Losses Outside of Irvine

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Ouch! $165K loss in 1 year.

12041 Reva DR

Garden Grove, CA 92840

Price: $550,000

$/Sq. Ft.: $282

Beds: 4

Baths: 3

Sq. Ft.: 1,950

Sale History:

10/03/2006 $715,000

07/22/2003 $369,000

P603159_0.jpg


http://www.redfin.com/stingray/do/printable-listing?listing-id=1182294
 
$715K for THAT?! Even by bubble standards, whoever was crazy enough to make that purchase deserves to be a bag holder...unfortunately, odds are they are going to lose a lot more than $165K on this one.
 
Timberrrrrrrrrrrrrrrrrrrrrrrrr!

27 MERRILL HILL, Mission Viejo, CA 92694

List Price: $1,200,000

Last Sale: 09/01/05

Sales Price: $1,550,000

Bedrooms: 5

Full Baths: 4

Partial Baths: 1

Square Feet: 3,597

Lot Size: 8,500 Sq. Ft.

Year Built: 2002

Listing Date: 11/06/07

On Market: 0 day

Type: SFR

Status: ACTIVE

MLS #: S511943
 
Posted earlier, but I had seen it myself and was wondering. Does the $980,000 seem right for a 4 BR MV house... very average looking at that (although large). Seems fishy.

21841 ONTUR, Mission Viejo, CA 92692**

List Price: $650,000

Last Sale: 03/31/06

Sales Price: $980,000

Bedrooms: 4

Full Baths: 3

Partial Baths: 0

Square Feet: 3,097

Lot Size: 5,000 Sq. Ft.

Year Built: 1979

Listing Date: 10/31/07

On Market: 2 days

Type: SFR

Status: ACTIVE

MLS #: S511505

The big question is how are banks absorbing all these losses. They can't. The implosion seems inevitable at this point.
 
Can someone find the history of this Santa Ana property that is now REO? It's listed for $444,900, but the taxes are stated to be $7143 annually. I think some bank took a very big haircut on this one.
 
1419 NORTH ROSS STREET, Santa Ana, CA 92706

Sale History

09/05/2007: $541,892

03/08/2006: $640,000

05/10/2005: $587,500

No other sale data is available

I was actively looking across 17th in the Floral Park neighborhood because, well, it's a neighborhood and not suburban hell. But as nice as the area is, the area directly surrounding it is going to hell because of the strains of population density that Santa Ana can't seem to shake.
 
Floral Park proper, and West Floral Park are ok, but as you noted the area surrounding it is not as nice. Park Santiago is ok, but will take a bigger hit value-wise in the downturn. Some pockets of Washington Square are ok, but that neighborhood, too, is not quite as nice as FP and WFP.
 
Why would you think that's an error?

Frankly, that looks pretty standard to me. Based on multiples, that propertys 1996 value is about the same as the one I live in.
 
The last sale is what I would find hard to believe. If it were real, the loss would be almost $950k if this sold now. From what I've seen, just about all owners in Laguna who are trying to sell think their properties have continued to appreciate since 2005. Recent sales would tell you if they're right or not.
 
This must have been fraud? Who is going to walk away from $500k???

Was on Redfin for $550,000 11/01/07 and no longer listed. There is a realtor sign in the window, I drove by it yesterday.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1114926

249 OGLE ST APT A, COSTA MESA, CA 92627-7319

Sales History

Date Price Appreciation

08/20/2007 $423,627 -55.2%/yr

09/01/2006 $920,000 320.0%/yr

07/11/2006 $750,000 12.7%/yr

05/19/2005 $654,000 21.8%/yr

10/16/1990 $37,000
 
Caliguy2699,

The price of Ceanothus looks real to me - look at the original list price of $2.7 mil from Sept 4 and also the assessed value. Notice that the house went back on the market on Oct 18. It probably didn't appraise out to get that kind of asking price. The seller must have paid too much for it in 2005. That was the top of the market in Laguna. I know because we sold the family home in Laguna right around that time and have been watching prices there ever since, being ever so thankful we sold when we did. Our Laguna house sold for CASH of $1.6 mil on the FIRST day it was openly listed. Rich lady was buying the house for her son and his 7 mo. pregnant wife, wanted them to be in her neighborhood. Also the listing includes plans for an addition. They must have decided it was not what they wanted to do after all. Some people (rich) are loose with their money - they want something, they buy it whatever the cost because they can afford it. They probably want to live somewhere else and are tired of dealing with the house being on the market. Maybe they can afford to take a loss to offset capital gains on their taxes. There are always possible reasons for price reductions that may not be apparent to the eye, including bad home inspection reports.

