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O.C. makes national news!
2007-10-14 20:01:00
Not for the best reasons, though. The Washington Post did a very good story on our local saga with the headline "The O.C. Mortgage Bust." Some excerpts:"'When I started working there (Homefield Financial) in 2003, I was embarrassed because I was driving a Cadillac and the young office clerks were all driving Mercedes and BMWs," said (mortgage manager Tony) Ventimiglio, 49. "There were a lot of people who knew nothing about mortgages. They were simply in the right place at the right time.'"The good times are over for the get-rich-quick industry that grew up in Orange County and thrived in the first half of the decade."When the housing market soured, those lenders and dozens of others nationwide shut down or scaled back, leaving workers like Ventimiglio in the lurch and contributing to an abrupt drop in mortgage-related jobs."...part of Irvine's appeal was cheap and plentiful office space compared with Los Angeles, and an Orange County address that was posh enough to support the hi...
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Good luck with that
2007-10-13 02:00:00
Despite buying near the peak, at the peak, or just as the real estate market began to fail, these owners have already placed their properties back up for sale.These owners are not looking to barely break even on their purchases. Instead, they're hoping to cash in for a profit. Maybe we'll be proven wrong, and some buyers will come out of the woodwork. Then again, maybe not.31597 Via Cruzada, S.J. Capistrano, 92675 Asking price: $1,775,000Purchase price: $1,369,000Purchase date: 6/1/2004Days since previous sale: 1,228Potential profit (incl. 6% selling costs): $299,500Potential appreciation per day of ownership: $265.51856 Calle Pluma, San Clemente, 92673Asking price: $567,500Purchase price: $494,545Purchase date: 1/9/2006Days since previous sale: 641Potential profit: $38,905Net potential appreciation per day: $60.6929 Abyssinian Wy, Ladera Ranch, 92694Asking price: $1,269,000Purchase price: $846,500Purchase date: 10/21/2004Days since previous sale: 1,086Potential profit: $346,360Ne...
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Off a cliff in Dana Point
2007-10-12 09:00:00
Yet another example of a beautiful house caught in the middle of unfortunate market timing. The high end is still not and never was immune...34572 Camino Capistrano #D, Dana Point , 92624 Asking price: $1,550,000 Asking price/ sq ft: $419Income requirement: $387,500Purchase price: $1,700,000Purchase date: 5/31/2005Size: 5 beds, 4 baths, 3,700 sq ft (built in 2001) MLS: S499655 (69 days on Redfin) ZipRealty price tracker: Price Reduced: 9/26/07 - $1,899,900 to $1,550,0002006 property tax: $18,585Type: Single Family Residence Style: Traditional Stories: Two LevelsLot size: 6,420 sq ftFrom listing: Experience your senses being fully engaged as you enjoy beach living at its finest from this beautifully one of a kind 'estate property' located on a rare double wide corner lot in capo beach. This exquisite custom home is finished with the finest craftsmanship throughout. Gourmet kitchen with granite counters and commercial grade stainless steel...
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OC RE market: Close to the bottom?
2007-10-11 21:14:00
A recent post appeared on ocrealestateblog.com with the title "Signs that the Orange County Real Estate Market may be close to the Bottom " Here's a link to that entry.The prognostication has probably taken a credibility hit considering on the front page of today's OC Register it mentions how CAR economists are predicting 2008 could be the worst housing market in 25 years...precisely the same time this blog is saying the market could be already back on the way to recovery.Here are the blog post's main points: "Tell-tale sign number one...the subprime lending debacle. A dismal milestone may soon move into the...rear view mirror. Homeowners owing a total of $31.8 billion in subprime adjustable-rate mortgages began paying higher interest rates (in) September...That is the highest amount of subprime ARM's due to reset over a one-month period in this housing cycle."This "rear view mirror" idea is slightly contradicted by the later assertion that "there will be a delayed affect of anyw...
