This Ladera Ranch property is the result of what happens when you're stuck when the real estate musical chairs ends. Oops...
24 Winslow St, 92694
Asking price: $820,000
Asking price/ sq ft: $216
Purchase price: $1,300,000
Purchase date: 6/24/04
Size: 5 beds, 4.5 baths, 3,800 sq ft (built in 2000)
MLS: S550961 (268 days on Redfin)
HOA dues: $160
Type: Single Family Residence
Style: Cape Cod
Stories: 2
Lot size: 7,034 Sq. Ft.
From listing: Award winning Wyeth plan 3. Features 5 bedrooms plus library and a bonus room/loft! Well appointed home with hardwood floors, crown molding, designer paint/carpet, granite kitchen, built-in entertainment center, plantation shutters and an outdoor fireplace with bbq. Some other highlights of the home are a separate 3rd car garage, front and rear staircases, tech center and a split level library/office. Located on a cul de sac street minutes away from shopping centers and community amenities.
As you may have noticed by the days on Redfin count, this is not a new listing by any means. In fact, it's one of those that's been around the block and gone through a number of different incarnations.
The first in October 2008 involved an asking price identical to the 2004 bubble price of $1.3 million. Later on, in January of this year, it went down to $800,000. Now, it's back up to $820,000.
The previous sales history is also interesting - $560,000 in 2000; $750,000 in 2002 and then $1.3 million in 2004. That's an increase of 132% in four years. Now, if the property can be sold for the current asking price, it would mean a decline of 37% over five years.
Wednesday, July 08, 2009
Holdin' the bag in Ladera
Subscribe to:
Post Comments (Atom)
4 comments:
The Kool-Aid was already flowing by its first sale price of $560k in 2000. Prices became detached from fundamentals across the country in 1997, but in So Cal, actually decades before that. During Japan's housing crash (correction, actually) prices in Tokyo fell more than 60%, and in some areas 80%. Homes like this in Fraudera Ranch will go for 60% off in the end.
Your musical chair analogy is ironic because during the bubble the idea was that if you didn't buy now you'd be priced out forever.
This model is creepy! So many doors due to the 'two staircases.' If the kids want to go into the master, they go through the master bath! ODD!
We looked at this house MONTHS ago and it was vacant already.
At $217 a sq/ft, they are much closer to reality than a lot of sellers in Ladera. Some people listing for $300+ sq/ft are out of their minds. Once they realize their craziness, inventory will start to move. Year 2000 prices anyone?
Post a Comment