CM_Dude,

The price of Ogle St. is for Apt. A. This is a multi-family dewlling. The past purchase price was probably for two units, now they only want to sell one of them.
 
Savvysuzzy,

You may be right, but it doesn't appear so from a drive by. The lot has 5 units, three attached in the back along the alley, and two units freestanding up front, of which #A is one of them. I may be wrong, but the sign is in an upstairs window, and before the listing was taken down, the pictures portrayed it as one unit.

Thanks!!
 
No end in sight

13 GOLDBRIAR WAY, Mission Viejo, CA 92692

List Price: $799,999

Last Sale: 12/21/04

Sales Price: $895,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 1

Square Feet: 3,455

Lot Size: 7,100 Sq. Ft.

Year Built: 2001

Listing Date: 11/07/07

On Market: 3 days

Type: SFR

Status: ACTIVE

MLS #: U7004731

***********************************

23 LAURELHURST, Mission Viejo, CA 92694**

List Price: $719,000

Last Sale: 03/28/06

Sales Price: $885,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 1

Square Feet: 2,434

Lot Size: 8,500 Sq. Ft.

Year Built: 2000

Listing Date: 11/07/07

On Market: 3 days

Type: SFR

Status: ACTIVE

MLS #: S512052

***********************

2 HEMPSTEAD, Mission Viejo, CA 92694

List Price: $675,000

Last Sale: 12/07/05

Sales Price: $885,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 1

Square Feet: 2,400

Lot Size: 5,000 Sq. Ft.

Year Built: 2000

Listing Date: 11/07/07

On Market: 3 days

Type: SFR

Status: ACTIVE

MLS #: S512090

*****************************

23162 TULIP STREET, Lake Forest, CA 92630

List Price: $583,900

Last Sale: 05/12/06

Sales Price: $735,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 0

Square Feet: 1,785

Lot Size: 7,920 Sq. Ft.

Year Built: 1965

Listing Date: 11/08/07

On Market: 2 days

Type: SFR

Status: ACTIVE

MLS #: S512178

*************

9 BREAKERS LANE, Aliso Viejo, CA 92656

List Price: $359,900

Last Sale: 02/01/06

Sales Price: $485,000

Bedrooms: 2

Full Baths: 2

Partial Baths: 0

Square Feet: 917

Lot Size: N/A

Year Built: 1996

Listing Date: 11/08/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S512332

*********************

93 MARTINIQUE STREET #295, Laguna Niguel, CA 92677

List Price: $330,900

Last Sale: 12/12/05

Sales Price: $420,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,100

Lot Size: N/A

Year Built: 1984

Listing Date: 11/09/07

On Market: 1 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S512372

*****************

25472 MAXIMUS STREET, Mission Viejo, CA 92691

List Price: $699,900

Last Sale: 03/15/06

Sales Price: $799,000

Bedrooms: 5

Full Baths: 3

Partial Baths: 0

Square Feet: 3,224

Lot Size: 9,739 Sq. Ft.

Year Built: 1969

Listing Date: 11/09/07

On Market: 0 day

Type: SFR

Status: ACTIVE

MLS #: S512354

*****************

23740 SEA BREEZE LANE #19, Laguna Niguel, CA 92677

List Price: $354,900

Last Sale: 11/15/05

Sales Price: $460,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 944

Lot Size: N/A

Year Built: 1983

Listing Date: 11/06/07

On Market: 0 day

Type: CONDO/TH

Status: ACTIVE

MLS #: S511858

***********

23457 VIA SAN GABRIEL, Aliso Viejo, CA 92656

List Price: $350,000

Last Sale: 07/18/06

Sales Price: $473,000

Bedrooms: 3

Full Baths: 2

Partial Baths: 0

Square Feet: 1,236

Lot Size: 2,351 Sq. Ft.

Year Built: 1970

Listing Date: 11/05/07

On Market: 2 days

Type: CONDO/TH

Status: ACTIVE

MLS #: S5119

*********************

27485 VELADOR, Mission Viejo, CA 92691

List Price: $514,500

Last Sale: 10/28/04

Sales Price: $599,000

Bedrooms: 4

Full Baths: 2

Partial Baths: 0

Square Feet: 1,123

Lot Size: 5,400 Sq. Ft.

Year Built: 1977

Listing Date: 11/08/07

On Market: 1 day

Type: SFR

Status: ACTIVE

MLS #: S512151
 
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