyard along with a nice patio for relaxing.On the surface, this property is unremarkable (especially since we don't have too much of an idea of what it actually looks like, other than the fact that it's a mode...
More About: Money , Easy

What would prices be like...
2007-11-02 02:46:00
...If there was no So Cal housing bubble? Here are some properties for sale now that were last sold in 2000, which happened to be the last year before the bubble started taking off.An explanation: Projected prices are estimated assuming a very generous appreciation rate of 7% per year, every year for seven years until now.Projected income required is a conservative estimate of how much money an owner should make per year. Difference is the amount between the current asking price and the projected 2007 price.34041 Aurelio, Dana Point, 926292000 purchase price: $349,000Projected 2007 price: $560,418Projected income required: $140,104.50Current asking price: $989,000Difference: $428,58234458 Calle Carmelita, S. Clemente, 926242000 purchase price: $289,5002007 price: $464,874Income required: $116,218.50Asking price: $645,000Difference: $180,12647 Via Barcelona, RSM, 926882000 purchase price: $194,0002007 price: $311,522Income required: $77,880.50Asking price: $479,000Difference: $167,47...
More About: Prices

Happy Halloween
2007-10-31 18:51:00
Today we survey three properties around Southern California that are scary for one reason or another....Chilling on the outside and inside (what's with the black blur in the bottom right of the inside photos?)...621 South Dickel Street, Anaheim, 92805Asking price: $424,900Purchase price: $465,000Description: A spanish style one story in the historic mother colony area. Qualifies for the mills act and special financing through city. Call xxx-xxxx for details. Excellent 'fixer upper opportunity'.Foreboding on the outside with some dead plants...13118 Beaty Ave.,Whittier, 90605Asking price: $417,000Purchase price: $530,000Description: PRE-FORCLOSURE! SHORT-SALE. 3BEDROOM/1 BATHROOM, EXTRA UNIT IN THE BACK WITH BATHROOM(WITHOUT PERMIT). GREAT FOR INVESTORS/FIRST TIME BUYERS. PRICED BELOW MARKET VALUE.Frightening amount of money that could be lost...810 South Birch Street, Santa Ana, 92701Asking price: $469,000Purchase price: $645,000Possible loss incl. 6% sales costs: $204,140Descrip...
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32% off the peak in Mission Viejo
2007-10-30 08:28:00
Hat tip to MJA for pointing out this Missi on Viejo property that's undergone a severe discount, but still can't seem to find any takers. There are no photos despite the fact that the listing is showing up as 286 days old in Redfin. A search of the address did yield an online listing and picture, that is above. Here are the basic details:26861 Goya Circle, Mission Viejo , 92691 Asking price: $749,900Asking price/sq ft: $229Purchase price: $938,212Purchase date: 11/20/2006Other sales history: 1/3/2005: $1,100,000 6/11/2003: $718,0009/15/1999: $380,0006/23/1997: $285,000Listing description: BEAUTIFUL POOL HOME WITH SPA & WATERFALL ON A LARGE LOT ON A SINGLE LOADED STREET IN A CUL-DE-SAC. FIREPLACE IN LIVING ROOM. THREE BEDROOMS DOWN. STONE COUNTERTOPS, HIGH CEILING PROPERTY SOLD IN ITS PRESENT 'AS IS' CONDITION. BUYER AND AGENT TO VERIFY ALL INFO. ALL OFFERS W/ PRE-APPROVAL LETTER The bare-bones description and use of the terms "as is" and "all offers w/ pre-approval letter" wou...
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Mission Viejo luxury price-slasher
2007-10-30 05:35:00
These sellers are going for what I would call the "cut-and-run" play. That is, cut the price a ton right from the beginning, (hopefully) attract a buyer and then get the heck out.It's almost like raising a white flag to signal they understand this "investment" was a total bomb, but I don't see any dishonor in this approach. This owner bought at the peak of the market and now needs to sell - whether it be because of unforeseen circumstances or a bad mortgage. They're now hoping to quickly cut their losses and move on. Unfortunate but respectable.23331 Cobblefield, Mission Viejo, 92692Asking price: $950,000 Asking price/ sq ft: $238Income requirement: $237,500Purchase price: $1,250,000Purchase date: 3/16/2006Size: 4 beds, 3.5 baths, 4,000 sq ft (built in 1999) MLS: P603176 (25 days on Redfin) 2006 property tax: $7,923HOA dues: $169Type: Single Family Residence Stories: Single Family ResidenceFrom listing: Spectacular D. R. Horton Floor Plan In Prestigious Guard Gated. 3rd Story ...
More About: Luxury , Price , Slasher , Mission Viejo

