2002 Rollback

NEW -> Contingent Buyer Assistance Program
Short sale listing fishing for offers to get the ball rolling, is my guess. But it goes to prove the point that the least desirable properties are getting hit the hardest. Who wants to live on a main street? They held on for almost two years though, that must have been tough.
 
<a href="http://www.southoctracker.com/2008/06/60-off-in-aliso-viejo.html">Here's a profile of one in Aliso Viejo that's now pending</a>.



<img src="http://bp0.blogger.com/_myLEkrGij5A/SFF83nB3NyI/AAAAAAAAB_k/QHDtz-_wZxw/s320/lh061308.jpg" alt="" />
 
The lender recently reduced the asking price for <a href="http://www.redfin.com/CA/Costa-Mesa/2062-Pomona-Ave-92627/home/4561759">2062 Pomona Ave Costa Mesa, CA 92627 </a> from 370k to 345k.

Wow... a few years ago I never thought I would see prices this low.
 
[quote author="halfnote19" date=1210808508]<a href="http://www.redfin.com/CA/Costa-Mesa/2062-Pomona-Ave-92627/home/4561759">2062 Pomona Ave </a>

Costa Mesa, CA 92627



<img src="http://i-0.rfimg.us/photo/46/bigphoto/952/S529952_1.jpg" alt="" />



They are serious about trying to sell this home.



<strong>Sales History</strong>

Date - Price - Appreciation

Aug 05, 1988 $155,500 --

Dec 09, 2003 $398,000 6.3%/yr

May 10, 2005 $610,000 35.1%/yr

Jan 18, 2008 $538,020 -4.6%/yr (by lender)



<strong>Listing Price History</strong>

Date - Price

Apr 24, 2008 $390,000

May 13, 2008 $370,000



So according to this its a 2002 rollback if you use case shiller.

<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

May 2005 - $610,000 - 236.68 - .606 - 143.56</pre>

With the new index of 143.56 (that is if I did everything right) brings it back to Dec 02.</blockquote>


FWIT, this POS went into escrow last week. They had recently lowered the price to $354K, which even me who caught the knife in this neighborhood, thought was still a WTF price. I laughed when they lowered it to that and figured it would still be sitting there until they lowered it to $250K. When I said it was a tear down, I wasn't kidding and I'm not fussy like the Irvinites. For $350K you can buy something on W Wilson that you could at least rent out to some undiscerning soul.
 
the listing has gone off redfin and the others. so it went to 'accepting backup offers' at $345k? that would be CS 133, july 2002 equivalent.



but even if they plow it and put in two houses on the lot, that is a lot to pay for the land, if they are hoping to make a profit. figure $200k/lot, plus $150/sf to build @1500 sf, means they would have to sell them for $425k just to break even. not going to happen at that location. maybe they could get $500k at this moment, for such on the east side. But who knows even about that in 9 months to clear and build?
 
I already had a CM search with First Team, so just been using that to track "favorites." Got an update last week that it was now a pending sale. Sometimes Redfin takes them off when they go pending. I wish they would leave them up there. First Team is down right now, so I can't pull it up.
 
Bringing this thread back from the dead, and it's a <em>little</em> outside Orange County.





<blockquote>Unbeknownst to me, Denver Nuggets guard Allen Iverson has been looking to sell his 14,000 square foot home in Villanova, Pennsylvania for over a year now. (A.I. usually calls me about such matters. I thought I had his financial ear.)



According to the Wall Street Journal's Private Properties column, Iverson has dropped the price to a "desperation deal" of $3.999 million ? a million less than he paid for it in 2003. (/crunches numbers on calculator watch.) Yep. That's not good business.

</blockquote>


<a href="http://sports.yahoo.com/nba/blog/ball_dont_lie/post/For-sale-Allen-Iverson-s-six-bedroom-home-in-Vi?urn=nba,106478">http://sports.yahoo.com/nba/blog/ball_dont_lie/post/For-sale-Allen-Iverson-s-six-bedroom-home-in-Vi?urn=nba,106478</a>
 
Short sale in Tustin. $9K less than 2002 price. 44% drop from 2006 price if it sells.



13142 MARSHALL Ln

Tustin, CA 92780



<strong>Price: $390,000 </strong>



Beds: 4

Baths: 2

Sq. Ft.: 1,780

$/Sq. Ft.: $219

Lot Size: 7,310 Sq. Ft.



Sales History

<strong>Sep 12, 2002 $399,000 </strong>

May 26, 2006 $700,000



<a href="http://www.redfin.com/CA/Tustin/13142-MARSHALL-Ln-92780/home/4443817">http://www.redfin.com/CA/Tustin/13142-MARSHALL-Ln-92780/home/4443817</a>



http://i-0.rfimg.us/photo/46/bigphoto/456/P635456_1_0.jpg
 
[quote author="stepping_up" date=1215504711][quote author="halfnote19" date=1210808508]<a href="http://www.redfin.com/CA/Costa-Mesa/2062-Pomona-Ave-92627/home/4561759">2062 Pomona Ave </a>

Costa Mesa, CA 92627



<img src="http://i-0.rfimg.us/photo/46/bigphoto/952/S529952_1.jpg" alt="" />



They are serious about trying to sell this home.



