2003 Prices or Rollbacks

NEW -> Contingent Buyer Assistance Program
<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1339927">I have no clue if this is a 2003 rollback or not</a>, but it sold for $601k in 9/06, the bank took it back for $501.5k, and is now listed for $429k. I know this neighborhood, and I would say it is close to 2003 pricing, or at least early 2004 pricing. But, I love the .jpgs, and I have to make fun of them. Please forgive me if they have been ripped apart already.



Oh... look, someone left their underwear on the floor, and a pink "toy" object as well...



http://www.ziprealty.com/images_mls/MRMLS/S/95/93/63/_P/S959363_P01.jpg



Mmmm... Frosted Flakes are so good, when you need to sit down and watch the meth cook...



http://www.ziprealty.com/images_mls/MRMLS/S/95/93/63/_P/S959363_P02.jpg



Every methlab has to have two 1.75 liters of Casadores tequila, at least they were thinking ahead with the barfpan...



http://www.ziprealty.com/images_mls/MRMLS/S/95/93/63/_P/S959363_P03.jpg



I couldn't believe the bank was too lazy to clean up the [strike]evidence[/strike] utensils in the bathroom...



http://www.ziprealty.com/images_mls/MRMLS/S/95/93/63/_P/S959363_P04.jpg
 
Oh my God! Graphrix... that's disgusting! Are those seriously the pics they are using to sell this place? What the hell? Can't the bank hire some work crew to walk through and at least throw everything out? Seriously, what would it cost $100?
 
The house isn't dirty. Look that the space right next to the tub.

It's not grimy. I suspect the prior owners left it reasonably clean,

and then the bad guys got in there to do their nefarious work.



The person who took the pictures couldn't pick up the underwear? Or,

kick it aside if he/she didn't want to touch it?



Maybe the person who took the pictures wants to buy it themselves? For

very very cheap?



Maybe the person who took the pictures is very mad at the bank? Could

anyone hoping to actually sell be that stupid?
 
This may be a unique selling point of the property: Multiple Streams of Income? If they had photos of the kennels/puppy farm in the yard this place could be a trifecta of profitability.



<em>Sorry, I couldn't resist.</em>
 
Normally I would steer clear of this one.



I agree, in OC this was a former crack house... but if this were the SF valley I'd say they might have been shooting blue movies.



I wonder if any of the intrepid posters could cross reference this address with the police blotter and see what turns up?
 
<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1671037">2062 Pomona AVE Costa Mesa, CA 92627 </a>

<span style="color: red;">Asking Price: $390,000 </span>



I don't think this house is going to sell for this asking price.

It is in a horrible location off a main street across the street from an elem school and behind a middle school.



<strong>Sale History</strong>

Date Price Appreciation

Aug 05, 1988 $155,500 --

<span style="color: red;">Dec 09, 2003 $398,000 6.3%/yr </span>

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

Jan 18, 2008 $538,020 -4.6%/yr
 
the horribleness of its location doesn't really have to do with being around schools.



it has to do with the density of that particular sub-neighborhood (highest in CM) and that the schools that it is next to are really poor quality (700 API). and something like 90% hispanic, so monocultural, rather than some other elementary schools in nearby CM which have a nice mixture (and much higher test scores, 850-900 API ).



I really wonder about whether the improvements to the place were permitted, also. and no garage is a real problem.



I do agree that it will not sell quickly, and will not fetch $390. I'm betting 180 DOM+, and $250k or so.
 
There are quite a few lower end condos in RSM that are listed at or near their 2003 prices although they still seem too high



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1580749">43 Leonado Rancho Santa Margarita, CA 92688</a>

<strong>Price: $172,000</strong>

Sales History

$104,000 Feb 13, 1992

<strong>$186,500 Jul 23, 2003 </strong>

$245,000 Dec 20, 2004



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1639411"> 23 Via Cresta Rancho Santa Margarita, CA 92688 </a>

<strong>Price: $165,000</strong>

Sales History

Aug 02, 1996 $98,158

Feb 03, 1997 $55,000

Jan 30, 2001 $125,000

May 27, 2005 $310,000

Mar 11, 2008 $196,500



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1085314"> 41 Via Prado Rancho Santa Margarita, CA 92688 </a>

<strong>Price: $179,000</strong>

Sales History

Jun 09, 1989 $86,000

Jan 21, 2000 $92,500

Feb 15, 2001 $126,000

<strong>Mar 11, 2003 $190,000 </strong>

May 20, 2005 $304,000



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1621205"> 33 Celosia Rancho Santa Margarita, CA 92688 </a>

<strong>Price: $199,900</strong>

Sales History

Oct 26, 1988 $85,500

Apr 24, 2001 $150,000

<strong>Oct 24, 2002 $195,000 </strong>

Nov 30, 2004 $311,000

Sep 27, 2007 $352,000



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1615495"> 81 Pasto Rico Rancho Santa Margarita, CA 92688 </a>

<strong>Price: $369,900</strong>

Sales History

Jun 01, 2000 $193,000

Jul 03, 2002 $284,000

<strong>Jun 27, 2003 $335,000 </strong>

May 03, 2006 $523,000



<a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1674803">37 Via Carino #136 Rancho Santa Margarita, CA 92688 </a>

<strong>Price: $220,000</strong>

Sales History

Feb 24, 1989 $123,000

Jun 03, 1996 $77,000

Jul 30, 1996 $77,000

<strong>Nov 10, 2003 $279,000 </strong>

Apr 12, 2006 $375,000
 
[quote author="freedomCM" date=1209446808]the horribleness of its location doesn't really have to do with being around schools.</blockquote>
I personally would never want to live by ANY school good or bad.

