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More than $200k drops in Talega
2007-09-12 04:23:00
Since on the last post we mentioned the Talega area of San Clemente has more than a two-year inventory of houses on the market, it's well past time to pay this area a visit.For some more about Talega from the builders' perspective, check out this post/ad from the LA Times real estate section.This is a very nice area - many nice, new homes, and close proximity to the beach. Here is yet another example of bad timing. Very bad timing.6 Via Oviendo, San Clemente, Calif., 92673Size: 3 beds, 3 baths, 2,463 sq ft (built in 2003) MLS: S491906 (92 days on Redfin) Asking price: $739,900 Asking price/ sq ft: $300 Purchase price: $910,000Purchase date: 11/22/2005 ZipRealty price tracker: Price Reduced: 7/2/07 -- $819,900 to $779,000 Price Reduced: 8/7/07 -- $779,000 to $759,000 Price Reduced: 8/28/07 -- $759,000 to $739,900 Type: Single Family Residence Style: Modern Stories: Two LevelsProperty tax: $13,515.00From listing: Great family home with formal livin...
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OC home inventory still piling up
2007-09-11 03:35:00
OC Register real estate columnist Jon Lansner blogged today about how the number of OC buyers willing to enter contracts to buy homes has dropped by a third in only four weeks. Also in the post is an update on market time from Steve Thomas from Re/Max Real Estate Services. That means, according to the blog, "how many months it would take owners to sell all homes on the market, based on current inventory and the pace of homes in escrow or under contract."More from Lansner: "This inventory-to-selling ratio suggests it would take 14.73 months for buyers to gobble up all homes listed for sale at the current pace of deals vs. 12.12 months two weeks earlier and vs. 7.12 months a year ago. Market time in Santa Ana, for example, is now FOUR YEARS! Yes, in theory, it would take four years to sell a Santa Ana home." The average in OC is 14.7 months. Here is how some of the South County areas shape up: Dove Canyon: 40.0 Talega: 27.3 Laguna Beach: 19.8 Portola Hills: 19.3San Juan: 18.5 San ...
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15 percent appreciation per year is history
2007-09-10 03:25:00
Let's go back to the late spring of last year for a moment. The owners of 91 Rue du Chateau #9 in Aliso Viejo have successfully pulled off a sale of their 3 bedroom, 2.5 bath property for $630,000...$318,000 more than they paid for it almost five years ago to the day. That's an appreciation of 15.3 percent per year since they took ownership. Not bad at all. In fact, fantastic.Not only did their house work hard for them for the duration of their ownership - earning $63,600 per year - they stuck the unfortunate new owners (bagholders) with a property facing imminent decline as the real estate market begun to unravel.Fast forward a year and four months later, and things have gotten ugly:91 RUE DU CHATEAU #9, Aliso Viejo, Calif., 92656Size: 3 beds, 2.5 baths, 1,400 sq ft (built in 1999)MLS: S492859 (79 days on Redfin) Asking price: $499,000 Asking price/ sq ft: $356 Purchase price: $630,000Purchase date: 5/3/2006 Other sales history: 5/29/2001: $312,0009/21/1999: $236,500 ZipRealt...
More About: History , Appreciation , Year , Tory , Reci

Great links...come and get 'em
2007-09-07 17:53:00
A new feature on the blog is the Related Items list on the right side, just below the blogroll. These five, constantly changing links are to the latest interesting stories we’ve found on the Web, from a variety of sources. Many will be housing related…but not all will be. Happy clicking.
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This is what a 23 percent drop in value looks like
2007-09-06 09:00:00
Ouch...28313 Paseo El Siena #7, Laguna Niguel, Calif., 92677Size: 2 beds, 2 baths, 1,153 sq ft (built in 1986)MLS: U7002097 (112 days on Redfin)Asking price: $320,000Asking price/sq ft: $278Purchase price: $415,000Purchase date: 1/18/2006Other sales history: 1/18/1995: $122,00011/09/1994: $10,50012/14/1990: $153,500ZipRealty price tracker: Price Reduced: 07/11/07 -- $399,900 to $359,900 Price Reduced: 8/3/07 -- $359,900 to $339,500 Price Reduced: 8/31/07 -- $339,500 to $320,000Zestimate: $429,969Type: CondominiumStyle: ContemporaryStories: Two LevelsArea: Laguna Niguel East, South of Crown Valley, East of NiguelFrom listing: 2 bed/1.5+.5 bath townhome in quaint gated community of bridgeport terrace. Open floor plan with inside laundry area. Hoa includes trash, cable tv, pool/spa, gate and landscape maintenance. Close to the toll road and 5 freeway.Not too much to say here except another casualty of buying at the peak of the bubble and then trying (o...