<strong>Sales History</strong>

Date - Price - Appreciation

Aug 05, 1988 $155,500 --

Dec 09, 2003 $398,000 6.3%/yr

May 10, 2005 $610,000 35.1%/yr

Jan 18, 2008 $538,020 -4.6%/yr (by lender)



<strong>Listing Price History</strong>

Date - Price

Apr 24, 2008 $390,000

May 13, 2008 $370,000



So according to this its a 2002 rollback if you use case shiller.

<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

May 2005 - $610,000 - 236.68 - .606 - 143.56</pre>

With the new index of 143.56 (that is if I did everything right) brings it back to Dec 02.</blockquote>


FWIT, this POS went into escrow last week. They had recently lowered the price to $354K, which even me who caught the knife in this neighborhood, thought was still a WTF price. I laughed when they lowered it to that and figured it would still be sitting there until they lowered it to $250K. When I said it was a tear down, I wasn't kidding and I'm not fussy like the Irvinites. For $350K you can buy something on W Wilson that you could at least rent out to some undiscerning soul.</blockquote>


Looks like this house fell out of escrow and can not find another kc.

Date Price

Apr 24, 2008 $390,000

May 13, 2008 $370,000

Jun 11, 2008 $360,000

Jun 18, 2008 $345,000

Aug 25, 2008 $330,000

<strong>Oct 06, 2008 $320,000</strong>

<pre class="code">Last Sale Date - Last Sale Price - Prev Index - Ratio - Current Index

May 2005 - $610,000 - 236.68 - .524 - 124.16 (March 2002)</pre>
 
yes, and now there are a few nicer houses in that neighborhood that are in the low 300s, so they are chasing down fools, those bankers.



if you want an intact 3/2, there are a couple there.



if you want to plow and rebuild a few units, there is a 1/4 acre a few blocks over selling for the same price
 
<a href="http://www.redfin.com/CA/Orange/527-S-Dunas-St-92869/home/3421207">http://www.redfin.com/CA/Orange/527-S-Dunas-St-92869/home/3421207</a>



<img src="http://i-0.rfimg.us/photo/46/bigphoto/703/P647703_0.jpg" alt="" />



527 S Dunas St

Orange, CA 92869

Price: $450,000

Beds: 4

Baths: 2

Sq. Ft.: 2,229

$/Sq. Ft.: $202

Lot Size: 8,865 Sq. Ft.

Property Type: Single Family Residence

Style: Contemporary

Year Built: 1963

Stories: 1 Level

View: Mountain

Area: Orange, Orange Park Acres

County: Orange

MLS#: P647703

Source: SoCalMLS

Status: Active

On Redfin: 95 days



Jul 19, 2008 $570,000

Aug 22, 2008 $539,000

Oct 13, 2008 $450,000



Date Price Appreciation

Jun 02, 2004 $586,000 --

Mar 30, 2005 $750,000 34.9%/yr



Almost there...........wrong city.
 
We were going to kill time and check out that house when it was open. We drove into the neighborhood and realized that it was the opposite of the old RE adage: it was the nicest home in (not quite) the worst neighborhood.
 
[quote author="EvaLSeraphim" date=1224763589]We were going to kill time and check out that house when it was open. We drove into the neighborhood and realized that it was the opposite of the old RE adage: it was the nicest home in (not quite) the worst neighborhood.</blockquote>


You go across Fairhaven (to the OC county island called North Tustin) and prices almost double per square foot. Kind of funny pepole will pay a big premium to not have the city in the middle of thier business.
 
43% loss from 2005 price and very close to mid-2002 price in Tustin. Foreclosure.



14371 Wildeve Ln

Tustin, CA 92780



<strong>Price: $359,900</strong>



Beds: 3

Baths: 2

Sq. Ft.: 1,516

$/Sq. Ft.: $237

Lot Size: 4,500 Sq. Ft.



Jul 09, 2008 Sold $374,338

<strong>Oct 18, 2005 Sold $640,000

Jul 23, 2002 Sold $337,000</strong>

Jan 27, 1999 Sold $192,000



<a href="http://www.redfin.com/CA/Tustin/14371-Wildeve-Ln-92780/home/4609411">http://www.redfin.com/CA/Tustin/14371-Wildeve-Ln-92780/home/4609411</a>



http://i-0.rfimg.us/photo/46/bigphoto/326/P660326_0.jpg
 
Large Corner lot and





when did 4500sf become a large lot? and it is nicely 300 yds from the 5, of course.



let me know when it is the 1999 price, it would make a good rental then.
 
Here's more fun in Orange. Easily 2002 price...maybe even 2001. I'm guestimating based on the zillow 10 year chart.



505 N Hewes St

Orange, CA 92869



<strong>Price: $287,426 </strong>



Beds: 4

Baths: 2

Sq. Ft.: 1,800

$/Sq. Ft.: $160

Lot Size: 8,000 Sq. Ft.



Apr 15, 2004 Sold $507,000 33.9%/yr Public Records

Apr 04, 2003 Sold $375,000 36.0%/yr Public Records

<strong>Dec 26, 2002 Sold $345,000</strong> -- Public Records



http://i-0.rfimg.us/photo/46/bigphoto/116/P664116_0.jpg



<a href="http://www.redfin.com/CA/Orange/505-N-Hewes-St-92869/home/3415864">http://www.redfin.com/CA/Orange/505-N-Hewes-St-92869/home/3415864</a>
 
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