South OC Real Estate Tracker

Friday listings dump

2010-02-05T16:12:00.000-08:00

Here's a quick sampling of just a few of the properties to hit the market this week:

26751 Anadale, Laguna Hills 92653
Asking price: $699,000

Beds:	4
Baths:	3
Sq. Ft.:	2,699
$/Sq. Ft.:	$259

Previous sales price: $750,000
Previous sales date: Oct 27, 2003
Listing description snippet: !!!Attention all Buyers and Agents!!! This is the home that you have been waiting for!! 4 bedrooms, 3 full baths, & 3 car garage. Bring your offer. Well priced to sell TODAY. This home won't last long. Hurry before it's sold.

46 Milagro, RSM 92688
Asking price: $399,900

Beds:	3
Baths:	2.5
Sq. Ft.:	1,350
$/Sq. Ft.:	$296

Previous sales price: $560,000
Previous sales date: Feb 08, 2007
Listing description snippet: Great location! This 3 bedroom & 2.5 bath single family residence is close to all the necessities. Close to park, shops, theatre & restaurants. Dramatic cathedral ceilings w/ cozy fireplace. Large open kitchen w/ maple cabinets, breakfast bar & large pantry!

31742 Avenida Villa, San Juan 92675
Asking price: $675,000

Beds:	4
Baths:	2
Sq. Ft.:	2,117
$/Sq. Ft.:	$319

Previous sales price: $960,000
Previous sales date: Jun 29, 2006
Listing description snippet: You have got to see the backyard paradise on this home! Words can not describe the tropical playground that is the yard. Custom pebble-tec pool features 10 man grotto, with many waterfalls, water slide for the kids, huge spa on another level spills into a little river, that runs into the pool.

South OC's 3-year in review

2010-02-03T05:13:00.000-08:00

Since the OC Register recently posted DataQuick's sales data for the calendar year 2009, we figured we'd take it a bit further and compare 2009 to 2008 and 2007 - that way, you'll get a better idea of how things have changed since way back when.

The table is below:

The median sales price in every South OC ZIP decreased between 2007 and 2009. The biggest losers in terms of largest decline were:

San Juan: -57.33%
Dana Point (92624): -47.26%
Foothill Ranch: -39.69%
Lake Forest: -33.64%
RSM: -31.90%

Dana Point and San Juan also were the largest losses, dollar wise. The smallest percentage declines were:

Laguna Woods: -19.64%
Aliso Viejo: -22.94%
Dana Point (92629): -24.24%
Laguna Beach: -24.84%
Trabuco/Coto: -25.57%

When you compare sales volumes of 2007 and 2009, you'll find that in most ZIPs the number of sales increased from 2007-2008, and again between 2008 and 2009. The ZIPs with the largest positive gains in sales volumes between 2007 and 2009 were:

San Clemente (92672): +378
Lake Forest: +208
Laguna Niguel: +110

Some ZIP codes even saw a decline in sales between 2007 and 2009. Here are the worst performers:

Laguna Woods: -94
Ladera Ranch: -81
San Clemente (92673): -66

Weekend closed sales report

2010-01-31T17:03:00.001-08:00

Which properties have been on the move in South OC? Here are a few examples...

3202 Calle Quieto, San Clemente 92672
Sales price: $670,000
Sales date: 1-26-2010
Previous sales price: $947,500
Previous sales date: 9-12-2006
Size: 4 beds / 2.75 baths / 3,158 sq ft
Listing description snippet: "Stunning & magnificent are the best words i can think of to describe this show-place! Turnkey! The most gorgeous curb appeal greets you, only to be blown away when you enter! All new exterior paint and landscaping, 3 car garage w/ sectional doors w/ windows, gated courtyard entry, and newer front doors! Upon entering, you can't help but be moved by the elegance of the spiral staircase! All new interior designer paint w/ contrasting tall white baseboards, raised panel doors & scraped ceilings w/ knockdown texture are just some of the interior highlights!"

11 Drake, Laguna Niguel 92677
Sales price: $435,000
Sales date: 1-28-2010
Previous sales price: $640,000
Previous sales date: 8-08-2006
Size: 2 beds / 2 baths / 1,237 sq ft
Listing description snippet: "Welcome home to paradise!!! Your immaculate home is located on a quiet cul-de-sac in a highly desirable part of Laguna Niguel that is just minutes from Dana Point & the harbor. Viewing the photos of your amazing home it's easy to see how open, spacious, & airy this floor plan truly is. From the large windows, 3 sets of sliding doors, & vaulted ceilings, it's very clear that light & bright are under-statements for how this home feels."

29626 Oakwood Ct, San Juan 92675
Sales price: $220,000
Sales date: 1-25-2010
Previous sales price: $460,000
Previous sales date: 8-07-2006
Size: 3 beds / 1 baths / 1,071 sq ft Listing description snippet: "Short sale...Approved ! This is a nice patio home. Owner has taken good care of the property. All tile floors. Nice oversized patio with overgrown plants. Direct access garage to kitchen, plus extra parking space. Great location in the village. Come take a look, you won't be dissapointed!"

