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Pending sales, March 17
2008-03-18 13:04:00
Here we go with another of what is turning into a semi-weekly feature. Enjoy...All these South OC properties are recent additions to the pending sales list in the MLS. Not all may make it to closing, and we won't know what the final sales prices is for a while (we also never will know the full extent of incentives like seller-paid closing costs). Still, these are indicators of the type of activity going on in the local market. Expect some of these to be short sales and REOs. In the case of an REO, the most recent "purchase price" is sometimes actually the amount the property went back to the bank for. Some of the most recent sales or transactions might not even be showing up properly in Zillow at all. Potential profit/loss assumes a completed sale at the full asking price, minus 6% sales costs, subtracted from the previous purchase price showing in Zillow.16 Seacliff, Coto, 92679Last asking price: $905,000Size: 5 beds, 5 baths, 3,550 sq ftListing date: 11/19/07Purchase price: $1,...
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More of the same in Mission Viejo
2008-03-17 18:30:00
This is a former million-dollar house-turned foreclosure in Mission Viejo. It's sadly sitting vacant at a significant discount off the peak price, hoping to attract a buyer.25731 Morales, Mission Viejo , 92691 Asking price: $694,900 Asking price/ sq ft: $261Income requirement: $173,725Purchase price: $849,043Purchase date: 8/6/07Size: 4 beds, 3 baths, 2,658 sq ft (built in 1976) MLS: S522030 (29 days on Redfin) Zillow Zestimate: $795,5002007 property tax: $10,328Type: Single Family Residence Stories: Two LevelsLot size: 6,600 sq ftFrom listing: Wonderful home in the city of Mission Viejo. This home features 4 bedrooms, 2.5 bathrooms, inside laundry area, master bedroom with a fireplace and balcony, formal dining area, family room with a cozy fireplace and built in entertainment center, 3 car garage, covered patio, and an in ground spa.This property went for exactly $1 million at the peak. Less than one year later, it was in the foreclosure report. The ...

Back to '03 in Aliso Viejo
2008-03-15 21:26:00
Here is an Aliso Viejo single family house - not a small condo, not in San Juan or Lake Forest - that has virtually reverted to the price paid in late 2003. Is this the bottom, or will values in general here continue to slide?Keep an eye on foreclosure numbers, because as long as they continue to remain at high levels, there will be downward pressure on prices.9 Tanglewood, Aliso Viejo, 92656 Asking price: $650,000 Asking price/ sq ft: $295Income requirement: $162,500Purchase price: $641,500Purchase date: 12/1/03Size: 4 beds, 3 baths, 2,200 sq ft (built in 1990) MLS: S522125 (23 days on Redfin) ZipRealty price tracker: Price Reduced: 3/12/08 -- $699,000 to $650,000Zillow Zestimate: $736,5002007 property tax: $8,752HOA dues: $83Type: Single Family Residence Style: Spanish Stories: Two LevelsLot size: 4,000 sq ftFrom listing: Panoramic View from Back yard and Master Bedroom! Large Master Bathroom with Separate Tub and Shower. Walk-in ...

February South OC sales
2008-03-14 16:46:00
Here is the data from today's OC Register, which covers the month of February .Median price and sales volume figures appear to have picked up a bit in some ZIPs (the slow start of an upward trend, or simply seasonality?) compared to the last report, but in general sales volume remains very weak virtually across the entire area - each saw negative double-digit declines in the number of sales except Dana Point, 92694, which was up 800%.
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Other perspectives: severe price pullback; REOs selling
2008-03-13 18:17:00
Here is a quick tour of what some people in local real estate are writing concerning the state of the South OC and OC real estate markets. All bold in entries is our emphasis.From ocrealestateblog.com: "Real estate prices in Orange County have pulled back substantially in the past 18 months. In the City of Aliso Viejo, CA. the price per square foot in the 3rd Quarter of 2006' was $408/SqFt, and the price per square foot for detached homes now stands at $336/SqFt. "This represents a drop in values of 17.5%. This severe pull back in prices is the result of a much needed correction to the unprecedented run-up in prices from 1997 to 2006', coupled with a high rate of foreclosures caused by the easy money lending standards of the past 5 years."From Straight Digs blog: "Today, bank-owned homes are selling. As an example, in the Aliso Viejo area for homes up to $400,000 (logically, the hottest price range under the old conforming loan limits) there are 93 active homes and 33 in escro...
