Losses Outside of Irvine

<p>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.</p>

<p>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.</p>
 
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.
 
<p>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


</p>
 
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

 
<p>I think panic is setting in.</p>

<p>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


</p>

<p>100,000+</p>

<p>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


</p>

<p>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


</p>

<p>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


</p>

<p>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 </p>

<p>200,000+</p>

<p>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


</p>
 
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.
 
<p>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..</p>

<p> </p>
 
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.
 
<p></p>

<p>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


</p>
 
<p>Another day another Dollar</p>

<p>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 </p>

<p>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


</p>
 
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
 
<p>$400k+ loss...kind of public institution-looking house in San Juan.


<a href="http://www.southoctracker.com/2007/10/its-only-money-right.html">http://www.southoctracker.com/2007/10/its-only-money-right.html</a>








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: <a href="http://redfin.com/stingray/do/printable-listing?listing-id=720068">S485973 </a>(175 days on Redfin)


ZipRealty price tracker: <strong>Price Reduced: </strong>5/25/07 -- $1,949,000 to $1,875,000


<strong>Price Reduced: </strong>6/18/07 -- $1,875,000 to $1,775,000


<strong>Price Reduced: </strong>8/08/07 -- $1,775,000 to $1,595,000


2006 property tax: $20,424


Type: Single Family Residence


<strong>S</strong>yle: 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.


</p>
 
<p>100,000+</p>

<p>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


</p>
 
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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