'03 luxury rollback short sale in Aliso

2010-01-27T05:25:00.000-08:00

This is exactly what happens when the market goes nuts - huge boom, then huge bust, and we're left with an extreme short sale in Aliso Viejo that also happens to be a preforeclosure. Can they save the house?

18 Prescott, 92656
Asking price: $999,900
Previous sales price: $1,645,000
Previous sales date: 12/28/05

Beds:	5
Baths:	5
Sq. Ft.:	4,100
$/Sq. Ft.:	$244
Lot Size:	5,353 Sq. Ft.
Property Type:	Residential, Single Family
Style:	Two Level, Other
View:	Canyon, Hills
Year Built:	2002
Community:	Aliso Viejo
County:	Orange
MLS#:	S603092
Source:	SoCalMLS
Status:	Active
On Redfin:	2 days

From listing: Stunning Upgraded Estate offers Peaceful Views * Great Floorplan on a Cul-de-Sac Boasts 4 Bedrooms + Loft + Main Floor Office + Play/Hobby Room * Formal Living & Dining Rooms * Gourmet Kitchen w/ Island + Bar Seating, Large Morning Room, Walk-In Pantry, Butlers Pantry, Wine Cellar, & Upgrades including Granite Counters, Rich Mocha Cabinetry, & Stainless Steel Appl. * Spacious Family Room w/ Custom Brick Fireplace & Built-In Media Center * Great Backyard w/ Covered Patio & Awesome Views * Luxurious Master Suite w/ Retreat Features Slate Fireplace & Viewing Balcony + Walk-In Closet * Master Bath Features Slate Accents, Dual Vanities +Oversized Tub +Separate Shower Stall * 2 Secondary Upstairs Bdrm + Spacious Loft w/ Built-Ins (Could be converted to 5th Bdrm) * Main Flr Bedroom Suite w/ Private Bthrm * Main Flr Office w/ Private Bthrm (Could be converted to 6th Bdrm) * Exquisite Upgrades Include Rich Hardwood Flring, Upgraded Carpet, Designer Paint, Crown Molding, Shutters & Rich Designer Touches Thru-out

Whew ... that is one heck of a run-on sentence up there.

What does Redfin have to say about this situation? Here's what it says on the right side of the listing: "This home is flagged as a short sale. We're sorry, we don't tour or write offers on short sales because of the slim chance that you'll get the home."

Public records say this property sold for $992,000 in mid-2003 and then for $1.645 million in 2005 ... an increase in value of 66% in about two and a half years. Sound reasonable to you?

Now, assuming the property can sell for the current short sale price, it would mean a decline of about 40%.

Weekend closed sales report

2010-01-24T10:25:00.000-08:00

Here's a small sample of the many South OC properties that recently changed hands.

59 Kyle Ct, Ladera Ranch 92694
Sales price: $485,000
Sales date: Jan 12, 2010
Previous sales price: $600,000
Previous sales date: Aug 02, 2004
Size: 4 beds, 2.5 baths, 1,855 sq ft
Listing description snippet: "BACK INTO THE MARKET!!3 BEDROOMS WITH LOFT THAT COULD BE CONVERTED TO 4TH BEDROOM, BEUTIFUL WOOD FLOORING ON FIRST LEVEL. REMODEL KITCHEN GRANITE COUNTER TOPS, LOCATED IN GOOD LOCATION LADERA RANCH."

26465 Mirar Vista Drive, Mission Viejo 92692
Sales price: $398,000
Sales date: Jan 05, 2010
Previous sales price: $575,000
Previous sales date: Mar 23, 2006
Size: 3 beds, 3 baths, 1,124 sq ft
Listing description snippet: "This a very nice incredible! 3 bed , 3 bath single level home, stone floors and carpet in bedrooms beautiful backyard formal dining area, spacious living room, cheerful kitchen."

530 Mystic Way, Laguna Beach 92651
Sales price: $1,770,000
Sales date: Dec 30, 2009
Previous sales price: $2,150,000
Previous sales date: Jan 18, 2006
Size: 4 beds, 2.75 baths, 2,335 sq ft
Listing description snippet: "This property is priced to sell. Enjoy panoramic white water, Catalina Island and Main Beach views in this charming Laguna Beach ocean view home. This property features three main floor bedrooms, including master, and lower level has one bedroom and bath for a total of four bedrooms. With expansive views of the Pacific Ocean and the village of Laguna Beach, you will surely enjoy sunset views year round. Hardwood floors."

Straight crash, home-y

2010-01-20T05:26:00.000-08:00

What more can we say? There's been a flat-out crash in these parts. Are we well past the bottom? Nobody knows for sure, but we do know it's going to be an interesting year following local real estate. If you need some additional proof, try this Lake Forest condo on for size.

