Mission Viejo Homes Facing Losses

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As I wrote last week, the OC Register reported that all but 1 ZIP code in the OC faced over half the homes that sold in the month of July selling for less than the homes were purchased for.   And Mission Viejo, unfortunately, was not that 1 ZIP code (coastal Newport Beach was).  In fact today I was doing a little research on the homes that went on the market and noticed that same exact trend.  Nearly every single home that went on the market in Mission Viejo this weekend had an asking price that was less than what originally paid for.

Below are some of the new listings and their data:

26 Brindisi
4 beds / 3 baths / 1,936 Sq Ft
Listed For:  $450,000
Last Sold:  6.15.05 (8.11.05)

22722 Sandalwood
4 beds / 4 baths / 3,443 Sq Ft
Listed For:  $999,900
Last Sold:  $1,140,000 (1.17.06)

26972 Escondido Ln
3 beds / 3 baths / 2,742 Sq Ft
Listed For:  $,1050,000
Last Sold:  $1,025,000 (8.9.07)
(I added this since the prices are so close and this seems very overpriced compared to the homes nearby)

22511 Facinas
4 beds / 2.5 baths / 2,166 Sq Ft
Listed For:  $570,000
Last Sold:  $685,000 (12.8.2004)
What’s shocking about this one is it indicates that prices have fallen back to 2003 prices (actually this one’s closer to 2002).