Owner: South OC Real Estate Tracker URL:http://www.southoctracker.com/ Join Date: Sat, 22 Sep 2007 12:04:12 -0500 Rating:0 Site Description: A blog dedicated to following trends and discussing the latest South Orange County, California news. Site statistics:Click here
Failed flip in Laguna Niguel? 2008-02-27 15:23:00 *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: 09/2 Read more:Laguna
52% off in Mission Viejo 2008-02-26 11:07:00 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
The party ends in RSM 2008-02-25 06:04:00 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 culde
UPDATE: 13% discount in Laguna Beach 2008-02-24 11:41:00 A reader tipped us off that the LagunaBeach
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
San Clemente '03 rollback, part II 2008-02-22 16:13:00 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
Xmas cheer, and an '03 rollback in San Clemente 2008-02-22 08:57:00 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 v Read more:Xmas
Are the squatters out yet? 2008-02-21 08:21:00 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 the
San Juan condo woes...50% off peak 2008-02-20 11:33:00 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: Condominium 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 fre
"Huh?" photo of the week 2008-02-19 11:07:00 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 harb
OC RE timeline: boom, bust, boom, bust 2008-02-18 11:56:00 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: Si
$6 million bubble profit in Laguna? 2008-02-17 11:48:00 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 Read more:million
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32% off peak in Laguna Hills 2008-02-16 07:21:00 Here's some flawed math: The Orange County Register reported that home prices in Orange County have fallen 19.4% from the peak. Therefore, all I have to do is take the price of a home - say this LagunaHills
property - and subtract that much from the peak price paid and I arrive at today's current value...right?Obviously that's wrong, since every property is different. The decline seen so far in this place happens to be more in the ballpark of 32% and is still going, considering a buyer still has yet to be found.25711 Califia Drive, 92653 Asking price: $449,900 Asking price/ sq ft: $340Income requirement: $112,475Peak purchase price: $660,000Peak purchase date: 9/30/2005Size: 3 beds, 1.75 baths, 1,325 sq ft (built in 1972) MLS: S520976 (8 days on Redfin) 2006 property tax: $6,892Type: S
Other perspectives: severe price pullback; REOs selling 2008-03-13 12:17:00 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 price
s 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 home Read more:pullback
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Not just another loss in San Juan 2008-03-12 07:04:00 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 plea
Back to '03 in Aliso Viejo 2008-03-15 15:26:00 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:
February South OC sales 2008-03-14 10:46:00 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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REOs in the making 2008-03-19 15:17:00 Here are examples of South OC properties in foreclosure that recently came up for auction at the Santa Ana courthouse but ended up going back to the bank because nobody bid enough. Meaning, they will likely be up for sale through a real estate agent or broker as an REO in the coming months.All photos are either of the neighborhood or the same house in a previous listing. The "sold" amount is the amount the bank took back the property for, and the trustee sales date is the date the property went back to the bank. The previous sale date is according to Zillow.As you can see, these aren't just lower-end properties. And, remember, the amount the bank took the property back for is not necessarily indicative of its market value or the price a bank will price the REO once it's on the open market. Read more:making
Pending sales, March 17 2008-03-18 07:04:00 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 Read more:March
More of the same in Mission Viejo 2008-03-17 12:30:00 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 buil
South OC stats, March 21 2008-03-22 04:51:00 Here is the home data, as reported in the OC Register via DataQuick. It is compared to the 22 business days ending March
9, 2007. To see the last 2008 South
OC numbers, which covered the month of February, click here.Note: One improvement this week. The South OC % change in value compared to 2007 (this time it was -2.69%) is more accurate, since we used the weighted South OC median home price compared to the weighted median from the same period last year. This is no longer just a median of current medians.
LA Times tells backstory behind Ladera luxury foreclosure 2008-03-21 10:08:00 Photo credit: LA Times
Those of you who do a lot of clicking on listing sites like Redfin and ZipRealty may have come across 3 Magnolia in Ladera Ranch. It's a very nice-looking place with 4 bedrooms and 3 baths, and it sold for $1.2 million at the peak in 2005.The recent listing price was $429,000 (obviously, way too low to be a regular sale, even REO), with the following in the description:'Property To Be Sold At Public Auction Event March 15Th At The Pomona Fairplex. List Price Is The Starting Bid For This Home, Subject To A Reserve Price And Lender Confirmation. You May Bid At The Auction, Or Via Live Internet Web Cast, Or Via Absentee Bid ( Written Offer ) Submitted In Advance Of The Auction. No Offers Will Be Accepted Prior To Auction. Homes Open For Inspection From 10Am To 4Pm On Sat Read more:tells
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"Huh?" photos of the week 2008-03-20 16:04:00 This week's entry is from a San Juan condo listed for sale at $359,000, which is $200,000 off its 2005 peak price. Actually, this one isn't so much about head-scratching photos
as it is a question of paint-color judgment. See for yourself:Either the camera is shot, or there is some sort of discoloration in the kitchen, as you can see in the top-center of this photo:Fear not...the color scheme even continues into the bedrooms:There is nothing wrong with wanting to express yourself creatively. We're just not so sure your house's interior is the best place on which to unleash all the fury of your imagination.