25206 Chestnutwood, Lake Forest 92630
Asking price: $309,900
Previous sales price: $529,853 (bank)
Previous sales date: 11/25/09

Beds:	3
Baths:	2.5
Sq. Ft.:	1,746
$/Sq. Ft.:	$177
Lot Size:	-
Property Type:	Residential, Condominium, Townhouse
Style:	Two Level
Year Built:	1983
Community:	Lake Forest North
County:	Orange
MLS#:	S600776
Source:	SoCalMLS
Status:	Active
On Redfin:	13 days

From listing: Charming Townhouse style condo located in the Smoketree neighborhood in lovely Lake Forest. Spacious floorplan features 3 great size bedrooms and 2.5 baths. Large living room with brick fireplace, kitchen has a breakfast nook and bar, formal dining room and family room. Come and see this great property!

Excuse us while we choke at the thought that this property sold for $510,000 in 2005. Was the stainless steel range the part that brought it over the $500k mark? It couldn't have been those lovely "vintage" kitchen cabinets and tile counters, now could it?

Seriously though, that's a price of $292 per square foot. Today, for new construction in South OC, expect on average to find builders' asking prices around $260-$295, depending on the development and location.

In 2000, our subject property also sold for $219,500. So, if we were to assume the bank could unload this property at the current price, it would mean a decade's worth of appreciation of $90,400 or 41% over the total span. Sound like a lot? Well, how does 3.5% average appreciation per year over a decade sound... 'cause that's all that happened for this property when all's said and done.

Rain rain, go away

2010-01-18T05:28:00.000-08:00

Is this Southern California or Seattle? It seems like this week is lost to the rain. Never fear, though, we're back with a new property to profile today in Ladera Ranch:

40 Lewiston Court, 92694
Asking price: $1,100,000
Previous sales price: $1,200,000
Previous sales date: 12/4/09

Beds:	5
Baths:	5.5
Sq. Ft.:	5,118
$/Sq. Ft.:	$215
Lot Size:	0.3 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Traditional
Year Built:	2002
Community:	Ladera Ranch
County:	Orange
MLS#:	S601257
Source:	SoCalMLS
Status:	Active
On Redfin:	7days

From listing: Need some room to grow? This Clifton Heights home has it all! 5 nice sized Bedrooms w/ 5.5 baths. Casita suite above garage and an entertainer's back yard are just a couple features which make this house a home! Dream kitchen and Master which is jaw dropping! To much to list!! Hurry as this property will not last!!

From what we can tell, this property has had a terrific seasaw ride since it was built about 8 years ago. Consider the following from Redfin:

Jun 19, 2003: $1,012,000
Mar 01, 2006: $2,200,000
Dec 04, 2009: $1,200,000 (back to the bank)

Between 2003 and 2006, the property shot up by $1,188,000. If we were to assume that the current asking price is the property's "legitimate" value today, that means it would actually be worth only $88,000 more than it sold for in mid 2003.

Friday closed sales report

2010-01-15T05:35:00.000-08:00

We got your pulse of the market right here. As usual, to end the work week we're looking at a few properties that closed recently.

367 Plaza Estival, San Clemente 92672
Sales price: $441,000
Sales date: 1-7-2010
Previous sales price: $629,000
Previous sales date: 8-19-2005
Size: 3 beds / 2.25 baths / 1,559 sq ft
Listing description snippet: "TURN-KEY CONDITION, NEW CARPET, PAINT, UPGRADED CABINETS, TRAVERTINE & GRANITE THRU-OUT. PROFESSIONALLY STAGED. SHOWS LIKE A MODEL & SHINES LIKE A GEM."

28271 Las Casas, Mission Viejo 92692
Sales price: $459,500
Sales date: 1-11-2010
Previous sales price: $395,000
Previous sales date: 9-12-2002
Size: 3 beds / 3 baths / 2,032 sq ft
Listing description snippet: Cutomized beauty!!! This home is the best of its kind on the market. It offers three bedrooms , three baths plus a large loft. Two bedrooms and two baths are on the main floor. A bonus room with built in desk and shelves has been added to the upstairs loft increasing the sq ft to 2032.

31291 Paseo Montevideo, San Juan 92675
Sales price: $890,000
Sales date: 1-5-2010
Previous sales price:$765,000 (REO)
Previous sales date: 9/3/2009
Size: 4 beds / 3 baths / 3,080 sq ft
Listing description snippet: Spacious home situation in gated community of San Juan Hills offers panoramic views. Open floor plan offers four bedrooms (1 down), bonus/loft area, four car garage (1 currently is office/work room with built-ins), three full baths. Entertaining rear yard offers built-in bbq area, fireplace and fountain.

Short sale in the canyon

2010-01-12T10:06:00.000-08:00

Would you like to be stuck holding a 1-bedroom fixer in Trabuco Canyon? It could be worse ... you could be the bank stuck with the loan on this place.

20751 Trabuco Oaks Drive, 92678
Asking price: $210,000

Beds:	1
Baths:	1
Sq. Ft.:	572
$/Sq. Ft.:	$367
Lot Size:	7,699 Sq. Ft.
Property Type:	Residential, Single Family
Style:	One Level, Bungalow
View:	Canyon, Trees/Woods
Year Built:	1929
Community:	Trabuco Canyon
County:	Orange
MLS#:	S596082
Source:	SoCalMLS
Status:	Active
On Redfin:	58 days

From listing: This Bungalow is perfect for investors. This fixer is a perfect project for anyone who wants to rebuild in the huge piece of land. two parcels sold for one price. total sq ft 15,049 with lots of potential, must see. The small bungalow features one bedroom and one bath.