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File this one under "makes completely no sense"
2007-10-11 09:00:00
The California Association of Realtors' chief economist made a quasi apology about a prediction she made two years ago that "dismissed fears of a bursting California real estate bubble and called for only modest sales declines."In fact, CAR said it predicts prices in California to fall 4 percent in 2008, which would mark the worst year since 1993.As the real estate market here in Southern California continues to slowly implode, this seller in Mission Viejo had an idea. A big idea. A bold idea. Here it is: Buy a modest-looking 25-year-old house. Build on an addition to bring it up to a mind-boggling 7-bedrooms, 7-baths and 2,460 square feet. Then proceed to remodel and overimprove the heck out of it with granite and stainless steel in the kitchen, travertine and tile floors, plus a new roof, carpet and paint.Then, to top it off, set the asking price to $280,900 more than you paid for it in July 2006, which happened to be right as the real estate bubble was beginning to deflate.This ...
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$10 million in price reductions? Believe it!
2007-10-10 19:15:00
Self-billed as "Southern California's most famous equestrian estate," Blenheim Farms in San Juan Capistrano is up for sale. I must confess: I've never heard of the place, but then again, I'm not an equestrian insider.The estate (what else do you call it?) is being sold as two separate parts - a 6.7 acre parcel of land for $9.995 million (original price $12.5 million), and a bigger and better 9.6 acre parcel that includes the "main house, 2 guest houses, trainer/staff cottages" for $19.995 million (original asking price was $27.5 million). Total reduction: about $10 million.The two parcels together were/are also priced at $40 million, but since the place has been sitting on the market for more than a year, price cuts have gone into effect Oct. 9. Since the smaller parcel is land only, it doesn't show up in Redfin. If you have a ZipRealty account, you can see it, though.By the way, in case you're ready to cut a check, don't forget that the current taxes are only $47,495 per year...
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Rent vs. buy: Aliso Viejo
2007-10-09 09:00:00
30 Trofello Lane in Aliso Viejo is both for sale and listed as a rental as well. The property has been on the market for about five months, so chances are, it's probably listed for more money than buyers are willing to pay, considering its listing description seems to indicate that this is one heck of a place:"Live and enjoy in this highly desirable gated community in aliso viejo. This one of a kind home features dual master suites, two-car direct access garage, professionally landscaped backyard and so much more! Conveniently located near schools, shopping, restaurants, wood canyon trails, toll roads, and parks."Let's assume anyway that the asking price for sale and rent are both right on the money, and let's also assume someone is set on taking possession of the property and is trying to decide whether they should buy it at the full asking price of $515,950, or if they should rent it at the asking rate of $2,150 a month.Total exact monthly costs to rent: $2,150Monthly costs to ...
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$225k loser in Coto
2007-10-08 19:27:00
Let's just say this Coto de Caza property is not setting any records for rapid appreciation.9 Sunningdale, Coto de Caza, 92679 Asking price: $1,595,000 Asking price/ sq ft: $399Income requirement: $398,750Size: 4 beds, 4.5 baths, 4,000 sq ft (built in 2001) MLS: S479460 (205 days on Redfin) Purchase price: $1,725,000Purchase date: 3/3/2006 ZipRealty price tracker: Price Reduced: 3/20/07 -- $1,849,000 to $1,795,000 Price Reduced: 4/04/07 -- $1,795,000 to $1,749,000 Price Reduced: 6/14/07 -- $1,749,000 to $1,695,000 Price Reduced: 8/11/07 -- $1,695,000 to $1,595,0002006 property tax: $14,106HOA dues: $200Type: Single Family ResidenceStories: Two LevelsLot size: 8,436 sq ftFrom listing: Stuning 4 bed 4.5 bath home featuring a main floor office and guest suite, large family room with fireplace and built-ins adjacent to the gourmet kitchen with slab granite countertops and Dacor, Bosch, and GE Monogram...
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Odd/kinda funny RE ads
2007-10-07 22:24:00
Check out the bottom right item "for sale" in the picture above...These five South County real estate ads were all pulled from recent newspapers. Send your own if you've got 'em.In Aliso Viejo: ...Charming patio and grassy lawn in back... In Laguna Hills: Once in a lifetime an entertainer's dreamhome comes along! Almost 1 acre of fun & drama! In Mission Viejo, headline: "Not yet in foreclosure!!" In San Juan Capistrano: $264,900 BANK OWNED PROPERTY! Recently upgraded bank-owned FORECLOSURE. STEAL this home while the market is affordable. It'll openly go up! Great investment for the future In San Clemente: 4 bd, 2.5 ba, huge yard & Disneyland, pool & spa, view.