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Flipper alert: Aliso Viejo
2007-09-05 14:31:00
Yes, there are still an intrepid few out there looking to turn a quick profit by flipping real estate in Orange County.By the way, this entry comes on the heels of the news that the nation's largest lender, Countrywide, could be about to lay off a few thousand workers. Is wheeling and dealing with real estate for a profit is still a good idea? Judge for yourselves...34 Cellini, Aliso Viejo , Calif., 92656Size: 3 beds, 2.5 baths, 1,640 sq ft (built in 1989)MLS: S501897 (17 days on Redfin)Asking price: $599,900 (below $600k!)Asking price/sq ft: $366Purchase price: $523,000Purchase date: 6/28/2007Other sales history: 05/01/2002: $323,00005/30/1991: $218,500ZipRealty price tracker: Price Reduced: 08/25/07 -- $614,900 to $599,900 Type: CondominiumStyle: MediterraneanStories: Two LevelsLot size: 3,562 sq. ft.From listing: Totally remodeled beauty--end unit--huge yard--ultra private location at end of cds. One of aliso's best! All new designer interior includes slab granite counters, ss a...
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Nobody's fully immune
2007-09-04 20:02:00
Coto de Caza is one of the most exclusive areas of OC. From 2001-2005, this property on Cambridge Court appreciated $490,000 - that's 16.5 percent per year - before selling to its current owners for $985,000. Since the property last changed hands in October, 2005, it hasn't really done very much in terms of appreciation.11 Cambridge Court, Coto de Caza, Calif., 92679Size: 5 beds, 3 baths, 2,633 sq ft (built in 1994)MLS: S495418 (62 days on Redfin)Asking price: $1,049,000Asking price/ sq ft: $398Purchase price: $985,000Purchase date: 10/7/2005Other sales history: 4/17/2001: $495,0008/16/1996: $305,00011/29/1994: $268,500ZipRealty price tracker: No price changesType: Single Family ResidenceStyle: RanchStories: Two levelsProperty tax: $11,810From listing: Gorgeous 5 bedroom home on a large pool sized lot. Located in a cul-d- sac near one of coto's nicest parks. Other features include berber carpeting, plantation shutters and hardwood flooring in the entry, family room and kitchen. T...
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Different header, new focus
2007-09-04 06:34:00
There's a new header at the top of the blog that tells it all: We're now going to focus the vast majority of our efforts on South Orange County. There's more than enough mayhem going on in this part of the world to keep us plenty busy by itself, so that's where we're going to stay.So keep looking for more posts covering all of these South OC areas: Aliso Viejo; Coto de Caza; Dana Point; Dove Canyon; Foothill Ranch; Ladera Ranch; Laguna Beach; Laguna Hills; Laguna Niguel; Laguna Woods (mostly kidding); Lake Forest; Mission Viejo; Monarch Beach; Portola Hills; Rancho Santa Margarita; San Clemente; San Juan Capistrano; Trabuco Canyon.And, as always, we'll keep our sense of humor.
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Neighborhood analysis: Milano
2007-09-02 22:05:00
Milano is a 132-unit gated townhome neighborhood in Aliso Viejo, located off Wood Canyon Drive and across the street from Soka University. It was built by Hearthside Homes from 1997-2000. Here is a map showing where this neighborhood is located (click on the image to make it larger):Homeowner's dues will run you $179 a month. The units are located on a street called Trofello Lane. The picture to the left is the community entrance. The picture to the right shows off the nice association pool and spa for cooling down.Here is a helpful link to a blog managed by the OC Realty Group that details the complex and provides some of the information we're drawing on here.PositivesLocated in a good area - close to the big Aliso Viejo shopping center and the 73 freeway, but also feels a bit out of the way of congestionNot just a bland neighborhood - units are neatly styledMany units (at least the ones for sale) can have nice outdoor spaceEvery model has a two-car garageNegativeUnits are group...