We don't know what this property previously sold for, but we do know that the outstanding loans wouldn't cover the $210,000 asking price, hence this property is a short sale.

This property came onto the market listed for $350,000 in November, then went down to $295,000 ... then $250,000 ... now to the current asking price. In all, the price has been reduced $140,000 or a whopping 40% off the original asking price just about two months ago.

Does that mean if the property continues not to sell that in March it will be down to $70,000?

Recent sales report

2010-01-08T05:27:00.000-08:00

The 500th post was a nice milestone...we're not so sure about No. 666. Well, it had to come at some point, so here we go.

As we've been regularly doing, here's a look at a number of South OC properties that recently sold. This is only the sales prices posted to the MLS; we don't know about any other terms or agreements made between the buyer and seller.

26465 Mirar Vista Drive, Mission Viejo 92692
Sales price: $398,000
Sales date: 1-05-2010
Previous sales price: $575,000
Previous sales date: 3-23-2006
Size: 3 beds / 3 baths / 1,124 sq ft
Listing description snippet: "This a very nice incredible! 3 bed , 3 bath single level home, stone floors and carpet in bedrooms beautiful backyard formal dining area, spacious living room, cheerful kitchen."

25041 La Mangusta, Laguna Niguel 92677
Sales price: $435,000
Sales date: 1-4-2010
Previous sales price: $535,000
Previous sales date: 2-07-2005
Size: 3 beds / 2.75 baths / 1,433 sq ft
Listing description snippet: "View, view, view!!! Not a short sale! This home has it all! 3 bedrooms, 2 master suites upstairs and one bedroom and full bath downstairs. 2 car attached garage with lots of extra built in storage. Large living room, open dining room and kitchen with bar that opens to all the living space! But best of all, the view is spectacular! View of laguna niguel canyon from every room of the house and wonderful canyon and sunset view from the large enclosed yard!"

9 Kingsway Dr, Ladera Ranch 92694
Sales price: $738,000
Sales date: 12-31-2009
Previous sales price: $524,000
Previous sales date: 3-14-2003 Size: 4 beds / 2.5 baths / 2,500 sq ft
Listing description snippet: "Beautiful home in one of the best neighborhoods in ladera ranch! This gorgeous home features 4 bedrooms, 3 bathrooms, hardwood flooring, plantation shutters, and a state of the art kitchen with granite countertops, oversized island, and a large walk-in pantry. Formal living room entrance with a separate formal dining room and plenty of room for entertaining. French doors lead you to the porte-cochere driveway with private gates for additional outdoor living space."

6167 Camino Forestal, San Clemente 92673
Sales price: $557,000
Sales date: 12-31-2009
Previous sales price: $574,000
Previous sales date: 12-31-2003
Size: 3 beds / 2.5 baths / 1,600 sq ft
Listing description snippet: "Great opportunity to live in the desirable 'Ashton' community of Forester Ranch! Cape Cod style home with charming front porch with view of nearby tranquil hills. Downstairs has a separate family room with built in media center, 2 bedrooms, 1 full bath a half bath and laundry room. Upstairs features a great room with wood floors, fireplace and open to kitchen/dining area and access to large view balcony."

6 South OC ZIPs in the "green"

2010-01-06T07:31:00.000-08:00

For the 22 business days that ended December 9, the OC Register reports, DataQuick data shows 6 South OC ZIPs that saw median price and sales gains over the previous time last year. Those are:

Dana Point, 92624
Median: $713,750
Yr change: +9.0%
Sales: 9
Change: +125.0%

Ladera Ranch, 92694
Median: $640,000
Yr change: +10.2%
Sales: 51
Change: +21.4%

Laguna Niguel, 92677
Median: $545,000
Yr change: +4.8%
Sales: 102
Change: +88.9%

Mission VIejo, 92691
Median: $470,000
Yr change: +16.5%
Sales: 55
Change: +3.8%

Mission Viejo, 92692
Median: $475,000
Yr change: +0.0%
Sales: 55
Change: +25.0%

San Clemente, 92672
Median: $665,000
Yr change: +18.0%
Sales: 35
Change: +40.0%

What to expect in 2010

2010-01-04T10:09:00.000-08:00

If we had all the answers, we probably would have already won the lottery by now. The OC Register real estate blog recently completed its yearly survey of professional real estate opinions, so you can check it out to see what they're thinking. Here are a couple of our thoughts on what we will be watching in the New Year:

New home building in South OC...not too much new home construction in 2010, but it will be interesting to see how many buyers are out there this year looking to buy new. Talega, Glenwood in Aliso Viejo and San Joaquin Hills in Laguna Niguel are the major developments adding to the new home stock right now. New home builder prices continued their fall in early 2009, but have been flat/ever so slightly up for new phases in later 2009. We will be interested to see what happens once the tax credit expires - will builders slash $8 grand off prices right away, or will they first wait to see if the market supports higher prices before reluctantly reducing them? And what about increased interest rates we're being promised later this year?
Median prices ... anybody's guess. These could be up in 2010, flat or slightly down. Either way you look at it, it won't signal a healthy housing market if the economy does not improve and people have jobs. Though we will be watching median prices and how many houses are sold, we will be looking instead to the types of sales (distressed or "regular") and studying the economic picture for OC and Southern California to see what's going on.
Foreclosure pipeline will also determine the market in 2010. In 2009, there were lots of foreclosures. Those foreclosures were taken off the market fairly quickly by investors/buyers. We know there will be more foreclosures in 2010, so it will be interesting to see if the market continues to absorb the additional inevitable inventory. We'll also be watching to see if it's easier to complete short sales this year. If it is, this will help properties turn over quicker, though banks will be taking some huge hits.
Buying a house? Look at long-term fundamentals and do the math. As we've demonstrated and will be demonstrating again in the new year, certain properties in South OC are starting to make sense financially under certain circumstances. If you're in the market for a house, check the comps, do your homework to understand fair value based on fundamentals, including comparable rental price. Understand that just about anything in your house can be changed except the location (of course, some things can be changed a lot easier and cheaper than others, so factor price into your decision) so do not get caught up with things like paint colors and carpeting. DO NOT get overly caught up with emotions either, make sure you're comfortable with your decision AND plan out worst-case circumstances to ensure you're prepared.

In short ... it's going to be a telling year for housing locally. The "main street" attitude is that the market has bottomed, but significant government intervention makes insightful analysis much more difficult. We find it hard to believe that the RE market is deep into recovery mode given personal incomes are down or at least flat, jobs are harder to come by and the local economy is scarred. One thing we can say for certain is that 2010 is going to be one heck of an interesting year. Here's to hoping the year is a better one than 2009 for everyone.

Happy New Year's Eve!

2009-12-31T06:55:00.000-08:00

Now go out there and have a memorable (and safe) night ringing in the new year.

Here's to 2010!

Just another 50% off

2009-12-30T08:38:00.000-08:00

At this point, it's really no surprise that older, small one-bedroom apartments (err, condos), have taken a huge beating. Another example of the spectacular fall from ridiculous heights is this property in Lake Forest.

20702 EL TORO Rd #22 Lake Forest, CA 92630
Asking price: $130,000
Previous sales price: $276,000
Previous sales date: 3/14/06

Beds:	1
Baths:	1
Sq. Ft.:	610
$/Sq. Ft.:	$213
Lot Size:	600 Sq. Ft.
Property Type:	Residential, Condominium
Style:	Two Level, Contemporary
Year Built:	1980
Community:	Lake Forest North
County:	Orange
MLS#:	S582364
Source:	SoCalMLS
Status:	Active
On Redfin:	165 days

From listing: Very nice upstairs unit close to pool. Large, open feeling in both family room and master bedroom.

According to Redfin records, this property changed hands in 2004 for $250,000; in 2001 for $110,000 and before that $74,000 in 1989.

Between 1989 and 2001 (12 years), the property appreciated $36,000 (49%). Between 2001 and 2004 (three years), the property appreciated $140,000 (127%). When you do the math you see how out-of-touch things got.

Assuming the property sells for the current asking price, it would be $146,000 or 53% off the 2006 price.

Holiday sales report

2009-12-27T08:06:00.000-08:00

While many of you were on the brink of holiday celebration, there were still those buying and selling homes in South OC. Here's a sampling of a few that recently closed:

29972 Running Deer Lane, Laguna Niguel 92677
Sales price: $615,000
Sales date: 12-23-2009
Previous sales price: $720,000
Previous sales date: 4-29-2004
Change from previous sale (+/-): -$105,000
Size: 4 beds / 3 baths / 2,576 sq ft
Listing description snippet: "This 4 bedroom, 3 bath 2576 sq ft home has a beautiful front courtyard and spacious landscaped backyard. There are cathedral ceilings in the living room, complete with a cozy fireplace and lots of natural light. A large formal dining room is next to the living room and there is an oversized kitchen complete with eating area."
Note: This was a short sale.

26411 Brookfield Rd, San Juan 92675
Sales price: $250,000
Sales date: 12-23-2009
Previous sales price: $475,000
Previous sales date: 4-13-2007
Change from previous sale (+/-): -$225,000
Size: 2 beds / 1 baths / 1,080 sq ft
Listing description snippet: "This home was updated to a 3-bedroom with the conversion of the existing den. Totally upgraded throughout with designer colors, newer flooring, granite countertops in the kitchen, and marble in the bathroom. Spacious outdoor areas to sit and relax in the privacy of your own yard. Family friendly community with lakes, parks, several pools, bike trails and a clubhouse."
Note: This was a short sale that also was in the foreclosure process.

18 Fairhaven Road, Ladera 92694
Sales price: $540,000
Sales date: 12-18-2009
Previous sales price: $506,000
Previous sales date: 8/11/08
Change from previous sale (+/-): +$34,000
Size: 4 beds / 3.5 baths / 2,600 sq ft
Listing description snippet: "Wow fresh paint, new carpet and appliances, some new cabinets and fixtures. This is a turn key property. Granite counters in kitchen. Huge tub and separate shower in master suite & retreat w/ Fireplace. detached bonus room at patio area. No yard work here, very low maintenance yard. Lots of hard scape."