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Latest South County housing numbers
2007-10-06 20:16:00
The Register released the latest numbers from DataQuick on Friday. Here is how South OC looked for the 22 business days ending Sept. 21. For a complete breakdown of Orange County by ZIP code, click here to go to the Register article.Scroll down to navigate the spread sheet. Here is a link to the spreadsheet itself.What the data are telling us: *The South OC median is up $10k to $700,000. This number is actually a median of ZIP code medians. The mean of these numbers is $787,921.12. *The number of South OC home sales (616) dropped from the last report by about 5 percent. *The Laguna Beach median took a huge beating. It is now $1 million, down from last time's $1.4 million figure, and down 47.3 percent from last year. Remember that with the small number of sales that took place, this number is easily skewed. *Lake Forest and Ladera Ranch are still having huge problems. Both are seeing at least a 45 percent decline in year-over-year sales volume, and both experienced double-di...
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A flippin' good time in Dana Point
2007-10-05 17:21:00
New paint and appliances coupled with a three-and-a-half month turnaround time from the previous sale in June leads me to believe we're looking at a flipper trying to cash in on South OC real estate. Will they succeed?7 Saint John, Dana Point , 92629Asking price: $779,000Purchase price: $630,532Purchase date: 6/15/2007Size: 3 beds, 2.5 baths, 1,967 sq ft (built in 1989)MLS: S507287 (6 days on Redfin)From listing: Great Value! New neutral paint, carpet, tall baseboards, travertine, granite and steel appliances. Shows really well! Priced to sell!! Guard gated community in Monach Beach near St. Regis. Close to beautiful beaches, shopping and resorts."Great value!"? If you consider the current seller paid $148,468 less for this property in June, I'd tend to think they were the one who got the great value.And, is this property really "priced to sell" as its listing claims? The closest comp (7 Antigua - same size) is listed for $839k, so the flipper is looking good there. Wonder if they...
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Quote of the year, revisited
2007-10-04 17:33:00
A while back, I vented on the complete ridiculousness that is "My House Is Worth What?" on HGTV.Well, what do you know...Newsweek columnist Daniel McGinn recently used the show as an lead-in to a very good article about the changing nature of property appraisals and the real estate downturn in general.As the real estate market continues to look gloomier, I couldn't help but rehash the most obnoxious, disturbing, and yet telling exchange I've seen in a while involving an ignorant person's perception of how real estate "investing" works versus reality. An edited piece of the original post appears below. To see the whole thing, click on the link in the first paragraph.Essentially, in "My House Is Worth What?" a RE agent takes a look at a person's house, points out some pluses and minuses, and then tells them what they would list it for.Positive factors the RE agent finds about this particular homeowner's property, located somewhere in LA: There is a guest house on the property tha...
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Snip, snip...boom
2007-10-03 22:50:00
I was surprised to see how much of a price cut this Aliso Viejo condo took yesterday. Is this a half-hearted attempt to stir up some attention, since the property has been on the market for almost six months? Or, is this a case of the owners finally accepting the realities of today's market, and deciding to cut the price accordingly?We hope the latter is the case, because that could signal that the market might correct a little sooner rather than way later. We'll continue to look for more examples of this type of thing.29 Tradewinds, Aliso Viejo, 92656New asking price: $399,000 ($293 per sq ft)Old Asking price: $479,000Original asking price: $549,000Income requirement: $99,750Size: 3 beds, 2 baths, 1,362 sq ft (built in 1995)MLS: S484082 (168 days on Redfin)Purchase price: $525,000Purchase date: 7/30/2004Other sales history: 5/31/2001: $238,0009/20/1996: $131,0004/26/1993: $161,0002006 property tax: $6,883HOA dues: $185From listing: MUST SELL! MUST SELL! Upgraded Kitchen with Gran...
