Trabuco Canyon - What's it worth?

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SoOCOwner_IHB

SoOCOwner_IHB

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I came close to posting this one in the 'Interesting and Amusing Property Finds' section. :)



I realize this is a far cry from the beautiful homes featured on this site. However, it does have aspects that appeal to me, such as the 1 acre lot size and extreme privacy. It is a beautiful area, not far from where we currently live. It currently rents for 3,600.00 per month, which seems to justify the asking price, but it would still need lots of work. The goal would be to live in one of the homes until we can afford to build our dream house. Realistically, what is it worth?



<em>Note</em>: It is not the highlighted property in the Redfin Overhead View. Scroll to the right and you will find it - just look for the round houses. Gotta love the street name!



<a href="http://www.redfin.com/CA/Rancho-Santa-Margarita/30522-Hunky-Dory-Ln-92679/home/5116566">Hunky Dory Lane</a>
 
Personally, I'm not a fan of the area <a href="http://www.ocfa.org/pages/ocfa.asp?filename=canyonfiremap.asp">because of the obvious hazard</a>. But if you do decide to purchase it, <a href="http://www.ocfa.org/_uploads/pdf/2008wildfire.pdf">bring along a hedge trimmer.</a>
 
why, why, why do people plant palms in the desert?! I can't recall if it was the Register or LA Times last week that featured the California friendly landscape on an acre sized property up in Trabuco. It was gorgeous. I don't know anything about where homes should be valued, but an entire acre is very cool.
 
[quote author="SoOCOwner" date=1216075374]I came close to posting this one in the 'Interesting and Amusing Property Finds' section. :)



I realize this is a far cry from the beautiful homes featured on this site. However, it does have aspects that appeal to me, such as the 1 acre lot size and extreme privacy. It is a beautiful area, not far from where we currently live. It currently rents for 3,600.00 per month, which seems to justify the asking price, but it would still need lots of work. The goal would be to live in one of the homes until we can afford to build our dream house. Realistically, what is it worth?



<em>Note</em>: It is not the highlighted property in the Redfin Overhead View. Scroll to the right and you will find it - just look for the round houses. Gotta love the street name!



<a href="http://www.redfin.com/CA/Rancho-Santa-Margarita/30522-Hunky-Dory-Ln-92679/home/5116566">Hunky Dory Lane</a></blockquote>


If that falling apart home in BFE rents for $3600 a month, then someone needs to rent my house from for $5k. It would be a steal. Anyone?
 
[quote author="graphrix" date=1216082062][quote author="SoOCOwner" date=1216075374]I came close to posting this one in the 'Interesting and Amusing Property Finds' section. :)



I realize this is a far cry from the beautiful homes featured on this site. However, it does have aspects that appeal to me, such as the 1 acre lot size and extreme privacy. It is a beautiful area, not far from where we currently live. It currently rents for 3,600.00 per month, which seems to justify the asking price, but it would still need lots of work. The goal would be to live in one of the homes until we can afford to build our dream house. Realistically, what is it worth?



<em>Note</em>: It is not the highlighted property in the Redfin Overhead View. Scroll to the right and you will find it - just look for the round houses. Gotta love the street name!



<a href="http://www.redfin.com/CA/Rancho-Santa-Margarita/30522-Hunky-Dory-Ln-92679/home/5116566">Hunky Dory Lane</a></blockquote>


If that falling apart home in BFE rents for $3600 a month, then someone needs to rent my house from for $5k. It would be a steal. Anyone?</blockquote>


The house is worth "0" while the lot is worth about the asking price. But building a new home on this site would way exceed the current comp so that would not make sense.
 
I think the reason the property rents for so much is the current renter seems to be running a business and is housing some of his employees (I'm not positive, just guessing) in the other two houses. It's probably worth it to him considering there is alot of room to store his junk and cars.



I figured the asking price was for the lot itself, but we wouldn't be able to afford to build for awhile, so we would be stuck in one of the tiny houses for a few years. I agree, if the asking price is simply for the lot, it is overpriced.
 
it was worth $275 two years ago, what makes it worth $575 now?



That, and you will have a very, very hard time getting fire insurance. A friend was looking in that area, and the fire policy she would have to get requires 200ft clearance, and still was ~3% of value/year, iirc.



That makes a mortgage pretty darn expensive.
 
It's a shack, so no need for insurance. Just cry to the gob'ment, they'll shower you with monopoly money.



Really, though, it's only worth 125-150k tops.
 
[quote author="SoOCOwner" date=1216416013]The shack was reduced by 100k yesterday. Reality is hitting them in the face.</blockquote>
Maybe they read this thread. :lol:
 
[quote author="Trooper" date=1216431364]<em>the current renter seems to be running a business and is housing some of his employees</em>



Two words. Meth lab.</blockquote>


Are you serious? I heard that if a meth lab is active on a property, then you've practically got a superfund site to deal with.
 
Perhaps someone should a copy of that listing to the DAs office? I think that's County territory, and I'm sure the new Sheriff would like some quick media love out of the gate.
 
[quote author="PadreBrian" date=1216451477]A meth lab owner would never sell. btw, that's a perfect place for one.</blockquote>


Troop is implying that the tenant is running a meth lab and that explains why the owner is getting higher than market rent. The owner is the one wanting to sell. It would seem that $3,600/mo rent coming in isn't something you would want to give up to sell for $475K????
 
Stepping.....that is exactly what I meant.



I'm guessing the original owner either died or is divorcing and forced to liquidate....because this is a positive cash flow property.....BIG TIME ! (orig purchase price 275K in 2006). Perhaps just profit taking....
 
Maybe the owner wants to get rid of it before the govmint seizes it

under RICO, or whatever.



Also, it seems there are 3 shacks.



Is there nothing that can be done to fireproof the houses out there?
 
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