We're still not being "mislead"
2007-10-27 19:48:00
We were hoping this heinous ad we found in a recent newspaper, which tried to persuade readers not to be "mislead (still can't believe I missed this typo) by all the information out there on the housing market" was just some awful, one-time anomaly. Nope. Look what we received in the mail the other day...This ad got me thinking...What would I say to counteract this type of deceptive behavior aimed at exposing potential buyers' emotionality, naivety and ignorance? Here's the same ad, but with a few tweaks to make it better reflect what's really going on. Enjoy.

Disaster week continues
2007-10-26 09:00:00
This property is perhaps in even worse financial shape than the past two we profiled. Take a look...26246 Via Canon, Dana Point, CA 92624 Asking price: $727,500 Asking price/ sq ft: $364Income requirement: $181,875Purchase price: $1,100,000Purchase date: 3/29/2006Size: 3 beds, 2.75 baths, 2,000 sq ft (built in 1963) MLS: S509959 (5 days on Redfin) 2006 property tax: $8,336Type: Single Family Residence Stories: Three or More LevelsLot size: 5,560 sq ftFrom listing: Capistrano Beach, unique 4 level home with 4 private decks and plenty of room for entertaining. Legal use us SFR but home was previously as 3 units; studio on main, 1/1 on next floor and studio with loft on top floor. Great oppertunity, motivated seller.Being highway close can be considered a positive in some instances, but this is excessive. The road you are seeing is PCH, near where it meets up with the 5 freeway. If the "legal use us" a SFR, would we then describe the previous...
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UPDATE: Something went terribly, terribly wrong
2007-10-25 19:49:00
UPDATE (on an update): brokerted informed us that this property did not in fact sell, and is headed to foreclosure. Thanks!Remember the Laguna Niguel house that had a listing description that reeked of desperation?"NEED AN OFFER NOW PLEASE! DROPPED $376,000 for QUICK SELL! MUST SALE THIS WEEK PLEASE BRING IN AN OFFER. Most LUXURIOUS section of SJH gated community. Over $250, 000.00 in UPGRADES. LESS THAN 2 YEAR YOUNG! Larger Backyard & Front Courtyard, Gourmet Kitchen. Custom Cabinet & paint, Crown Molding, Custom Wood Flooring and Much More! VERY MOTIVATED SELLER!"At the time, we calculated the potential loss as being $186,940, assuming the owners got their full asking price, which was then $1,250,000.Well, guess what: It looked like the plan worked, and the house sold (though I would argue it could easily be the price that made the difference, while nothing else mattered).Redfin is showing a sale of Oct. 9, with a price of $1,172,484. If we factor in the usual 6% for selli...
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It's only money, right?
2007-10-24 09:01:00
Properties like this don't just grow on trees, you know. Unfortunately, neither do these kinds of losses nowadays...27281 Paseo Peregrino, San Juan Capistrano, 92675 Asking price: $1,595,000 Asking price/ sq ft: $380Income requirement: $398,750Purchase price: $1,900,000Purchase date: 9/7/2005Size: 3 beds, 2.5 baths, 4,200 sq ft (built in 1982) MLS: S485973 (175 days on Redfin) ZipRealty price tracker: Price Reduced: 5/25/07 -- $1,949,000 to $1,875,000 Price Reduced: 6/18/07 -- $1,875,000 to $1,775,000 Price Reduced: 8/08/07 -- $1,775,000 to $1,595,0002006 property tax: $20,424Type: Single Family Residence Style: Contemporary Stories: Three or More LevelsLot size: 0.76 acresFrom listing: WORDS CAN'T DESCRIBE THIS UNIQUE & EXCEPTIONALLY PRIVATE ESTATE. THIS OVER 4000 SQ FT HOME W/ 3 BEDROOMS 2.5 BATHS, FORMAL DINNING ROOM AND 3 FIREPLACES. LOCATED ON 33,000 SQ FT W/ FRUIT TREES, FOUNTAINS AND ...
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Not going anywhere
2007-10-23 22:24:00
This Laguna Niguel luxury property is priced $65,000 below what the current owner paid in 2006, but it still looks like the price might have to come down a bit more before it attracts a buyer. It's been four months now, and still no sale...12 Anacapri, Laguna Niguel, 92677 Asking price: $1,250,000Asking price/ sq ft: $408Income requirement: $312,500Purchase price: $1,315,000Purchase date: 4/10/2006Size: 5 beds, 3.5 baths, 3,060 sq ft (built in 1991)MLS: S488340 (159 days on Redfin)ZipRealty price tracker: Price Reduced: 9/14/07 -- $1,410,000 to $1,250,0002006 property tax: $8,240HOA dues: $105Type: Single Family ResidenceStyle: Contemporary/ModernStories: Two LevelsLot size: 5,000 sq ftFrom listing: MODEL PERFECT, MOVE IN READY HOME!! Beautiful 5 BR(4+bonus) home in the resort comm. of Marina Hills. Located on an award winning cul-de-sac, this highly upgraded home features custom paint, Travertine floors & baseboards downstairs, shutters, wrought iron staircase, new carpet, gou...
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Prices still retreating in RSM
2007-10-22 18:54:00
Most importantly - thoughts go out to all affected by the fires in Southern California. Thumbs up to the OC Fire Authority, for being diligent in updating its Web site with the latest info, as well as KCAL 9 for its coverage on TV. Also pluses to AM 980 and 1070 on radio. Thumbs down to the OC Register for its limited-at-times coverage, and a Web site that was extremely slow and clunky. We understand it's a Sunday night, but pulling the news from TV for a story happening in your backyard is not good enough.Because diversions can be helpful in times like these, let's profile a deep rollback of a Rancho Santa Margarita condo.81 Pasto Rico, RSM, 92688 Asking price: $399,900 Asking price/ sq ft: $267Income requirement: $99,975Purchase price: $523,000Purchase date: 5/3/2006Size: 3 beds, 3 baths, 1,500 sq ft (built in 1990) MLS: S504239 (46 days on Redfin) ZipRealty price tracker:Price Reduced: 9/8/07 -- $475,000 to $435,000 Price Reduced: 10/10/07 -- $435,000 to $425...
More About: Retreat , Prices