It's back: "Pent-up demand" 2008-03-24 10:24:00 The National Association of Realtors announced today that existing home sales jumped up in February to a seasonally adjusted annual rate of 5.03 million units.But, the real news is the figure is 23.8% below February 2007's level, and the national median fell 8.2% to $195,900 - the steepest year-over-year drop on record.While this mostly a national story, here is what the report said about the West region:"Existing-home sales in the West slipped 1.1 percent to an annual rate of 920,000 in February, and are 29.2 percent below a year ago. The median price in the West was $290,400, down 13.4 percent from February 2007."Those are some significant declines - 29% in sales volume, 13.4% drop in median. Notice that these numbers don't include new homes. You may have noticed that new home stats are Read more:demand
La Vista: Whole neighborhood for sale? 2008-03-27 06:11:00 La Vista
is a 280-unit condo neighborhood in Laguna Niguel, located near El Niguel Country Club and Laguna Niguel Racquet Club. The units were built as apartments in 1989 and later converted to condos during the boom.Obviously, the timing was bad, and we're assuming that more than a few investors/speculators bought in considering there are currently 18 properties up for sale (or 6.42% of the entire neighborhood). And, a bunch are also up for rent, though there is certainly some overlap as a few of the same units are probably up for both sale and rent.30902 Clubhouse Drive #27C is one of those seeking renters and is asking $1,695. It has 2 bedrooms and 2 baths, and is about 1,100 square feet. If we were to apply a GRM of 120, the property is worth about $203,400 for a cashflow investor.The Read more:Whole
Moulton Ranch rollback 2008-03-26 04:33:00 This luxury property is located in a great part of Laguna Hills called Moulton Ranch
, in the Brock Classics tract. No, it doesn't have quite the top-end, custom-home prestige of Nellie Gail, but it's a obviously a very nice place to call home.25632 Rolling Hills Road, 92653 Asking price: $1,250,000-$1,400,876 Asking price/ sq ft: $327-$366Income requirement: at least $312,500Purchase price: $1,512,500Purchase date: 6/22/06Size: 5 beds, 5 baths, 3,823 sq ft (built in 1991) MLS: S525045 (13 days on Redfin) Zillow Zestimate: $1,155,0002007 property tax: $11,044HOA dues: $92Type: Single Family Residence Style: Contemporary Stories: Two LevelsLot size: 6,120 sq ftFrom listing: A warm & inviting professionally decorated home awaits you! Fabulou
South OC market snapshot 2008-03-25 10:06:00 Steve Thomas at RE/MAX recently posted this newsletter and market analysis for Orange County. We've broken out the South
OC figures from his report to show you the active listings and number of foreclosures and short sales (distressed properties). All info is as of March 20.Five South County areas - Lake Forest, Foothill Ranch, San Juan, RSM and Portola Hills - are in the top 10 in the county in terms of highest percentage of distressed inventory. Laguna Woods has the lowest percentage of distressed inventory in the county.As you can also see, about 28.4% of the entire South OC inventory for sale on the MLS is either a foreclosure or short sale right now.Here is more info from Thomas' report, which includes the number of pendings in the past 30 days, the market time (amount of time it woul Read more:snapshot
More on Ladera Ranch foreclosure at auction 2008-03-28 12:40:00 The L.A. Land Blog is back with another update on 3 Magnolia Drive, a Ladera Ranch
foreclosure property that was "sold" at auction, only to have the lender demand more money to complete the sale. The winning bidders balked, and, as we reported, the home was quickly back on the MLS for sale.The blogger posted a link to the property details from the lender's Web site (coincidentally, as he points out, American Home Mortgage itself is headed for bankruptcy). It's showing an asking price of $885,000. The Redfin posting still has a price of $915,000.Peter Viles of L.A. Land talked to the winning bidder last night. Here is what the bidder said:"We just said, 'forget it,' " (George) Sarantos said tonight. "It's not worth it to us." ...Because auction buyers agree to pay a 5% premium to the auctio
Audio: 50-something moves back with parents 2008-03-27 21:56:00 We're big fans of personal responsibility and accountability (as well as good sports talk), so we liked this entertaining piece of radio commentary from Colin Cowherd on ESPN Radio describing how a 50-year-old Milwaukee woman has moved back in with her parents in order to save up money to buy a house after finding it hard to find a good job because of the slumping economy.Well, at least she knows enough to understand that $0 down for real estate isn't going to do it these days.Enjoy!
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"The phone is ringing off the hook!" 2008-03-31 17:03:00 15 Amarante in Laguna Niguel is a single-family residence in Marina Hills that came up for sale a couple weeks ago with an asking price of $599,000.The owners' situation is sketchy at best. Zillow shows this property sold for $810,000 in 2005, but it has also been on the market as a rental, first in September 2006 with a monthly asking price of $2,650, and again in October 2007 with a monthly asking price of $2,600.We're not sure exactly what the house did end up being rented out for in the past, but there is no rational way the rent could even approach covering the mortgage, so it is possible the owner was banking on rapid appreciation to bail them out of a bad investment. If you're curious, the investor-friendly 120 GRM estimate has this place valued at $312,000 - assuming a rental rate Read more:phone
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2002 short-sale pricing in RSM 2008-03-31 09:27:00 We're starting off the week with a short sale/preforeclosure in RSM that could easily be headed for full-blown foreclosure. The asking price is virtually the same as the one the property sold for in May 2002 - that's almost six years ago.95 Via Vicini, 92688 Asking price: $310,000 Asking price/ sq ft: $200Income requirement: $77,500Purchase price: $305,000Purchase date: 5/22/02Size: 3 beds, 3 baths, 1,550 sq ft (built in 1999) MLS: C08032456 (27 days on Redfin) ZipRealty price tracker: Price Reduced: 3/22/08 -- $440,000 to $310,000Zillow Zestimate: $453,0002007 property tax: $4,856HOA dues: $142Type: Attached, Condominium Style: Traditional Stories: 2 LevelFrom listing: Turn key home ready for move-in. This was a model home that was used to sell the other units. This a 3 bed, 3
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