More About: Selling , Price , Perspectives

Not just another loss in San Juan
2008-03-12 13:04:00
Sure, the lower-end condo market is getting creamed right now in the mission capital of Orange County, but it's far rarer to see rollbacks among San Juan 's more expensive luxury homes. Here's one of those exceptions...31421 Paseo Diosa, SJC, 92675 Asking price: $1,475,000 Asking price/ sq ft: $335Income requirement: $368,750Purchase price: $1,648,000Purchase date: 6/20/06Size: 4 beds, 5 baths, 4,400 sq ft (built in 2006) MLS: S518548 (3 days on Redfin) 2007 property tax: $8,424HOA dues: $283Type: Single Family Residence Style: Contemporary, Mediterranean Stories: Two LevelsLot size: 6,500 sq ftFrom listing: Long dramatic hallway through 1st floor sets the tone once you've entered. This well thought out, elegant floor plan is sure to please. Tastefully upgraded throughout the entire home. 3 en-suite bedrooms and large master suite.The sales record in Zillow makes it appear that this is the original owner. Regardless of the exac...
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Match Game: The sequel
2008-03-11 14:44:00
Back in January, we used past and present headlines to create this post, which pointed out that today's issues tend to have parallels to the 1990s downturn that plagued the area. Now, we're back with some more examples of stories from the present, and how they link up with the past - specifically, early-to-mid 1991 (and one story from 1992). Enjoy...Today's story: NAR public awareness campaign - Good Time to BuyDate: Ongoing"Many real estate markets across the country have recently experienced rising home inventories and stabilizing prices. In these markets, home buyers have increased negotiating power, but may be unsure of how to structure the best deal – they need a professional to help guide them through the transaction. 'Good Time to Buy' emphasizes the value that REALTORS® bring to home buyers in this environment. Of course, every market is different, which is why the ads recommend that potential home buyers call a REALTOR® in their local market to learn more about wha...
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Something off in Stanton?
2008-03-10 02:47:00
Photo credit: OC RegisterEach Sunday, the OC Register publishes a feature in its Marketplace (formerly Business) section called "Buying it in..." where it features a recently sold property and describes various types of financing that would be needed to purchase the subject property at the sales price.It's a nice little feature - and informative as well, because it gives one a snapshot of the type of income needed and financing options available to buy different types of homes around Orange County.Today's subject property was particularly intriguing since it is located in Stanton. A little background: Stanton (ZIP code 90680) is the No. 7 poorest ZIP in OC, according to the Register's analysis of IRS 2005 income data. The Register pegged the median income in that city in today's story as $45,445. The 4th quarter median resale home price there was $400,000.Suffice to say, Stanton and its 32,188-person population is a working-class area with a fairly low average income - at least ...

This week in OC history: 2003
2008-03-08 12:57:00
Below is a sampling of headlines and summaries of stories that ran this same week in the OC Register five years ago.OC real estate data, for the 22 business days ending Feb. 7, 2003Median: $365,000 (up 21.7%, year over year)Sales volume: 3,405 (down 0.7%)4-week home payment for SFR at average 30-year interest rate: $1,487 (up 6%)Size matters, or does it? Parents and teachers fight to save the state's class size reduction program amidst budget issues. "Several studies on smaller classes, including four years of research on California's 20-1 program, have failed to make the case that improvements are due to smaller class sizes alone. "PacSun's rise falls to girls. "At a time when many retailers are struggling because of the soft economy, 791-store Pacific Sunwear is on a hot streak...Pacific Sunwear's focus on building its girls business is the single biggest reason for the turnaround..."Job cuts deeper than thought. A revised report showed the county's job losses were nearly 20,...