There's more to it
2007-10-21 23:30:00
4 Quebec in Aliso Viejo is located in a gated community called Victoria. On the surface, the owners of this property are in an unfortunate position - they bought during the peak in 2005 and are now needing to sell. Here are some financial details:Asking price: $588,000Asking price/sq ft: $406Purchase price: $611,000Purchase date: 11/9/2005If we were to assume a sale at this price, the loss would be $58,280, assuming 6% selling costs. This is bad enough, but it doesn't tell the whole story. Here is the listing description, with my emphasis in bold:Over $50,000 in recent upgrades. Every light fixture, hardware, all new kitchen cabinets, granite kitchen counters. Cherry wood flooring downstairs, upgraded carpet, all designer paints in warm contemporary colors. Upstairs both bathrooms have granite counters and master has new mirrors, fixtures and cabinets. This home is a must see in a gated community across from award winning oak grove elementary school. Many 'say' turn key but this ...

This builder is really reaching
2007-10-20 19:42:00
Here is an ad from today's new house section in the OC Register. If it appears too small on your screen, click the image for the full version.File this one under insulting. The approach taken by this ad is so obvious, it's virtually transparent. They're not going after anyone who's really informed about the housing market, because they would laugh this off based on a mountain of concrete facts. Anyone who sees this ad and says "the pictures of signs in the newspaper told me to buy a house now, so I listened" should have their head examined.This ad is instead targeting a sidelines buyer, perhaps one who really, really wants to get into the market for a variety of emotional reasons including peer and/or cultural pressures, but is holding back until they see some magic light that tells them it's finally time to jump in.In reality, there doesn't have to be anything like a "magic light" - just an ongoing analysis of the numbers to determine when buying makes financial sense based o...
More About: Ally , Builder

