Today's property is in Laguna Niguel, California (Orange County). I chose Laguna Niguel because it was The Biggest Winner in Orange County; the city whose median home price declined the least between March 2007 and March 2008.
Type: SFRStatus: Active
MLS#: S503764
Sq. Ft.: 1,628
Lot Size: 8,640 sqft
Year Built: 1966
Beds: 4
Baths: 2
Stories: 1
On RedFin: 253 days
Description
this property has been completely remodeled.granite counter top in the kitchen with a serving bar.office area or eating area opens to the backyard.beautiful tile flooring throughout.newly painted,cozy fire place in the family room with french doors opening to the back yard.newly painted interior,crown molding throughout.new cabinetry in the kitchen.both bathrooms have been redone with new flooring and fixtures. move in condition very light and bright.close to the freeway,shops,park and restaurants.
Sales History
| Date | Sold Price | Gross Gain | Change ($) | Change (%) |
| 06/08/95 | $123,900 | N/A | N/A | N/A |
| 05/22/96 | $188,000 | +$64,100 | +$64,100 |  51.74% |
| 11/13/06 | $750,000 | +$626,100 | +$562,000 | 198.94% |
| 07/24/08 | $509,900 | +$386,000 | -$240,100 |  32.01% |
As you can see from the data above, the seller who sold the home in November 2006 made an incredible profit; however this was at the peril of the buyer who made such an aggressively foolish purchase.
Pricing History
| Date | Asking Price | Gross Gain | Change ($) | Change (%) |
| 09/02/07 | $899,900 | +$149,900 | +$149,900 | 19.99% |
| 09/05/07 | $849,900 | +$99,900 | -$50,000 | 5.56% |
| 09/18/07 | $839,900 | +$89,900 | -$10,000 | 1.18% |
| 09/25/07 | $829,900 | +$79,900 | -$10,000 | 1.19% |
| 10/18/07 | $799,900 | +$49,900 | -$30,000 | 3.61% |
| 11/13/07 | $650,000 | -$100,000 | -$149,900 | 18.74% |
| 12/21/07 | $599,900 | -$150,100 | -$50,100 | 7.71% |
| 02/26/08 | $575,000 | -$175,000 | -$24,900 | 4.15% |
| 03/25/08 | $550,000 | -$200,000 | -$25,000 | 4.35% |
The median home price has increased by 7.0% in Laguna Niguel (when comparing the numbers from March 2007 to March 2008); however, it would prove difficult to convince the seller that owns this house, as their home value has declined by 26.67% (a whopping $200,000) since it's listing in September 2007.
The simple truth is many homeowners overpaid for their homes, and now those who need to sell are finding it difficult to do so, even at steep discounts.Considering the numbers above, if an uninformed homeowner had bought this home for the full asking price prior to March 25th, they would have lost $25,000 of real money!!! To put those savings into perspective, one could buy a fully loaded Mini Cooper.
My Thoughts
Even the cities that you thought were impervious to the economic high's and low's are succumbing to this turbulent housing market. The truth is, if you buy now in Laguna Niguel, chances are you will have overpaid unless you're able to pick up the home for pennies on the dollar.
UPDATE 07/24: This property has been sold for $509,900.
1 comment:
Nice Place-
Unbeliveble that the guy who paid 188k, sold for 800k- Now thats some serious profit.
How much lower would you expect prices to go? Back to 188k?
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