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Hiking in the woods? You could be home now!
2007-10-03 00:55:00
For some, this might look like a golden opportunity to be closer to nature in the Cleveland National Forest. For others (including myself), it only looks like a little cabin in the middle of the woods.62 Upper Trabuco, R. Santa Margarita, 92678Asking price: $289,000Asking price/ sq ft: $361Income requirement: $72,250Size: 2 beds, 1 bath, 800 sq ft (built in 1962)MLS: S505195 (19 days on Redfin)2006 property tax: Not listedHOA dues: Ha ha haType: Single Family ResidenceStyle: Other (Yes, that's really what it says)Stories: Split LevelFrom listing (my emphasis in bold): Nestled in the oak and sycamore trees six miles into the cleveland national forest stands a recreational cabin located next to a seasonal running stream which is stocked with trout. With your nearest neighbor 1/4 mile away this fully self-contained cabin offers peaceful serenity. Waterfalls and miles of hiking and mountain bike trails (which connect to the ortegas)await the naturist as well as the athelete in training...
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35 percent discount in San Juan
2007-10-02 09:01:00
This is a textbook example of what happens when a house is sold at the peak of the market: The previous owner lucks out and cashes in big time, and meanwhile someone is left holding the bag.26547 Calle Santa Barbara #46, San Juan Capistrano, 92675 Size: 3 beds, 2 baths, 1,011 sq ft (built in 1974) MLS: S499359 (62 days on Redfin) Asking price: $280,000 Asking price/ sq ft: $277Income requirement: $70,000 Purchase price: $430,000Purchase date: 10/4/2006 Other sales history: 5/30/2003: $221,0009/10/1996: $40,5002/27/1996: $51,30012/05/1989 $105,00012/01/1988 $84,500 ZipRealty price tracker: No reductions2006 property tax: $3,222HOA dues: $200 Type: Condominium Style: Spanish Stories: One LevelFrom listing: What a value! 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 distan...
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Burned by fire sale
2007-10-01 19:39:00
Try to put yourself in the place of the owner of 26966 El Retiro in Mission Viejo (pictured above). They paid $317,000 for this 3-bedroom, 2 bath house in March 2002, and are now hoping to sell it for $619,000. There are also probably a few jokes to be had here with the street name, but we'll leave those alone.They've added granite countertops, maple cabinets and "newer" appliances in the kitchen, plus a new roof, water heater and carpet, among other improvements. So, that should justify their asking price, right? Potential profit (minus 6 percent selling costs) assuming a sale at this price is $264,860. Obviously, it's going to be much less in reality considering the work they've done on the house has no doubt cost a decent amount of money.But, let's assume that despite the repair/upgrade work, they're still in line to make a nice little bit of cash because they didn't tap into their home equity and/or were able to pay cash for the repairs. Perhaps it's time, these owners d...
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South OC home stats, Sept. 30
2007-09-30 18:36:00
Here is the South OC home prices and sales report from today's Orange County Register. These data cover the 22 business days ending Sept . 22. Overall, county home sales decreased 35 percent, and the median sales price was down 4 percent.Some notes on the dataThe "All South OC" median home price used the median of the data (in reality, this is the median of the median, since the original data were median home price in each city). The median was also used to determine percent change in both the price and sales volume. Here are the figures if we used the mean instead:Average of median home prices in past 4 weeks, South OC: $780,401Average percent change in median sale price when compared year-over-year: 3%Average percent change in sales volume, compared year-over-year: -25%What the data are telling us:*Ladera Ranch and Lake Forest appear to have been the worst South County markets during the time this data was collected. Both saw very large dips in both the median home price and sales...