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Canyon Villas: Then and now
2008-03-07 22:01:00
Here's a promotional video from YouTube that was posted last August featuring Canyon Villas in Aliso Viejo.You may have heard of this 344-unit condo complex, which was built in 1992 during the previous downturn as a condo neighborhood, but instead was rented out before being re-conditioned a couple years ago back into condos and sold just as the real estate market started to shift.These are located off of Pacific Park Drive, right near Aliso Niguel High and the big Aliso Viejo town center.Apparently they were having some trouble selling the condos off, and there was an auction in October 2006 to unload 34 units.Here are the prices mentioned in the video (not sure when it was shot, but obviously before August 2007), along with a check of how similar units are priced now:One-bedroom units started at $310,000; bigger one-bedroom units were about $340,000 (a small one-bedroom is asking $249,900-$279,900 and has been on the market for a little more than two months now despite price redu...

Back to basics
2008-03-07 14:35:00
South OC is largely a bedroom community within a bedroom community, but that doesn't mean you can't find some off-the-beaten-path properties in the nearby canyon areas if you're looking for a little solitude, or the chance to be more in tune with nature.Tip: If you ever head out to Trabuco Canyon, be sure to make a reservation to eat at this neat steak house - a place Nixon chowed down at. Oh, and don't wear a tie (people who have been there and have seen the hanging ties know what I'm talking about).Here are some properties for sale that bust out of the tract house mold and let you live the simple life...if you dare.17451 South Olive Hill Rd, Orange, 92676Price: $299,900Size: 1 bed, 1 bath, 700 sq ftMLS: S500917 (208 days on Redfin)Area: Modjeska CanyonPurchase price: $225,000Description: Charming Cottage in Modjeska Canyon!Plenty of room for two. Recent Remodel includes New plush Shaw carpeting, nu kitch & bath tile floor, int & ext paint and ceiling fans. Ne...
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Laguna Beach REO discount
2008-03-06 17:00:00
Thanks to a reader for pointing us to this Laguna Beach REO property. You heard right - REO. It's also pretty evident that the bank is not interested in letting this property sit on the market indefinitely, and has priced it very aggressively. Wasn't this sort of thing not supposed to happen in a luxury market like Laguna?1044 Wykoff Way, Laguna Beach , 92651 Asking price: $779,000 Asking price/ sq ft: $837Income requirement: $194,750Purchase price: $1,348,500Purchase date: 1/31/2008Size: 2 beds, 1 bath, 931 sq ft (built in 1960) MLS: S522937 (9 days on Redfin) 2007 property tax: $2,992Type: Single Family Residence Style: Contemporary Stories: One LevelLot size: 2,600 sq ftFrom listing: Renovated 2006, designer floring, custom fireplace, recessed lighting, Remodeled kitchen, minus Appliances , upgraded countertops, limestone flooring. Private upper viewing deck provides ocean/serene canyon views. Relax/entertain in the Village home nestled on private s...
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$2.35 mil no more in Talega
2008-03-05 18:58:00
In the previous post, we covered a property facing what may end up being a $500k loss. Here's a luxury property in San Clemente that appears to be even worse off.41 Calle Careyes, 92673 Asking price: $1,795,000 Asking price/ sq ft: $401Income requirement: $448,750Purchase price: $2,350,000Purchase date: 10/6/05Size: 4 beds, 5 baths, 4,480 sq ft (built in 2005) MLS: S523422 (5 days on Redfin) 2006 property tax: $31,530HOA dues: $150 + $50Type: Single Family Residence Style: Spanish Stories: Two LevelsLot size: 0.26 acresFrom listing: PANORAMIC Golf course and Hills Views from this home in the hills of Talega! Plan 1 in Gated development of 'Careyes'. Center courtyard, Guest Casita, and fabulous entertainers backyard with built in BBQ, oversized fireplace, custom fountain and forever views to the ocean. Interior features wood beamed ceiling, Maplewood floors, large stone fireplace, gourmet kitchen with granite counters, maple cabinets, top...

