This is the 10th episode of Housing Market Watch (see the previous episode here), where I focus on what's happening with home prices in Southern California using specific examples from the Multi-Listing Service (MLS).Today's property is in the prestigious community of Coto De Caza (Orange County) on the golf course with a private pool.
Description
A Beautiful home on the Golf Course the South Court #3 even with the Tee-Box located on a Quiet Single Loaded Street. Very bright and open floorplan with Plantation shutters thru-out. Perfect size Loft area for relaxing or entertaining. Office downstairs has custon built-ins. Stone flooring through out the downstairs. Entertaining backyard with Pool and Spa, Built in BBQ Island and Gas Firepit. Child proof pool gate is removable. A Must See and Priced to sell!The Specs:
| Type: SFR Status: Active MLS#: S523392 | Sq. Ft.: 2,200 Lot Size: N/A Year Built: 1997 | Beds: 4 Baths: 3 Stories: 2 On RedFin: 92 days |
Sales History
| Date | Sold Price | $/SqFt | Gross Gain | Change ($) | Change (%) |
| 04/03/97 | $309,500 | 141 | N/A | N/A | N/A |
| 05/18/98 | $399,500 | 182 | +$90,000 | +90,000 |  29.08% |
| 09/21/99 | $425,000 | 193 | +$115,500 | +25,500 | 6.38% |
| 04/27/01 | $479,000 | 218 | +$169,500 | +54,000 | 12.71% |
| 03/02/07 | $810,000 | 368 | +$500,500 | +331,000 | 69.10% |
| 09/18/08 | $660,000 | 300 | +$350,500 | -150,000 |  18.52% |
Pricing History
| Date | List Price | $/SqFt | Gross Gain | Change ($) | Change (%) |
| 02/29/08 | $839,900 | 382 | +$29,900 | +29,900 | 3.69% |
| 03/18/08 | $819,000 | 372 | +$9,000 | -20,900 | 2.49% |
| 04/12/08 | $749,000 | 340 | -$61,000 | -70,000 | 8.55% |
| 04/27/08 | $709,000 | 322 | -$101,000 | -40,000 | 5.34% |
This episode's home is currently listed for 12.47% less than it was purchased for in March 2007. If this home had increased naturally along the mean (4%/year) since it's sale in April 1997, it would be worth approximately $476,000 ($216/sqft), or 32.86% ($233,000) less than its current asking price. If an unwitting buyer were to have purchased this home for the asking price before April 27th, they would have lost $40,000 (5.34%) of real money. To put those savings into perspective, one could purchase a loaded Infiniti FX35! As I've said before, very few areas have remained unaffected by the Great Housing Crisis.UPDATE 09/18: This property has been sold for $660,000.
No comments:
Post a Comment