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They just don't get it
2007-09-29 23:50:00
Here's a quick-hit list of local properties that have all been listed on Redfin for laughable amounts of time. Are these owners finally ready to deal, or are they still hoping for buyers to materialize who can pay these high prices? Click on the address to see the complete Redfin listing.26482 El Mar Drive, Mission Viejo, 92691Asking price: $829,000Size: 4 beds, 3 baths, 2,897 sq ft (built in 1969)Days on Redfin: 305Original asking price: $949,000Last sale: $725,000 on 11/16/200415 Calle Gaulteria, San Clemente, 92673Asking price: $1.595 millionSize: 4 beds, 3.5 baths, 3,705 sq ft (built in 2005)Days on Redfin: 200Original asking price: $1.795 millionLast sale: $1,273,500 on 12/17/200431423 S. Coast Hwy #86, Laguna Beach, 92651Asking price: $1.995 million ($1,814 per sq ft!)Size: 1 bed, 1 bath, 1,100 sq ft (built in 1970)Days on Redfin: 526Original asking price: $2.395 millionLast sale: $1.395 million on 1/31/200632501 Vivente De Marlita, S.J. Capistrano, 92675Asking price: $839,99...

New (more legitimate) Web address
2007-09-22 18:09:00
Per requests, South OC Real Estate Tracker has a new, easier-to-find home: http://www.southoctracker.com.All the content from the blog is already there, and I'm still using the same publishing tool - for now, at least. So, the only difference is the Web address.No need to update your bookmarks - even if you use the old address, it will automatically re-direct to the new site.Thanks for all the comments and suggestions along the way - I'm always developing new ways to improve the site.
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Playing the price range game in Mission Viejo
2007-09-21 22:42:00
Not sure how this Mission Viejo property managed to sell for $780k ($476 per sq ft) back in June 2006, but here we are now in September 2007, and it's back on the market with a huge asking price range. If it goes for the top of the range, the owners will be hit with a pretty bad loss of more than $140,000. If it sells closer to the bottom of the range, well...27771 Golondrina, Mission Viejo , Calif., 92692Size: 4 beds, 2 baths, 1,640 sq ft (built in 1976)MLS: S505166 (8 days on Redfin)Asking price: $599,900-$674,876Income requirement*: $149,975Purchase price: $780,000Purchase date: 6/6/2006Other sales history: 9/25/1998: $291,0003/12/1990: $240,0002006 property taxes: $3,383Monthly HOA dues: $25Zestimate: $790,192Type: Single Family ResidenceStyle: TraditionalLot size: 4,950 sq ftFrom listing: Pool Home! With View. End of Cul De Sac. Light and bright! French Doors . family Room Fireplace. Award Winning Schools Great freeway access. Lake privilegesShort! And sweet. Here we go with th...
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A closer look: South OC home sales
2007-09-21 00:39:00
Here is some data we pulled off Trulia.com on the number of home sales in South OC areas. Totals are at the bottom of the spreadsheet.FYI: The "change from previous period" column means the difference between the June-August '07 numbers and the March-May '07 numbers. YOY stands for year over year. The YOY percent change in the final row (area totals) is an average of percent changes for all the areas. Link to the spreadsheet here.Some quick notes on what the data are telling us:The number of houses sold during the past three months, when compared to both the previous three months and same period one year ago, is down virtually across the board in South OC. The two exceptions are: Laguna Beach (year-over-year increase of 4 properties sold) and San Clemente (year-over-year increase of 9 properties sold). Total difference between the number of properties sold in June-August 2007 compared to June-August 2006: -373.Ladera Ranch saw the greatest year-over-year decline (percentage wise) ...
More About: Sales , Home , Closer

No guarantees
2007-09-20 23:28:00
The Redfin sales history on 23 Camino Silla says it all: Things got completely out of hand, and now this Talega property looks like it's an REO.6/13/2007: $779,0004/17/2006: $950,0003/30/2005: $810,00010/15/2003: $620,0003/07/2001: $357,000Other info:Current asking price: $719,000Days on Redfin: 57An intriguing element is the listing description: One of the very best values in the sought after city san clemente. Four bedrooms and a loft, 3 bathrooms. Upgrades throughout. Everything is close: the talega swim & athletic club,golf, parks etc... All this and the ocean is just down the street!! Home is being sold 'as-is' and 'where-is' without warranty. Come start living the beach lifestyle here in san clemente today...The as-is part is understandable. But "where-is?" What the heck does that mean - are they implying we can't buy the property, come over with some hardcore construction equipment, uproot the house right off its foundation, and then drive it up the 405 to a differe...