Pending sales, March 4
2008-03-04 14:33:00
All these South OC properties are recent additions to the pending sales list in the MLS. Not all may make it to closing, and we won't know what the final sales prices is for a while (we also never will know the full extent of incentives like seller-paid closing costs). Still, these are indicators of the type of activity going on in the local market.Expect some of these to be short sales and REOs. In the case of an REO, the "purchase price" is sometimes actually the amount the property went back to the bank for. Some of the most recent sales or transactions might not even be showing up properly in Zillow at all.Potential profit/loss assumes a completed sale at the full asking price, minus 6% sales costs, subtracted from the previous purchase price showing in Zillow.19031 Willow Brook Lane, RSM, 92688Last asking price: $690,000Size: 4 beds, 3 baths, 2,500 sq ftListing date: 1/18/08Purchase price: $885,000Potential profit/loss: -$236,40031022 Via Mirador, SJC,92675Last asking price: $...
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Closer to '90 price than '04 price in RSM
2008-03-03 16:18:00
As the headline suggests, the low asking price of this Rancho Santa Margarita condo is closer to the sales price in 1990 than the amount paid by the current owner in 2006. Makes one wonder just how far the price will in fact fall - is it even remotely possible that things could get so bad that we could approach a 1990 rollback?104 FLOR DE SOL #60, 92688 Asking price: $175,000-$210,000 Asking price/ sq ft: $276-$332Income requirement: $52,500Purchase price: $325,000Purchase date: 6/23/06Size: 2 beds, 1 bath, 633 sq ft (built in 1986) MLS: P621724 (23 days on Redfin) 2006 property tax: $3,855HOA dues: $264Type: Condominium Style: Traditional Stories: One LevelFrom listing: BEUTIFUL CONDO, CLOSE TO CHURCH AND SHOPPING CENTER. ASSOCIATION POOL. 'SHORT SALES SUBJECT TO LENDER APPROVAL'This property has been on the market a little more than three weeks and has not sold yet. Not surprising considering it's a short sale - they're notoriously difficult to navigate throu...
More About: Price , Closer

South OC home stats
2008-03-02 18:56:00
Here are the latest DataQuick figures the OC Register ran in today's paper. The data are from the 22 business days ending Feb. 13:Some notes of interest:Back in October, there were 4 South OC ZIP codes that had a median price of $1 million or more. Now, Laguna Beach is the only one that can claim the distinction.No South OC ZIP code saw a year-over-year increase in both median price and sales volume. There were 44.41% fewer South OC sales during this time compared to the same period in 2007, and 54.11% fewer sales compared to the same period in 2006. If we go back even further to 2005 the latest data represents a 56.16% decrease in the number of completed sales."Top" 3 South OC ZIPS suffering the worst in terms of median price and sales volume compared to the same period in 2007 are Ladera Ranch (92694); Lake Forest (92630) and Mission Viejo (92691). Top 3 least affected are Dana Point (92629); San Clemente (92672) and Dana Point (92624).Most sales: Laguna Niguel (92677), 43. Leas...
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More Forster Ranch luxury pain
2008-03-01 19:03:00
Here we have another luxury rollback - again we see an extremely appealing property, with all the elements of a dream home, that's been caught up in the real estate downturn.2413 Camino Oleada, 92673 Asking price: $1,275,000 Asking price/ sq ft: $398Income requirement: $318,750Purchase price: $1,400,000Purchase date: 12/16/05Size: 5 beds, 3 baths, 3,200 sq ft (built in 2003) MLS: S509808 (134 days on Redfin) ZipRealty price tracker: Price Reduced: 12/28/07 -- $1,480,000 to $1,390,000 Price Reduced: 1/18/08 -- $1,390,000 to $1,350,000 Price Reduced: 2/09/08 -- $1,350,000 to $1,275,0002006 property tax: $15,411HOA dues: $248Type: Single Family Residence Style: Traditional Stories: Two LevelsLot size: 8,575 sq ftFrom listing: Distinguished Elegance Residence located Gated Community of The Reserve East offers San Clemente Living at it's Best. 5 bedrooms, 3 baths, gourmet kitchen stainless applicances opens into family room &...
