San Clemente--How Much Kool-Aid?

[jmatthew_IHB]

This property is on the same street as my in-laws:



http://www.redfin.com/CA/San-Clemente/553-Avenida-Buenos-Aires-92672/home/499533



It's been on Redfin for 77 days, but I know it's been on the market for longer than that. They're asking $1,799,999 for it. The listing indicates that they've done $500,000 in upgrades. I'm just curious about how much Kool-Aid consumption there has been here. What's a good price for this house, given the upgrades and the ocean view? (No in-law jokes, please. Not looking to buy it, just to prove a point. I think it's ridiculously overpriced.)

 

[Oscar_IHB]

<a href="http://www.redfin.com/CA/San-Clemente/553-Avenida-Buenos-Aires-92672/home/4995331">Correct link</a>



It's on the wrong side of the 5 to cost that much.

 

[trabucodom_IHB]

These comps sold in Aug and Sept and prices have fallen more since then.



$1,073,000

515 Avenida Del Verdor

Sold on Sep 25, 2008 0.16 miles

2 bd / 2 ba

2,861 Sq. Ft.





$1,074,500

614 Avenida Acapulco

Sold on Aug 06, 2008 0.28 miles

3 bd / 2 ba

2,680 Sq. Ft.



So your in-laws neighbors home might have been worth around $400/sq.ft. or $1.3 Million range in Aug-Sept.



If prices are declining around 1.5-2% month, then it is probably worth around $1.2M now. Of course the upgrades may help a little.