Turning back the clock in Talega
2007-09-19 19:35:00
Welcome to 2004. Actually, this listing is well, well beneath 2004 pricing. Will prices stabilize, or are we instead heading towards 2003 pricing?418 Camino Flora Vis, San Clemente, Calif., 92673Size: 4 beds, 2.5 baths, 2,344 sq ft (built in 2001)MLS: S494669 (81 days on Redfin)Asking price: $779,000Asking price/ sq ft: $332Purchase price: $880,000Purchase date: 7/26/2004Other sales history: 8/29/2001: $483,500ZipRealty price tracker: Price Reduced: 08/31/07 -- $925,000 to $779,0002006 property taxes: $11,626Monthly HOA dues: $149Zestimate: $1,011,051Type: Single Family ResidenceStyle: CraftsmanArea: TalegaLot size: 5,600 sq ftFrom listing: One of the nicer homes in farallon ridge on a very large, ocean-view lot. Great entertainer's back yard with built-in stone-stacked barbeque, firepit and other amenities. One of the best values in talega. Of course, we can't see this "great entertainer's back yard," since the only pictures on Redfin are of the exterior of the house and the com...
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Something went terribly, terribly wrong
2007-09-18 23:15:00
How does $166,500 of imagined profit degenrate into the reality of at least a $186,940 loss? Easy: You're a home seller who needs to unload your property, but it won't move. So you keep cutting the price.27642 Daisyfield Drive, Laguna Niguel, Calif., 92677Size: 5 beds, 4.5 baths, 3,336 sq ft (built in 2005)MLS: S491643 (99 days on Redfin - join us as we celebrate the listing hitting the 100 days mark tomorrow!)Asking price: $1,349,000Asking price/ sq ft: $404Purchase price: $1,455,000Purchase date: 12/15/2005ZipRealty price tracker: Price Reduced: 07/15/07 -- $1,725,000 to $1,675,000Price Reduced: 07/27/07 -- $1,675,000 to $1,599,900Price Reduced: 08/07/07 -- $1,599,900 to $1,599,000Price Reduced: 08/30/07 -- $1,599,000 to $1,349,0002006 property taxes: $14,768HOA monthly dues: $155Type: Single Family ResidenceStyle: ContemporaryFrom listing: 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...
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Time out
2007-09-18 02:51:00
We're taking a break from our conventional blogging format today, because Mondays are bad enough as it is without having to hear any negative real estate-related news. Instead, let's play a game: See if you can figure out which of the following five listing descriptions is the highest-priced property. All properties are located in South Orange County. Some of the descriptions are decently written, while others...others could have used some editing (hacking).Hint: Here are the asking prices of the properties: $711,000; $729,000; $759,500; $899,000; $1,049,990. Click on the MLS number after each description to go to the Redfin listing to check to see if you were right, or to read more about the property. Or, simply take a guess and scroll down to the bottom, beneath the picture, for the answer. LISTING 1: This is going to be a surprise, pergo floors, corian counter, custom mirrors,built in patio to form a big room overlooking the ocean. The views are truly panoramic of the ocean, ...
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Flipper alert: Dana Point
2007-09-17 06:13:00
We've made the point a few times, but here it goes again: Yes, homebuilders may be hitting the panic button and are trying (hoping) to unload as much of their inventory as possible by slashing prices and adding incentives for buyers right now, but there remains an intrepid few who are looking to turn a quick profit by flipping OC real estate.This week's flip in the making takes us to Dana Point . Here are the details:34038 Selva Road #116, Dana Point , Calif., 92629Size: 2 beds, 2 baths, 1,000 sq ft (built in 1982)MLS: S491891 (97 days on Redfin)Asking price: $629,000Asking price/ sq ft: $629Purchase price: $555,000Purchase date: 1/12/20072006 property taxes paid: $1,251HOA dues: $370Type: CondominiumStyle: Cape CodFrom listing: What a Beautiful Remodel on OCEAN SIDE of PCH across from Salt Creek Beach, close to the Ritz Carlton and St. Regis! Kitchen has new appliances, new counter tops, garden window. Italian tile floors in kitchen, LR, D/R, and both patios. All new doors to patio...