11 Segada, RSM 92688
Sales price: $823,000
Sales date: 12-22-2009
Previous sales price: $1,252,500
Previous sales date: 4-06-2006
Change from previous sale (+/-): -$429,500 Size: 4 beds / 4 baths / 3,240 sq ft
Listing description snippet: "FANTASTIC LOC'N W/ PANORAMIC VIEW. LUSH TROPICAL L/SCAPING-SALT WATER PEBBLE-TEC POOL, SPA WITH WATERFALL, BUILT-IN BBQ ISLAND. INSIDE-BELGIAN CHERRY HDWOOD FLOORS, CUSTOM CROWN MOLDING, LEADED GLASS ENTRY DOORS, GRANITE COUNTERS, CUST CABINETS, SURROUND SOUND, CEILING FANS, CLOSET ORGANIZERS, MORE. HOME IS VACANT AND IS IN NEED OF SIGNIFICANT TLC, BUT CAN EASILY BECOME THE CHARMER IT ONCE WAS."

Happy Holidays

2009-12-24T07:46:00.000-08:00

Photo: don2g

Christmas Eve is here! Hope you have a great holiday week and we'll be back soon.

South OC home stats: Party on?

2009-12-07T05:13:00.000-08:00

The OC Register reported some fairly rosy housing data over the weekend. In short, OC median home price was up for the 22 business days ending Nov. 12, the median price bumped up a bit while sales continued to be up year-over-year.

Comparisons to last fall are difficult. Remember what was going on last year? Financial meltdown ring a bell? Still, there is an undeniable feeling that many expect the market has already been on the mend last year. Here are the numbers ... you decide what you think!

Friday closed sales report

2009-12-04T05:29:00.000-08:00

Another Friday, another closed sales report. Here's a sampling of some of the properties in South OC that have recently changed hands.

26701 Rio Bravo, Lake Forest 92630
Sales price: $430,000
Sales date: 11-27-2009
Previous sales price: $605,000
Previous sales date: 8-25-2006
Change (+/-): -$175,000
Size: 3 beds / 2 baths / 1,493 sq ft
Listing description snippet: "End of cul-de-sac location in gated community! Open floorplan with vaulted ceiling in living room and family room. Newly remodeled: new paint, new carpet. Light wood cabinets in kitchen; recessed lighting and tile flooring in kitchen and bathrooms; mirror closet doors in master bedroom; private backyard."

38 Silkwood, RSM 92688
Sales price: $420,000
Sales date: 11-24-2009
Previous sales price: $467,000
Previous sales date: 12-22-2003
Change (+/-): -$47,000
Size: 3 beds / 3 baths / 1,400 sq ft
Listing description snippet: "You must see this gorgeous corner lot home! It boasts of a gorgeous kitchen with italian granite counter tops, granite sink, beautiful cabinets, great size back yard, .5 bath down stairs, large master bedroom, custom decorating throughout!"

51 Westgate, Laguna Niguel 92677
Sales price: $820,000
Sales date: 11-28-2009
Previous sales price: $630,000
Previous sales date: 4-29-2002
Change (+/-): +$190,000
Size: 5 beds / 4 baths / 3,046 sq ft
Listing description snippet: Bring your check book!Remodeled and decorated...Ready to move right in!Extraordinary westgate cove at bear brand ranch!Small gated community beach close and perfect for your fussiest buyers!No expense spared!It starts at the curb!Landscaped beautifully, custom iron front doors! A real cooks kitchen with 5 burner gas cooktop,stainless dishwashing drawers,compactor and super awesome oven/microwave convection!

26755 Avenida Las Palmas, Dana Point 92624
Sales price: $580,000
Sales date: 12-2-2009
Previous sales price: $599,000
Previous sales date: 8-08-2003
Change (+/-): -$19,000
Size: 1,777 sq ft
Listing description snippet: "Beach close Duplex in desirable area of Capo Beach, ocean side of freeway. Front unit is 2 bedroom, 2 bath. Back unit is 1 bedroom, 1 bath. Ready to move in, units have been remodeled: kitchens, baths, windows, carpet, tile, paint. Cottage style living, no one above or below. High beam ceilings, private courtyard entry, nice landscaped yard. Each unit has one car garage and one driveway parking. Separate laundry room."

Auction style in Nellie Gail

2009-12-03T05:49:00.000-08:00

It's on! You've got just one chance to (literally) bid up this Nellie Gail property. Don't even look at the asking price...it's just the "suggested opening bid."