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Stunning 42% off in Laguna Niguel
2008-02-29 05:29:00
We can say with extreme confidence that this Laguna Niguel property will instantly generate a ton of buyer interest. Whether it can actually sell at the current price, assuming a lender has their say, is to be determined.This home is beyond priced to sell: $454,000 below what Zillow says the current owners paid in late 2006.29432 Kensington Drive, 92677 Asking price: $635,000 Asking price/ sq ft: $284Income requirement: $158,750Purchase price: $1,089,000Purchase date: 12/28/06Size: 4 beds, 3 baths, 2,238 sq ft (built in 1972) MLS: S523258 (2 days on Redfin) 2006 property tax: $10,103HOA dues: $68Type: Single Family Residence Style: Craftsman Stories: Split LevelLot size: 6,440 sq ftFrom listing: Great 4 bdrm home in fantastic, beach close Laguna Niguel neighborhood! Lowest priced 4 bed home in town features upgraded kitchen with granite counters, wood floors, wainscoating throughout home, custom moldings, 2 fireplaces and big yard with great views! Locat...
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"Huh?" photo of the week
2008-02-28 18:13:00
First person to figure out what the deal is with this photo attached to a Lake Forest (Foothill Ranch) condo gets a big gold star and pat on the back. Did they have to make it the No. 1 photo that shows up in the MLS?OK, so it's a work in progress, we get it. Here is the listing description for this 1-bed, 1-bath, 800 sq ft place: New tile floor, berber carpet, new paint, private end unit, city lights view!! Beautiful unit!! Amazing BUY!!! Couldn't they have waited until after these upgrades went in to take the photos?This property has been on the market for more than three months at an asking price of $269,000. I'm sure you're as shocked as we are that it hasn't sold yet.
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Failed flip in Laguna Niguel?
2008-02-27 22:23:00
*In case you haven't already, be sure to read this testimony by NYU's Nouriel Roubini on "The Current U.S. Recession and the Risks of a Systemic Financial Crisis." Scary stuff.*It would certainly appear that this is a sputtering flip based on the sales data, photos and home features, and if so, the unfortunate timing of this endeavor could not have been worse. The asking price has already been reduced by $324,900 and yet the property still is on the market.24171 La Hermosa, 92677Asking price: $575,000Asking price/ sq ft: $353Income requirement: $143,750Purchase price: $750,000Purchase date: 11/13/06Size: 4 beds, 2 baths, 1,628 sq ft (built in 1966)MLS: S503764 (178 days on Redfin)ZipRealty price tracker: Price Reduced: 09/17/07 -- $899,900 to $839,900 Price Reduced: 09/25/07 -- $839,900 to $829,900 Price Reduced: 10/18/07 -- $829,900 to $799,900 Price Reduced: 11/13/07 -- $799,900 to $650,000 Price Reduced...
More About: Laguna , Flip , Laguna Niguel

52% off in Mission Viejo
2008-02-26 18:07:00
This near-2002 rollback in Mission has been on the market through numerous (15+) small yet methodical price cuts and still cannot find a buyer. When will someone step in and mercifully put this short-sale property out of its misery?26035 VIA PERA #k2, 92691Asking price: $222,500Asking price/ sq ft: $192Income requirement: $55,625Purchase price: $460,000Purchase date: 4/28/06Size: 3 beds, 1.5 baths, 1,156 sq ft (built in 1972)MLS: K07155560 (124 days on Redfin)ZipRealty price tracker: Price Reduced: 10/31/07 -- $429,000 to $419,000 Price Reduced: 11/09/07 -- $419,000 to $399,000 Price Reduced: 11/14/07 -- $399,000 to $389,000 Price Reduced: 11/21/07 -- $389,000 to $369,000 Price Reduced: 11/28/07 -- $369,000 to $349,000 Price Reduced: 12/05/07 -- $349,000 to $339,000 Price Reduced: 12/11/07 -- $339,000 to $329,000 Price Reduced: 12/18/07 -- $329,000 to ...
