Losses Outside of Irvine

NEW -> Contingent Buyer Assistance Program
Eff, It has high HOA and mello roos. To the tune of $400/month. RSM is flooded with small condo rentals, $1600/month rent for a dinky 2/2 isn't going to hold.

Wow, I just checked the map. There's way too much competition down there. I'm scaled in to the 2nd tab on the Redfin map on 8 Miro, selected $300K max and 2 bedrooms and there's still 8 units for sale.
 
Using 1998 as your starting point for home price appreciation might be off as the housing market was just coming out of a severe downturn, so prices were deflated. I am not sure what a good year would be considered for a 'base' when the market was in equilibrium.
 
23732 HILLHURST DRIVE #9, Laguna Niguel, CA 92677

List Price: $319,000

Last Sale: 12/30/05

Sales Price: $395,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 978

Lot Size: N/A

Year Built: 1973

Listing Date: 10/16/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S509616
 
A 2003 Rollback

19525 AREZZO STREET, Lake Forest, CA 92679

List Price: $299,000

Last Sale: 11/26/03

Sales Price: $334,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 1

Square Feet: 1,205

Lot Size: 6,696 Sq. Ft.

Year Built: 1994

Listing Date: 10/15/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S509370
 
100,000+

44 BIRCHWOOD LANE, Aliso Viejo, CA 92656

List Price: $374,900

Last Sale: 12/07/05

Sales Price: $475,000

Bedrooms: 3

Full Baths: 1

Partial Baths: 1

Square Feet: 1,200

Lot Size: 853 Sq. Ft.

Year Built: 1982

Listing Date: 10/15/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: U7004413
 
I think panic is setting in.

200,000+ in one year

27772 POLLENSA #21, Mission Viejo, CA 92692

List Price: $579,900

Last Sale: 03/24/06

Sales Price: $779,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,781

Lot Size: 2,000 Sq. Ft.

Year Built: 1979

Listing Date: 10/17/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S509703

100,000+

26241 SOLRIO, Mission Viejo, CA 92692

List Price: $434,900

Last Sale: 04/26/05

Sales Price: $516,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 1

Square Feet: 1,463

Lot Size: 1,700 Sq. Ft.

Year Built: 1990

Listing Date: 10/17/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S509620

19394 HIGHRIDGE WAY, Lake Forest, CA 92679

List Price: $599,000

Last Sale: 08/04/05

Sales Price: $684,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 2,160

Lot Size: 5,722 Sq. Ft.

Year Built: 1994

Listing Date: 10/17/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: M108319

3 PEARL, Laguna Niguel, CA 92677

List Price: $299,900

Last Sale: 06/24/05

Sales Price: $430,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 1,096

Lot Size: N/A

Year Built: 1983

Listing Date: 10/17/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S509701

23252 VIA RONDA, Mission Viejo, CA 92691

List Price: $489,900

Last Sale: 04/12/05

Sales Price: $595,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 0

Square Feet: 1,463

Lot Size: 5,160 Sq. Ft.

Year Built: 1973

Listing Date: 10/16/07

On Market: 2 days

Type: SFR

Status: ACTIVE

MLS #: S50973

200,000+

23431 CAMINITO PARTIDA #197, Laguna Hills, CA 92653

List Price: $349,900

Last Sale: 06/08/06

Sales Price: $540,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,460

Lot Size: N/A

Year Built: 1976

Listing Date: 10/16/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S509673
 
I guess it's only a matter of time before we see losses of this magnitude in Irvine. We see losses in Irvine, but it's not typically in a 500K property losing 200K.
 
Looks like some actual working people might actually begin to buy some of the least expensive stuff. I personally, if I wnted to buy would take another 15% off of all those prices..
 
My friends who work for major banks and specialized in foreclosures told me that Ladera Ranch is going to become the foreclosure capital of south OC, while Irvine is doing relatively well.
 
I drove through Tallega last weekend. On every corner are signs for open houses. On the top of half of those signs there is another sign stating that the open house was for a short sale. We talked to the owner of one short sale home who bought a house for approximately 1.3 million with ZERO down. The low asking on the house is now 990k. Tallega is the new Ladera.