27642 Hidden Trail Road, 92653
Asking price: $1,995,000
Previous sales price: $1,600,000
Previous sales date: 8/25/09

Beds:	5
Baths:	4.5
Sq. Ft.:	7,082
$/Sq. Ft.:	$282
Lot Size:	0.92 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Other
View:	Canyon, City Lights, Mountain, Panoramic
Year Built:	1988
Community:	Laguna Hills
County:	Orange
MLS#:	P711507
Source:	SoCalMLS
Status:	Active
On Redfin:	14 days

From listing: AUCTION - $1,995,000 Suggested Opening Bid - See Remarks, Beautiful Custom Estate in Nellie Gail, Large 40,000sf Equestrian Lot in prime Nellie Gail neighborhood with panoramic views, gated entry, open floorplan, grand entrance with spiral staircase, large family room with full bar, gourmet kitchen, office/library on main floor, large master retreat with fireplace & private deck, backyard perfect for entertaining with pebble-coat pool, spa, built-in BBQ area, Marble fireplace, stained leaded glass windows, instant hot water in kitchen sink, (2) central vacuum systems

We wish we knew how much the current owner expects to pull once everything is done .... $2.1 million? $2.3? More?

One thing to note is this property went for $2.6 million at the peak in 2006. You don't suppose this property has magically appreciated back near there, do you?

Us either. We'll keep our eyes peeled to see what this one eventually goes for.

Back and forth

2009-11-30T23:07:00.000-08:00

South OC real estate made multiple headlines recently on the OC Register real estate blogs. First, Jon Lansner reports how the top five "hottest" mini markets are in South OC.

By "hot," the report refers to Steve Thomas' market time calculation. Thomas says that Ladera Ranch, Lake Forest, Portola Hills, Aliso Viejo and RSM - in that order - have the highest amount of demand relative to supply of homes for sale in OC.

We also know thanks to the excellent Mortgage Insider Blog, here are the top 6 areas with the highest percentage of distressed sales relative to total properties on the market: RSM, Anaheim, Portola Hills, Santa Ana, La Habra, Aliso Viejo.

What does it mean? It means there are demand for lower-priced properties in these areas because there are some there. It also means there are many more borrowers in trouble in these areas who may or may not be able to keep their homes. If not, then we wouldn't be surprised if there were enough buyers lining up to absorb the properties (read: first-time buyers and investors leading the charge to purchase livable properties at a discount relative to bubble prices) and push them through the system.

Turkey hangover

2009-11-27T11:28:00.000-08:00

Here's to hoping you had a great Thanksgiving. As we do on many Fridays, we're going to review some of the South OC properties that have recently sold.

922 Santa Ana St, Laguna Beach 92651
Sales price: $850,000
Sales date: 11-23-2009
Previous sales price: $1,365,000
Previous sales date: 3-14-2006
Change (+/-): -$615,000
Size: 3 beds / 3 baths / 2,000 sq ft
Listing description snippet: "Sunset catalina island ocean view! Gorgeous and spacious custom remodel! 2000 sq ft with 3 seperate bedrooms with 3 full remodeled baths! Travertine bath with soaking tub in master suite! Gourmet kitchen with island, granite counters, stainless steel appliances, wine refrigerator and more!"

27191 Calle Caballero, SJC 92675
Sales price: $345,000
Sales date: 11-20-2009
Previous sales price: $315,000
Previous sales date: 9-26-2003
Change (+/-): +$30,000
Size: 2 beds / 2 baths / 1,303 sq ft
Listing description snippet: "Wow _ you should see her now! Brand new flooring, new entry, notice the gorgeous front door, this has been so beautifully remodeled and your buyer will be delighted. Major remodel done a few years ago including granite counters, stainless steel appliances, oak cabinets, smooth ceilings and baths with tile and upgraded fixtures. New front door..."

8 La Salle, Ladera Ranch 92694
Sales price: $618,000 Sales date: 11-25-2009
Previous sales price: $503,000
Previous sales date: 5-14-2003
Change (+/-): +$115,000
Size: 4 beds / 3 baths / 2,300 sq ft
Listing description snippet: "Great, Quite Cul De Sac Location, no one behind. Walk to award winning schools, recreation, pools, clubhouse,tennis, walking trails. Mountain views from the back yard and master suite. Terrific floor plan. Large family room open to light and airy kitchen. Large living and dinning room. Pride of ownership shows with the recent remodel of wood floors and granite."

Happy Thanksgiving

2009-11-26T09:59:00.000-08:00

To everyone...have a great Thanksgiving holiday with your family and friends! We'll be back tomorrow with a new post.

2002 rollback in San Juan

2009-11-24T05:15:00.000-08:00

It's Thanksgiving week, so you might expect us to be all cliche and post about things we're thankful for. We just ... might ... do it.

We will do it. Phhhbt!

Here's to being thankful that insane bubble prices of yesteryear are being "corrected" by the market today...

29562 Westmont Ct, San Juan Capistrano, 92675
Asking price: $249,900
Bank price: $453,452
Back to bank date: 6/24/09

Beds:	2
Baths:	2
Sq. Ft.:	1,316
$/Sq. Ft.:	$190
Lot Size:	1,968 Sq. Ft.
Property Type:	Residential, Condominium
Style:	Two Level, Other
Year Built:	1974
Community:	San Juan North
County:	Orange
MLS#:	S595063
Source:	SoCalMLS
Status:	Active
On Redfin:	18 days

From listing: N/A

No real listing description and no additional pictures. Is there anything to know about this property beyond the physical basic features of the property and the bank's asking price?