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The party ends in RSM
2008-02-25 13:04:00
As the headline suggests, today's subject property is more evidence that the wild South OC real estate party has ended - and we are now witnessing the blurry, painful aftermath (as this photo on the listing coincidentally illustrates).21591 Partridge, 92679 Asking price: $899,000 Asking price/ sq ft: $272Income requirement: $224,750Purchase price: $1,133,000Purchase date: 6/12/06Size: 4 beds, 3.5 baths, 3,500 sq ft (built in 1994) MLS: S507723 (145 days on Redfin) ZipRealty price tracker: Price Reduced: 12/21/07 -- $929,000 to $899,0002006 property tax: $7,634HOA dues: $230Type: Single Family Residence Style: Contemporary Stories: Two LevelsLot size: 0.28 acresFrom listing: Fantastic Walden Pond Home, This fantastic home is located on a single loaded culdesac street, large oversized lot, approx 12,000 square feet, with panoramic views. Exceptional home inside and out, granite counters, upgraded cabinets, downstairs travatine flooring, newer stainle...
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UPDATE: 13% discount in Laguna Beach
2008-02-24 18:41:00
A reader tipped us off that the Laguna Beach property featured in this December post did, in fact, sell.Zillow pegs the sale on Feb. 5, at a price of $1,025,000. Considering the sale amount is less than the seller paid (and the times we are in) it is not out of the realm of possibility that this in fact ended up going back to the bank.Assuming 6% sales costs, the loss on this sale would have been $286,500. In Laguna Beach . What immunity?Info from original post: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 ...
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San Clemente '03 rollback, part II
2008-02-22 23:13:00
It's (thankfully) Friday, and since we just couldn't help ourselves, here is another San Clemente condo that has rolled back to below its 2003 price. Enjoy your weekend and watch for those falling knives, everybody.3830 Avenida Del Presidente #8, 92672 Asking price: $170,000 Asking price/ sq ft: $340Income requirement: $42,500Purchase price: $260,000Purchase date: 5/3/06Size: 1 bed, 1 bath, 500 sq ft (built in 1983) MLS: S518206 (36 days on Redfin) ZipRealty price tracker: Price Reduced: 1/23/08 -- $190,000 to $170,0002006 property tax: $1,971HOA dues: $232Type: Condominium Style: Townhouse Stories: One LevelFrom listing: * * * Ground Level-no steps, * * * close to beach * * * , NEW tile, paint, and kitchen counter top. Large walk-in closet, sliding door off master bedroom, and a sliding door in living room to patio. This is a Short sale. Great Value.Nominee for the dark and dingy photo award here. Then again, 500 square feet is about as small as you get before you star...
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Xmas cheer, and an '03 rollback in San Clemente
2008-02-22 15:57:00
It's still looking a lot like Christmas inside this San Clemente condo. Guess it's what happens when you've been on the market since late November and have yet to swap out new pictures. But look on the bright side: If this property stays on the market another 10 months, its decorations will again be timely!Here we go with another 2003 rollback...1066 Calle Del Cerro #1405 Asking price: $299,000 Asking price/ sq ft: $359Income requirement: $74,750Purchase price: $400,000Purchase date: 5/2/05Size: 2 beds, 2 baths, 832 sq ft (built in 1988) MLS: S513763 (87 days on Redfin) ZipRealty price tracker: Price Reduced: 12/28/07 -- $340,000 to $299,0002006 property tax: $4,100HOA dues: $442.60Type: Condominium Style: Mediterranean Stories: One LevelFrom listing: Great opportunity to own a vista pacifica condo. Ideally located with 2 masters and spacious living area. This lower level condo has new paint and has a nice view of the brook. Association pool and spa are nearby and the b...
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Are the squatters out yet?
2008-02-21 15:21:00
If you happened to want to preview this Mission Viejo REO townhouse right when it came on the market a little more than a month ago, you would've probably been disappointed. The listing description says it all:REO--Bank Owned. Property sold AS-IS, but in great condition. Current occupants will be evicted from the home on 2/2/08 so the home cannot be shown at this time. This home is a rare 3 bedroom, 3.5 bathroom condo in a great neighborhood.The bold is obviously our emphasis. Funny how the listing mentions the property is in "great condition," considering at the time it was being possessed by people about to get the boot, who, ostensibly, had not much to lose. Who knows what damage, if any, took place as the day of reckoning arrived.The bank is asking between $474,900 and $529,900, so they must believe the house is still in top-notch condition. That's still near the bubble price for this place - $535,000 - which was recorded in late 2005, so it appears this property has a ways to...

