We hope everyone had a great weekend. We returned to So Cal after a few days in a bit cooler climate. It's always great to get out for a bit and explore the rest of our country. Now, here's a former million-dollar property in Mission that is a good example of our real estate market's rise and fall.
23381 Rockrose, 92692
Asking price: $879,000
Asking price/ sq ft: $231
Purchase price: $1,015,000
Purchase date: 2/22/07
Size: 4 beds, 3 baths, 3,800 sq ft (built in 1999)
MLS: S572579 (69 days on Redfin)
ZipRealty price tracker: Price Reduced: 6/17/09 -- $915,000 to $879,000
Zillow Zestimate: $786,000
HOA dues: $193
Type: Single Family Residence
Style: Normandy
Stories: 2
Lot size: 6,408 Sq. Ft.
From listing: Spacious 4 bedroom/3 bath home with loft, 3rd story Bonus/Game room and a beautiful city lights and hills view from the pool sized back yard w/BBQ built in and the master bedroom. Large Family room has built in media wall unit, surround sound and 50' plasma t.v. Cozy firelpaces, high ceilings with magnificient crown molding, gourmet kitchen with granite counters, center island w/breakfast bar and eat in kitchen area, formal dining room, formal living room and upstairs laundry room. This house truly has it all. Warm and inviting with great layout perfect for entertaining.
2002 sales price: $605,000; 2007 sales price: more than $1 million. Does this look like the kitchen of a million-dollar property? We don't think so.
This property was competing with 23361 Cobblefield - it's a similar-sized property priced at $875,000 that is now accepting backup offers. That would mean, then, that our subject property may be priced right to attract a buyer.
However, there are two issues: 1) the other property has nicer touches - including a more upgraded kitchen. It's also 2) not a short sale, at least from the description. The Redfin records say this other property last sold for $860,000 in 2003, so that means the current owners will likely be saddled with a loss, once sales costs and money on upgrades are factored in. This potential sale suggests these types of properties in Mission have now essentially rolled back to 2003 pricing.
If our subject property sells for the full asking price, and a sale is able to be completed, it would mean a loss of $136,000 before sales costs.
Monday, July 06, 2009
'03 luxury rollback in Mission?
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3 comments:
Even at the low end of the Zestimate ($675,960) I wouldn't buy this. Prices have to fall a bit more for me to bite.
Homes like this in Mission Viejo and surrounding areas will go back to $450k or so. We will see 1998 (nominal) prices before this "correction" is over.
One main reason is too few people can afford all the inventory of expensive homes, with a sizable down payment and conventional financing. Most already have their hands tied with real estate debt bombs, so they won't be buying or moving up any time soon. No, prices will continue to fall and overshoot fundamentals here in Orange County.
150K off from '07 price?
*Yawn*
Wake me when the sellers wake up from their dreamworld.
Chuck
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