For those of you who want to buy now there are a lot of developers who need to get into contract to close on existing inventory.
 
21758 TAHOE LANE, Lake Forest, CA 92630

List Price: $775,000

Last Sale: 04/07/04

Sales Price: $869,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 1

Square Feet: 2,400

Lot Size: 3,900 Sq. Ft.

Year Built: 1975

Listing Date: 10/18/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S509869
 
Another day another Dollar

16 PLATINUM CIRCLE, Mission Viejo, CA 92694

List Price: $499,900

Last Sale: 07/15/05

Sales Price: $575,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,592

Lot Size: N/A

Year Built: 2005

Listing Date: 10/20/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S510101

26264 SUMMERHILL LANE, Laguna Hills, CA 92653

List Price: $460,000

Last Sale: 09/02/04

Sales Price: $520,000

Bedrooms: 3

Full Baths: 3

Partial Baths: 0

Square Feet: 1,584

Lot Size: N/A

Year Built: 1985

Listing Date: 10/19/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S510097
 
Stupidity or Fraud? See sale History

Price: $730,000

24222 Via Aquara AVE

Laguna Niguel, CA 92677

Beds: 3

Baths: 2

Sq. Ft.: 1,650

$/Sq. Ft.: $442

Lot Size: 0.26 acres

Type: Single Family Residence

Style: Ranch

Year Built: 1965

Stories: One Level

Area: Laguna Niguel East, South of Crown Valley, East of Niguel

County: Orange

MLS#: P606324

Sale history

07/11/2007 $778,376 -14.3%/yr

08/02/2006 $900,000 13.2%/yr

10/07/2003 $635,000 9.3%/yr

08/28/1992 $237,000 --
 
No biggie 200,000 loss in 2 years.

28 QUARTZ LANE, Mission Viejo, CA 92694

List Price: $419,900

Last Sale: 11/29/05

Sales Price: $650,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 1,700

Lot Size: N/A

Year Built: 2004

Listing Date: 10/22/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S510278
 
28262 ZARZA, Mission Viejo, CA 92692

List Price: $559,000

Last Sale: 09/16/05

Sales Price: $655,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,503

Lot Size: 3,478 Sq. Ft.

Year Built: 1980

Listing Date: 10/19/07

On Market: 4 days

Type: SFR

Status: ACTIVE

MLS #: S510328
 
$400k+ loss...kind of public institution-looking house in San Juan.

http://www.southoctracker.com/2007/10/its-only-money-right.html

27281 Paseo Peregrino, San Juan Capistrano, 92675

Asking price: $1,595,000

Asking price/ sq ft: $380

Income requirement: $398,750

Purchase price: $1,900,000

Purchase date: 9/7/2005

Size: 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 $1,595,000

2006 property tax: $20,424

Type: Single Family Residence

Syle: Contemporary

Stories: Three or More Levels

Lot size: 0.76 acres

From 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 MEANDERING TRAILS THROUGHOUT YOUR OWN PRIVATE PARK. PROPERTY HAS SOME HARBOR AND WHITE WATER VIEWS. KITCHEN INCLUDES GRANITE STAINLESS APPLIANCES AND WINE VAULT. WALK IN SAUNA.
 
100,000+

27442 LOS BANOS, Mission Viejo, CA 92691

List Price: $535,000

Last Sale: 02/28/06

Sales Price: $650,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 0

Square Feet: 1,472

Lot Size: 5,000 Sq. Ft.

Year Built: 1977

Listing Date: 10/23/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S510366
 
This one caught my eye...

2600 North Canal St. Orange, CA 92865

On the market for $400 K -- This one is on a fairly busy street and across from condo/duplexes. Not the best area, but a fairly large lot. Whoever paid 662 K for this house must have been nuts.

If this sells for the asking price, this will be a 286 K loss assuming a 6% commission. I wonder if this was a 100% deal.

Purchased in

07/31/2006 $662,000

03/14/2003 $365,000

http://www.redfin.com/stingray/do/printable-listing?listing-id=1186022
 
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