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Dana Point meltdown
2007-09-02 19:03:00
33042 Daniel Drive, Dana Point , Calif., 92629Size: 4 beds, 2.5 baths, 2,280 sq ft (built in 1979) MLS: L24023 (15 days on Redfin) Asking price: $839,000 Asking price/ sq ft: $368 Purchase price: $940,000Purchase date: 10/20/2005 Other sales history: 09/20/2001 : $549,00009/09/1998 : $350,000 ZipRealty price tracker: No price reductions Type: Single Family Residence Style: Contemporary Stories: Two LevelsFrom listing: priced for quick sale. $130,000 below the loan balance!!!owner will SHORT SALE. this totally remodeled home is a 10+!the ultimate POOL PARTY HOUSE, palapa bar, firepit, built in bbq, outdoor surround system, covered patio, waterfalls, pool, and spa. lots of upgrades including stainless steel appliances, granite countertops, travertine flooring. this hme is virtually brand new. to show call...This is a very interesting situation. The listing description claims the home is priced "$130,000 below the loan balance!!!" but even if the current owner did not make a...
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Not desperate..."just motivated"
2007-08-31 23:05:00
182 Calle De Los Ninos is for sale in Rancho Santa Margarita and has been on Redfin for 51 days. Here are the details: Size: 2 beds, 2.5 baths, 1,000 sq ft (built in 1996) MLS: S496422 Asking price: $429,000 Asking price/ sq ft: $429 The interesting part is in the listing description: Cute 2 bedroom detached home that is priced to sell. Not a short sale-just motivated sellers. Travertine downstairs, 2 car attached garage with direct access. Recently painted, sellers will give a carpet allowance. Large rear yard, fireplace in living room, two master suites upstairs with their own bathroom plus 1/2 bath down. Light and bright. Near corner of calle de vida and calle de los ninos-1st cdc.Translation: "I know what you potential buyers are thinking...if it's actually priced semi-aggressively, it must be a short sale out of sheer desperation, right? Well would you believe that these sellers are actually pricing their property low on purpose? They're motivated, but not because they'r...
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High-end Mission Viejo reduction
2007-08-31 02:50:00
27560 Glenwood Drive, Missi on Viejo, Calif., 92692 Size: 4 beds, 3.5 baths, 3,396 sq ft (built in 1994) MLS: S479631 (167 days on Redfin) Asking price: $950,000 Asking price/ sq ft: $280 Purchase price: $1,150,000Purchase date: 6/20/2005 Other sales history: 7/29/1994: $411,500 2/9/1993: $36,500 ZipRealty price tracker: Price Increased: 03/16/07 -- $1,200,876 to $1,250,876Price Reduced: 05/01/07 -- $1,250,876 to $1,200,876Price Reduced: 07/12/07 -- $1,200,876 to $1,100,876 Type: Single Family Residence Style: Mediterranean Stories: Two Levels From listing: WOW-Huge lot at end of culdesac w/ fabulous rock pool & spa, waterfalls and waterslide! Neutral, spacious home w/ great floorplan which includes a downstairs bed w/ private bath, a huge master, and a separate 'children's wing' w/ 2 beds and attached bonus room w/ french doors opening to large balcony/porch. Yard also includes Rainbow play structure in the large side yard. Appx. $100K in lush palms, too. Impressive formal rooms...
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Comp killer
2007-08-28 05:51:00
Three sellers on Tortuga Cay in Aliso Viejo, Calif. are all playing nice and fair with each other by setting fairly similar asking prices in terms of square footage. Then there's the fourth property, a short sale, with the possibility to shake up the neighborhood. First, the three similar ones:32 Tortuga CaySize: 2 beds, 2.5 baths, 1,436 sq ft (built in 1989)Asking price: $519,900Asking price/ sq ft: $362Days on Redfin: 1578 Tortuga CaySize: 3 beds, 3 baths, 1,602 sq ft (built in 1994)Asking price: $559,000Asking price/sq ft: $349Days on Redfin: 3833 Tortuga CaySize: 3 beds, 3 baths, 1,602 sq ft (built in 1990)Asking price: $589,500Asking price/ sq ft: $368Days on Redfin: 23Bottom line...the 33 Tortuga Cay property is overpriced. These sellers paid $537,500 in May, 2005 and are wishing for someone to materialize in order to bail them out. One noticeable difference between 33 and 78 Tortuga Cay is that 33 has a driveway, but is it really worth that much extra?By the way, 78 Tortuga ...
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