Losses Outside of Irvine

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50% off sale

3512 PIERCE ST, Riverside, CA 92503

List Price: $323,900

Last Sale: 05/11/06

Sales Price: $607,000

Bedrooms: 5

Full Baths: 3

Partial Baths: 0

Square Feet: 2,704

Lot Size: 20,908 Sq. Ft.

Year Built: 1946

Listing Date: 06/06/07

On Market: 188 days

Type: SFR

Status: ACTIVE

MLS #: I07083718

27502 LOS BANOS, Mission Viejo, CA 92691**

List Price: $475,000

Last Sale: 09/30/05

Sales Price: $599,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,120

Lot Size: 6,050 Sq. Ft.

Year Built: 1977

Listing Date: 12/07/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: P613275
 
LawyerLiz, the price drops look so attractive because the disconnect between fundamental values was so wide to begin with. You can look at just about any house that went for $600k to $700k in 2005-2006and find that the same house or a comparable house went for $250k or so around 2002-2003.

I am fortunate to be in a field that pays very well and am able to afford houses priced at their bubble peaks with a traditional loan. I moved here in the middle of 2005, and though I could have afforded to buy a 1200 square foot 50 year old house for $700k, I just couldn't see myself paying that much money for that little house. ( A 1 bedroom condo would have run about $400 to $450k at that point in time)

While the price drops are impressive, there is still a fundamental disconnect between the price you have to pay and what a property is actually worth here.
 
21% loss in Orange.

1800 E MADISON

Orange, CA 92867

Price: $474,900

$/Sq. Ft.: $369

Beds: 4

Baths: 2

Sq. Ft.: 1,287

Sale History:

08/22/2007 $501,500

09/01/2006 $605,000

S959363_0.jpg


http://www.redfin.com/stingray/do/printable-listing?listing-id=1339927
 
Here's another one in Orange (30% loss from peak). This one feeds into Villa Park HS.

2906 North Santa Fe PL

Orange, CA 92865

Beds: 3

Baths: 2.5

Sq. Ft.: 1,700

$/Sq. Ft.: $276

Type: Single Family Residence

Year Built: 1998

The purchase for 675K on 6/29 was 100% financing. The bank took it back for 527K on 5/14.

It is taking back-up offers (the asking price was 470K). If it sold for that, the bank lost 30% plus the cost of commission.

05/14/2007 $527,000 -24.7%/yr

06/29/2006 $675,000 20.6%/yr

09/21/2004 $485,000 16.9%/yr

09/27/2000 $260,000 8.8%/yr

06/25/1998 $215,000 Purchased new
 
Price: $474,900 (-38.7% from 2007 / -28.5% from 2006 / -2% from 2003)

Sale History:

01/18/2007

$775,000

05/08/2006

$665,000

11/20/2003

$485,000

Beds:

4

Baths:

3

Sq. Ft.:

1,800

$/Sq. Ft.:

$264

Lot Size:

4,300 sq. ft.

Type:

Single Family Residence

Style:

Traditional

Year Built:

1998

Stories:

Two Levels

Area:

Rancho Santa Margarita North

County:

Orange

MLS#:

S507917

Status:

Active

On Redfin:

74 days

http://redfin.com/stingray/do/printable-listing?listing-id=1186042
 
Below 2002 price in Escondido...

Sales History

Date

Price

Appreciation

07/24/2006

$692,810

12.0%/yr

09/20/2002

$448,000

>1,000%/yr

Price: $433,500



Redfin Savings: $8,670*

2101 SUNSET DR

Escondido, CA 92025

Beds:

3

Baths:

2.5

Sq. Ft.:

3,300

$/Sq. Ft.:

$131

Lot Size:

0.51 acres

Lot:

More than .25, Up to and Including .50 Acres

PROPERTY TYPE:

Single Family Detached, Fee Simple

YEAR BUILT:

1959

STORIES:

2 Story

SUBDIVISION:

Rancho Rincon

County:

San Diego

MLS#:

076073560

Status:

Active

On Redfin:

94 days

icon_pq_unsold.gif
Unsold in 90+ days

Lender owned, large family home on 1/2 acre located off a country scenic drive w/ parklike setting & mature trees, with close proximity to North County Fair, downtown Escondido, & I-15
 
http://www.signonsandiego.com/news/business/20071217-9999-bn17prices.html

SAN DIEGO – Home prices in San Diego County tumbled nearly 10 percent last month from year-ago levels, taking the median down to $440,000, the lowest in more than three years, DataQuick Information Systems reported Monday.

The latest price represents a 15 percent fallback from the all-time record of $517,500 set in November 2005. It was a bigger decline than the 11.7 percent peak-to-trough drop from 1992 to 1996, when the San Diego economy slid into a deep, prolonged recession.
 
How's $600K for a loss?

Price: $1,799,000

123 7th

Huntington Beach, CA 92648

http://redfin.com/stingray/do/printable-listing?listing-id=1015143

Sales History: 7/21/2006, Price $2,445,000

Okay, I doubt the single unit is taking the loss, but West HB, is actually got more stuff for sale than Northpark.

Trying to figure out the losses is near impossible since so much modification was done. Half the places don't even list a prior sale since they are the result of a split lot where they'd buy a shack and build mega silver homes. They're all for sale now. 129 in this area of the map set at 600 foot scale. Northpark has 110 in the same size area. http://redfin.com/stingray/do/listings-search#residential=true&condo=true&lat=33.66449654977503&long=-118.00500869750978&zoomLevel=15

Maybe 2002 sales prices are better?

I also doubt the sales numbers are right for this one. http://redfin.com/stingray/do/printable-listing?listing-id=1311999

Price: $2,099,000

113 18th ST

Huntington Beach, CA 92648

Prior Sale: 12/03/2002, $2,400,000.

But that would be a 2002 sales price if right and not for multiple units. Oh, and isn't the big empty spot between the ocean and it now being build by something big courtesy of the downtown HB revitalization?
 
Ouch, here the bank is looking to eat $304,566 plus commission in Ladera.

Not bad on taking it back at $1.25M. Roughly 25% loss.

20 Foliate Way, Ladera Ranch.

http://redfin.com/stingray/do/printable-listing?listing-id=1346353

Looks like original sale was $1.1M or so. Current price $929K. I think they'll bargain though.

How about 30% off of 2005 prices? 17 Chadron Cir.

Current sale price $385K, prior 2005 sale $539K. Ouch, losing $150K plus commission on a $550K purchase hurts.

http://redfin.com/stingray/do/printable-listing?listing-id=1341399

Okay, my schadenfreund is spent for today. hopefully.
 
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