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Ring any bells?
2007-09-14 23:47:00
Here are some excerpts from a September article in the Los Angeles Times written by Michael Kinsley with the headline " The Heat's On in Housing: Too Many Americans Are Banking on Their Equity."Some notable quotes, with emphasis added to especially key points in bold:"The good burghers of Yonkers, N.Y., say that they are not racists for opposing the construction of public housing in their middle-class neighborhoods. They say that their real concern is real-estate values. Actually, I believe them. Or at least I find it plausible."According to one Yonkers real-estate agent, a three-bedroom house purchased for $18,000 to $30,000 in the mid-1950s would sell for 10 times as much today. For these homeowners, this unexpected bonanza is their nest egg. (Nationally, real estate is 60% to 70% of the average person's net worth.)...the real significance of the Yonkers episode may be to illustrate again how our society is being twisted and torn by the enormous run-up in real-estate prices."The...
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High-end loss in Aliso Viejo
2007-09-14 17:57:00
Want some more proof that things are beginning to crack at the top of the OC housing market as well? Try this one on for size...36 Endless Vis, Aliso Viejo , Calif., 92656Size: 5 beds, 4.5 baths, 3,600 sq ft (built in 2000)MLS: S501452 (29 days on Redfin)Asking price: $1,299,900Asking price/ sq ft: $361Purchase price: $1,350,000Purchase date: 1/31/2006Other sales history: 5/30/2003: $830,0006/27/2001: $651,000Type: Single Family ResidenceStyle: OtherStories: Two LevelsLot size: 6,600 sq. ft.From listing: Excellent Value!! Fabulous Estate Home in the Exclusive Gated Oak View Enclave. Luxurious Interiors * Fabulous Floorplan * Elegant Long Driveway * Large Living Room w/ Soaring Ceilings+ Fireplace * Elegant Dining Room w/ French Doors * Gourmet Kitchen w/ Island +Stainless Steel Appl. * Family Room w/ Fireplace +Surround Sound Speakers * Pool Sized Backyard w/ Built-In BBQ * 5 Bedrms +Large Loft (could be used as 6th Bedrm) * Mainflr Bedrm w/ Private Bath * Master Suite w/ Dual Walk-I...
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Every house has a story
2007-09-13 02:30:00
And what an amazing tale this Lake Forest property could tell. This two-bedroom, 1,222 sq ft property, located at 21521 Kenmare Drive, was purchased in January for a whopping $650,000. Now, just eight months later, the property is already headed towards foreclosure.The owner is hoping to eject before the bank takes it, and has this property listed for sale at $469,000. If it sold for this price, and we subtract 6 percent for selling costs, the loss will be $209,140. That's not even the interesting part.We're going to break down the listing description, because frankly, it's entertaining. The text from the listing is in italics. My analysis/translations of the realtorspeak follow, in bold. Note: I've broken the listing description into a few paragraphs. Otherwise, it would have been a huge glob of text.In foreclosure and bargain priced for the ""sweat equity"" investor or smart future homeowner! (The latest owners tried to rehab this place and failed miserably. You want to take a...
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Forecast: U.S. economy like an airplane at "stall speed"
2007-09-12 22:00:00
In a not-so-cheery economic forecast released today, UCLA compared our economy to a stalling plane."...When the economy slows to a 1 percent pace, it runs the risk of falling into an actual recession, just as when an airplane's velocity dips down to its 'stall speed' and falls out of the sky," wrote David Shulman, senior economist for the forecast.The report says that the problems in the housing market "will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009," according to the CNNMoney.com story.More: "Economic growth will remain 'tepid' for the remainder of 2008 and return to 3 percent in 2009...That growth is just above the traditional definition of a recession - two consecutive quarters of decline in gross domestic product.""The declining housing market could remain at the heart of the nation's economic woes for some time."Surprise - The outlook is worse than one released yesterday by...
More About: Economy , Airplane , Speed , Forecast