Add one more to the 2003 club
2007-10-19 17:06:00
UPDATE: A bit too good to be true? Yep. A commentor pointed out that the price on this property has already been bumped up to $365k.Here's another '03 rollback condo, this time in Lake Forest, that ns2524 found and posted on over at the Irvine Housing Forums. Since 2003 rollbacks are a rarity out here (will that soon change?), I wanted to take a look at this one too:19525 Arezzo St., Lake Forest, 92679Asking price: $299,000Asking price/ sq ft: $248Income requirement: $74,750 (roughly equal to the OC household median)Purchase price: $334,000Purchase date: 11/26/2003Size: 2 beds, 2.5 baths, 1,205 sq ft (built in 1994)MLS: S509370 (2 days on Redfin)2006 property tax: $4,480HOA dues: $149Type: CondominiumStyle: OtherStories: Two LevelsLot size: 6,696 sq ftFrom listing: * * * * * * * * * * Two Master Suites * * * * * * 2 Car Garage * * * * * * * * *That is perhaps the longest short description I've read. Are asterisks becoming the new exclamation points? By looking at the one small ph...
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Shall we compare?
2007-10-18 09:00:00
Here is a collection of headlines and snippets from the LA Times (remember the O.C. edition?) during the last real estate bust in the 1990s, in chronological order beginning in 1987 (the market was still on its way up, but there were some telling signs) and ending in 1997 (the bottom).It's interesting to try and connect some of these headlines with some similar types of stories that are beginning to play out today. Also significant is the timing - compared to the past slowdown, this current one we're in seems to have taken far less time in getting from the "sales down but prices up" phase to the "sales and prices both down" state we're at now. Note: Graphic is from Piggington.comNov. 26, 1987Home Resales Drop 13.6% in October, but Median Price Continues Upward"It was the largest decline in Orange County sales of used homes in almost a year, a 13.6% drop in October, contrasted with the year-earlier month, for which the California Assn. of Realtors blamed rising interest rates...Bu...
More About: Compare , Pare

RSM condo falls beneath 2003 price
2007-10-17 09:00:00
The OC Register reported that resale condos are seeing the "lowest median since March '05 and 11% off peak hit in March '06. Sales were lowest since February '95 and 54% below the 20-year monthly average."Rancho Santa Margarita (ZIP 92688), which is known for an abundance of packed-in condos, is seeing the correction firsthand. Here's a condo that's rolled back to just beyond its 2003 price:8 Mirlo #872 beds, 2 baths, 882 sq ftAsking price: $259,900Purchase price: $298,260Purchase date: 1/30/2007Other recent sales history: 12/8/2005: $352,5006/30/2004: $315,00012/24/2003: $260,000Listing description: LOWER CONDO UNIT W/ W/ D HOOK UPS, SMALL PATIO, FIREPLACE, UPDATED KITCHEN W/ NEWER CABINETS. NICE COMPLEX, OVERLOOKS POOL, CARPORT PARKING.Potential loss (incl 6% selling costs): $53,954Potential % decline from last sale (not incl. selling costs): 13%Potential % decline from peak sale in 2005: 26%Good example of a no-frills listing description approach. By taking a look at the sal...
More About: Condo , Price , Falls

Gilded immunity?
2007-10-16 09:00:00
Even some expensive South OC areas like Laguna Beach are finally seeing declines in selling activity and median price (though it may be a better indicator to compare the price of individual houses over time). Here's an example of one neighborhood with a few sellers who refuse to think the real estate party might be over.Hillcrest Estates in Laguna Niguel is a gated community of 2-5 bedroom homes located near the intersection of Highlands Ave. and Niguel Rd. Since this development is only a few years old, many of the current owners either bought just as the market began to take off, or at the peak. There are currently 10 properties in this neighborhood that are active on the MLS, ranging in asking price from $1,175,000 to $1,975,000. Here are the properties for sale with past sale history available on Redfin:23632 Marin Way5 beds, 4.5 bathsAsking price: $1,550,000Asking price/sq ft: $403Previous sales price: $1,248,500Previous sales date: 10/15/2004Potential profit before selling co...
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Be grateful you're not a seller in...
2007-10-15 09:00:00
...Tustin. For the day, we're going to leave South County (aka the bubble within a bubble) and see what's going on in central OC. To sum it up: Things don't look too great there, either.UPDATE: A reader tipped us that this property has undergone yet another price reduction. It's showing up in ZipRealty as $520,000 and on Redfin as a range of $500-520k. I've adjusted the calculations at the bottom to reflect this.1772 Irvine Blvd, Tustin, 92780 Asking price: $500,000-$520,000Asking price/ sq ft: $333Income requirement: $137,500Size: 3 beds, 2 baths, 1,500 sq ft (built in 1956)MLS: S490966 (132 days on Redfin)Purchase price: $690,000Purchase date: 11/22/20052006 property tax: $7,131Type: Single Family ResidenceStyle: RanchStories: One levelLot size: 9,338 sq ftFrom listing: Single Story Ranch Style Home located in a desirable area of Tustin with Spacious Living and Family/Bonus Room, Fitted Kitchen with Dining Area and a Corner Lot with Large Back Yard. This Home has a lot of Pot...
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