As you can see, the bank took this property back a few months ago. Now, it's been listed at a price that is below the 2002 price of $289,500. Seven years of bubble appreciation is gone, and now it's time for this property to be flushed out of the system and picked up by the highest bidder.

Welcome to the reality of the market in 2009...be thankful it's no longer the 2005 real estate market if you're a buyer!

Weekend closed sales report

2009-11-21T11:18:00.000-08:00

Here's another look at a handful of South OC properties that have changed hands recently. As usual, note the posted sales price doesn't include any other side arrangements between the buyer and seller.

34 Paseo Vis, San Clemente 92673
Sales price: $415,000
Sales date: 11-19-2009
Last asking price: $399,900-$449,900
Previous sales price: $378,000
Previous sales date: 8/5/2009
Change between sales: +$37,000
Size: 3 beds / 3 baths / 1,650 sq ft
Listing description snippet: "Highly upgraded santalana townhome; no one above or below: corner unit. Hardwood floors in living room, dining room, kitchen and half bathroom, new carpet upstairs, new paint, gourmet kitchen with white cabinets stainless steel appliances, black granite countertop, huge pantry, recessed lighting; granite fireplace in living room, 9' ceilings downstairs and upstairs; wide baseboard; light and bright; private patio."

33742 Via De Agua, SJC 92675
Sales price: $625,000
Sales date: 11-17-2009
Last asking price: $640,000
Previous sales price: $642,322 (REO)
Previous sales date: 7/31/09
Size: 6 beds / 3 baths / 2,825 sq ft
Listing description snippet: San juan capistrano home that is close to beach access. Backs to a slope. Entry with marble floors, curved staircase, volume ceilings and skylight. New paint and carpet. Main floor bedroom or den.

6 Luna Ct, Ladera Ranch 92694
Sales price: $699,000
Sales date: 11-17-2009
Last asking price: $699,000
Previous sales price: $660,000
Previous sales date: $660,000
Change (+/-): +$39,000
Size: 4 beds / 3 baths / 2,200 sq ft
Listing description snippet: "PREMIUM LARGE CORNER LOT! This beautiful home is situated on one of the largest lots in the Tether Moon development. Extremely open floor plan with vaulted ceilings throughout living room, dining room and entry way"

30512 N Hampton Rd, Laguna Niguel 92677
Sales price: $575,000
Sales date: 11-17-2009
Last asking price: $565,000
Previous sales price: $572,000 (not the back to the bank price)
Previous sales date: 12/23/02
Change (+/-): +$3,000
Size: 3 beds / 3 baths / 2,415 sq ft
Listing description snippet: "Single loaded cul-de-sac street with area view! Double door entry. New carpet. Some replaced windows. Living Room with vaulted ceilings and fireplace. Kitchen has replaced counters and wood floors. Main floor den or 4th bedroom. Master bedroom with view deck and upgraded Master bathroom. "
*Property was an REO

Deep cut in Talega

2009-11-19T07:00:00.000-08:00

Nothing says true wealth like the ability to slash a full "average" house's worth ($557k) off of your asking price and still have a $1.9 million listing. Either that or blind greed before for listing your property for more than $500k above what it should have been before.

We report, you decide...

22 Corte Vizcaya, San Clemente 92673
Asking price: $1,898,000
Previous sales price: $2,505,000
Previous sales date: 11/10/05

Beds:	5
Baths:	6.5
Sq. Ft.:	5,500
$/Sq. Ft.:	$345
Lot Size:	0.32 Acres
Property Type:	Residential, Single Family
Style:	Two Level, Mediterranean, Tuscan
View:	Golf Course, Hills, Faces Northwest
Year Built:	2001
Community:	Talega
County:	Orange
MLS#:	L31401
Source:	SoCalMLS
Status:	Active
On Redfin:	8 days

From listing: Previously listed for $2,455,000 - now reduced by $557,000!!! Tremendous value!!! Located on a cul-de-sac street just above the 5th tee of Telega Golf Course, view and exposure are southerly. Tuscan style: motor court entry lined with olve trees, rosemary. .. vine covered walls, stone and wood pergolas, rustic wood garage doors with iron hardware. Home theater/screening room that evokes a by-gone Hollywood era. State-of-the-art security surveillance system. Architectural features: Massive iron & glass front door, travertine and aged walnut plank floors, custom dark wood wainscoting, baseboards, double-crown and waffled wood ceilings, built-in bureaus/shelves, fresco walls & ceilings. .. Uncommon attention to detail and craftsmanship one would expect in only the finest coastal estate.

Too bad they can't spell "Talega" in the listing...as in "Telega Golf Course." We will, however, give them credit for setting the scene fairly well with the listing description. And we think the theater is sweet.

But what about the price? If you were the owner, and you felt you realistically needed to drop the asking price from your previous attempt to sell by more than $500k, would you be embarrassed at all at how poorly you (or your agent, though the owner is technically responsible for final approval in terms of price) perceived the value of this property the first time around? As a buyer with a large wad of cash, would you be less willing to deal with these owners because you think they were out of touch?

Either way, if this property sells it will be for a whole lot less than the previous bubble price - $607,000 less that is, not including any sales costs.