San Juan condo woes...50% off peak
2008-02-20 18:33:00
The lower end of San Juan Capistrano's condo market is continuing to feel a lot of pain. This 2-bedroom, 1 bath property we found is now asking about 50% less than it sold for in June 2006. That's right - a 50% decline in less than two years.32145 Paseo Carolina #67, 92675 Asking price: $169,000 Asking price/ sq ft: $203Income requirement: $42,250Purchase price: $340,000Purchase date: 6/8/06Size: 2 beds, 1 bath, 834 sq ft (built in 1971) MLS: P620346 (19 days on Redfin) ZipRealty price tracker: Price Reduced: 2/14/08 -- $189,000 to $169,0002006 property tax: $3,409HOA dues: $265Type: Condo minium Style: Contemporary Stories: Two LevelsFrom listing: Great opportunity to own in San Juan Capistrano! This affordable 2 bedroom/1 bath two-level unit is close to schools, shopping, dining and freeway access. Community pool, spa and spacious greenbelts. This one won't last long.Affordable is right, at least by Orange County standards. There's another property in the vicinity with the i...
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"Huh?" photo of the week
2008-02-19 18:07:00
There is a limited amount of pictures that may be posted on the MLS along with any property listing. So, why wouldn't you want to put the following photo up with this Dana Point condo:That's right: It's a picture of some dude who just landed a huge fish. Photo number 17 on Redfin. I'm sure he's got a great story to tell, but it doesn't exactly fit right in with the whole real estate theme the MLS usually holds to.Oh, and this wasn't a totally isolated incident. Here's the photo preceding it:Too bad considering the photo montage started out relatively well, with this professional-looking image:Of course, there are no exterior photos of the property. In case you're keeping score at home, here is the count: 8 interior shots; 1 of the deck; 1 of a hill; 4 of the association/pool; 3 of the harbor/beach; 1 of a whale; 1 of a guy fishing; and 1 that's actually three photos in one of the harbor, some people whale watching and some more people kayaking.On a similar but unrelated no...
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OC RE timeline: boom, bust, boom, bust
2008-02-18 18:56:00
Jon Lansner of the OC Register put this together for Sunday's paper. The headline is "Price movements in O.C. homes, 1988-2008." Our (brief) comments at the end also are in italics. Enjoy:"Here’s a timeline looking at key dates since 1988 involving the volatile movements in the Orange County median pricing by DataQuick’s math (overall for all residences, single-family homes, condos and new homes):THE PEAK OF THE PREVIOUS BOOM …January ’90: New-home price peaks at $256,000August ’90: Single-family resale price peaks at $244,750June ’91: Overall median price peaks at $220,000February ’92: Condo price peaks at $155,000… THEN THE PAIN OF THE EARLY ’90S SLUMP …February ’93: New-home price bottoms at $183,000 for a peak-to-valley drop of 28.5% in 37 months.January ’96: Single-family resale price bottoms at $191,500 for a peak-to-valley drop of 21.8% in 65 months.January ’96: Overall median price bottoms at $184,000 for a peak-to-valley drop of 16.4% in 55 months...
More About: Timeline , Bust , Boom

$6 million bubble profit in Laguna?
2008-02-17 18:48:00
That's exactly what this Laguna Beach owner is hoping to achieve after holding their luxury property for less than two years. Never mind that even this market has shown a few small cracks in recent months (the latest DataQuick figures reveal sales volume is down more than 50% and the median is down about 10% from the same time last year, though these numbers are very volatile).And, never mind that this property was purchased about as close as it gets to the peak of the Great Housing Boom. Well, with a property this nice, perhaps anything is worth a shot...14 Lagunita Drive, 92651 Asking price: $16,989,000 Asking price/ sq ft: $3,951Income requirement: Ridiculously highPurchase price: $11,000,000Purchase date: 5/18/06Size: 4 beds, 5 baths, 4,500 sq ft (built in 1963) MLS: U8000760 (4 days on Redfin) 2006 property tax: $71,647Type: Single Family Residence Stories: Three or More LevelsLot size: 6,370 sq ftFrom listing: Lagunita oceanfront residence that is a wor...
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