I don't want the extra traffic right before school and after school.
 
It wasn't that long ago when there were posters on this blog who were vehement that prices would never get to 2003 levels. If you said you thought prices might go to 2003 levels or less, some would label you as a pessimist or a naysayer or a bitter renter or ...
 
[quote author="awgee" date=1209451911]It wasn't that long ago when there were posters on this blog who were vehement that prices would never get to 2003 levels. If you said you thought prices might go to 2003 levels or less, some would label you as a pessimist or a naysayer or a bitter renter or ...</blockquote>


Do you this will change this? I hear the cool thing now, is to inject the Kool-Aid instead of snort it. It is the only way to explain some of the comments over at the OCR.
 
[quote author="graphrix" date=1209452172][quote author="awgee" date=1209451911]It wasn't that long ago when there were posters on this blog who were vehement that prices would never get to 2003 levels. If you said you thought prices might go to 2003 levels or less, some would label you as a pessimist or a naysayer or a bitter renter or ...</blockquote>


Do you this will change this? I hear the cool thing now, is to inject the Kool-Aid instead of snort it. It is the only way to explain some of the comments over at the OCR.</blockquote>


At first, it was, "Prices will continue to appreciate at this rate."<p>




Then it was, "Prices may not continue to appreciate at the same double digit rate that they have, and it will be healthy for the market if it slows down to single digit appreciation."<p>




Then, "Prices will level off, but they will never decline in Irvine, (Newport), (take your pick)."<p>




Then, "The market is experiencing a small. temporary correction."<p>




Next, "Prices have fallen, but interest rates are low and inventory has never been better. It is a great time to buy."<p>




Now, "We realtors are seeing greater market activity. The bottom is in. Serious buyers are making offers. You may be surprised by mutiple offers on the home you are interested in. If you plan to live in a home for ten years, it does not matter when you buy."<p>




Next month, "This latest decline is just the final blow-off before prices start to rise again." or "You can't lose in this market."<p>




or ( Tell us what the next Kool-Aid sales pitch will be ).
 
[quote author="halfnote19" date=1209450920][quote author="freedomCM" date=1209446808]the horribleness of its location doesn't really have to do with being around schools.</blockquote>
I personally would never want to live by ANY school good or bad.

I don't want the extra traffic right before school and after school.</blockquote>


<strong>You don't understand. </strong> Unlike the very affluent communities surrounding it, this particular part of CM does not have this problem. The kids get walked to school, since the density is so high, its not more than a 6 block walk from the farthest part of the catchment area.



<img src="http://www.nmusd.us/depts/enroll/elem_pomona.jpg" alt="" />
 
[quote author="caycifish" date=1208242817]<p>19% less than May 2004 price in Orange. I'll call it 2003.


<p>596 North Rancho Santiago BLVD

Orange, CA 92869 </p>


<p><strong>Price: $420,000</strong></p>

<p>$/Sq. Ft.: $233</p>

<p>Beds: 4

Baths: 2

Sq. Ft.: 1,800

Lot Size: 7,235 sq. ft. </p>


<p>Sale History:</p>

<strong>May 06, 2004 $520,000</strong>

Dec 06, 2004 $575,000

Jan 29, 2008 $486,390

<p><a href="http://www.redfin.com/stingray/do/printable-listing?listing-id=1615474">http://www.redfin.com/stingray/do/printable-listing?listing-id=1615474</a></p></blockquote>


I would not buy it, but what is your rough guess what a house like this would sell for now? And what would it sell for in the summer of 2009 (that is probably my house buying year)?

Is this already a good deal and close to the bottom or is there even for houses downpriced like this one a lot more way to go?

Can someone predict the future for me :D
 
[quote author="awgee" date=1209453765][quote author="graphrix" date=1209452172][quote author="awgee" date=1209451911]It wasn't that long ago when there were posters on this blog who were vehement that prices would never get to 2003 levels. If you said you thought prices might go to 2003 levels or less, some would label you as a pessimist or a naysayer or a bitter renter or ...</blockquote>


Do you this will change this? I hear the cool thing now, is to inject the Kool-Aid instead of snort it. It is the only way to explain some of the comments over at the OCR.</blockquote>


At first, it was, "Prices will continue to appreciate at this rate."<p>




Then it was, "Prices may not continue to appreciate at the same double digit rate that they have, and it will be healthy for the market if it slows down to single digit appreciation."<p>




Then, "Prices will level off, but they will never decline in Irvine, (Newport), (take your pick)."<p>




Then, "The market is experiencing a small. temporary correction."<p>




Next, "Prices have fallen, but interest rates are low and inventory has never been better. It is a great time to buy."<p>




Now, "We realtors are seeing greater market activity. The bottom is in. Serious buyers are making offers. You may be surprised by mutiple offers on the home you are interested in. If you plan to live in a home for ten years, it does not matter when you buy."<p>




Next month, "This latest decline is just the final blow-off before prices start to rise again." or "You can't lose in this market."<p>




or ( Tell us what the next Kool-Aid sales pitch will be ).</blockquote>


Would you mind if I use this on the main blog? It is a great recap.
 
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