Here's a promotional video from YouTube that was posted last August featuring Canyon Villas in Aliso Viejo.
You may have heard of this 344-unit condo complex, which was built in 1992 during the previous downturn as a condo neighborhood, but instead was rented out before being re-conditioned a couple years ago back into condos and sold just as the real estate market started to shift.
These are located off of Pacific Park Drive, right near Aliso Niguel High and the big Aliso Viejo town center.
Apparently they were having some trouble selling the condos off, and there was an auction in October 2006 to unload 34 units.
Here are the prices mentioned in the video (not sure when it was shot, but obviously before August 2007), along with a check of how similar units are priced now:
- One-bedroom units started at $310,000; bigger one-bedroom units were about $340,000 (a small one-bedroom is asking $249,900-$279,900 and has been on the market for a little more than two months now despite price reductions)
- Two-bed, two-bath units started at $416,000 (a 2/2 just came onto the market for $385,000; a 2/2 recently came off the market that was asking $350,000)
6 comments:
what are the rent rates on similar one and two bedrooms in AV?
thanks
From what I can tell, 2-bedroom units in this neighborhood rent for about $1750-$1800 a month.
That would put the break even value for an owner/occupant at about $288,000, assuming a 160 GRM.
these 1 and 2 bedroom apartments are of interest of investors. from investment point of view
GRM = 100
which puts the price in 175K-180K.
AV is a rat hole -- more and more of this to come. Save your $$ & go to a nicer community in a few years! AV is a DUMP. Too many failing, declining neighborhoods, poorly managed, housing is decaying.
yep the nigs are coming to town
What are some better areas, which won't cost an arm and a leg to get into?
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